Civic Intelligence

Panhandle-Plains Higher Education Authority Inc

990 • Fiscal year 2016 • EIN 23-7025386

Sep 01, 2015 to Aug 31, 2016 • Filed on May 30, 2017

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

92nd percentile

0.90x

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

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Liabilities / Revenue

97th percentile

26.56x

Higher debt load relative to revenue than 97% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Net Margin

72nd percentile

11%

Higher net margin than 72% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Top Officer Pay

2nd percentile

$205,058

Higher top officer pay than 2% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Asset Growth

5th percentile

-9.3%

Faster asset growth than 5% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2015 to 2016

Revenue Growth

42nd percentile

2.2%

Faster revenue growth than 42% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$1,037,379,888

Down $106,930,600 (-9.3%) from 2015

Net Assets

Up

$105,734,652

Up $3,947,416 (+3.9%) from 2015

Liabilities

Down

$931,645,236

Down $110,878,016 (-11%) from 2015

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin72nd percentile

Revenue

Up

$35,075,221

Up $765,531 (+2.2%) from 2015

Expenses

Down

$31,127,805

Down $744,133 (-2.3%) from 2015

Net Income

Up

$3,947,416

Up $1,509,664 (+62%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth5th 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

2016

Assets$1,037,379,888
Liabilities$931,645,236
Net Assets$105,734,652
Open 2016 Filing

Operations Trend

Revenue Growth42nd 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

2016

Revenue$35,075,221
Expenses$31,127,805
Net Income$3,947,416
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2015 to Aug 31, 2016
Signed
May 30, 2017
Return Version
2015v3.0
Gross Receipts
$35,075,221
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$1,022,457,021$943,760,260▼ $78,696,761
Savings and Temporary Cash Investments$90,698,257$62,665,737▼ $28,032,520
Accounts Receivable$22,870,580$22,551,444▼ $319,136
Cash and Non-Interest-Bearing Accounts$6,996,282$7,671,235▲ $674,953
Investments Other Securities$2,000,000$2,000,000→ $0
Prepaid Expenses and Deferred Charges$42,005$1,125▼ $40,880
Intangible Assets$-753,657$-1,269,913▼ $516,256
Total Assets$1,144,310,488$1,037,379,888▼ $106,930,600
Liabilities
Mortgage Notes Payable Secured by Investment Property$712,335,932$616,060,405▼ $96,275,527
Tax Exempt Bond Liabilities$317,785,000$304,105,000▼ $13,680,000
Deferred Revenue$30,902,421$27,611,993▼ $3,290,428
Accounts Payable and Accrued Expenses$3,937,404$3,629,318▼ $308,086
Other Liabilities$-22,437,505$-19,761,480▲ $2,676,025
Total Liabilities$1,042,523,252$931,645,236▼ $110,878,016
Net Assets / Fund Balance
Temporarily Rstr Net Assets$92,961,993$95,476,533▲ $2,514,540
Unrestricted Net Assets$8,825,243$10,258,119▲ $1,432,876
Total Net Assets Fund Balance$101,787,236$105,734,652▲ $3,947,416
Total Liabilities and Net Assets / Fund Balance$1,144,310,488$1,037,379,888▼ $106,930,600
Compensation and Service Providers
Top Officer Pay2nd percentile

Employees

NameTitleFull / Part TimeOtherTotal
Jimmy ParkerExecutive DiPT$205,058$205,058
John WrightSenior VicePT$190,619$190,619
Zach BellCFOPT$143,356$143,356

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
John WrightSenior Vice Presiden
Dr Ron MillerVice-preside

Highest Paid Contractors

ContractorServicesLocationCompensation
Panhandle-plains Mgt & Serv CorpLoan/mgt/oper1303 23RD ST, Canyon, TX 79015$9,260,591
State Street BankLetter Of CrediONE LINCOLN STREET, Boston, MA 02206$1,601,732
Norton Rose Fullbright US LLPLegal FeesPO BOX 844284, Dallas, TX 75284$438,527
Student Loan Capital Strategies LLCFinancial Advis1410 WOLVER HOLLOW RD, Oyster Bay, NY 11771$187,625
Bank Of TexasTrustee Fees801 CHERRY ST STE 3325, Ft Worth, TX 76102$140,365
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$34,859,741
Investment Income
$215,480
Other Revenue
$0
Change in Net Assets
$3,947,416

Audited Revenue Reconciliation

Revenue per Audited Statements
$35,075,221
Total Revenue per Audited Statements
$35,075,221
Total Revenue per Form 990
$35,075,221
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$31,127,805
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$14,814,743--$14,814,743
All Other Expenses$375,950$75,379-$451,329
Other Expenses$439,113--$439,113
Fees for Services Legal$43,035$43,036-$86,071
Fees for Services Other$38,666$38,667-$77,333
Fees for Services Accounting$26,900$26,900-$53,800
Insurance-$24,100-$24,100
Depreciation Depletion$833--$833
Total Functional Expenses$30,919,723$208,082$0$31,127,805

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$31,127,805
Total Expenses per Audited Statements$31,127,805
Total Expenses per Form 990$31,127,805
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$3,563,200
Unamortized Original Issue Discount$-23,324,680

Bond Issues

BondIssuerIssuedIssue PricePurpose
BPanhandle-plains Higher Education2015-08-27$219,200,000REFUNDING
APanhandle-plains Higher Education2010-11-17$208,200,000REFUNDING

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$233,536,633$233,106,633-$430,000
A$219,807,571$217,808,126$123,295,000$1,667,200

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
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”

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
Zach Bell
Title
CFO
Phone
8063244100
Signed
2017-05-30
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 79105-0509
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, 2013.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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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, 2013.
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.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE J, PART III
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,037,379,888
Liabilities
$931,645,236
Net assets
$105,734,652
Revenue
$35,075,221
Expenses
$31,127,805
Net income
$3,947,416
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