Panhandle Plains Management & Servicing Corporation

“The board of directors of panhandle-plains management & servicing corporation 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.”

“The board members of panhandle-plains management & servicing corporation are required to update their conflict of interest statement at the annual board of directors meeting, held during may of each year. A record of this is kept in the minutes of the board meeting.”

“During the annual budget approval process the board of directors approve the salaries of all employees, including president and key employees. The board also included a 3% raise for all employees for 2019.”

“During the annual budget approval process the board of directors approve the salaries of all employees, including president and key employees. The board also included a 3% raise for all employees for 2019.”

“Panhandle-plains management & servicing corporation makes all governing documents, policies, annual audited financial statements and form 990s available upon request. Articles of incorporation and public documents are public information and are available from the texas secretary of state.”

“See schedule o panhandle-plains student loan center”

“Master student loan servicer for panhandle-plains higher education authority, inc. (pphea), panhandle-plains student finance corporation (ppsfc), and other organizations. The corporation also performs management and oversight services for pphea and ppsfc, of which both are also related not-for-profit organizations. Also provides educational and charitable programs to decrease student loan defaults, promote financial aid outreach and financial literacy.”

“During may 2020, management and the board of the panhandle- plains management & servicing corporation approved a final plan and resolution to merge the corporation into the panhandle-plains higher education authority, inc. (a 501(c)(3) tax-exempt entity and related party entity through common management). Previously during august 2019, management and the board of the authority merged the panhandle-plains student finance corporation (a 501(c)(3) tax- exempt entity) 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. These two significant events will leave the authority as the surviving panhandle-plains organization, for which 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.”

“Through august 31, 2020, the organization in conjunction with the panhandle non-profits, provided for services utilizing its developed student loan assistance manager (slam), which is a cohort default rate management system created to import national student loan data systems (nslds) data and allow schools to undertake default prevention activities. The system provides the school with user-friendly access to nslds data on the student loans of borrowers who attended the school and can be used to identify borrowers for default aversion activities and to estimate the institution's cohort default rate (which is important for schools to have continued eligibility to participate and receive title iv student aid funds for their students). Through august 31, 2020, the organization provided an outreach program with four coordinators with the purpose of educating junior and senior high school students attending small independent school districts' about financial aid.”

“Transfer to panhandle plains higher ed foundation -9,204,589”