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Nonprofiteer
← FLORIDA SOUTHWESTERN STATE COLLEGE FINANCING CORPORATION

Form 990 for tax year 2022

Filed by FLORIDA SOUTHWESTERN STATE COLLEGE FINANCING CORPORATION.

Totals

Total revenue
$12,316,066
Total expenses
$2,905,093
Contributions and grants received
$9,388,414
Grants paid
$275,000
Program service revenue
$2,832,395
Investment income
$95,257
Other revenue
$0
Total assets, end of year
$36,593,436
Total liabilities, end of year
$19,269,886
Net assets or fund balances, end of year
$17,323,550
Program services expenses (Part IX)
$2,611,069
Management and general expenses
$294,024
Fundraising expenses
$0
Program service expenses (Part III)
$2,611,069

Program services were 89.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $9,388,414

  • 2a · Program service revenue: STUDENT HOUSING RENTAL INCOME

    total $2,677,016 · related or exempt $2,677,016

  • 2b · Program service revenue: SERVICE FEES

    total $155,379 · related or exempt $155,379

  • 3 · Investment income

    total $206,581 · excluded $206,581

  • 7a · Gross sales of assets other than inventory

    securities $5,118,703

  • 7b · Less cost or other basis and sales expenses

    securities $5,219,465 · other assets $10,562

  • 7c · Gain or loss

    securities -$100,762 · other assets -$10,562

  • 7d · Net gain or loss

    total -$111,324 · excluded -$111,324

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $275,000 · program services $275,000

  • 11b · Fees: legal

    total $3,700 · program services $1,185 · management and general $2,515

  • 11c · Fees: accounting

    total $30,293 · management and general $30,293

  • 11f · Fees: investment management

    total $14,191 · management and general $14,191

  • 11g · Fees: other

    total $614,960 · program services $484,960 · management and general $130,000

  • 14 · Information technology

    total $24,000 · program services $24,000

  • 16 · Occupancy

    total $571,078 · program services $454,053 · management and general $117,025

  • 17 · Travel

    total $2,806 · program services $2,806

  • 19 · Conferences, conventions and meetings

    total $15,390 · program services $15,390

  • 20 · Interest

    total $573,607 · program services $573,607

  • 22 · Depreciation, depletion and amortization

    total $688,818 · program services $688,818

  • 23 · Insurance

    total $45,850 · program services $45,850

  • 24a · Other expenses: CONSTRUCTION/MAINT MATE

    total $34,730 · program services $34,730

  • 24b · Other expenses: ENGINEERING FEES

    total $10,670 · program services $10,670

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,093,405 · end of year $3,483,519

  • 2 · Savings and temporary cash investments

    beginning of year $4,973,943 · end of year $5,596,403

  • 3 · Pledges and grants receivable

    beginning of year $59,103 · end of year $77,839

  • 4 · Accounts receivable

    beginning of year $569

  • 9 · Prepaid expenses and deferred charges

    beginning of year $116,470 · end of year $52,383

  • 10a · Land, buildings and equipment: cost or other basis

    $26,624,220

  • 10b · Land, buildings and equipment: accumulated depreciation

    $6,453,088

  • 10c · Land, buildings and equipment, net

    beginning of year $16,814,600 · end of year $20,171,132

  • 11 · Investments: publicly traded securities

    beginning of year $4,825,008 · end of year $7,212,160

  • 17 · Accounts payable and accrued expenses

    beginning of year $209,218 · end of year $119,627

  • 19 · Deferred revenue

    beginning of year $263,176 · end of year $337,872

  • 20 · Tax-exempt bond liabilities

    beginning of year $19,432,461 · end of year $18,627,201

  • 25 · Other liabilities

    beginning of year $193,192 · end of year $185,186

  • 27 · Net assets without donor restrictions

    beginning of year $7,785,051 · end of year $17,323,550

Mission and programs · 2022

Mission

TO RECEIVE, HOLD, INVEST, AND ADMINISTER REAL ESTATE PROPERTY INCLUDING PROVIDING STUDENT HOUSING, PARKING, AND OTHER IMPROVEMENTS AND TO MAKE EXPENDITURES TO/FOR THE EXCLUSIVE BENEFIT OF FLORIDA SOUTHWESTERN STATE COLLEGE.

Activities or mission (Part I)

TO RECEIVE, HOLD, INVEST, AND ADMINISTER REAL ESTATE PROPERTY,INCLUDING PROVIDING STUDENT HOUSING.

  • THE PURPOSES OF THE FINANCING CORPORATION ARE TO (I) PROVIDE HOUSING OPPORTUNITIES FOR THE STUDENTS OF THE COLLEGE; (II) TO FINANCE CAPITAL PROJECTS TO MEET CURRENT AND FUTURE NEEDS OF THE COLLEGE, SUCH AS STUDENT HOUSING, PARKING FACILITIES, AND/OR OTHER IMPROVEMENTS; (III) MANAGE AND INVEST FUNDS HELD BY IT, OR (IV) ANY OTHER PROPER ACTIVITY OF FLORIDA SOUTHWESTERN STATE COLLEGE.

    Expenses $2,611,069 · Grants $275,000 · Revenue $2,832,395

As filed on the 2022 return.

Listed in Part VII

  • Jeffery Allbritten Da

    PRESIDENT

    Total calculated
    $736,730
    From this org
    $0
    From related orgs
    $480,474
    Other
    $256,256
    Hours/week
    3 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $330,621 related
    Bonus
    $0 + $91,965 related
    Other
    $0 + $57,888 related
    Deferred
    $0 + $212,898 related
    Nontaxable benefits
    $0 + $43,358 related
    Filer's total
    $0 + $736,730 related

  • Joe Coleman

    SECRETARY

    Total calculated
    $236,566
    From this org
    $0
    From related orgs
    $198,018
    Other
    $38,548
    Hours/week
    3 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $184,314 related
    Bonus
    $0 + $13,704 related
    Other
    $0
    Deferred
    $0 + $29,478 related
    Nontaxable benefits
    $0 + $9,070 related
    Filer's total
    $0 + $236,566 related

  • Randall T Parrish Jr

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • John Noland

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Mary Lee Mann

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Bob Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sankey Eddie Webb III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Tristan Tris Chapman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gina B Doeble CPA

    TREASURER

    Total calculated
    $271,332
    From this org
    $0
    From related orgs
    $212,502
    Other
    $58,830
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $181,853 related
    Bonus
    $0 + $21,349 related
    Other
    $0 + $9,300 related
    Deferred
    $0 + $34,560 related
    Nontaxable benefits
    $0 + $24,270 related
    Filer's total
    $0 + $271,332 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
THE RELATED ENTITY, FLORIDA SOUTHWESTERN STATE COLLEGE, USES AN ANNUAL COMPENSATION STUDY TO ESTABLISH THE COMPENSATION FOR ITS PRESIDENT, AND THE COMPENSATION IS APPROVED BY THE BOARD. THE PRESIDENT HAS A WRITTEN EMPLOYMENT CONTRACT.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • FLORIDA SOUTHWESTERN STATE COLLEGE

    $275,000

    HURRICANE IAN ASSISTANCE FOR STUDENTS

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • FLORIDA SOUTHWESTERN STATE COLLEGE

    STATE COLLEGE · FL

Provenance

Return type
form_990
Tax year
2022
Filed
31 July 2023
IRS schema version
2022v5.0
Source object
202332129349300448

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