Civic Intelligence

Bosque Higher Education Authority Inc

990 • Fiscal year 2020 • EIN 74-2534099

Jul 01, 2019 to Jun 30, 2020 • Filed on Jan 15, 2021

Organization Profilewww.studentloans.com
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

88th percentile

0.88x

Higher debt load relative to assets than 88% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

98th percentile

16.27x

Higher debt load relative to revenue than 98% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Net Margin

80th percentile

24%

Higher net margin than 80% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

81st percentile

$729,589

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 17.0% of source-year revenue.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Asset Growth

3rd percentile

-16%

Faster asset growth than 3% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

98th percentile

322%

Faster revenue growth than 98% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$79,613,872

Down $15,223,146 (-16%) from 2019

Net Assets

Up

$9,648,380

Up $1,031,478 (+12%) from 2019

Liabilities

Down

$69,965,492

Down $16,254,624 (-19%) from 2019

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin80th percentile

Revenue

Up

$4,299,076

Up $3,281,500 (+322%) from 2019

Expenses

Up

$3,266,006

Up $2,423,220 (+288%) from 2019

Net Income

Up

$1,033,070

Up $858,280 (+491%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

$100M$50M$0-$50MAssets 2010: $79,682,539Liabilities 2010: $78,846,059Net Assets 2010: $836,4802010Assets 2011: $69,964,908Liabilities 2011: $70,665,695Net Assets 2011: -$700,7872011Assets 2012: $6,841,033Liabilities 2012: $1,962,391Net Assets 2012: $4,878,6422012Assets 2013: $6,641,815Liabilities 2013: $1,629,397Net Assets 2013: $5,012,4182013Assets 2014: $5,669,650Liabilities 2014: $608,873Net Assets 2014: $5,060,7772014Assets 2015: $5,439,071Liabilities 2015: $495,876Net Assets 2015: $4,943,1952015Assets 2016: $3,137,294Liabilities 2016: $1,554Net Assets 2016: $3,135,7402016Assets 2017: $2,950,519Liabilities 2017: $1,483Net Assets 2017: $2,949,0362017Assets 2018: $2,771,657Liabilities 2018: $1,380Net Assets 2018: $2,770,2772018Assets 2019: $94,837,018Liabilities 2019: $86,220,116Net Assets 2019: $8,616,9022019Assets 2020: $79,613,872Liabilities 2020: $69,965,492Net Assets 2020: $9,648,3802020Assets 2021: $69,920,973Liabilities 2021: $59,291,090Net Assets 2021: $10,629,8832021Assets 2022: $501,515Liabilities 2022: $6,418Net Assets 2022: $495,0972022Assets 2023: $2,326,609Liabilities 2023: $425Net Assets 2023: $2,326,1842023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2020

Assets$79,613,872
Liabilities$69,965,492
Net Assets$9,648,380
Open 2020 Filing

Operations Trend

Revenue Growth98th percentile

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

$6.0M$4.0M$2.0M$0Expenses 2010: $1,467,5762010Expenses 2011: $1,593,6082011Expenses 2012: $761,0552012Revenue 2013: $205,428Expenses 2013: $71,652Net Income 2013: $133,7762013Revenue 2014: $225,115Expenses 2014: $176,757Net Income 2014: $48,3582014Revenue 2015: $198,032Expenses 2015: $65,613Net Income 2015: $132,4192015Revenue 2016: $253,309Expenses 2016: $19,397Net Income 2016: $233,9122016Revenue 2017: $294,488Expenses 2017: $18,192Net Income 2017: $276,2962017Revenue 2018: $188,083Expenses 2018: $67,842Net Income 2018: $120,2412018Revenue 2019: $1,017,576Expenses 2019: $842,786Net Income 2019: $174,7902019Revenue 2020: $4,299,076Expenses 2020: $3,266,006Net Income 2020: $1,033,0702020Revenue 2021: $3,474,479Expenses 2021: $2,492,976Net Income 2021: $981,5032021Revenue 2022: $2,490,292Expenses 2022: $1,947,173Net Income 2022: $543,1192022Revenue 2023: $654,942Expenses 2023: $166,982Net Income 2023: $487,9602023Revenue 2024: $534,024Expenses 2024: $150,907Net Income 2024: $383,1172024

Highlighted filing

2020

Revenue$4,299,076
Expenses$3,266,006
Net Income$1,033,070
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Jan 15, 2021
Return Version
2019v5.1
Gross Receipts
$4,299,076
Mission and Program Overview

Mission

BOSQUE Higher education authority inc. (Bosque) IS A SECONDARY MARKET OF COLLEGE STUDENT LOANS UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). BOSQUE'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONal OPPORTUNITIES.

Bosque higher education authority inc.'s mission is to make education a reality by supporting programs and initiatives to finance educational opportunities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$90,295,063$75,645,340▼ $14,649,723
Cap Stk Tr Prin Current Funds$8,616,902$9,648,380▲ $1,031,478
Savings and Temporary Cash Investments$1,511,553$1,157,252▼ $354,301
Intangible Assets$588,435$506,420▼ $82,015
Accounts Receivable$21$0▼ $21
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$94,837,018$79,613,872▼ $15,223,146
Other Assets Total$2,441,946$2,304,860▼ $137,086
Liabilities
Mortgage Notes Payable Secured by Investment Property$86,105,589$69,888,418▼ $16,217,171
Accounts Payable and Accrued Expenses$114,527$77,074▼ $37,453
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$86,220,116$69,965,492▼ $16,254,624
Net Assets / Fund Balance
Total Net Assets Fund Balance$8,616,902$9,648,380▲ $1,031,478
Total Liabilities and Net Assets / Fund Balance$94,837,018$79,613,872▼ $15,223,146
Compensation and Service Providers
Top Officer Pay81st percentile

Employees

NameTitleOtherTotal
Susan DavisSecretary$122,947$122,947

Board Members and Trustees

NameTitle
Mrs Joyce PackardChairman
Thomas Ben LitlePresident/CEO
Norman L Hay JrVice Chairman
Claude ErvinDirector
Dr Joseph F VelezDirector
Dr Terry ManessDirector
John HatchelDirector
John PerryDirector
Larry SmithDirector
Paul McclintonDirector
Tammy HarralsonController/VP
Ricky TurmanEvp/COO/CFO
Darrell BrooksTreasurer
Kelli UttechVP/general Counsel
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,256,371
Investment Income
$29,772
Other Revenue
$12,933
Change in Net Assets
$1,033,070

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,299,076
Revenue Not Reported on Form 990
$-750,856
Total Revenue per Audited Statements
$3,548,220
Total Revenue per Form 990
$4,299,076
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,266,006
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,933,403--$1,933,403
Fees for Services Management$338,337--$338,337
Depreciation Depletion$82,015--$82,015
Other Expenses$20,550--$20,550
All Other Expenses$12,413--$12,413
Total Functional Expenses$3,266,006$0$0$3,266,006

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,266,006
Expenses per Audited Statements$2,515,150
Total Expenses per Audited Statements$2,515,150
Expenses Not Reported on Financial Statements$750,856
Other Expense Adjustments$750,856
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
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

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

“Delegation of authority: the executive committee shall consist of three members of the board of directors. The executive committee shall, between meetings of the board, have administrative control over all matters of the corporation. Form 990, part vi, section a, line 3 delegation of duties: bosque higher education authority has a contract with brazos higher education service corporation, inc. To perform management and administration services on bosque's behalf. This includes management servicing administration for the outstanding student loans held by bosque. The services include, but are not limited to: accounting, reporting, servicing, originating, marketing, treasury, and compliance monitoring of the student loans held by bosque. Form 990, part vi, section b, line 11b process to review 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 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 15 process for determining compensation: the compensation of the ceo (or executive director, as applicable), officers, and key employees of the bosque higher education authority inc is paid by a related organization, and is determined under the policies of the respective related organization.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Bosque Higher Education Authority Inc
EIN
74-2534099
In Care Of
% RICKY TURMAN EVP/COO/CFO
Phone
2547530915
Address
2600 Washington Ave, Waco, TX 76710

Signing Officer

Name
Ricky Turman
Title
Evp/COO/CFO
Phone
2547530915
Signed
2021-01-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ricky Turman
Formed
1989
Legal Domicile
TX
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
9

Preparer

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

Additional Explanations

Form 990, Part XI, Line 9

“Other Changes in fund balances: Estate Distribution ($369,597) Estate Contribution $368,005 ------------ Total ($1,592)”

Financial Statement Notes

Schedule D, Part X, Line 2

“Liability for uncertain tax positions: the authority is a not-for-profit public benefit corporation, which 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 authority is also exempt from state income tax. Income that is not related to its exempt purposes, less applicable deductions, is subject to federal income taxes. The authority had no net unrelated business income for the years ended june 30, 2020 and 2019. As such, no provision for federal or state income taxes has been provided in the accompanying financial statements. The authority files federal information returns in the united states. The authority may be subject to examinations for the tax years ended june 30, 2017, and later by the internal revenue service. The authority is not currently under examination for any open tax year. The authority follows the accounting standard related to the accounting for uncertainty in income taxes recognized in the authority's financial statements. 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 authority currently has no uncertain tax positions.”

Schedule D, Part XI, Line 2D

“Reconciliation of Revenue per audited financials with return: Department of Education Rebate Fees $(750,856)”

Schedule D, Part XII, Line 4B

“Reconciliation of expenses per audited financials with return: Department of Education Rebate Fees $750,856”

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IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
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IRS990/MethodOfAccountingAccrualInd0X
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IRS990/MissionDesc0BOSQUE HIGHER EDUCATION AUTHORITY INC. (BOSQUE) IS A SECONDARY MARKET OF COLLEGE STUDENT LOANS UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). BOSQUE'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES.
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IRS990/OperateHospitalInd0false
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IRS990/OrgDoesNotFollowFASB117Ind0X
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IRS990/OtherChangesInNetAssetsAmt0-1592
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IRS990/OtherExpensesGrp/Desc1SERVICING EXPENSE
IRS990/OtherExpensesGrp/Desc2Bad Debt
IRS990/OtherExpensesGrp/Desc3RATING FEES
IRS990/OtherExpensesGrp/ProgramServicesAmt0750856
IRS990/OtherExpensesGrp/ProgramServicesAmt171039
IRS990/OtherExpensesGrp/ProgramServicesAmt257393
IRS990/OtherExpensesGrp/ProgramServicesAmt320550
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IRS990/OtherExpensesGrp/TotalAmt257393
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IRS990/OtherRevenueTotalAmt012933
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IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0RICKY TURMAN
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/BusinessCd1522294
IRS990/ProgramServiceRevenueGrp/Desc0Interest on Student Loans
IRS990/ProgramServiceRevenueGrp/Desc1LATE CHARGES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt126158
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IRS990/PYOtherRevenueAmt00
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$79,613,872
Liabilities
$69,965,492
Net assets
$9,648,380
Revenue
$4,299,076
Expenses
$3,266,006
Net income
$1,033,070
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00$0.00$0.53$0.15$0.38
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.33$0.00$2.33$0.65$0.17$0.49
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.50$0.01$0.50$2.49$1.95$0.54
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$69.9$59.3$10.6$3.47$2.49$0.98
2020Detailed filing. Detailed filing data is available for this year.$79.6$70.0$9.65$4.30$3.27$1.03
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$94.8$86.2$8.62$1.02$0.84$0.17
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.77$0.00$2.77$0.19$0.07$0.12
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.95$0.00$2.95$0.29$0.02$0.28
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.14$0.00$3.14$0.25$0.02$0.23
2015Detailed filing. Detailed filing data is available for this year.$5.44$0.50$4.94$0.20$0.07$0.13
2014Detailed filing. Detailed filing data is available for this year.$5.67$0.61$5.06$0.23$0.18$0.05
2013Summary only. Only limited summary data is available for this year.$6.64$1.63$5.01$0.21$0.07$0.13
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.84$1.96$4.88$0.76
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$70.0$70.7$0.70$1.59
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$79.7$78.8$0.84$1.47