2020-07-01T16:51:33-05:00 2019-08-31 463602660 JOHNSON & SHELDON PLLC PO BOX 509 AMARILLO TX 791050509 990 2018-09-01 752059556 PANHANDLE-PLAINS STUDENT FINANCE CORPORATION PANH 8063244100 1303 23RD STREET CANYON TX 79015 JIMMY PARKER EXECUTIVE DIRECTOR 8063244100 2020-07-01 true RICHARD W BLANKENSHIP CPA P00172630 8063717661 2020-07-01 65.200.43.2 2020-07-01 16:51:33 CD P 24B2DD43030EBA64EAE85524960C203142207E95 24B2DD43030EBA64EAE85524960C203142207E95 2018 2021-01-29 14:40:06Z JIMMY PARKER 1303 23RD ST CANYON TX 79015 2383673 false X WWW.PPSFC.ORG X 1985 TX 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. 7 7 0 0 0 2911319 2305900 45591 77773 0 2956910 2383673 0 0 0 0 0 3912379 3768144 3912379 3768144 -955469 -1384471 53681361 18089708 34284886 77704 19396475 18012004 X 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. false true 3709372 2198169 PROVIDING FUNDS FOR THE PURCHASE OF STUDENT LOANS (BOTH FFELP STUDENT LOANS AND ALTERNATIVE STUDENT LOANS) AT THE POST-SECONDARY LEVEL, AND TO PROVIDE PROCEDURES FOR THE SERVICING OF SUCH LOANS AS REQUIRED FOR CONTINUED PARTI- CIPATION IN THE FEDERAL FAMILY EDUCATION LOAN PROGRAM UNDER THE HIGHER EDUCATION ACT OF 1965. 107731 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. 3709372 true false false false false false false false false false false false false false false true true false false false false false false false false false false false false true false false false false false false false false false false false false false true false false false true 1 0 0 false false false false false false false false false false false false X 7 7 false true false false false false false true true false false true true true true true false true true false X JIMMY PARKER 8063244100 1303 23RD STREET CANYON TX 79015 X JAN BENTON PRESIDENT 2.00 2.00 X X 0 0 0 BEVERLY COTTINGHAM VICE PRESIDE 2.00 X X 0 0 0 ANN DUNCAN SECRETARY 2.00 X X 0 0 0 PAUL K HENDERSON DIRECTOR 2.00 X 0 0 0 QUINN ALEXANDER DIRECTOR 2.00 2.00 X 0 0 0 COURTNEY ADAMS DIRECTOR 2.00 X 0 0 0 BILL FORBES DIRECTOR 2.00 X 0 0 0 JIMMY PARKER EXECUTIVE DI 5.00 35.00 X 0 199108 31362 JOHN WRIGHT SENIOR VICE 10.00 30.00 X 0 170631 44975 ZACH BELL CFO 10.00 30.00 X 0 128676 37238 498415 113575 false true false PANHANDLE-PLAINS MGT & SERV CORP 1303 23RD STREET CANYON TX 79015 LOAN/MGT/OPER 465945 1 STUDENT LOAN INTEREST - NET 522298 1943694 1943694 PREMIUM ON STUDENT LOAN NOTES 522298 254475 254475 MOHELA CONVERSION FEE & SERVI 522298 107731 107731 2305900 77773 77773 2383673 2305900 77773 35246 17623 17623 32000 16000 16000 15438 7719 7719 1364722 1364722 15350 15350 PROVISION FOR LOAN LOSSES 1475858 1475858 CONSOLIDATION FEES 248501 248501 MAINTENANCE & OPERATING F 225482 225482 LOAN SERVICING FEES 150463 150463 205084 203004 2080 3768144 3709372 58772 0 2698407 2648375 1705026 14951808 2179941 45260 47094820 444265 3167 53681361 18089708 120819 77704 34400000 -235933 34284886 77704 X 2701573 18012004 16694902 19396475 18012004 53681361 18089708 -1384471 X false true X true false X 3257569 3112274 3438947 2911319 2305900 15026009 3257569 3112274 3438947 2911319 2305900 15026009 15026009 6611 15169 40923 45591 77773 186067 6611 15169 40923 45591 77773 186067 9048 97 32 9177 3273228 3127540 3479902 2956910 2383673 15221253 0.98720 0.98450 0.01000 0.01000 X PART III, LINE 12 GAIN ON DISC BOND REDEMPTION 0 GAIN ON FFELP LOAN SALES 9,048 MISCELLAENOUS 129 X 2383673 2383673 2383673 3768144 3768144 3768144 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, 2016. false false false false false false false false false JIMMY PARKER EXECUTIVE DIRECTOR 179108 20000 16283 15079 230470 JOHN WRIGHT SENIOR VICE PRESIDEN 155631 15000 14148 30827 215606 ZACH BELL CFO 113676 15000 10334 26904 165914 SCHEDULE J, PART III PART I, LINE 3: SEE SCHEDULE O FOR DISCLOSURES RELATED TO COMPENSATION PROCESS BY RELATED ORGANIZATION, PANHANDLE PLAINS MANAGEMENT & SERVICING CORPORATION. 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 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. 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. PANHANDLE-PLAINS HIGHER EDUCATION AUTHORITY 1303 23RD STREET CANYON TX 79015 237025386 STUD LOANS TX 501C3 12A NA false PANHANDLE-PLAINS MGT & SERV CORP 1303 23RD STREET CANYON TX 79015 455543346 STUD LOANS TX 501C3 12A N/A false false false false false false false false false false false false false true false false false false false false PANHANDLE-PLAINS MGT & SERV CORP M 465945 MGT & SERV CONTRACT