Civic Intelligence

Brazos Higher Education Service Corporation Inc.

990 • Fiscal year 2017 • EIN 74-2129255

Jul 01, 2016 to Jun 30, 2017 • Filed on May 15, 2018

Organization ProfileWWW.STUDENTLOANS.COM

View Organization Page

2600 Washington AveWaco, TX 76710

(254) 753-0915

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

45th percentile

0.25x

Higher debt load relative to assets than 45% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

78th percentile

1.32x

Higher debt load relative to revenue than 78% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Net Margin

72nd percentile

13%

Higher net margin than 72% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

88th percentile

$1,048,607

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 7.3% of source-year revenue.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Asset Growth

91st percentile

30%

Faster asset growth than 91% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

28th percentile

-1.0%

Faster revenue growth than 28% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets45th percentile

Assets

Up

$74,845,733

Up $17,116,496 (+30%) from 2016

Net Assets

Up

$55,996,178

Up $3,879,110 (+7.4%) from 2016

Liabilities

Up

$18,849,555

Up $13,237,386 (+236%) from 2016

Revenue And Expenses
Liabilities / Revenue78th percentileNet Margin72nd percentile

Revenue

Down

$14,317,810

Down $143,664 (-1.0%) from 2016

Expenses

Down

$12,463,785

Down $264,515 (-2.1%) from 2016

Net Income

Up

$1,854,025

Up $120,851 (+7.0%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$400M$300M$200M$100M$0Assets 2010: $36,922,110Liabilities 2010: $7,820,869Net Assets 2010: $29,101,2412010Assets 2011: $40,497,268Liabilities 2011: $5,927,747Net Assets 2011: $34,569,5212011Assets 2012: $48,267,417Liabilities 2012: $6,480,185Net Assets 2012: $41,787,2322012Assets 2013: $57,219,619Liabilities 2013: $9,304,453Net Assets 2013: $47,915,1662013Assets 2014: $50,607,859Liabilities 2014: $6,415,390Net Assets 2014: $44,192,4692014Assets 2015: $51,433,245Liabilities 2015: $4,957,181Net Assets 2015: $46,476,0642015Assets 2016: $57,729,237Liabilities 2016: $5,612,169Net Assets 2016: $52,117,0682016Assets 2017: $74,845,733Liabilities 2017: $18,849,555Net Assets 2017: $55,996,1782017Assets 2018: $75,470,768Liabilities 2018: $15,571,027Net Assets 2018: $59,899,7412018Assets 2019: $78,417,621Liabilities 2019: $12,957,658Net Assets 2019: $65,459,9632019Assets 2020: $84,191,943Liabilities 2020: $12,575,468Net Assets 2020: $71,616,4752020Assets 2021: $90,646,531Liabilities 2021: $13,422,205Net Assets 2021: $77,224,3262021Assets 2022: $152,724,525Liabilities 2022: $11,180,803Net Assets 2022: $141,543,7222022Assets 2023: $212,610,560Liabilities 2023: $10,209,963Net Assets 2023: $202,400,5972023Assets 2024: $277,854,175Liabilities 2024: $9,287,630Net Assets 2024: $268,566,5452024Assets 2025: $318,997,073Liabilities 2025: $10,386,703Net Assets 2025: $308,610,3702025

Highlighted filing

2017

Assets$74,845,733
Liabilities$18,849,555
Net Assets$55,996,178
Open 2017 Filing

Operations Trend

Revenue Growth28th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$20M$0-$20MExpenses 2010: $15,475,4812010Expenses 2011: $15,035,3602011Revenue 2012: $22,749,510Expenses 2012: $15,825,037Net Income 2012: $6,924,4732012Expenses 2013: $16,470,6492013Revenue 2014: $8,729,670Expenses 2014: $15,050,718Net Income 2014: -$6,321,0482014Revenue 2015: $14,276,469Expenses 2015: $13,193,940Net Income 2015: $1,082,5292015Revenue 2016: $14,461,474Expenses 2016: $12,728,300Net Income 2016: $1,733,1742016Revenue 2017: $14,317,810Expenses 2017: $12,463,785Net Income 2017: $1,854,0252017Revenue 2018: $11,343,882Expenses 2018: $8,708,241Net Income 2018: $2,635,6412018Revenue 2019: $10,562,441Expenses 2019: $8,011,433Net Income 2019: $2,551,0082019Revenue 2020: $9,572,011Expenses 2020: $7,794,180Net Income 2020: $1,777,8312020Revenue 2021: $13,301,559Expenses 2021: $8,267,745Net Income 2021: $5,033,8142021Revenue 2022: $12,631,577Expenses 2022: $7,608,789Net Income 2022: $5,022,7882022Revenue 2023: $16,305,011Expenses 2023: $8,053,886Net Income 2023: $8,251,1252023Revenue 2024: $19,156,221Expenses 2024: $9,000,961Net Income 2024: $10,155,2602024Revenue 2025: $33,774,034Expenses 2025: $8,934,501Net Income 2025: $24,839,5332025

Highlighted filing

2017

Revenue$14,317,810
Expenses$12,463,785
Net Income$1,854,025
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 15, 2018
Return Version
2016v3.1
Gross Receipts
$14,438,050
Mission and Program Overview

Mission

Brazos higher education service corporation, inc.'s mission is to make education a reality by supporting programs and initiatives to finance educational opportunities.

TO PROVIDE MANAGEMENT AND ADMINISTRATIVE SUPPORT FOR affiliated entities student loan servicing needs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$52,117,068$55,996,178▲ $3,879,110
Investments in Publicly Traded Securities$15,291,109$23,614,433▲ $8,323,324
Investments Other Securities$4,549,677$7,910,106▲ $3,360,429
Savings and Temporary Cash Investments$0$5,590,876▲ $5,590,876
Land, Buildings, and Equipment, Net$801,301$717,173▼ $84,128
Cash and Non-Interest-Bearing Accounts$6,832,713$694,893▼ $6,137,820
Receivables From Officers Etc$660,145$638,221▼ $21,924
Prepaid Expenses and Deferred Charges$97,701$93,488▼ $4,213
Accounts Receivable$75,444$68,476▼ $6,968
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Investments Program Related$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$57,729,237$74,845,733▲ $17,116,496
Other Assets Total$29,421,147$35,518,067▲ $6,096,920
Liabilities
Deferred Revenue$0$7,953,573▲ $7,953,573
Other Liabilities$4,964,312$5,223,855▲ $259,543
Mortgage Notes Payable Secured by Investment Property$0$3,223,000▲ $3,223,000
Accounts Payable and Accrued Expenses$647,857$2,449,127▲ $1,801,270
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$5,612,169$18,849,555▲ $13,237,386
Net Assets / Fund Balance
Total Net Assets Fund Balance$52,117,068$55,996,178▲ $3,879,110
Total Liabilities and Net Assets / Fund Balance$57,729,237$74,845,733▲ $17,116,496

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$553,149$1,224,399$1,777,548
Equipment$2,561$278,117$280,678
Leasehold Improvements$93,463$93,916$187,379
Land$68,000-$68,000
Other Land Buildings$0$0$0
Other Assets Org$9,731,878--
Other Securities$7,910,106--
Compensation and Service Providers
Top Officer Pay88th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Murray WatsonPresidentPT$830,765$217,842$1,048,607
Thomas Ben LitleEvp/COOPT$338,455$135,046$473,501
Ricky TurmanEvp/CFOPT$338,848$131,424$470,272
Kelli VillarrialVP, Assoc. Gen. CounselPT$230,638$85,319$315,957
Samuel ReddenSVP/CIOFT$207,842$84,031$291,873
Randall LarsonVP, Special ProjectsFT$180,239$65,618$245,857
Tammy HarralsonController/VPPT$165,776$71,895$237,671
Andrew EllisVP, Human ResourcesFT$167,535$67,219$234,754
John M WrightBusiness Analytics DirectorFT$136,972$74,693$211,665
Janice WhiteVP Admin/asstnt SecretaryPT$138,337$55,099$193,436
Sarah MaccarthyVP, ComplianceFT$140,556$49,858$190,414
Milicent LarsonExec Dir, Brazos FdnFT$131,285$53,975$185,260
Darrell BrooksTreasurerPT$125,795$58,748$184,543
Debra UriasVP, Customer RelationsFT$123,889$46,954$170,843
Susan DavisSecretaryPT$85,612$27,756$113,368

Board Members and Trustees

NameTitle
Mrs Joyce PackardChairman
Tom ChaseVice Chairman
Bob ChambersDirector
Dr Joseph VelezDirector
Dr Terry ManessDirector
John PerryDirector
Norman Hay JrDirector
Wilton LanningDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Clark Hill PlcLegal500 WOODWARD AVE STE 3500, Detroit, MI 48226$174,110
Claborn Software ConsultantsSoftware Consulting304 ROGERS HILL RD, Waco, TX 76705$164,775
Patillo Brown And Hill LLPTax And AccountingPO BOX 20725, Waco, TX 76702$139,747
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$10,894,931
Investment Income
$2,307,404
Other Revenue
$1,115,475
Change in Net Assets
$1,854,025
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,947,128
Other Expenses$5,302,933
Grants and Similar Amounts Paid$213,724
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$3,144,496$349,388-$3,493,884
Other Salaries and Wages$1,916,267$212,919-$2,129,186
Other Employee Benefits$616,655$68,517-$685,172
Comp Disqual Persons$284,361$31,596-$315,957
Office Expenses$267,466$29,718-$297,184
Payroll Taxes$259,736$28,860-$288,596
Grants to Domestic Orgs$213,724--$213,724
Fees for Services Other-$204,233-$204,233
Information Technology$157,012$17,446-$174,458
Occupancy$148,919$16,547-$165,466
Interest$131,592$14,621-$146,213
Fees for Services Legal-$144,090-$144,090
Fees for Services Lobbying-$95,000-$95,000
Fees for Services Accounting-$92,360-$92,360
Depreciation Depletion$75,716$8,413-$84,129
Insurance$72,086$8,010-$80,096
Fees for Services Management$42,642$4,738-$47,380
All Other Expenses$37,707$4,189-$41,896
Travel$33,725$3,747-$37,472
Pension Plan Contributions$30,900$3,433-$34,333
Conferences and Meetings$22,799$2,533-$25,332
Other Expenses$11,250$1,250-$12,500
Advertising$3,115--$3,115
Total Functional Expenses$10,965,334$1,498,451$0$12,463,785
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Baylor UniversityWaco, TX501(c)(3)Contribution to Endowment$50,000
Mclennan Community CollegeWaco, TXGovtContribution to Endowment$50,000
Texas State Technical CollegeWaco, TXGovtContribution to Endowment$50,000
Dr Pepper Free Enterprise ProgramWaco, TX501(c)(3)support$12,500
Reach Therapeutic Riding CenterChina Springs, TX501(c)(3)support$12,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$660,145$638,221▼ $21,924
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Prefunded Benefit Payable$5,223,855
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“DESCRIPTION OF FAMILY RELATIONSHIPS: MURRAY WATSON IS THE PRESIDENT OF BRAZOS HIGHER EDUCATION SERVICE CORPORATION (BHESC). RANDALL LARSON (OFFICER AND EMPLOYEE OF BHESC), AND MILICENT LARSON (Key Employee of related entity, BEF) ARE HIS SON-IN-LAW AND DAUGHTER, RESPECTIVELY. ALSO, MURRAY WATSON, RICKY TURMAN, BEN LITLE, AND SUSAN DAVIS ARE OFFICERS OF THE RELATED ORGANIZATIONS LISTED ON SCHEDULE R, PART II.”

Form 990, Part VI, Section B, Line 11B

“Process for reviewing form 990: the form 990 is provided to senior management for review. After this review, the return is posted on a secure website for review by the board of directors. The board is notified of the posting and asked to provide comments or questions. Comments or questions are investigated and resolved or disclosed to the board. Upon completion of the process, the return is filed.”

Form 990, Part VI, Section B, Line 12C

“Process for monitoring compliance with conflict of interest policy: the compliance department prepares and distributes a conflict of interest questionnaire to all board members and employees annually. The compliance department reviews the questionnaires and compiles a list of potential conflicts for review by the audit committee, senior management, and the board of directors. Potential conflicts are assessed and resolved if determined to be at risk. If a conflict is found to exist, the conflicted board member abstains from voting.”

Form 990, Part VI, Section B, Line 15A & 15B

“Process for determining compensation: brazos higher education service corporation's board of directors uses an independent third party to review the compensation of the president, officers, and key employees. The third party reviews each element of compensation to ensure it is in compliance with irs guidelines as well as performs comparability studies to determine whether salaries are reasonable. The most recent review was conducted march 2017 thru august 2017 by pay scale human capital inc and is documented in the board's meeting minutes.”

Form 990, Part VI, Section C, Line 19

“Process to make documents available: the organization's governing documents, conflict of interest policy and financial statements are available to the public upon request.”

Form 990, Part VI, Section A, Line 1A

“Delegation of authority: the executive committee shall consist of five members of the board of directors. The executive committee shall, between meetings of the board, have administrative control over all matters of the corporation.”

Filing and Contact Details

Filer

Filer Name
Brazos Higher Education Service
EIN
74-2129255
In Care Of
% RICKY TURMAN EVP/CFO
Phone
2547530915
Address
2600 Washington Ave, Waco, TX 76710

Signing Officer

Name
Ricky Turman
Title
Evp/CFO
Phone
2547530915
Signed
2018-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ricky Turman
Formed
1980
Legal Domicile
TX
Voting Board Members
9
Independent Board Members
8
Employees
41
Volunteers
8

Preparer

Firm
Bkd Llp
Address
14241 DALLAS PARKWAY SUITE 1100, DALLAS, TX 75254
Preparer
Jeanette Verrelli
Phone
9727028262
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Other changes in net assets: estate contribution $2,025,085”

Financial Statement Notes

Schedule D, Part X, Line 2

“Liability for uncertain tax positions: BHESC is a not-for-profit public benefit corporation that is exempt from federal income taxes under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3). The Company is also exempt from state income tax. Income which is not related to its exempt purposes, less applicable deductions, is subject to federal income taxes. The Company had no net unrelated business income for the years ended June 30, 2017 and 2016. As such, no provision for federal or state income taxes has been provided in the accompanying consolidated financial statements. The Company files federal information returns in the United States. The Company may be subject to examinations for the tax years ended June 30, 2014 and later by the Internal Revenue Service. The Company is not currently under examination for any open tax year. The Company follows the accounting standard related to the accounting for uncertainty in income taxes. The standard prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company currently has no uncertain tax positions.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$74,845,733
Liabilities
$18,849,555
Net assets
$55,996,178
Revenue
$14,317,810
Expenses
$12,463,785
Net income
$1,854,025
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$319$10.4$309$33.8$8.93$24.8
2024Detailed filing. Detailed filing data is available for this year.$278$9.29$269$19.2$9.00$10.2
2023Detailed filing. Detailed filing data is available for this year.$213$10.2$202$16.3$8.05$8.25
2022Detailed filing. Detailed filing data is available for this year.$153$11.2$142$12.6$7.61$5.02
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$90.6$13.4$77.2$13.3$8.27$5.03
2020Detailed filing. Detailed filing data is available for this year.$84.2$12.6$71.6$9.57$7.79$1.78
2019Detailed filing. Detailed filing data is available for this year.$78.4$13.0$65.5$10.6$8.01$2.55
2018Detailed filing. Detailed filing data is available for this year.$75.5$15.6$59.9$11.3$8.71$2.64
2017Detailed filing. Detailed filing data is available for this year.$74.8$18.8$56.0$14.3$12.5$1.85
2016Detailed filing. Detailed filing data is available for this year.$57.7$5.61$52.1$14.5$12.7$1.73
2015Detailed filing. Detailed filing data is available for this year.$51.4$4.96$46.5$14.3$13.2$1.08
2014Detailed filing. Detailed filing data is available for this year.$50.6$6.42$44.2$8.73$15.1$6.32
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.2$9.30$47.9$16.5
2012Summary only. Only limited summary data is available for this year.$48.3$6.48$41.8$22.7$15.8$6.92
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$40.5$5.93$34.6$15.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.9$7.82$29.1$15.5