Florida Development Finance Corporation
- Assets
- $4.7m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 7
- Location
- Winter Springs, FL
- Founding
- 10/1996
- Data as of
- 06/2021
- EIN
- 59-3270584
Organization Overview
Florida Development Finance Corporation is located in Winter Springs, FL. The organization was established in 1996. According to its NTEE Classification (S02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Florida Development Finance Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Florida Development Finance Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2021, Florida Development Finance Corporation generated $2.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.3% each year . All expenses for the organization totaled $1.4m during the year ending 06/2021. While expenses have increased by 8.7% per year over the past 7 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
FLORIDA DEVELOPMENT FINANCE CORPORATION ("FDFC") ACCOMPLISHES ITS MISSION OF PROVIDING TAXABLE AND TAX-EXEMPT BOND FINANCING TERMS CONSISTENT WITH THOSE AVAILABLE TO LARGE CORPORATIONS TO SMALL, CREDITWORTHY MANUFACTURERS, 501(C)(3) NOT-FOR-PROFIT CORPORATIONS, AND ANY OTHER ELIGIBLE BORROWER OR PROJECT BY ACTING AS A CONDUIT ISSUER OF REVENUE BONDS. THE PROGRAM IS DESIGNED TO IMPROVE THE AVAILABILITY OF LOW COST FINANCING FOR ELIGIBLE BORROWERS AND PROJECTS THAT QUALIFY FOR TAX EXEMPT FINANCE UNDER IRS RULES, ALLOWING THESE ENTITIES TO BE MORE COMPETITIVE IN THE GLOBAL AND DOMESTIC MARKET PLACE. TRANSACTIONS THAT DO NOT MEET IRS QUALIFYING RULES FOR TAX EXEMPT FINANCE CAN BE FINANCED WITH TAXABLE BONDS THROUGH FDFC. FDFC HAS ISSUED BONDS FOR MANY DIFFERENT TYPES OF PROJECTS, INCLUDING BUT NOT LIMITED TO, CHARTER SCHOOLS, AIRPORT FACILITIES AND SENIOR LIVING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRADITIONAL BONDS - THIS PROGRAM IS PROVIDED THROUGH ENABLING LEGISLATION UNDER FL. ST. CHAPTER 288, PART X WHEREBY THE FDFC IS AUTHORIZED AS A "CONDUIT ISSUER" TO ISSUE BONDS THROUGHOUT THE STATE IN CONJUNCTION WITH AN INTERLOCAL AGREEMENT WITH LOCAL GOVERNMENTS WHERE THE PROJECT IS LOCATED. TAX-EXEMPT BONDS ARE ISSUED FOR ELIGIBLE PROJECTS OR BORROWERS THAT MEET CERTAIN ELIGIBILITY REQUIREMENTS UNDER THE IRS TAX CODE. REPAYMENT OF THE BONDS IS THE RESPONSIBLITY OF THE BORROWER AND NOT THE FDFC, STATE, FEDERAL OR LOCAL GOVERNMENTS.
PACE BONDS - THIS PROGRAM IS FOUND UNDER FL. ST. 168.08. UNDER FL. ST. 288.9606 (7)(C), THE FDFC IS AUTHORIZED TO ISSUE PACE BONDS THROUGHOUT THE STATE. THESE BONDS ARE ISSUED TO PAY FOR THE PURCHASE AND INSTALLATION OF ELIGIBLE IMPROVEMENTS TO PROPERTY FOR THE PURPOSE OF ENERGY EFFICIENCY, ENERGY CONSERVATION AND WIND HARDENING. REPAYMENT OF THE BONDS IS THROUGH A VOLUNTARY SPECIAL ASSESSMENT REQUESTED BY THE PROPERTY OWNER AND PLACED ON THE ANNUAL TAX ROLL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Bill Spivey Jr Executive Director/secretary | Officer | 40 | $179,039 |
Ryan Bartkus Pace Director/assistant Secretary | Officer | 40 | $104,562 |
Michael Dinapoli Chair | OfficerTrustee | 1 | $0 |
Ayanna Louis-Charles Treasurer | OfficerTrustee | 1 | $0 |
J Nelson Bradshaw Director | Trustee | 1 | $0 |
Andrew Russell Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $4,497 |
| 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 | $2,582,006 |
| Statement of Expenses | |
|---|---|
| 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. | $357,625 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $282,693 |
| Pension plan accruals and contributions | $79,398 |
| Other employee benefits | $105,855 |
| Payroll taxes | $47,745 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,461 |
| Fees for services: Accounting | $23,900 |
| Fees for services: Lobbying | $60,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $63,758 |
| Advertising and promotion | $14,955 |
| Office expenses | $93,325 |
| Information technology | $10,500 |
| Royalties | $0 |
| Occupancy | $59,884 |
| Travel | $9,163 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $853 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,716 |
| Insurance | $36,841 |
| All other expenses | $0 |
| Total functional expenses | $1,374,780 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,508,114 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $40,627 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,673,672 |
| Accounts payable and accrued expenses | $27,817 |
| 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 | $27,817 |
| 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 |
| Total liabilities and net assets/fund balances | $4,645,855 |
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|---|---|---|
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