Usf Financing Corporation

Tax-deductible

Tampa, FL501(c)(3)Since 2005EducationEIN 20-2865561

The Corporation was formed exclusively to receive, hold, invest and administer property and to make expenditures to or for the benefit of the University of South Florida (USF). The organization is a direct support organization of USF pursuant to Section 1004.28, Florida Statutes. The organization provides and constructs facilities for USF and assists in carrying out and supporting its educational purposes by providing access to such facilities to members of the public, the students, the faculty and the staff of USF.

501(c)(3) charity; gifts are tax-deductible.
94¢ of each $1 spent went to programs.
Run by 4 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $2.7M a year · 15% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
23 mo
of spending, in cash
Looks good: 23.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$514.8M
94% of total assets
Concern: liabilities are 94% of assets; over 80%.
Pt X · Ln 26
Independent board members
4
of 6 voting members
Looks good: 4 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$30.1M
+18% vs prior year
Spent
$31.1M
To programs
94%
Net assets
$30.5M
By yearFY2020–FY2024
Revenue
$30.1M
FY2024▲ +18%
Revenue by fiscal year
FY2020$20.0M
FY2021$14.0M
FY2022$17.5M
FY2023$16.4M
FY2024$25.6M
FY2024$30.1M
Expenses
$31.1M
FY2024▲ +32%
Expenses by fiscal year
FY2020$14.3M
FY2021$15.5M
FY2022$13.4M
FY2023$13.1M
FY2024$23.6M
FY2024$31.1M
Net assets
$30.5M
FY2024▲ +11%
Net assets by fiscal year
FY2020$22.7M
FY2021$21.3M
FY2022$21.8M
FY2023$25.2M
FY2024$27.5M
FY2024$30.5M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 2008.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $29.2M Management & general 6% · $1.9M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation
Director, Secretary/Treasurer
$0Pt VII · Sec A
Director, Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Director, Usf CFO
$0Pt VII · Sec A
$0Pt VII · Sec A
Director, Usf President
$0Pt VII · Sec A
Executive Director
$0Pt VII · Sec A
Special Advisor (through 11/21/24)
$0Pt VII · Sec A
See Usf Financing Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Manages property and provides facilities to support the university's educational mission.

Provided by the organization

This section is blank until Usf Financing Corporation claims this page.

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1 program service account for $29.2M of program spending, described in the organization's own filed words · FY2024.
01

The Corporation holds title to and manages the related outstanding debt for multiple facilities on behalf of University of South Florida ("USF") Housing and Athletics auxiliary units. These facilities include multiple residence halls, a parking garage, a student center, and multiple athletics facilities.

$29.2Mprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$30.1M
Ln 12
Fees for servicesLn 2g$28.1M
Investment incomeLn 3$2.0M
Money outPt IX
$31.1M
Ln 25
Programscol B$29.2M
Managementcol C$1.9M
Owns and owesPt X
$30.5M
net assets · Ln 32
Cash and savingsLn 1–2$59.7M
Total assetsLn 16$545.2M
LiabilitiesLn 26$514.8M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$28.1M
Investment incomeLn 3$2.0M
Total revenueLn 12$30.1M
Assets in detailPt X, end of year
CashLn 1$2.8M
SavingsLn 2$56.9M
Cash and savings togetherLn 1–2$59.7M
InvestmentsLn 11–13$202.8M
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$280.7M
Total assetsLn 16$545.2M
LiabilitiesLn 26$514.8M
Net assetsLn 32$30.5M
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$55.1M$59.7M
InvestmentsLn 11–13$198.9M$202.8M
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$558.4M$545.2M
LiabilitiesLn 26$530.9M$514.8M
Net assetsLn 32$27.5M$30.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Investment management feesLn 11f$234K$234K
Other fees for servicesLn 11g$1.7M$21K$1.6M$0
InterestLn 20$24.7M$24.7M
InsuranceLn 23$704K$704K
Other expenses (24a–d)Ln 24$3.8M$3.8M
All other expensesLn 24e$0$0$0$0
Total functional expensesLn 25$31.1M$29.2M$1.9M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $25.6M$23.6M$2.0M$27.5M 990 PDF
FY2023 $16.4M$13.1M$3.4M$25.2M 990 PDF
FY2022 $17.5M$13.4M$4.1M$21.8M 990 PDF
FY2021 $14.0M$15.5M−$1.5M$21.3M 990 PDF
FY2020 $20.0M$14.3M$5.7M$22.7M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $30,142,277 across 4 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $28,094,111$28,094,111
VIII-3 Investment incomeExcluded from tax $2,048,166$2,048,166
VIII-12 Total revenueRelated to mission $28,094,111 · Unrelated business $0 · Excluded from tax $2,048,166$30,142,277
Part IX · Statement of functional expenses $31,063,902 across 6 lines filed
IX-11f Investment management feesManagement $233,697$233,697
IX-11g Other fees for servicesPrograms $20,685 · Management $1,645,933 · Fundraising $0$1,666,618
IX-20 InterestPrograms $24,689,623$24,689,623
IX-23 InsurancePrograms $703,964$703,964
IX-24 Other expenses (24a–d)Programs $3,770,000$3,770,000
IX-24e All other expensesPrograms $0 · Management $0 · Fundraising $0$0
IX-25 Total functional expensesPrograms $29,184,272 · Management $1,879,630 · Fundraising $0$31,063,902
Part X · Balance sheet $545,246,882 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $3,940,472$2,811,331
X-2 Savings and temporary cash investmentsStart of year $51,110,217$56,927,377
X-4 Accounts receivableStart of year $2,211,083$1,966,761
X-10c Land, buildings and equipment, net$0
X-11 Publicly traded securitiesStart of year $198,851,701$202,807,729
X-15 Other assetsStart of year $302,264,784$280,733,684
X-16 Total assetsStart of year $558,378,257$545,246,882
X-17 Accounts payable and accrued expensesStart of year $6,929,359$5,456,946
X-20 Tax-exempt bond liabilitiesStart of year $240,791,429$222,912,647
X-25 Other liabilitiesStart of year $4,527,491$12,622,163
X-26 Total liabilitiesStart of year $530,920,566$514,754,788
X-32 Total net assets or fund balancesStart of year $27,457,691$30,492,094
X-33 Total liabilities and net assetsStart of year $558,378,257$545,246,882
Part XI · Reconciliation of net assets $30,492,094 net assets at year end
XI-1 Total revenue$30,142,277
XI-2 Total expenses$31,063,902
XI-3 Revenue less expenses−$921,625
XI-4 Net assets at start of year$27,457,691
XI-5 Net unrealized gains (losses) on investments$3,956,028
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$30,492,094

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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