Liabilities / Assets
78th percentile
Higher debt load relative to assets than 78% of similar nonprofits.
Panhandle-Plains Student Finance Corporation
990 • Fiscal year 2018 • EIN 75-2059556
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.64x
Liabilities / Revenue
97th percentile
Higher debt load relative to revenue than 97% of similar nonprofits.
Net Margin
6th percentile
Higher net margin than 6% of similar nonprofits.
Top Officer Pay
25th percentile
Higher top officer pay than 25% of similar nonprofits.
Top officer pay equals 7.4% of source-year revenue.
Asset Growth
3rd percentile
Faster asset growth than 3% of similar nonprofits.
Revenue Growth
13th percentile
Faster revenue growth than 13% of similar nonprofits.
Balance Sheet
Assets
Down$53,681,361
Down $12,281,722 (-19%) from 2017
Net Assets
Down$19,396,475
Down $955,469 (-4.7%) from 2017
Liabilities
Down$34,284,886
Down $11,326,253 (-25%) from 2017
Revenue And Expenses
Revenue
Down$2,956,910
Down $522,960 (-15%) from 2017
Expenses
Up$3,912,379
Up $396,627 (+11%) from 2017
Net Income
Down-$955,469
Down $919,587 (-2563%) from 2017
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Sep 1, 2017 to Aug 31, 2018
- Signed
- Jun 12, 2019
- Return Version
- 2017v2.3
- Gross Receipts
- $2,956,910
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
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Other Notes and Loans Receivable, Net | $55,316,460 | $47,094,820 | ▼ $8,221,640 |
| Cash and Non-Interest-Bearing Accounts | $2,813,273 | $2,698,407 | ▼ $114,866 |
| Accounts Receivable | $2,574,259 | $2,179,941 | ▼ $394,318 |
| Savings and Temporary Cash Investments | $5,255,924 | $1,705,026 | ▼ $3,550,898 |
| Prepaid Expenses and Deferred Charges | $3,167 | $3,167 | → $0 |
| Total Assets | $65,963,083 | $53,681,361 | ▼ $12,281,722 |
| Liabilities | |||
| Mortgage Notes Payable Secured by Investment Property | $45,700,000 | $34,400,000 | ▼ $11,300,000 |
| Accounts Payable and Accrued Expenses | $187,019 | $120,819 | ▼ $66,200 |
| Other Liabilities | $-275,880 | $-235,933 | ▲ $39,947 |
| Total Liabilities | $45,611,139 | $34,284,886 | ▼ $11,326,253 |
| Net Assets / Fund Balance | |||
| Temporarily Rstr Net Assets | $17,535,505 | $16,694,902 | ▼ $840,603 |
| Unrestricted Net Assets | $2,816,439 | $2,701,573 | ▼ $114,866 |
| Total Net Assets Fund Balance | $20,351,944 | $19,396,475 | ▼ $955,469 |
| Total Liabilities and Net Assets / Fund Balance | $65,963,083 | $53,681,361 | ▼ $12,281,722 |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Other | Total |
|---|---|---|---|---|
| Jimmy Parker | Executive Di | PT | $218,576 | $218,576 |
| John Wright | Senior Vice | PT | $204,468 | $204,468 |
Board Members and Trustees
| Name | Title |
|---|---|
| Jan Benton | President |
| Bill Forbes | Director |
| Courtney Adams | Director |
| Paul K Henderson | Director |
| Quinn Alexander | Director |
| Jimmy Parker | Executive Director |
| Zach Bell | CFO |
| Ann Duncan | Secretary |
| John Wright | Senior Vice Presiden |
| Beverly Cottingham | Vice Preside |
Highest Paid Contractors
| Contractor | Services | Location | Compensation |
|---|---|---|---|
| Panhandle-plains Mgt & Serv Corp | Loan/mgt/oper | 1303 23RD STREET, Canyon, TX 79015 | $728,226 |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $2,911,319
- Investment Income
- $45,591
- Other Revenue
- $0
- Change in Net Assets
- $-955,469
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $2,956,910
- Total Revenue per Audited Statements
- $2,956,910
- Total Revenue per Form 990
- $2,956,910
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $3,912,379 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Interest | $1,113,453 | - | - | $1,113,453 |
| All Other Expenses | $464,988 | $1,996 | - | $466,984 |
| Other Expenses | $289,716 | - | - | $289,716 |
| Fees for Services Legal | $22,611 | $22,612 | - | $45,223 |
| Fees for Services Accounting | $13,000 | $13,000 | - | $26,000 |
| Fees for Services Other | $8,750 | $8,750 | - | $17,500 |
| Insurance | - | $15,350 | - | $15,350 |
| Total Functional Expenses | $3,850,671 | $61,708 | $0 | $3,912,379 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $3,912,379 |
| Total Expenses per Audited Statements | $3,912,379 |
| Total Expenses per Form 990 | $3,912,379 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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
| Liability | Amount |
|---|---|
| Deferred Loan Issuance Costs | $-72,768 |
| Unamortized Original Issue Discount | $-163,165 |
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
- No
- Management duties delegated
- Yes
Governance Explanations
Form 990, Page 6, Part VI, Line 3
“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).”
Form 990, Page 6, Part VI, Line 11B
“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.”
Form 990, Page 6, Part VI, Line 12C
“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.”
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
“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.”
Form 990, Part VII
“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.”
Filing and Contact Details
Filer
- Filer Name
- Panhandle-plains Student Finance
- EIN
- 75-2059556
- Phone
- 8063244100
- Address
- 1303 23RD STREET, CANYON, TX 79015
Signing Officer
- Name
- Jimmy Parker
- Title
- Executive Director
- Phone
- 8063244100
- Signed
- 2019-06-12
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Jimmy Parker
- Formed
- 1985
- Legal Domicile
- TX
- Voting Board Members
- 7
- Independent Board Members
- 7
- 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, Part IX, Line 24E
“Special allowance payment 225,139 0 0 default prevention fees 168,750 0 0 amortization 18,191 0 0 backup administration fee 14,000 0 0 broker/auction agent fees 12,462 0 0 trustee fees 9,500 0 0 bond rating fees 9,000 0 0 other expenses 7,946 0 0 board member fees 0 1,283 0 bank service charges 0 713 0 total 464,988 1,996 0”
Financial Statement Notes
Schedule D, Page 3, Part X
“The corporation 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 corporation 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 corporation 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 corporation's tax positions and concluded that the corporation 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 corporation is no longer subject to income tax examinations by the u.s. Federal tax authorities for years ending before august 31, 2015.”
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| IRS990/MinutesOfCommitteesInd | 0 | true |
| IRS990/MinutesOfGoverningBodyInd | 0 | true |
| IRS990/MissionDesc | 0 | 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. |
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| IRS990/MoreThan5000KToOrgInd | 0 | false |
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| IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt | 0 | 34400000 |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | 20351944 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | 19396475 |
| IRS990/NondeductibleContributionsInd | 0 | false |
| IRS990/OfficerMailingAddressInd | 0 | false |
| IRS990/OperateHospitalInd | 0 | false |
| IRS990/Organization501c3Ind | 0 | X |
| IRS990/OrganizationFollowsSFAS117Ind | 0 | X |
| IRS990/OtherExpensesGrp/Desc | 0 | PROVISION FOR LOAN LOSSES |
| IRS990/OtherExpensesGrp/Desc | 1 | CONSOLIDATION FEES |
| IRS990/OtherExpensesGrp/Desc | 2 | MAINTENANCE & OPERATING F |
| IRS990/OtherExpensesGrp/Desc | 3 | LOAN SERVICING FEES |
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| IRS990/OtherExpensesGrp/ProgramServicesAmt | 1 | 312629 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 2 | 298530 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 3 | 289716 |
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| IRS990/OtherExpensesGrp/TotalAmt | 2 | 298530 |
| IRS990/OtherExpensesGrp/TotalAmt | 3 | 289716 |
| IRS990/OtherLiabilitiesGrp/BOYAmt | 0 | -275880 |
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| IRS990/OthNotesLoansReceivableNetGrp/EOYAmt | 0 | 47094820 |
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| IRS990/PayPremiumsPrsnlBnftCntrctInd | 0 | false |
| IRS990/PoliticalCampaignActyInd | 0 | false |
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| IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt | 0 | 3167 |
| IRS990/PrincipalOfficerNm | 0 | JIMMY PARKER |
| IRS990/ProfessionalFundraisingInd | 0 | false |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 0 | 522298 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 1 | 522298 |
| IRS990/ProgramServiceRevenueGrp/Desc | 0 | STUDENT LOAN INTEREST - NET |
| IRS990/ProgramServiceRevenueGrp/Desc | 1 | MOHELA CONVERSION FEE & SERVI |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 2720198 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 1 | 191121 |
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| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 1 | 191121 |
| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | UNDER ITS CONTRACT WITH MOHELA (AN INDEPENDENT STUDENT LOAN SERVICER AND ALSO AN OFFICIAL U.S. DEPARTMENT OF EDUCATION SERVICING CONTRACTOR) TO SERVE AS AN ELIGIBLE NOT-FOR-PROFIT (NFP) SERVICER PURSUANT TO FEDERAL STUDENT AID'S (FSA) SOLICITATION (NFP-RFP-2010) AND MOHELA'S CONTRACT WITH FSA, AN INITIAL MINIMUM 100,000 STUDENT LOAN ACCOUNTS SERVICING RIGHTS WERE ALLOCATED TO PPSFC. |
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| IRS990/PYOtherExpensesAmt | 0 | 3515752 |
| IRS990/PYOtherRevenueAmt | 0 | 32 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 3438915 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | -35882 |
| IRS990/PYTotalExpensesAmt | 0 | 3515752 |
| IRS990/PYTotalRevenueAmt | 0 | 3479870 |
| IRS990/QuidProQuoContributionsInd | 0 | false |
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| IRS990/RegularMonitoringEnfrcInd | 0 | true |
| IRS990/RelatedEntityInd | 0 | true |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | false |
| IRS990/ReportInvestmentsOtherSecInd | 0 | false |
| IRS990/ReportLandBuildingEquipmentInd | 0 | false |
| IRS990/ReportOtherAssetsInd | 0 | false |
| IRS990/ReportOtherLiabilitiesInd | 0 | true |
| IRS990/ReportProgramRelatedInvstInd | 0 | false |
| IRS990/RevenueAmt | 0 | 2720198 |
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| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 1705026 |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt | 0 | GAIN ON DISC BOND REDEMPTION 14,000 GAIN ON FFELP LOAN SALES 124,217 MISCELLAENOUS 129 |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc | 0 | PART III, LINE 12 |
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| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt | 0 | 40923 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt | 0 | 15169 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 6611 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt | 0 | 6586 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt | 0 | 114880 |
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| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt | 0 | 3112274 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt | 0 | 3257569 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt | 0 | 3333847 |
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| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt | 0 | 15169 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt | 0 | 6611 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt | 0 | 6586 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt | 0 | 114880 |
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| IRS990ScheduleA/InvestmentIncomePYPct | 0 | 0.00000 |
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| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt | 0 | 97 |
| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 9048 |
| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt | 0 | 129169 |
| IRS990ScheduleA/OtherIncome509Grp/TotalAmt | 0 | 138346 |
| IRS990ScheduleA/PubliclySupportedOrg509a2Ind | 0 | X |
| IRS990ScheduleA/PublicSupportCY509Pct | 0 | 0.98450 |
| IRS990ScheduleA/PublicSupportPY509Pct | 0 | 0.98300 |
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| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt | 0 | 3127540 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt | 0 | 3273228 |
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| IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt | 0 | 16307182 |
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| IRS990ScheduleD/ExpensesSubtotalAmt | 0 | 3912379 |
| IRS990ScheduleD/FootnoteTextInd | 0 | X |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | -72768 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 1 | -163165 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | DEFERRED LOAN ISSUANCE COSTS |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 1 | UNAMORTIZED ORIGINAL ISSUE DISCOUNT |
| IRS990ScheduleD/RevenueSubtotalAmt | 0 | 2956910 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | THE CORPORATION 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 CORPORATION 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 CORPORATION 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 CORPORATION'S TAX POSITIONS AND CONCLUDED THAT THE CORPORATION 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 CORPORATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL TAX AUTHORITIES FOR YEARS ENDING BEFORE AUGUST 31, 2015. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE D, PAGE 3, PART X |
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| IRS990ScheduleD/TotalLiabilityAmt | 0 | -235933 |
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| IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt | 0 | 2956910 |
| IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt | 0 | 3912379 |
| IRS990ScheduleJ/AnyNonFixedPaymentsInd | 0 | false |
| IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd | 0 | false |
| IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd | 0 | false |
| IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd | 0 | false |
| IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd | 0 | false |
| IRS990ScheduleJ/EquityBasedCompArrngmInd | 0 | false |
| IRS990ScheduleJ/InitialContractExceptionInd | 0 | false |
| IRS990/ScheduleJRequiredInd | 0 | true |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt | 0 | 15000 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt | 1 | 10000 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt | 2 | 10000 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt | 0 | 173891 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt | 1 | 151099 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt | 2 | 110365 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt | 0 | 15808 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt | 1 | 13736 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt | 2 | 10033 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt | 0 | 13877 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt | 1 | 29633 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt | 2 | 23598 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 0 | JIMMY PARKER |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 1 | JOHN WRIGHT |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 2 | ZACH BELL |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt | 0 | EXECUTIVE DIRECTOR |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt | 1 | SENIOR VICE PRESIDEN |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt | 2 | CFO |
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| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt | 1 | 204468 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt | 2 | 153996 |
| IRS990ScheduleJ/SeverancePaymentInd | 0 | false |
| IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt | 0 | PART I, LINE 3: SEE SCHEDULE O FOR DISCLOSURES RELATED TO COMPENSATION PROCESS BY RELATED ORGANIZATION, PANHANDLE PLAINS MANAGEMENT & SERVICING CORPORATION. |
| IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE J, PART III |
| IRS990ScheduleJ/SupplementalNonqualRtrPlanInd | 0 | false |
| IRS990/ScheduleORequiredInd | 0 | true |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | 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). |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THE EXECUTIVE DIRECTOR AND OTHER PERSONNEL ARE EMPLOYEES OF PANHANDLE-PLAINS MANAGEMENT & SERVICING CORPORATION (PPMSC). THE SALARIES OF THESE INDIVIDUALS ARE ESTABLISHED BY PPMSC. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | THE EXECUTIVE DIRECTOR AND OTHER PERSONNEL ARE EMPLOYEES OF PANHANDLE-PLAINS MANAGEMENT & SERVICING CORPORATION (PPMSC). THE SALARIES OF THESE INDIVIDUALS ARE ESTABLISHED BY PPMSC. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 8 | SPECIAL ALLOWANCE PAYMENT 225,139 0 0 DEFAULT PREVENTION FEES 168,750 0 0 AMORTIZATION 18,191 0 0 BACKUP ADMINISTRATION FEE 14,000 0 0 BROKER/AUCTION AGENT FEES 12,462 0 0 TRUSTEE FEES 9,500 0 0 BOND RATING FEES 9,000 0 0 OTHER EXPENSES 7,946 0 0 BOARD MEMBER FEES 0 1,283 0 BANK SERVICE CHARGES 0 713 0 TOTAL 464,988 1,996 0 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990 - ORGANIZATION'S MISSION |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PAGE 6, PART VI, LINE 3 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PAGE 6, PART VI, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PAGE 6, PART VI, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PAGE 6, PART VI, LINE 15A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PAGE 6, PART VI, LINE 15B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PAGE 6, PART VI, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 7 | FORM 990, PART VII |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 8 | FORM 990, PART IX, LINE 24E |
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| IRS990ScheduleR/DivRelatedOrganizationInd | 0 | false |
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| IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd | 0 | false |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd | 0 | false |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd | 1 | false |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt | 0 | NA |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd | 0 | N/A |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt | 0 | PANHANDLE-PLAINS HIGHER EDUCATION |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt | 1 | PANHANDLE-PLAINS MGT & SERV CORP |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine2Txt | 0 | AUTHORITY |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN | 0 | 237025386 |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN | 1 | 455543346 |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt | 0 | 501C3 |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt | 1 | 501C3 |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd | 0 | TX |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd | 1 | TX |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt | 0 | STUD LOANS |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt | 1 | STUD LOANS |
| IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt | 0 | 12A |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2018 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $53,681,361
- Liabilities
- $34,284,886
- Net assets
- $19,396,475
- Revenue
- $2,956,910
- Expenses
- $3,912,379
- Net income
- -$955,469