Civic Intelligence

Panhandle-Plains Higher Education Authority Inc

990 • Fiscal year 2019 • EIN 23-7025386

Sep 01, 2018 to Aug 31, 2019 • Filed on Jul 01, 2020

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

85th percentile

0.79x

Higher debt load relative to assets than 85% of similar nonprofits.

2019 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2019

Liabilities / Revenue

97th percentile

11.09x

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

2019 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2019

Net Margin

49th percentile

4.4%

Higher net margin than 49% of similar nonprofits.

2019 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2019

Top Officer Pay

5th percentile

$230,470

Higher top officer pay than 5% of similar nonprofits.

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

2019 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2019

Asset Growth

1st percentile

-38%

Faster asset growth than 1% of similar nonprofits.

2019 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Revenue Growth

13th percentile

-12%

Faster revenue growth than 13% of similar nonprofits.

2019 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets85th percentile

Assets

Down

$532,567,370

Down $329,291,834 (-38%) from 2018

Net Assets

Up

$113,009,142

Up $1,679,262 (+1.5%) from 2018

Liabilities

Down

$419,558,228

Down $330,971,096 (-44%) from 2018

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin49th percentile

Revenue

Down

$37,843,785

Down $5,401,559 (-12%) from 2018

Expenses

Down

$36,164,523

Down $4,507,527 (-11%) from 2018

Net Income

Down

$1,679,262

Down $894,032 (-35%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth1st 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

2019

Assets$532,567,370
Liabilities$419,558,228
Net Assets$113,009,142
Open 2019 Filing

Operations Trend

Revenue Growth13th 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

2019

Revenue$37,843,785
Expenses$36,164,523
Net Income$1,679,262
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2018 to Aug 31, 2019
Signed
Jul 1, 2020
Return Version
2018v3.2
Gross Receipts
$37,843,785
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$766,956,944$472,332,499▼ $294,624,445
Savings and Temporary Cash Investments$65,426,390$28,913,109▼ $36,513,281
Cash and Non-Interest-Bearing Accounts$7,192,640$18,142,247▲ $10,949,607
Accounts Receivable$22,582,863$15,994,571▼ $6,588,292
Investments Other Securities$2,000,000--
Prepaid Expenses and Deferred Charges$1,125$1,125→ $0
Intangible Assets$-2,300,758$-2,816,181▼ $515,423
Total Assets$861,859,204$532,567,370▼ $329,291,834
Liabilities
Mortgage Notes Payable Secured by Investment Property$459,034,462$362,258,000▼ $96,776,462
Tax Exempt Bond Liabilities$280,335,000$49,555,000▼ $230,780,000
Deferred Revenue$21,031,138$17,740,710▼ $3,290,428
Accounts Payable and Accrued Expenses$5,789,555$2,964,120▼ $2,825,435
Other Liabilities$-15,660,831$-12,959,602▲ $2,701,229
Total Liabilities$750,529,324$419,558,228▼ $330,971,096
Net Assets / Fund Balance
Temporarily Rstr Net Assets$99,018,871$100,411,706▲ $1,392,835
Unrestricted Net Assets$12,311,009$12,597,436▲ $286,427
Total Net Assets Fund Balance$111,329,880$113,009,142▲ $1,679,262
Total Liabilities and Net Assets / Fund Balance$861,859,204$532,567,370▼ $329,291,834
Compensation and Service Providers
Top Officer Pay5th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Jimmy ParkerExecutive DiPT$230,470$230,470
John WrightSenior VicePT$215,606$215,606

Board Members and Trustees

NameTitle
Dr Ron MillerPresident
Cathryn WrightDirector
Dr Kenneth Van DorenDirector
Dr Ron HinerDirector
Dr Ronny BarnesDirector
Lynda TinsleyDirector
Michael P RyanDirector
Rita CraddockDirector
Woody GillilandDirector
Jimmy ParkerExecutive Director
Zach BellCFO
Tammy RoarkSec/treas
John WrightSenior Vice Presiden
Carolyn WatersVice Preside

Highest Paid Contractors

ContractorServicesLocationCompensation
Panhandle-plains Mgt & Serv CorpLoan/mgt/oper1303 23RD ST, Canyon, TX 79015$7,596,938
State Street BankInterest ExpensONE LINCOLN STREET, Boston, MA 02206$6,308,728
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$36,635,572
Investment Income
$1,208,213
Other Revenue
$0
Change in Net Assets
$1,679,262

Audited Revenue Reconciliation

Revenue per Audited Statements
$37,843,785
Total Revenue per Audited Statements
$37,843,785
Total Revenue per Form 990
$37,843,785
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$36,164,523
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$23,133,507--$23,133,507
All Other Expenses$1,441,555$27,723-$1,469,278
Other Expenses$794,941--$794,941
Fees for Services Legal$110,043$110,043-$220,086
Fees for Services Other$52,635$52,635-$105,270
Fees for Services Accounting$25,000$25,000-$50,000
Insurance-$24,000-$24,000
Total Functional Expenses$35,925,122$239,401$0$36,164,523

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$36,164,523
Total Expenses per Audited Statements$36,164,523
Total Expenses per Form 990$36,164,523
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Unamortized Original Issue Discount$-12,959,602

Bond Issues

BondIssuerIssuedIssue PricePurpose
APanhandle-plains Higher Education2010-11-17$208,200,000REFUNDING

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$219,807,571$217,808,126$158,645,000$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 the pphea board does not approve compensation of the executive director, but it does approve the management contract with panhandle-plains management & servicing corporation 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
Zach Bell
Title
CFO
Phone
8063244100
Signed
2020-07-01
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.”

Form 990, Page 2, Part III, Line 3

“During august 2019, management and the board of the authority merged panhandle-plains student finance corporation (a 501(c)(3) tax-exempt entity and related party entity through common management) into the authority. Under this merger, the majority of the assets and liabilities of the student finance corporation were absorbed by the authority as of august 31,2019, with the remaining assets and liabilities absorbed by january 31, 2020. During 2020, management and the board of the authority also plan to merge panhandle-plains management and serving corporation (a 501(c)(3) tax-exempt entity and related party entity) into the authority. These two significant events will leave the authority as the surviving panhandle- plains organization, then the authority will convert to a private foundation with the primary mission to invest its remaining financial resources into perpetuity with its primary program services to award scholarships to students in pursuit of their higher education goals and grants to certain higher education organizations.”

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 financial accounting standards board (fasb) accounting standards codification (asc) 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, 2016.”

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IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt0PPHEA PAID A THIRD PARTY CALLED COLUMBIA STRATEGIC COUNSEL (CSC) 3,250 PER MONTH FOR LOBBYING. THE CONTRACT COVERED SEPTEMBER 1, 2018 THROUGH AUGUST 31, 2019. CSC WORKED TO IDENTIFY, RECRUIT AND EDUCATE SELECT MEMBERS OF CONGRESS WHO SIT ON THE RELEVANT HOUSE AND SENATE COMMITTEES INCLUDING THE FINANCE/WAYS AND MEANS, APPROPRIATIONS AND EDUCATION AND KEY MEMBERS FROM THE STATE OF TEXAS.
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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 FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) 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, 2016.
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$532,567,370
Liabilities
$419,558,228
Net assets
$113,009,142
Revenue
$37,843,785
Expenses
$36,164,523
Net income
$1,679,262
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