2026-02-07T07:35:47+00:00 2025-06-30 440160260 Forvis Mazars LLP 14221 Dallas Parkway Suite 400 Dallas TX 75254 990 2024-07-01 742129255 Brazos Higher Education Service Corporation Inc BRAZ 2547530915 5609 Crosslake Pkwy Waco TX 76712 RICKY TURMAN EVP/COO/CFO 2026-02-07 true true Andrew Gray P01517705 9727028262 2026-05-15 2024 2025-03-06 01:10:19Z Brazos Higher Education and Brazos Education Foundation RICKY TURMAN 5609 Crosslake Pkwy Waco TX 76712 119171295 false X WWW.STUDENTLOANS.COM X 1980 TX BRAZOS HIGHER EDUCATION SERVICE CORPORATION, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS & INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES 8 6 30 6 0 0 0 452065 17936114 22779042 1198032 10524171 22075 18756 19156221 33774034 133425 140610 0 0 7467745 7590772 0 0 0 1399791 1203119 9000961 8934501 10155260 24839533 277854175 318997073 9287630 10386703 268566545 308610370 BRAZOS HIGHER EDUCATION SERVICE CORPORATION, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. false false 7691863 140610 32185423 BRAZOS HIGHER EDUCATION SERVICE CORPORATION (BHESC) PROVIDES ADMINISTRATIVE AND MANAGEMENT SERVICES FOR AFFILIATED NON-PROFIT ENTITIES BY SERVING AS ADMINISTRATOR. THESE SERVICES INCLUDED ADMINISTERING STUDENT LOANS WITH OUTSTANDING PRINCIPAL IN EXCESS OF $1.2 BILLION UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP), HEAL, TERI, AND VARIOUS OTHER ALTERNATIVE LOAN PROGRAMS. 7691863 true true false false false false false false false false true false false true true true false true false false false false false false false false false true true true false false false false false false false false false false false false false false false true true true false false true 24 0 true 30 true false false false false false false false false false false false false X 8 6 false false true false false false false true true false false false true true true true true true true true false false X RICKY TURMAN EVPCOOCFO 2547530915 5609 CROSSLAKE PKWY WACO TX 76712 X Ricky Turman EVP/COO/CFO 37.5 2.5 X X 659544 0 101455 Thomas Litle President & CEO 37.5 2.5 X X 895987 0 98152 Dr Andy Popejoy Director 1.0 7.0 X 0 0 0 Dr David Myers Director 1.0 7.0 X 0 0 0 Dr Terry Maness Director 1.0 7.0 X 0 0 0 Greta Watson Director 1.0 7.0 X 0 0 0 Robert D Chambers Director 1.0 7.0 X 0 0 0 Steven Bostick Director 1.0 7.0 X 0 0 0 Andrew Ellis VP, Administration & HR 37.5 2.5 X 307699 0 80931 Darrell Brooks Treasurer 37.5 2.5 X 232630 0 67386 Kelli Uttech EVP, General Counsel 37.5 2.5 X 459985 0 83927 Nan MacDonald VP, Marketing 37.5 2.5 X 234442 0 60551 Randall Larson VP, Sales 37.5 2.5 X 263448 0 74174 Tammy Harralson Controller/VP 37.5 2.5 X 258182 0 72119 Tiffany Jones Exec. Corp. Secretary 37.5 2.5 X 119395 0 32504 Debra Urias VP Student Lending Operations 37.5 2.5 X 227168 0 58740 Carol Thomas Loan Administration Manager 37.5 2.5 X 127953 0 26239 Christy Alleman Information Systems Manager 37.5 2.5 X 139762 0 35134 Jessica Fadal Data Warehouse & Bus. Int. Mgr. 37.5 2.5 X 149233 0 40154 John M Wright Director Structured Finance 37.5 2.5 X 271980 0 71734 Milicent Larson Director of Scholarships 2.5 37.5 X 192103 0 58733 4539511 0 961933 18 false true false Forvis Mazars LLP 14221 Dallas Parkway Suite 400 Dallas TX 75254 Audit and Tax 125620 1 452065 452065 Operating Income 551114 6585608 6585608 Commission Income 551114 200295 200295 Interest Income - Bonds / Intercompany 551114 15993139 15993139 0 0 0 0 22779042 1136546 1136546 0 0 94784886 85397261 0 9387625 9387625 9387625 3rd Party Marketing Fee Income 551114 15637 15637 Miscellaneous Revenue 551114 3119 3119 0 0 0 0 18756 33774034 32185423 0 1136546 134610 134610 6000 6000 0 0 4388419 3949577 438842 2256791 2031112 225679 643256 578930 64326 302306 272075 30231 85250 76725 8525 149109 149109 140280 140280 114221 0 114221 0 8193 7374 819 210458 189412 21046 134120 120708 13412 78313 70482 7831 53681 48313 5368 10138 9124 1014 87234 78511 8723 56131 50518 5613 Administrative Expense 52473 47226 5247 Special Event Expense 9430 8487 943 14088 12679 1409 0 8934501 7691863 1242638 0 5448392 6492179 89641 202451 0 0 0 0 22214 36998 2781361 322797 2545798 2458564 205116979 154825867 0 0 64631151 154981014 277854175 318997073 606760 708785 0 0 8680870 9677918 9287630 10386703 X 268566545 308610370 268566545 308610370 277854175 318997073 X 24839533 7752227 7452065 X false true false false X X 3 Brazos Higher Education Authority Inc 742099402 9 true 22777696 0 Brazos Education Loan Authority Inc 203868073 9 true 0 0 Brazos Education Lending Corporation 203870081 9 true 8441434 0 3 31219130 0 true false false false false false false false false false false false false false false false Schedule A, Part IV, Section C, Line 1 Majority director detail As a Type II Supporting Organization, the supporting organization must be supervised or controlled by the persons supervising or controlling the supported organizations to ensure that the supporting organization is responsive to the needs and requirements of the supported organizations. The control or management of BHESC is vested in the same persons that control or manage the supported organizations. This is illustrated by the fact that the top two executives serve as officers of all the companies. These executives also have the decision-making power across all the companies. The President/CEO and the Executive VP-COO & CFO of BHESC serve in the same capacities for all companies although their titles may slightly differ among the organizations. The EVP-General Counsel and the Controller are also common across the companies. BHESC conducts and operates the business affairs of each student loan company shown below to carry out all aspects of a student loan program pursuant to: (i) exclusive administration agreements with each student loan company, (ii) common control with board overlap with each student loan company, (iii) common management (including the CEO and EVPs) with each student loan company, (iv) with respect to BHEA, the requirements of Chapter 53B of the Texas Education Code) (the Act) and (v) an extended course of dealing between these entities for several decades. The student loan companies are: - Brazos Higher Education Authority, Inc. (BHEA) - Brazos Education Loan Authority (BELA) - Brazos Education Lending Corporation (BELC) Under each exclusive administration agreement, BHESC performs all the duties necessary to manage and carry out the student loan program functions of that specific student loan company. These duties include but are not limited to: - Creating and maintaining the loan program guidelines, including the underwriting and eligibility criteria, the terms and conditions of the loans, and the interest rates; - Retaining outside services necessary to support the program, including a loan origination processor, repayment servicers, and collection agencies; - In fact, per state law, BHEA can only obtain these services by contracting with another nonprofit organization, which BHESC serves as this company - Arranging and managing financing for the student loan program, including all duties and responsibilities of the issuing student loan company under the indentures of trust. Under the administration agreements, BHESC also performs all the administrative services for each student loan company's existence as a nonprofit corporation including but not limited to the following: - providing, or causing to be provided, all clerical and bookkeeping services; - causing an annual audit to be obtained; - causing to be prepared documents, reports, tax returns or any other such forms as may be required; - preparing for adoption by each student loan company all reports, documents, agendas, resolutions and meeting notices necessary for each student loan company's Board of Directors and its committees to conduct meetings and business affairs Therefore, as reflected in the above discussion, BHESC's role is responsive to the needs and requirements of the supported student loan companies by providing support, management and oversight to all the student loan companies. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 535000 535000 2002098 216894 1785204 244263 105903 138360 2458564 Accrued Investment Interest 6101559 Due from Affiliates 144821391 Cash Balance Plan Trust 4058064 154981014 Federal Income Taxes Prefunded Benefit Payable 5619854 Cash Balance Plan Payable 4058064 9677918 X 0 0 0 0 0 0 0 0 0 0 0 0 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote 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, 2025 AND 2024. 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, 2022 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. true WACO SCOTTISH RITE CHARITABLE FOUNDATION 2801 West Waco Drive Waco TX 76707 742581354 501 (C) (3) 7500 dONATION BAYLOR UNIVERSITY ONE BEAR PLACE 97043 WACO TX 767987043 711159753 501 (C) (3) 55000 CONTRIBUTION TO ENDOWMENT MCLENNAN COMMUNITY COLLEGE FOUNDATION 1400 COLLEGE DRIVE WACO TX 76708 742550278 501(c)(3) 35000 CONTRIBUTION TO ENDOWMENT TEXAS STATE TECHNICAL COLLEGE Foundation 3801 CAMPUS DRIVE WACO TX 767051695 752892470 501(c)(3) 25000 CONTRIBUTION TO ENDOWMENT 4 0 SCHOLARSHIPS 2 6000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds THE ORGANIZATION PROVIDES DONATIONS TO OTHER CHARITABLE AND GOVERNMENTAL ORGANIZATIONS. THESE ARE SIMPLE CHARITABLE CONTRIBUTIONS TO THE OTHER ORGANIZATIONS, SO THERE IS NO NEED TO MONITOR THE USE OF THE FUNDS. X X X false false false false false false false true false Thomas Litle President & CEO 754648 0 71182 0 70157 0 80536 0 17616 0 994139 0 0 0 Ricky Turman EVP/COO/CFO 601738 0 57806 0 0 0 81176 0 20279 0 760999 0 0 0 Kelli Uttech EVP, General Counsel 387332 0 38982 0 33671 0 78519 0 5408 0 543912 0 0 0 Randall Larson VP, Sales 238172 0 25276 0 0 0 61311 0 12863 0 337622 0 0 0 Andrew Ellis VP, Administration & HR 278846 0 28853 0 0 0 69037 0 11894 0 388630 0 0 0 Nan MacDonald VP, Marketing 213688 0 20754 0 0 0 46851 0 13700 0 294993 0 0 0 Tiffany Jones Exec. Corp. Secretary 102452 0 10700 0 6243 0 21341 0 11163 0 151899 0 0 0 Darrell Brooks Treasurer 204026 0 21810 0 6794 0 53686 0 13700 0 300016 0 0 0 Tammy Harralson Controller/VP 229696 0 24191 0 4295 0 59740 0 12379 0 330301 0 0 0 Debra Urias VP Student Lending Operations 198421 0 21279 0 7468 0 46378 0 12362 0 285908 0 0 0 Jessica Fadal Data Warehouse & Bus. Int. Mgr. 130681 0 14931 0 3621 0 28667 0 11487 0 189387 0 0 0 John M Wright Director Structured Finance 234630 0 24672 0 12678 0 55501 0 16233 0 343714 0 0 0 Milicent Larson Director of Scholarships 172087 0 20016 0 0 0 40239 0 18494 0 250836 0 0 0 Christy Alleman Information Systems Manager 122528 0 14167 0 3067 0 23415 0 11719 0 174896 0 0 0 Carol Thomas Loan Administration Manager 108257 0 12831 0 6865 0 22697 0 3542 0 154192 0 0 0 Schedule J, Part I, Line 7 Non-fixed payments WHILE PART OF THE BONUSES GIVEN TO EMPLOYEES ARE CALCULATED USING A FIXED FORMULA, THE OTHER PART OF THE BONUS IS CALCULATED BY A SET PERCENTAGE DETERMINED AT THE DISCRETION OF THE BOARD. Form 990, Part VI, Line 4 Significant changes to organizational documents ON JUNE 20, 2025, THE ORGANIZATION ADOPTED AMENDED AND RESTATED BYLAWS TO CLARIFY ITS CHARITABLE PURPOSE, GOVERNANCE AND DISSOLUTION TERMS. THE UPDATED BYLAWS SPECIFY THAT THE CORPORATION OPERATES EXCLUSIVELY AS A TYPE II SUPPORTING ORGANIZATION UNDER SECTION 509(A)(3)(B)(II), PROVIDING SUPPORT TO DESIGNATED SECTION 501(C)(3) PUBLIC CHARITIES. THE BYLAWS NOW EXPLICITLY IDENTIFY THE SUPPORTED ORGANIZATIONS AND REQUIRE OVERLAP OF EXECUTIVE OFFICERS TO SATISFY IRS RELATIONSHIP TESTS. ADDITIONAL CHANGES INCLUDE CHANGING THE COMPOSITION OF THE BOARD, UPDATING OFFICER ROLES AND SUCCESSION PROCEDURES, AND STRENGTHENING AMENDMENT AND INDEMNIFICATION PROVISIONS. Form 990, Part VI, Line 11b Review of form 990 by governing body 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, Line 12c Conflict of interest policy THE LEGAL DEPARTMENT PREPARES AND DISTRIBUTES A CONFLICT OF INTEREST QUESTIONNAIRE TO ALL BOARD MEMBERS AND EMPLOYEES ANNUALLY. THE LEGAL DEPARTMENT REVIEWS THE QUESTIONNAIRES AND COMPILES A LIST OF POTENTIAL CONFLICTS FOR REVIEW BY SENIOR MANAGEMENT AND THE BOARD OF DIRECTORS. POTENTIAL CONFLICTS ARE ASSESSED AND RESOLVED IF DETERMINED TO BE AT RISK. IF A BOARD MEMBER CONFLICT IS FOUND TO EXIST, THE CONFLICTED BOARD MEMBER ABSTAINS FROM VOTING. Form 990, Part VI, Line 15a Process to establish compensation of top management official BRAZOS HIGHER EDUCATION SERVICE CORPORATION'S BOARD OF DIRECTORS USES AN INDEPENDENT THIRD PARTY TO REVIEW THE COMPENSATION OF THE PRESIDENT AND OFFICERS. 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 DURING JUNE OF 2023 BY AN INDEPENDENT CONSULTANT AND IS DOCUMENTED IN THE BOARD'S MEETING MINUTES. Form 990, Part VI, Line 15b Process to establish compensation of other employees BRAZOS HIGHER EDUCATION SERVICE CORPORATION'S BOARD OF DIRECTORS USES AN INDEPENDENT THIRD PARTY TO REVIEW THE COMPENSATION OF THE 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 DURING JUNE OF 2023 BY AN INDEPENDENT CONSULTANT AND IS DOCUMENTED IN THE BOARD'S MEETING MINUTES. Form 990, Part VI, Line 19 Required documents available to the public THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Estate Contribution - 7452065; Total - 7452065; BRAZOS HIGHER EDUCATION AUTHORITY INC 5609 CROSSLAKE PKWY WACO TX 76712 742099402 STUDENT LOANS TX 501(c)(3) 10 City of Waco TX false BRAZOS EDUCATION LOAN AUTHORITY INC 5609 CROSSLAKE PKWY WACO TX 76712 203868073 STUDENT LOANS TX 501(c)(3) 10 NA false BRAZOS EDUCATION FOUNDATION INC 5609 CROSSLAKE PKWY WACO TX 76712 264562436 GRANT MAKING TX 501(c)(3) 7 Brazos Higher Education Service Corp true BRAZOS EDUCATION LENDING CORPORATION 5609 CROSSLAKE PKWY WACO TX 76712 203870081 STUDENT LOANS TX 501(c)(3) 10 NA false BRAZOS ASSET CORPORATION (BAC) 5609 CROSSLAKE PKWY WACO TX 76712 300835799 FINANCE TRANS INVOLVING CREATION/LIQUIDATION/OWNERSHIP OF FINANCIAL ASSETS TX BRAZOS HIGHER EDUCATION SERVICE CORP C Corporation 0 0 1.0000 true true false true true false false false false false false false true false false false false false false false Brazos Education Foundation C 452065 FMV