2012-05-11T15:17:10-05:00 2011-06-30 ERNST & YOUNG US LLP 401 CONGRESS SUITE 1800 AUSTIN TX 78701 990 2010-07-01 742542435 Acapita Education Finance Corporation ACAP 2547530915 PO BOX 1308 WACO TX 76703 Ricky Turman 2012-05-11 5124789881 2010 2016-02-24 21:20:13Z RICKY TURMAN 2600 WASHINGTON AVENUE WACO TX 76710 67056705 false X www.brazos.us.com X 1989 TX Acapita Education Finance Corporation's mission is to make education a reality by supporting programs and initiatives to finance educational opportunities. 9 9 0 0 0 0 0 0 74473412 66777686 8361 3576 277416 275443 74759189 67056705 0 0 0 0 0 0 0 0 0 185952042 172147895 185952042 172147895 -111192853 -105091190 2828394155 2563893928 3135390194 3024548928 -306996039 -460655000 Acapita Education Finance Corporation is a secondary market of college student loans under the Federal Family Education Loan Program (FFELP). Acapita Education Finance Corporation's mission is to make education a reality by supporting programs and initiatives to finance educational opportunities. false false 172147895 0 67053129 Acapita Education Finance Corporation serviced over 267,600 loans totaling over $2.5 billion. This included over $2.3 billion under the Title IV Federal Family Education Loan Program (FFELP) of which included $1.4 billion of consolidation loans. These loans were funded through temporary financings. 172147895 true false false false false false false false false false false false false false true true false false false false false false false false false false false false true false false false false false false false false false false false false false true true true false false true 0 0 true 0 false false false false false false false false false false X 9 9 true true false false false false false true true false false true true true true true true false X RICKY TURMAN CFO EVP 2547530915 2600 Washington Avenue Waco TX 76710 Paul Marable Jr 1.0 X 0 809 0 Mrs Joyce Packard 1.0 X 0 0 0 Calvin Curtis Jones 1.0 X 0 0 0 David Smith Jr 1.0 X 0 0 0 Tony Wayland 1.0 X 0 0 0 Wilton Lanning 1.0 X 0 0 0 Larry Smith 1.0 X 0 809 0 Dr Terry Maness 1.0 X 0 0 0 Dr Dennis Michaelis 1.0 X 0 0 0 Murray Watson 1.0 X 0 1064568 53391 David Horner 1.0 X 0 405839 49726 Ricky Turman 1.0 X 0 467391 36687 Ray Rushing 1.0 X 0 0 0 James McInnis 1.0 X 0 98957 21740 Susan Davis 1.0 X 0 63378 14820 Tammy Harralson 1.0 X 0 184111 34359 Daniel Reyna 1.0 X 0 130759 22643 Kelli Villarrial 1.0 X 0 239224 34810 Thomas Litle 1.0 X 0 128577 8710 0 2784422 276886 0 false true false Ernst Young LLP PO Box 848107 DALLAS TX 752848107 audit and tax fees 203637 1 0 Yield on Student Loan Notes Receivable 522294 66777686 66777686 66777686 3576 3576 0 0 0 0 0 0 Other revenues 522294 443 443 Issuer Income 522294 275000 275000 275443 67056705 67053129 3576 0 0 0 0 0 0 0 0 0 0 0 0 239244 239244 0 0 0 0 0 0 0 0 0 0 0 0 145559241 145559241 0 0 0 DEPT OF EDUCATION FEES 16334637 16334637 Servicing expense 4900912 4900912 Commitment fees 3727412 3727412 OPERATING EXPENSE 770944 770944 Trustee fees 355508 355508 259997 259997 172147895 172147895 0 0 32367 90612 25138923 40370024 105087 72968 2745125901 2473319797 57991877 50040527 2828394155 2563893928 210890194 340448928 2924500000 2684100000 3135390194 3024548928 X -306996039 -460655000 -306996039 -460655000 2828394155 2563893928 X -105091190 -48567771 X false true true X true true X 300431 3284627 2289010 74750828 67053129 147678025 300431 3284627 2289010 74750828 67053129 147678025 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 147678025 3001 30413 5232 8361 3576 50583 3001 30413 5232 8361 3576 50583 303432 3315040 2294242 74759189 67056705 147728608 0.99966 0.99895 0.00034 0.00105 X DUE TO A CHANGE IN YEAR-END, A SHORT PERIOD RETURN WAS FILED FOR THE TIME PERIOD JUNE 1, 2007 THROUGH JUNE 30, 2007. THEREFORE, THE YEARS LISTED ON SCHEDULE A, PART III CORRESPOND TO THE TIME FRAMES AS LISTED BELOW: 2010 = JULY 1, 2010 THROUGH JUNE 30, 2011 2009 = JULY 1, 2009 THROUGH JUNE 30, 2010 2008 = JULY 1, 2008 THROUGH JUNE 30, 2009 2007 = JULY 1, 2007 THROUGH JUNE 30, 2008 2006 = JUNE 1, 2007 THROUGH JUNE 30, 2007 0 0 67056705 172147895 -105091190 -48567771 -48567771 -153658961 50722068 50722068 16334637 16334637 67056705 204381029 48567771 48567771 155813258 16334637 16334637 172147895 Supplemental Information RECONCILIATION OF CHANGE IN NET ASSETS SCHEDULE D, PART XI, LINE 8 VALUATION ALLOWANCE ON SLNR - ($48,567,771) RECONCILIATION OF REVENUE PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XII, LINE 4B DEPT OF EDUCATION FEES - $16,334,637 RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XIII, LINE 2D VALUATION ALLOWANCE ON SLNR - $48,567,771 SCHEDULE D, PART XIII, LINE 4B DEPT OF EDUCATION FEES - $16,334,637 Fin 48 (ASC 740) Footnote THE COMPANY FOLLOWS THE ACCOUNTING STANDARD RELATED TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE COMPANY'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 COMPANY CURRENTLY DOES NOT HAVE ANY POSITIONS RESERVED. false false false false false false false false false Murray Watson 0 547485 0 458231 0 58852 0 24517 0 28874 0 1117959 0 0 David Horner 0 227871 0 146083 0 31885 0 24500 0 25226 0 455565 0 0 Ricky Turman 0 283124 0 163950 0 20317 0 24500 0 12187 0 504078 0 0 Tammy Harralson 0 114858 0 51628 0 17625 0 18600 0 15759 0 218470 0 0 Daniel Reyna 0 85750 0 36404 0 8605 0 13141 0 9502 0 153402 0 0 Kelli Villarrial 0 156488 0 68245 0 14491 0 24151 0 10659 0 274034 0 0 Supplemental Information Form 990, Part VI, Question 2 Business Relationships Ray Rushing and Murray Watson, Jr. have a business relationship. Form 990, Part VI, Question 3 Description of Management Arrangement Acapita Education Finance Corporation has a contract with Brazos Higher Education Service Corporation to perform management and administration services on Acapita Education Finance Corporation's behalf. This includes master servicing administration for the outstanding student loans held by Acapita Education Finance Corporation. The services include, but are not limited to: accounting, reporting, servicing, originating, marketing, treasury, and compliance monitoring of the student loans held by Acapita Education Finance Corporation. Form 990, Part VI, Question 11b Describe the Process used by Management &/or Governing Body to Review 990 The 990 tax return is provided to senior management for their review. After their 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. Form 990, Part VI, Question 12c Description of Process to Monitor Transactions for Conflicts of Interest Acapita Education Finance Corporation's internal audit department prepares and distributes a conflict of interest questionnaire to all board members and employees annually. The internal audit 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. Form 990, Part VI, Question 19 Avail of Gov Docs, Conflict of Interest Policy, & Fin Stmts to Gen Public The governing documents, conflict of interest policy, and financial statements are available to the public upon request. FORM 990, PART VII, SECTION A AVERAGE HOURS DEVOTED TO RELATED ORGANIZATION *WATSON, MURRAY - 40 HOURS WITH BHESC *TURMAN, RICKY - 40 HOURS WITH BHESC *HORNER, DAVID - 40 HOURS WITH BHESC *VILLARRIAL, KELLI - 40 HOURS WITH BHESC *HARRALSON, TAMMY - 40 HOURS WITH BHESC *REYNA, DANIEL - 40 HOURS WITH BHESC *DAVIS, SUSAN - 40 HOURS WITH BHESC *MCINNIS, JAMES - 40 HOURS WITH BHESC *LITLE, THOMAS - 40 HOURS WITH BHESC *MARABLE, PAUL - 1 HOUR WITH BHESC *SMITH, LARRY - 0 HOURS WITH BHESC FORM 990, PART XI, Line 5 OTHER CHANGES IN NET ASSETS OR FUND BALANCES Valuation Allowance on SLNR - $48,567,771 ADDITIONAL INFORMATION RECENT LEGISLATIVE DEVELOPMENTS On March 30, 2010, President Obama signed into law the Reconciliation Act of 2010. Effective July 1, 2010, this law prohibits new loan originations under the FFELP and requires that all new federal loan originations be made through the Direct Loan Program. In the event that a first disbursement has been made on a FFELP loan prior to July 1, 2010, subsequent disbursements of that loan may still be made under the FFELP. Additionally, the new law does not alter or affect the terms and conditions of the Companys existing FFELP loans. Atlantic Student Finance Corporation 2600 WASHINGTON AVENUE WACO TX 76710 205412189 fund std lns FL 501(c)(3) 7 NA Trinity Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 742534486 fund std lns TX 501(c)(3) 9 NA Angelina Higher Education Authority 2600 WASHINGTON AVENUE WACO TX 76710 200115078 fund std lns TX 501(c)(3) 9 NA Concho Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870081 fund std lns TX 501(c)(3) 9 NA Frio Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870120 fund std lns TX 501(c)(3) 9 NA Lavaca Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870153 fund std lns TX 501(c)(3) 9 NA Leon Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870176 fund std lns TX 501(c)(3) 9 NA Llano Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870219 fund std lns TX 501(c)(3) 9 NA Neches Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203868073 fund std lns TX 501(c)(3) 9 NA Paluxy Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203868139 fund std lns TX 501(c)(3) 9 NA Rozell Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203867891 fund std lns TX 501(c)(3) 9 NA Sabine Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203868185 fund std lns TX 501(c)(3) 9 NA Texoma Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203868230 fund std lns TX 501(c)(3) 9 NA Brazos Education Foundation Inc 2612 WASHINGTON AVENUE WACO TX 76710 264562436 grant making TX 501(c)(3) 7 NA Academic Finance Corporation PO BOX 1308 WACO TX 76703 742540458 fund std lns TX 501(c)(3) 9 NA Education Servicing Mgmt Corporation 2600 WASHINGTON AVENUE WACO TX 76710 203870046 fund std lns TX 501(c)(3) 9 NA Brazos Education Finance Corporation In 2600 WASHINGTON AVENUE WACO TX 76710 742539632 fund std lns TX 501(c)(3) 11 type 1 NA Brazos Higher Education Authority Inc PO BOX 1308 WACO TX 76703 742099402 fund std lns TX 501(c)(3) 11 type 1 NA Bosque Higher Education Authority Inc PO BOX 1308 WACO TX 76703 742534099 fund std lns TX 501(c)(3) 9 NA Brazos Student Finance Corporation PO BOX 1308 WACO TX 76703 742356109 fund std lns TX 501(c)(3) 9 NA EdInvest Company 2600 WASHINGTON AVENUE WACO TX 76710 742537669 fund std lns TX 501(c)(3) 9 NA Educational Funding Services Inc PO BOX 1308 WACO TX 76703 330947525 fund std lns CA 501(c)(3) 9 NA Federated Student Finance Corporation 2600 WASHINGTON AVENUE WACO TX 76710 742536239 fund std lns TX 501(c)(3) 9 NA Brazos Higher Education Service Corp PO BOX 1308 WACO TX 76703 742129255 fund std lns TX 501(C)(3) 9 na false false false false false true true false false false false true false false false false false false Brazos Higher Education Authority Inc f 114646 Brazos Higher Education Authority Inc g 112983 Brazos Higher Education Service Corporation l 770944