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Nonprofiteer
← USF FINANCING CORPORATION

Form 990 for tax year 2022

Filed by USF FINANCING CORPORATION.

Totals

Total revenue
$16,438,237
Total expenses
$13,050,434
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$15,050,919
Investment income
$1,387,318
Other revenue
$0
Total assets, end of year
$371,389,607
Total liabilities, end of year
$346,175,515
Net assets or fund balances, end of year
$25,214,092
Program services expenses (Part IX)
$12,208,747
Management and general expenses
$841,687
Fundraising expenses
$0
Program service expenses (Part III)
$12,208,747

Program services were 93.6% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: University of South Florida Lease Revenue

    total $11,719,046 · related or exempt $11,719,046 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: University Medical Service Association Revenue

    total $1,989,857 · related or exempt $1,989,857 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: USF Health Professions Conferencing Corporation

    total $365,133 · related or exempt $365,133 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: USF Research Foundation

    total $976,883 · related or exempt $976,883 · unrelated business $0 · excluded $0

  • 2e · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,387,318 · related or exempt $1,387,318 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $0

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 7d · Net gain or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11b · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11c · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0 · program services $0

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $806,448 · program services $0 · management and general $806,448 · fundraising $0

  • 11b · Fees: legal

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $50,089 · program services $14,850 · management and general $35,239 · fundraising $0

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $11,613,687 · program services $11,613,687 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $580,210 · program services $580,210 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 26 · Joint costs (an allocation of the lines above)

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $282,761 · end of year $4,025,106

  • 2 · Savings and temporary cash investments

    beginning of year $47,553,786 · end of year $67,730,279

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $705,013 · end of year $289,013

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $311,663,537 · end of year $299,345,209

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,253,075 · end of year $5,801,950

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $236,684,752 · end of year $253,432,309

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $88,008,760 · end of year $83,418,293

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $6,432,221 · end of year $3,522,963

  • 27 · Net assets without donor restrictions

    beginning of year $21,826,289 · end of year $25,214,092

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

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.

Activities or mission (Part I)

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.

  • 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 $247,745,723 as of June 30, 2023.

    Expenses $9,216,765 · Revenue $11,719,046

  • 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 $81,055,849 as of June 30, 2023.

    Expenses $2,991,982 · Revenue $3,331,873

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Erin S Aebel

    Director, Secretary/Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Linda O Simmons

    Director, Chair

    Total calculated
    $0
    Hours/week
    1

  • Richard D Smith

    Director, Secretary/Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Andrew J Mayts

    Director

    Total calculated
    $0
    Hours/week
    1

  • Jose E Valiente

    Director

    Total calculated
    $0
    Hours/week
    1

  • Rhea F Law

    Director, USF President

    Total calculated
    $1,279,732
    From this org
    $0
    From related orgs
    $1,127,319
    Other
    $152,413
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $621,423 related
    Bonus
    $0 + $275,000 related
    Other
    $0 + $230,896 related
    Deferred
    $0 + $152,116 related
    Nontaxable benefits
    $0 + $297 related
    Filer's total
    $0 + $1,279,732 related

  • Richard J Sobieray

    Director, USF Sr. Vice President

    Total calculated
    $679,437
    From this org
    $0
    From related orgs
    $641,298
    Other
    $38,139
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $485,778 related
    Bonus
    $0 + $154,500 related
    Other
    $0 + $1,020 related
    Deferred
    $0 + $16,954 related
    Nontaxable benefits
    $0 + $21,185 related
    Filer's total
    $0 + $679,437 related

  • Dawn M Rodriguez

    Assistant Secretary

    Total calculated
    $139,830
    From this org
    $0
    From related orgs
    $122,202
    Other
    $17,628
    Hours/week
    1

  • Fell L Stubbs

    Executive Director

    Total calculated
    $248,449
    From this org
    $0
    From related orgs
    $216,445
    Other
    $32,004
    Hours/week
    10

    Schedule J breakdown matched by us

    Base
    $0 + $216,445 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,148 related
    Nontaxable benefits
    $0 + $19,856 related
    Filer's total
    $0 + $248,449 related

  • Hilary Black

    Assistant Secretary

    Total calculated
    $221,058
    From this org
    $0
    From related orgs
    $191,023
    Other
    $30,035
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $191,023 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $10,179 related
    Nontaxable benefits
    $0 + $19,856 related
    Filer's total
    $0 + $221,058 related

  • Nick J Trivunovich

    Former Director, Former USF Vice President

    Total calculated
    $330,015
    From this org
    $0
    From related orgs
    $306,078
    Other
    $23,937
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $167,637 related
    Bonus
    $0
    Other
    $0 + $138,441 related
    Deferred
    $0 + $12,230 related
    Nontaxable benefits
    $0 + $11,707 related
    Filer's total
    $0 + $330,015 related

  • Steven C Currall

    Former Director, Former USF President

    Total calculated
    $574,963
    From this org
    $0
    From related orgs
    $540,521
    Other
    $34,442
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $540,521 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $14,586 related
    Nontaxable benefits
    $0 + $19,856 related
    Filer's total
    $0 + $574,963 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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)

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
The individual listed below participated in a supplemental non-qualified deferred compensation plan. During calendar year 2022, contributions related to such plan were made for the following individual. The amount is included on Schedule J, Part II, Column C: Rhea Law - $131,000 There were no distributions out of such plan during calendar year 2022.

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

No itemized grants to organizations on this return.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
13 May 2024
IRS schema version
2022v5.0
Source object
202441349349308524

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