Panhandle-Plains Higher Education Foundation
- Assets
- $166.1m
- Revenue
- $6.2m
- Investments
- $149.6m
- Employees
- 13
- Location
- Canyon, TX
- Founding
- 02/1981
- Data as of
- 12/2023
- EIN
- 23-7025386
Organization Overview
Panhandle-Plains Higher Education Foundation is located in Canyon, TX. The organization was established in 1981. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2023, Panhandle-Plains Higher Education Foundation employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Panhandle-Plains Higher Education Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Panhandle-Plains Higher Education Foundation generated $6.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (17.6%) each year. All expenses for the organization totaled $6.2m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (16.4%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION'S PRIMARY PURPOSE IS TO PROVIDE SCHOLARSHIPS TO QUALIFIED INDIVIDUALS FOR ELIGIBLE EDUCATIONAL EXPENSES CONSISTING OF TUITION AND FEES, BOOKS AND SUPPLIES, ROOM AND BOARD AND INCIDENTAL EXPENSES RELATED TO ATTENDANCE AT AN ACCREDITED EDUCATIONAL INSTITUTION IN THE STATE OF TEXAS OFFERING AN ACADEMIC DEGREE PROGRAM OF AT LEAST TWO YEARS SCHOOL ATTENDANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION'S PRIMARY PURPOSE IS TO PROVIDE SCHOLARSHIPS TO QUALIFIED INDIVIDUALS FOR ELIGIBLE EDUCATIONAL EXPENSES CONSISTING OF TUITION AND FEES, BOOKS AND SUPPLIES, ROOM AND BOARD AND INCIDENTAL EXPENSES RELATED TO ATTENDANCE AT AN ACCREDITED EDUCATIONAL INSTITUTION IN THE STATE OF TEXAS OFFERING AN ACADEMIC DEGREE PROGRAM OF AT LEAST TWO YEARS' SCHOOL ATTENDANCE.
THE FOUNDATION PROVIDES SERVICES TO PUBLIC AND NON-PROFIT INSTITUTIONS OF HIGHER EDUCATION, INCLUDING LOAN BILLING, ANALYSIS OF STUDENT LOAN DEFAULT RATES AND PROVIDING STATE MANDATED STUDENT LOAN DEBT DISCLOSURE NOTICES TO STUDENTS CONCERNING THEIR OUTSTANDING FEDERAL AND/OR STATE STUDENT LOAN DEBT.
THE FOUNDATION PROMOTES EDUCATIONAL OPPORTUNITIES AND EDUCATIONAL ASSISTANCE FOR RESIDENTS IN THE STATE OF TEXAS. EDUCATIONAL OPPORTUNITIES CONSISTS PRIMARILY OF PROVIDING OUTREACH TO STUDENTS AND PARENTS CONCERNING FINANCIAL AID OPPORTUNITIES TO ASSIST WITH THE COST OF ATTENDING COLLEGE. EDUCATIONAL ASSISTANCE CONSISTS PRIMARILY OF PROVIDING INFORMATION TO STUDENTS AND PARENTS ABOUT FINANCIAL AID OPPORTUNITIES THAT MAY BE AVAILABLE AT THE FEDERAL OR STATE LEVEL, HOW AND WHEN TO APPLY, AND ASSISTANCE IN COMPLETING THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). THE FOUNDATION ALSO PROVIDES LOAN BORROWERS ASSISTANCE WITH REPAYMENT OPTIONS THAT MAY BE AVAILABLE TO THEM TO MITIGATE DELINQUENCIES/DEFAULTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jimmy Parker President/ce | OfficerTrustee | 40 | $233,208 |
Zach Bell CFO | OfficerTrustee | 40 | $147,921 |
Jan Benton Board Chair | OfficerTrustee | 2 | $0 |
Rita Craddock Vice Chair | OfficerTrustee | 2 | $0 |
Tammy Roark Board Secret | OfficerTrustee | 2 | $0 |
Michael P Ryan Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blonkvist Ig Rbc Wealth Management Investment Mgt | 12/30/23 | $503,518 |
Jp Morgan Chase & Co Investment Mgt | 12/30/23 | $184,640 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $42,738 |
| Investment income | $3,573,728 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,553,558 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,170,024 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,106,092 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $472,947 |
| Compensation of current officers, directors, key employees. | $237,158 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $864,662 |
| Pension plan accruals and contributions | $108,682 |
| Other employee benefits | $12,132 |
| Payroll taxes | $255,881 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,904 |
| Fees for services: Accounting | $47,700 |
| Fees for services: Lobbying | $39,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $690,828 |
| Fees for services: Other | $4,000 |
| Advertising and promotion | $0 |
| Office expenses | $20,640 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $133,448 |
| Travel | $27,688 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $176,786 |
| Insurance | $44,655 |
| All other expenses | $0 |
| Total functional expenses | $6,217,491 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,738,181 |
| Savings and temporary cash investments | $8,725,613 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $72,024 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $102,743 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $86,211 |
| Net Land, buildings, and equipment | $3,740,563 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $149,648,642 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $166,113,977 |
| Accounts payable and accrued expenses | $253,349 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $253,349 |
| Net assets without donor restrictions | $165,860,628 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $166,113,977 |