Usf Financing Corporation
- Assets
- $387.0m
- Revenue
- $14.0m
- Investments
- $4.0m
- Employees
- 0
- Location
- Tampa, FL
- Founding
- 11/2008
- Data as of
- 06/2021
- EIN
- 20-2865561
Organization Overview
Usf Financing Corporation is located in Tampa, FL. The organization was established in 2008. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Usf Financing Corporation 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 06/2021, Usf Financing Corporation generated $14.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (20.8%) each year. All expenses for the organization totaled $15.5m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (19.1%) per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION WAS FORMED EXCLUSIVELY TO RECEIVE, HOLD, INVEST AND ADMINISTER PROPERTY FOR THE BENEFIT OF THE UNIVERSITY OF SOUTH FLORIDA. THE ORGANIZATION SUPPORTS THE UNIVERSITY'S EDUCATIONAL PURPOSES BY PROVIDING FACILITIES TO MEMBERS OF THE PUBLIC, STUDENTS, FACULTY AND STAFF.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION HOLDS TITLE TO AND MANAGES THE RELATED OUTSTANDING DEBT FOR MULTIPLE FACILITIES ON BEHALF OF UNIVERSITY OF SOUTH FLORIDA HOUSING AND ATHLETICS AUXILIARY UNITS. FACILITIES INCLUDE MULTIPLE RESIDENCE HALLS, A PARKING GARAGE, A STUDENT CENTER AND MULTIPLE ATHLETICS FACILITIES. OUTSTANDING DEBT RELATED TO UNIVERSITY OF SOUTH FLORIDA HOUSING, MARSHALL STUDENT CENTER, AND ATHLETICS AUXILIARY UNITS WAS $242,001,676 AS OF JUNE 30, 2021.
THE CORPORATION HOLDS TITLE TO AND MANAGES THE RELATED OUTSTANDING DEBT FOR MULTIPLE FACILITIES ON BEHALF OF UNIVERSITY OF SOUTH FLORIDA COMPONENT UNITS, INCLUDING UNIVERSITY MEDICAL SERVICE ASSOCIATION, INC., USF HEALTH PROFESSIONS CONFERENCING CORPORATION AND USF RESEARCH FOUNDATION, INC. FACILITIES INCLUDE VARIOUS MEDICAL AND RESEARCH FACILITIES. OUTSTANDING DEBT RELATED TO THE MEDICAL AND RESEARCH FACILITIES WAS $90,330,994 AS OF JUNE 30, 2021.
THE CORPORATION ENTERED INTO A SUBSCRIPTION AGREEMENT WITH A FLORIDA FOR-PROFIT CORPORATION, WHEREBY THE CORPORATION SUBSCRIBED FOR AND PURCHASED FIVE HUNDRED SHARES OF COMMON STOCK. THE ACQUISITION OF SHARES WAS FOR INVESTMENT PURPOSES ONLY AND NOT FOR RESALE OR DISTRIBUTION. THE CORPORATION RECEIVED OPINIONS FROM ITS BOND COUNSEL AND TAX COUNSEL EXPRESSING THAT THE CORPORATION IS PERMITTED TO OWN 50% INTEREST IN THE FOR-PROFIT CORPORATION AND THAT HOLDING 50% INTEREST WILL NOT CONFLICT WITH OR CAUSE A BREACH UNDER THE COVENANTS OR AGREEMENTS WHICH ARE CONTAINED IN THE CORPORATION'S BOND DOCUMENTS. ALL OF THE FOR-PROFIT CORPORATION'S ACTIVITIES ARE DEEMED TO BE SUBSTANTIALLY RELATED TO THE CORPORATION'S TAX-EXEMPT PURPOSE. THE CORPORATION IS CAPABLE OF PROVIDING AND CONSTRUCTING FACILITIES FOR THE BENEFIT OF THE FOR-PROFIT CORPORATION ONCE AGREED-UPON MILESTONES HAVE BEEN MET. ACCESS TO SUCH FACILITIES WILL BE PROVIDED TO MEMBERS OF THE PUBLIC, THE STUDENTS, THE FACULTY AND THE STAFF OF THE UNIVERSITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Former Director, Former Usf President | 1 | $0 |
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 | $12,695,325 |
| Investment income | $27,589 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,998,407 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $27,500 |
| Fees for services: Accounting | $34,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,993 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,305,444 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $538,057 |
| All other expenses | $0 |
| Total functional expenses | $15,452,103 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $302,708 |
| Savings and temporary cash investments | $56,168,978 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,276,904 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,960,000 |
| Investments—program-related | -$1,544,379 |
| Intangible assets | $0 |
| Other assets | $326,881,485 |
| Total assets | $387,045,696 |
| Accounts payable and accrued expenses | $9,916,597 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $297,677,582 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $44,305,416 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,875,213 |
| Total liabilities | $365,774,808 |
| Net assets without donor restrictions | $21,270,888 |
| 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 | $387,045,696 |
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|---|---|---|
Project Access Foundation Inc Miami, FL | $8,531,083 | $32,893,719 |
Early Learning Coalition Of Floridas Heartland Inc Port Charlotte, FL | $2,212,537 | $18,405,437 |
Early Learning Coalition Of Okaloosa And Walton Counties Inc Shalimar, FL | $1,559,642 | $16,151,395 |
University Of North Georgia Foundation Inc Dahlonega, GA | $101,168,345 | $9,379,486 |
Usf Financing Corporation Tampa, FL | $387,045,696 | $13,998,407 |
Drs Kiran & Pallavi Patel 2017 Foundation For Global Understandin Tampa, FL | $0 | -$8,161,100 |
Southern Assoc Of Colleges And Schools Commission On Colleges Inc Decatur, GA | $21,107,199 | $13,477,936 |
White Hall Enrichment Advancement Team Hayneville, AL | $52,157 | $11,823,582 |
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Ninja Academy Incorporated Hollywood, FL | $2,893,530 | $10,861,940 |
Hillsborough Education Foundation Inc Tampa, FL | $10,731,665 | $10,065,447 |
The Cottage School Educational Resource Center Inc Roswell, GA | $19,413,651 | $9,463,796 |