Civic Intelligence

Panhandle-Plains Higher Education Authority Inc

990 • Fiscal year 2015 • EIN 23-7025386

Sep 01, 2014 to Aug 31, 2015 • Filed on Apr 25, 2016

Organization ProfileWWW.PPHEA.ORG
1303 23rd StreetCanyon, TX 79015

(806) 324-4100

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

93rd percentile

0.91x

Higher debt load relative to assets than 93% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Liabilities / Revenue

98th percentile

30.39x

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

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Net Margin

44th percentile

7.1%

Higher net margin than 44% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Top Officer Pay

2nd percentile

$180,620

Higher top officer pay than 2% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Asset Growth

83rd percentile

11%

Faster asset growth than 83% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2014 to 2015

Revenue Growth

52nd percentile

6.4%

Faster revenue growth than 52% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$1,144,310,488

Up $116,362,689 (+11%) from 2014

Net Assets

Up

$101,787,236

Up $2,437,752 (+2.5%) from 2014

Liabilities

Up

$1,042,523,252

Up $113,924,937 (+12%) from 2014

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin44th percentile

Revenue

Up

$34,309,690

Up $2,052,358 (+6.4%) from 2014

Expenses

Up

$31,871,938

Up $2,827,106 (+9.7%) from 2014

Net Income

Down

$2,437,752

Down $774,748 (-24%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth83rd percentile

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

$2.0B$1.5B$1.0B$500M$0Assets 2010: $1,858,045,121Liabilities 2010: $1,757,505,724Net Assets 2010: $100,539,3972010Assets 2011: $1,597,691,120Liabilities 2011: $1,493,924,846Net Assets 2011: $103,766,2742011Assets 2012: $1,384,422,238Liabilities 2012: $1,281,477,029Net Assets 2012: $102,945,2092012Assets 2013: $1,166,341,868Liabilities 2013: $1,063,349,994Net Assets 2013: $102,991,8742013Assets 2014: $1,027,947,799Liabilities 2014: $928,598,315Net Assets 2014: $99,349,4842014Assets 2015: $1,144,310,488Liabilities 2015: $1,042,523,252Net Assets 2015: $101,787,2362015Assets 2016: $1,037,379,888Liabilities 2016: $931,645,236Net Assets 2016: $105,734,6522016Assets 2017: $940,463,986Liabilities 2017: $831,707,400Net Assets 2017: $108,756,5862017Assets 2018: $861,859,204Liabilities 2018: $750,529,324Net Assets 2018: $111,329,8802018Assets 2019: $532,567,370Liabilities 2019: $419,558,228Net Assets 2019: $113,009,1422019Assets 2021: $182,464,704Liabilities 2021: $973,299Net Assets 2021: $181,491,4052021Assets 2022: $153,414,797Liabilities 2022: $249,415Net Assets 2022: $153,165,3822022Assets 2023: $166,113,977Liabilities 2023: $253,349Net Assets 2023: $165,860,6282023Assets 2024: $174,847,285Liabilities 2024: $268,961Net Assets 2024: $174,578,3242024

Highlighted filing

2015

Assets$1,144,310,488
Liabilities$1,042,523,252
Net Assets$101,787,236
Open 2015 Filing

Operations Trend

Revenue Growth52nd percentile

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

$60M$40M$20M$0-$20MExpenses 2010: $53,244,8462010Expenses 2011: $46,195,8922011Expenses 2012: $42,660,7402012Expenses 2013: $31,949,3212013Revenue 2014: $32,257,332Expenses 2014: $29,044,832Net Income 2014: $3,212,5002014Revenue 2015: $34,309,690Expenses 2015: $31,871,938Net Income 2015: $2,437,7522015Revenue 2016: $35,075,221Expenses 2016: $31,127,805Net Income 2016: $3,947,4162016Revenue 2017: $35,021,668Expenses 2017: $31,999,734Net Income 2017: $3,021,9342017Revenue 2018: $43,245,344Expenses 2018: $40,672,050Net Income 2018: $2,573,2942018Revenue 2019: $37,843,785Expenses 2019: $36,164,523Net Income 2019: $1,679,2622019Revenue 2021: $13,006,465Expenses 2021: $3,910,137Net Income 2021: $9,096,3282021Revenue 2022: $4,976,997Expenses 2022: $5,135,823Net Income 2022: -$158,8262022Revenue 2023: $6,170,024Expenses 2023: $6,217,491Net Income 2023: -$47,4672023Revenue 2024: $8,759,275Expenses 2024: $7,046,781Net Income 2024: $1,712,4942024

Highlighted filing

2015

Revenue$34,309,690
Expenses$31,871,938
Net Income$2,437,752
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2014 to Aug 31, 2015
Signed
Apr 25, 2016
Return Version
2014v6.0
Gross Receipts
$34,309,690
Mission and Program Overview

Mission

Providing funds for the purchase of student loans at the post-secondary level, and to provide procedures for the servicing of such loans as required for continued participation in the federal family education loan program under the higher education act of 1965.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$951,901,122$1,022,457,021▲ $70,555,899
Savings and Temporary Cash Investments$42,936,554$90,698,257▲ $47,761,703
Accounts Receivable$20,354,687$22,870,580▲ $2,515,893
Cash and Non-Interest-Bearing Accounts$6,534,681$6,996,282▲ $461,601
Investments Other Securities$2,205,593$2,000,000▼ $205,593
Prepaid Expenses and Deferred Charges$24,125$42,005▲ $17,880
Intangible Assets$3,991,037$-753,657▼ $4,744,694
Total Assets$1,027,947,799$1,144,310,488▲ $116,362,689
Liabilities
Mortgage Notes Payable Secured by Investment Property$806,413,000$712,335,932▼ $94,077,068
Tax Exempt Bond Liabilities$115,160,000$317,785,000▲ $202,625,000
Deferred Revenue$34,192,849$30,902,421▼ $3,290,428
Accounts Payable and Accrued Expenses$3,067,196$3,937,404▲ $870,208
Other Liabilities$-30,234,730$-22,437,505▲ $7,797,225
Total Liabilities$928,598,315$1,042,523,252▲ $113,924,937
Net Assets / Fund Balance
Temporarily Rstr Net Assets$89,905,734$92,961,993▲ $3,056,259
Unrestricted Net Assets$9,443,750$8,825,243▼ $618,507
Total Net Assets Fund Balance$99,349,484$101,787,236▲ $2,437,752
Total Liabilities and Net Assets / Fund Balance$1,027,947,799$1,144,310,488▲ $116,362,689
Compensation and Service Providers
Top Officer Pay2nd percentile

Employees

NameTitleFull / Part TimeOtherTotal
Jimmy ParkerExecutive DiPT$180,620$180,620
Zach BellCFOPT$129,990$129,990

Board Members and Trustees

NameTitle
Rita CraddockPresident
Carolyn WatersDirector
Cathryn WrightDirector
Dr Kenneth Van DorenDirector
Dr Ron HinerDirector
Lynda TinsleyDirector
Michael P RyanDirector
Ronny BarnesDirector
Woody GillilandDirector
Jimmy ParkerExecutive Director
Tammy RoarkSec/treas
Dr Ron MillerVice-preside

Highest Paid Contractors

ContractorServicesLocationCompensation
Panhandle-plains Mgt & Serv CorpLoan/mgt/oper1303 23RD ST, Canyon, TX 79015$9,595,762
Fulbright And JaworskiLegalPO BOX 844284, Dallas, TX 75284$256,330
Bank Of TexasTrustee Fees801 CHERRY ST STE 3325, Ft Worth, TX 76102$114,894
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$34,193,216
Investment Income
$116,474
Other Revenue
$0
Change in Net Assets
$2,437,752

Audited Revenue Reconciliation

Revenue per Audited Statements
$34,309,690
Total Revenue per Audited Statements
$34,309,690
Total Revenue per Form 990
$34,309,690
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$31,871,938
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$11,378,856--$11,378,856
Other Expenses$2,634,076--$2,634,076
Fees for Services Legal$364,002$364,002-$728,004
Fees for Services Other$133,135$133,136-$266,271
All Other Expenses$105,705$87,314-$193,019
Fees for Services Accounting$22,400$22,400-$44,800
Insurance-$23,000-$23,000
Depreciation Depletion$5,000--$5,000
Total Functional Expenses$31,242,086$629,852$0$31,871,938

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$31,871,938
Total Expenses per Audited Statements$31,871,938
Total Expenses per Form 990$31,871,938
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Excess Earnings Payable$4,342,200
Unamortized Original Issue Discount$-26,779,705

Bond Issues

BondIssuerIssuedIssue PricePurpose
BPanhandle-plains Higher Education2015-02-01$219,200,000REFUNDING
APanhandle-plains Higher Education2010-11-17$208,200,000REFUNDING

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$219,807,571$217,808,126$109,615,000$1,667,200
B$219,200,000$218,770,000-$430,000

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“Panhandle plains higher education authority (pphea)has a contract with panhandle-plains management & servicing corporation (ppmsc) to provide for servicing administration. Pphea has no employees. There are two elements in the fees paid -- servicing fees and administrative and maintenance fees (m&o).”

Form 990, Page 6, Part VI, Line 7A

“Hereford, texas city council elects and appoints board members.”

Form 990, Page 6, Part VI, Line 7B

“Hereford, texas city council elects and appoints board members.”

Form 990, Page 6, Part VI, Line 11B

“The board of directors of the panhandle-plains higher education authority is provided an electronic copy of the form 990 one week prior to filing. The directors then have a week to review and give comments before the return is filed with the internal revenue service.”

Form 990, Page 6, Part VI, Line 12C

“The board members of pphea are required to update their conflict of interest statements at the annual board of directors meeting. A record of this is kept in the minutes of the board meeting.”

Form 990, Page 6, Part VI, Line 15A

“The executive director and other personnel are employees of panhandle-plains management & servicing corporation (ppmsc). The salaries of these individuals are established by ppmsc.”

Form 990, Page 6, Part VI, Line 15B

“The executive director and other personnel are employees of panhandle-plains management & servicing corporation (ppmsc). The salaries of these individuals are established by ppmsc.”

Form 990, Page 6, Part VI, Line 19

“Pphea's annual audited financial statements are available on its website. The governing documents and conflict of interest policy are available upon request. Articles of incorporation and public documents are public information and are available from the secretary of state.”

Form 990, Part VII

“Schedule j, line 3 - questions regarding compensation the pphea board does not approve compensation of the executive director, but it does approve the management contract with panhandle-plains management & servicing coproration which pays the executive director/ ceo's compensation.”

Filing and Contact Details

Filer

Filer Name
Panhandle-plains Higher
EIN
23-7025386
Phone
8063244100
Address
1303 23RD STREET, CANYON, TX 79015

Signing Officer

Name
Jimmy Parker
Title
Executive Director
Phone
8063244100
Signed
2016-04-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jimmy Parker
Formed
1979
Legal Domicile
TX
Voting Board Members
11
Independent Board Members
11
Employees
0

Preparer

Firm
Johnson & Sheldon Pllc
Address
PO BOX 509, AMARILLO, TX 79105
Preparer
Richard W Blankenship CPA
Phone
8063717661
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Providing funds for the purchase of student loans at the post-secondary level, and to provide procedures for the servicing of such loans as required for continued participation in the federal family education loan program under the higher education act of 1965.”

Financial Statement Notes

Schedule D, Page 3, Part X

“The authority is exempt from federal income tax under section 501(a) as an organization described in section 501(c)(3) of the internal revenue code (the code), and has been determined not to be a private foundation under section 509(a) of the code. As a result, income taxes are not included in the accompanying financial statements. The authority complies with fasb asc topic 740, "accounting for uncertainty in income taxes" (topic 740), which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the authority may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Management evaluated the authority's tax positions and concluded that the authority had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. With few exceptions, the authority is no longer subject to income tax examinations by the u.s. Federal tax authorities for years ending before august 31, 2012.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE AUTHORITY IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE), AND HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION UNDER SECTION 509(A) OF THE CODE. AS A RESULT, INCOME TAXES ARE NOT INCLUDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE AUTHORITY COMPLIES WITH FASB ASC TOPIC 740, "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES" (TOPIC 740), WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE AUTHORITY MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE-LIKELY-THAN-NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE AUTHORITY'S TAX POSITIONS AND CONCLUDED THAT THE AUTHORITY HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE AUTHORITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL TAX AUTHORITIES FOR YEARS ENDING BEFORE AUGUST 31, 2012.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0PART I, LINE 3: SEE SCHEDULE O FOR DISCLOSURES RELATED TO COMPENSATION PROCESS BY RELATED ORGANIZATION, PANHANDLE-PLAINS MANAGEMENT & SERVICING CORPORATION.
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,144,310,488
Liabilities
$1,042,523,252
Net assets
$101,787,236
Revenue
$34,309,690
Expenses
$31,871,938
Net income
$2,437,752
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$175$0.27$175$8.76$7.05$1.71
2023Detailed filing. Detailed filing data is available for this year.$166$0.25$166$6.17$6.22$0.05
2022Detailed filing. Detailed filing data is available for this year.$153$0.25$153$4.98$5.14$0.16
2021Detailed filing. Detailed filing data is available for this year.$182$0.97$181$13.0$3.91$9.10
2019Detailed filing. Detailed filing data is available for this year.$533$420$113$37.8$36.2$1.68
2018Detailed filing. Detailed filing data is available for this year.$862$751$111$43.2$40.7$2.57
2017Detailed filing. Detailed filing data is available for this year.$940$832$109$35.0$32.0$3.02
2016Detailed filing. Detailed filing data is available for this year.$1,037$932$106$35.1$31.1$3.95
2015Detailed filing. Detailed filing data is available for this year.$1,144$1,043$102$34.3$31.9$2.44
2014Detailed filing. Detailed filing data is available for this year.$1,028$929$99.3$32.3$29.0$3.21
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,166$1,063$103$31.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,384$1,281$103$42.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,598$1,494$104$46.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,858$1,758$101$53.2