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 ppmsc.”

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

“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.”

“During august 2019, management and the board of the corporation merged the corporation into the panhandle-plains higher education authority, inc. (a 501(c)(3) tax-exempt entity and related party through common management). Under this merger, the majority of the assets and liabilities of the 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.”