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Nonprofiteer
← UNIVERSITY OF NORTH FLORIDA FINANCING CORPORATION

Form 990 for tax year 2023

Filed by UNIVERSITY OF NORTH FLORIDA FINANCING CORPORATION.

Totals

Total revenue
$11,604,744
Total expenses
$7,656,829
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$11,597,876
Investment income
$6,868
Other revenue
$0
Total assets, end of year
$163,001,559
Total liabilities, end of year
$184,244,134
Net assets or fund balances, end of year
-$21,242,575
Program services expenses (Part IX)
$7,640,329
Management and general expenses
$16,500
Fundraising expenses
$0
Program service expenses (Part III)
$7,640,329

Program services were 99.8% 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.

  • 2a · Program service revenue: LEASE PROGRAM SERVICE REVENUE

    total $11,552,876 · related or exempt $11,552,876

  • 2b · Program service revenue: ADMINISTRATIVE FEES

    total $45,000 · related or exempt $45,000

  • 3 · Investment income

    total $6,868 · excluded $6,868

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $48,111 · program services $31,611 · management and general $16,500

  • 13 · Office expenses

    total $11,417 · program services $11,417

  • 20 · Interest

    total $3,294,147 · program services $3,294,147

  • 22 · Depreciation, depletion and amortization

    total $4,295,396 · program services $4,295,396

  • 23 · Insurance

    total $7,758 · program services $7,758

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $126,034 · end of year $147,946

  • 2 · Savings and temporary cash investments

    beginning of year $54,198 · end of year $53,765

  • 4 · Accounts receivable

    beginning of year $96,184,617 · end of year $89,203,819

  • 9 · Prepaid expenses and deferred charges

    beginning of year $116,368 · end of year $108,610

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

    $36,027,348

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

    $8,334,157

  • 10c · Land, buildings and equipment, net

    beginning of year $28,554,020 · end of year $27,693,191

  • 14 · Intangible assets

    beginning of year $49,228,795 · end of year $45,794,228

  • 17 · Accounts payable and accrued expenses

    beginning of year $594,374 · end of year $544,871

  • 20 · Tax-exempt bond liabilities

    beginning of year $63,629,847 · end of year $59,146,946

  • 23 · Secured mortgages and notes payable

    beginning of year $40,049,161 · end of year $36,810,649

  • 25 · Other liabilities

    beginning of year $95,181,140 · end of year $87,741,668

  • 29 · Capital stock, trust principal or current funds

    beginning of year -$62,720,445 · end of year -$94,661,075

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

    beginning of year $37,529,955 · end of year $73,418,500

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

TO RECEIVE, HOLD, ADMINISTER PROPERTY, AND TO MAKE EXPENDITURES TO OR FOR THE EXCLUSIVE BENEFIT OF THE UNIVERSITY OF NORTH FLORIDA.

  • THE UNIVERSITY OF NORTH FLORIDA FINANCING CORPORATION WAS ORGANIZED TO PROVIDE FINANCING AND TO ACCOUNT FOR THE UNF CAPITAL PROJECTS THAT CANNOT BE FUNDED SOLELY FROM STATE APPROPRIATIONS.

    Expenses $7,640,329 · Revenue $11,597,876

As filed on the 2023 return.

Listed in Part VII

  • Jack Allen

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Moez Limayen

    SECRETARY

    Total calculated
    $829,681
    From this org
    $0
    From related orgs
    $675,499
    Other
    $154,182
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $491,404 related
    Bonus
    $0 + $100,000 related
    Other
    $0 + $84,095 related
    Deferred
    $0 + $67,826 related
    Nontaxable benefits
    $0 + $86,356 related
    Filer's total
    $0 + $829,681 related

  • Paul McElroy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Julie Lamey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rad Lovett

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joseph P Chuck Moorer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Scott Bennett

    EXECUTIVE DIRECTOR

    Total calculated
    $367,561
    From this org
    $0
    From related orgs
    $287,371
    Other
    $80,190
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $287,276 related
    Bonus
    $0
    Other
    $0 + $95 related
    Deferred
    $0 + $48,859 related
    Nontaxable benefits
    $0 + $31,331 related
    Filer's total
    $0 + $367,561 related

  • Valerie Stevenson

    CONTROLLER

    Total calculated
    $246,117
    From this org
    $0
    From related orgs
    $189,952
    Other
    $56,165
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $0 + $189,857 related
    Bonus
    $0
    Other
    $0 + $95 related
    Deferred
    $0 + $18,349 related
    Nontaxable benefits
    $0 + $37,816 related
    Filer's total
    $0 + $246,117 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 1, LINE 3
THE EXECUTIVE DIRECTOR, WHO IS ALSO THE VICE PRESIDENT OF THE UNIVERSITY OF NORTH FLORIDA, ADMINISTRATION & FINANCE'S COMPENSATION (TOP MANAGEMENT OFFICIAL) IS REVIEWED AND SET BY THE PRESIDENT OF THE UNIVERSITY OF NORTH FLORIDA OR DESIGNEE, IN ACCORDANCE WITH THE UNIVERSITY POLICIES. THESE POLICIES REQUIRE THAT COMPARABLE DATA BE USED TO DETERMINE THAT MANAGEMENT IS COMPENSATED FAIRLY AND COMPETITIVELY WHEN COMPENSATED TO SIMILAR ROLES IN OTHER UNIVERSITIES NATIONALLY.

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
2023
Filed
31 October 2024
IRS schema version
2023v5.1
Source object
202423179349300802

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