Trinity Higher Education Authority Inc

990 • Fiscal year 2018 • EIN 74-2534486

Jul 01, 2017 to Jun 30, 2018 • Filed on May 15, 2019

Organization Profile WWW.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.

0.99x

Higher debt load relative to assets than 92% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

59.50x

Higher debt load relative to revenue than 99% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

55%

Higher net margin than 92% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

$1,140,869

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 454.4% of source-year revenue.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Balance Sheet

Liabilities / Assets92nd percentile

Assets

$15,077,442

Up $15,077,442 from 2014

Net Assets

$139,323

Up $139,323 from 2014

Liabilities

$14,938,119

Up $14,938,119 from 2014

Revenue And Expenses

Liabilities / Revenue99th percentile Net Margin92nd percentile

Revenue

$251,075

Up $251,075 from 2014

Expenses

$111,752

Up $111,752 from 2014

Net Income

$139,323

Up $139,323 from 2014

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

Highlighted filing

2018

Assets$15,077,442

Liabilities$14,938,119

Net Assets$139,323

Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

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

Highlighted filing

2018

Revenue$251,075

Expenses$111,752

Net Income$139,323

Open 2018 Filing

Jump To

Filing Snapshot

Filing Period: Jul 1, 2017 to Jun 30, 2018
Signed: May 15, 2019
Return Version: 2017v2.3
Gross Receipts: $251,075

Mission and Program Overview

Mission

Trinity higher education authority is a secondary market of college student loans under the federal family education loan program (ffelp). Trinity higher education authority's mission is to make education a reality by supporting programs and initiatives to finance educational opportunities.

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

Balance Sheet Detail

Line	Beginning	End	Change
Assets
Other Notes and Loans Receivable, Net	$0	$13,785,586	▲ $13,785,586
Cap Stk Tr Prin Current Funds	$0	$139,323	▲ $139,323
Savings and Temporary Cash Investments	$0	$133,894	▲ $133,894
Cash and Non-Interest-Bearing Accounts	$0	$0	→ $0
Accounts Receivable	$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
Intangible Assets	$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	$0	$15,077,442	▲ $15,077,442
Other Assets Total	$0	$1,157,962	▲ $1,157,962
Liabilities
Mortgage Notes Payable Secured by Investment Property	$0	$14,932,557	▲ $14,932,557
Accounts Payable and Accrued Expenses	$0	$5,562	▲ $5,562
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	$0	$14,938,119	▲ $14,938,119
Net Assets / Fund Balance
Total Net Assets Fund Balance	$0	$139,323	▲ $139,323
Total Liabilities and Net Assets / Fund Balance	$0	$15,077,442	▲ $15,077,442

Asset Categories

Asset	Book Value	Depreciation	Basis
Other Assets Org	$1,157,962	-	-

Compensation and Service Providers

Top Officer Pay97th percentile

Employees

Name	Title	Other	Total
Susan Davis	Secretary	$112,971	$112,971

Board Members and Trustees

Name	Title
Murray Watson	President
Bob Chambers	Director
Larry Smith	Director
Lewis C Breeland	Director
Mrs Joyce Packard	Director
Norman L Hay Jr	Director
Tammy Harralson	Controller/VP
Ricky Turman	Evp/CFO
Thomas Ben Litle	Evp/COO
Kelli Villarrial	General Counsel
Darrell Brooks	Treasurer

Revenue and Support

Revenue Composition

Contributions and Grants: $0
Program Service Revenue: $249,826
Investment Income: $1,249
Other Revenue: $0
Change in Net Assets: $139,323

Audited Revenue Reconciliation

Revenue per Audited Statements: $251,075
Revenue Not Reported on Form 990: $-13,813
Total Revenue per Audited Statements: $237,262
Total Revenue per Form 990: $251,075

Expenses and Functional Allocation

Major Expense Lines

Line Item	Amount
Other Expenses	$111,752
Grants and Similar Amounts Paid	$0
Professional Fundraising Fees	$0
Salaries, Compensation, and Employee Benefits	$0
Total Fundraising Expense	$0

Functional Expense Allocation

Line Item	Program	Management	Fundraising	Total
Advertising	$12,349	-	-	$12,349
Other Expenses	$600	-	-	$600
Total Functional Expenses	$111,752	$0	$0	$111,752

Audited Expense Reconciliation

Line Item	Amount
Total Expenses per Form 990	$111,752
Expenses per Audited Statements	$97,939
Total Expenses per Audited Statements	$97,939
Expenses Not Reported on Financial Statements	$13,813
Other Expense Adjustments	$13,813

Fundraising, Events, and Gaming

Fundraising activities: No
Gaming activities: No
Professional fundraiser used: No

Fundraising and Gaming Totals

Line Item	Amount
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 Item	Beginning	End	Change
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

Related Organizations and Partnerships

Related Tax-Exempt Organizations

Organization	Location	Activity	Code	Public Charity	Controlled
Acapita Education Finance Corporation	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Angelina Higher Education Authority	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Atlantic Student Finance Corporation	Waco, TX	Stud Loans	501(c)(3)	7	Yes
BRAzoS EDUCATION LOAN AUTHORITY	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Bosque Higher Education Authority Inc	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Brazos Academic Lending Corporation	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Brazos Education Finance Corporation	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Brazos Education Foudnation Inc	Waco, TX	Grant Making	501(c)(3)	7	Yes
Brazos Education Funding Corporation	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Brazos Education Lending Corporation	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Brazos Higher Education Authority Inc	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Brazos Higher Education Service Corp	Waco, TX	Stud Loans	501(c)(3)	10	No
Brazos Student Finance Corporation	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Edinvest Company	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Education Servicing Management Corp	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Educational Funding Services Inc	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Federated Student Finance Corporation	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Frio Higher Education Authority Inc	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Lavaca Higher Education Authority Inc	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Llano Higher Education Authority Inc	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Paluxy Higher Education Authority Inc	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Rozell Higher Education Authority Inc	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Sabine Higher Education Authority Inc	Waco, TX	Stud Loans	501(c)(3)	10	Yes
Texoma Higher Education Authority Inc	Waco, TX	Stud Loans	501(c)(3)	10	Yes

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: 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 1

“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: trinity higher education authority (thea) has a contract with brazos higher education service corporation, inc. To perform management and administration services on thea's behalf. This includes master servicing administration for the outstanding student loans held by thea. The services include, but are not limited to: accounting, reporting, servicing, originating, marketing, treasury, and compliance monitoring of the student loans held by thea.”

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 trinity higher education authority 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: Trinity Higher Education Authority Inc
EIN: 74-2534486
In Care Of: % RICKY TURMAN EVP/CFO
Phone: 2547530915
Address: 2600 Washington Ave, Waco, TX 76710

Signing Officer

Name: Ricky Turman
Title: Evp/CFO
Signed: 2019-05-15
Discuss with paid preparer: Yes

Organization Details

Principal Officer: Ricky Turman
Formed: 1989
Legal Domicile: TX
Voting Board Members: 5
Independent Board Members: 5
Employees: 0
Volunteers: 5

Preparer

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

Supplemental Narrative

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 which 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 year ended June 30, 2018. 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 year ended June 30, 2015 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 Authoritys 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 does not have any positions reserved.”

Schedule D, Part XI, Line 2D

“Reconciliation of revenue per audited financials with return: department of education rebate fees $(13,813)”

Schedule D, Part XII, Line 4B

“Reconciliation of Expenses per audited financials with return: DEPARTMENT OF EDUCATION REBATE FEES $13,813”

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IRS990/Form990PartVIISectionAGrp/TitleTxt	4	Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt	7	EVP/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt	8	Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt	9	Treasurer
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IRS990/Form990PartVIISectionAGrp/TitleTxt	11	General Counsel
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IRS990/OtherExpensesGrp/Desc	3	TRUSTEE FEES
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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing

Assets: $15,077,442
Liabilities: $14,938,119
Net assets: $139,323
Revenue: $251,075
Expenses: $111,752
Net income: $139,323

	Balance Sheet			Operations
Year	Assets	Liabilities	Net Assets	Revenue	Expenses	Net Income
2018Detailed filing. Detailed filing data is available for this year.	$15.1	$14.9	$0.14	$0.25	$0.11	$0.14
2014Detailed filing. Detailed filing data is available for this year.	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
2011Summary only. Only limited summary data is available for this year.	$0.01	$0.00	$0.01	$1.79	$1.63	$0.16
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.	$48.0	$48.1	$0.13		$1.73