Charleston Educational Excellence Financing Corporation
- Assets
- $470.9m
- Revenue
- $46.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Charleston, SC
- Founding
- 06/2006
- Data as of
- 06/2021
- EIN
- 42-1642871
Organization Overview
Charleston Educational Excellence Financing Corporation is located in Charleston, SC. The organization was established in 2006. According to its NTEE Classification (N40) the organization is classified as: Sports Associations & Training Facilities, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Charleston Educational Excellence 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, Charleston Educational Excellence Financing Corporation generated $46.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $46.8m during the year ending 06/2021. While expenses have increased by 12.7% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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 IS ORGANIZED, AND AT ALL TIMES SHALL BE OPERATED, EXCLUSIVELY FOR THE EDUCATIONAL AND CHARITABLE PURPOSES (WITHIN THE MEANING OF SECTION 501(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE 'CODE," WITH ANY REFERENCE TO A PROVISION OF THE "CODE" HEREIN ALSO DEEMED TO INCLUDE A REFERENCE TO THE CORRESPONDING PROVISION OF ANY FUTURE FEDERAL TAX CODE)) IN ORDER TO ASSIST THE CHARLESTON COUNTY SCHOOL DISTRICT, A SOUTH CAROLINA POLITICAL SUBDIVISION (THE "SCHOOL DISTRICT") IN PROVIDING EDUCATIONAL SERVICES, AND THE CORPORATION SHALL HAVE NO POWER TO ENGAGE IN ACTIVITIES NOT IN FURTHERANCE OF SUCH PURPOSES. (AMENDED AND RESTATED BYLAWS, SECTION 1.4 PURPOSES)
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSISTANCE TO THE CHARLESTON COUNTY SCHOOL DISTRICT:THE CEEFC ASSISTS THE SCHOOL DISTRICT IN PROVIDING EDUCATIONAL SERVICES THROUGH THE HOLDING AND PAYMENT OF TAXEXEMPT BONDS USED FOR THE CONSTRUCTION OF NEW SCHOOLS (18), NEW SCHOOLS AT EXISTING SITES (6), RENOVATIONS AND EXPANSIONS OF EXISTING SCHOOLS (5), AND ANCILLARY PROJECTS (9).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Perry Leazer President | OfficerTrustee | 0.15 | $0 |
Charles Mcmanus Treasurer | OfficerTrustee | 0.15 | $0 |
Susan Leadem Vice Preside | OfficerTrustee | 0.15 | $0 |
Joseph Rackley Secretary | OfficerTrustee | 0.15 | $0 |
Donald Kennedy Cfo/admin Of | Officer | 0.15 | $0 |
Channa Williams Interim CFO | Officer | 0.15 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,244,112 |
| 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 | $11,244,112 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $46,761,729 |
| 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 | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| 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 | $15,682,620 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $31,079,109 |
| Total functional expenses | $46,761,729 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $18,310 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $412,198 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $21,981 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $470,467,827 |
| Total assets | $470,920,316 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $440,300,000 |
| 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 | $30,620,316 |
| Total liabilities | $470,920,316 |
| Net assets without donor restrictions | $0 |
| 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 | $470,920,316 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Charleston Educational Excellence Financing Corporation has recieved totaling $23,215.
| Awarding Organization | Amount |
|---|---|
New Morning Foundation Columbia, SC PURPOSE: GRANT | $23,215 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Charleston Educational Excellence Financing Corporation Charleston, SC | $470,920,316 | $46,761,729 |
Charlotte Sports Foundation Charlotte, NC | $17,242,160 | $23,218,983 |
Central Intercollegiate Athletic Assn Charlotte, NC | $1,647,093 | $3,002,061 |
575 Sports & Wellness Inc Canton, GA | $1,007,139 | $1,841,153 |
Cleveland County Alws Baseball Inc Shelby, NC | $1,206,630 | $1,175,426 |
Peach Belt Athetic Conference Inc Martinez, GA | $774,998 | $880,002 |
Carol S Petrea Youth Golf Foundation Inc Shallotte, NC | $2,368,815 | $677,340 |
Usa South Athletic Conference Inc Rome, GA | $292,046 | $569,479 |
Enka Youth Sports Organization Inc Asheville, NC | $9,219,173 | $298,655 |
South Carolina Athletic Coaches Association Inc Greenwood, SC | $1,406,403 | $563,281 |
Archer Athletic Association Inc Grayson, GA | $108,755 | $425,848 |
Tidal Wave Swim Foundation Inc Acworth, GA | $171,183 | $373,547 |