Brazos Higher Education Service Corporation Inc
- Assets
- $212.6m
- Revenue
- $16.3m
- Investments
- $81.5k
- Employees
- 35
- Location
- Waco, TX
- Founding
- 11/1982
- Data as of
- 06/2023
- EIN
- 74-2129255
Organization Overview
Brazos Higher Education Service Corporation Inc, operating under the name Brazos Higher Education, is located in Waco, TX. The organization was established in 1982. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2023, Brazos Higher Education employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brazos Higher Education is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Brazos Higher Education generated $16.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $8.1m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Brazos Higher Education has awarded 45 individual grants totaling $1,124,450. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
BRAZOS HIGHER EDUCATION SERVICE CORPORATION, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS & INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES
Describe the Organization's Program Activity:
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 $1.9 BILLION UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP), HEAL, TERI, AND VARIOUS OTHER ALTERNATIVE LOAN PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Ben Litle President/ceo | OfficerTrustee | 29 | $691,410 |
Ricky Turman Evp/coo/cfo | OfficerTrustee | 29 | $632,670 |
Kelli Uttech Evp/general Counsel | Officer | 30 | $403,310 |
Samuel Redden Svp/cio | Officer | 39 | $305,125 |
Andrew Ellis VP Human Resources | Officer | 39 | $296,218 |
Randall Larson VP Sales | Officer | 39 | $245,823 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Forvis Llp Audit And Tax | 6/29/23 | $116,725 |
Bwc Education Group Llc Building Contractor | 6/29/23 | $625,784 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $9,508,446 |
| Investment income | $6,791,655 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,305,011 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $131,250 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,119,905 |
| Compensation of current officers, directors, key employees. | $411,990 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,069,235 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $198,235 |
| Payroll taxes | $301,289 |
| Fees for services: Management | $86,069 |
| Fees for services: Legal | $61,772 |
| Fees for services: Accounting | $149,725 |
| Fees for services: Lobbying | $60,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $88,386 |
| Advertising and promotion | $1,053 |
| Office expenses | $209,363 |
| Information technology | $243,418 |
| Royalties | $0 |
| Occupancy | $73,389 |
| Travel | $49,676 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,226 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,234 |
| Insurance | $55,110 |
| All other expenses | $5,474 |
| Total functional expenses | $8,053,886 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,319,127 |
| Savings and temporary cash investments | $7,435,181 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $62,543 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $14,049 |
| Net Land, buildings, and equipment | $2,633,032 |
| Investments—publicly traded securities | $152,143,540 |
| Investments—other securities | $81,483 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $43,921,605 |
| Total assets | $212,610,560 |
| Accounts payable and accrued expenses | $3,833,704 |
| Grants payable | $0 |
| Deferred revenue | $1,889,685 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,486,574 |
| Total liabilities | $10,209,963 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $202,400,597 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $212,610,560 |
Grants Awarded
Over the last fiscal year, Brazos Higher Education Service Corporation Inc has awarded $124,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
TEXAS STATE TECHNICAL COLLEGE PURPOSE: CONTRIBUTION TO ENDOWMENT | $26,500 |
BAYLOR UNIVERSITY PURPOSE: CONTRIBUTION TO ENDOWMENT | $50,000 |
WACO SCOTTISH RITE CHARITABLE FOUNDATION PURPOSE: FURTHER EXEMPT PURPOSE OF RECIPIENT | $7,500 |
MCLENNAN COMMUNITY COLLEGE FOUNDATION PURPOSE: CONTRIBUTION TO ENDOWMENT | $40,000 |