Panhandle-Plains Student Finance Corporation

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

“The board of directors of ppsfc 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 ppsfc 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.”

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

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

“Ppsfc'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.”

“Schedule j, line 3 - questions regarding compensation the ppsfc 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.”

“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.”

“Effective august 30, 2019, management of the corporation began the process of merging the assets of the corporation into the panhandle-plains higher education authority, inc. (the authority), a related party through common management. Under this merger, the assets and liabilities were absorbed by the authority. In the near future, panhandle-plains management and serving corporation will also merge into the authority, leaving the authority as the surviving entity. The authority plans to become a private foundation, which will award scholarships to students in pursuit of their higher education goals. Effective january 31, 2020, the corporation's final assets were liquidated with the transfer of all remaining assets to the panhandle-plains higher education authority, inc., as disclosed in schedule n to this filing.”

“Transfer to panhandle-plains higher education authority -18,011,423”