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Nonprofiteer
← CHARLESTON EDUCATIONAL EXCELLENCE FINANCING CORPORATION

Form 990 for tax year 2024

Filed by CHARLESTON EDUCATIONAL EXCELLENCE FINANCING CORPORATION.

Totals

Total revenue
$57,341,944
Total expenses
$4,932,435
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$57,222,980
Investment income
$118,964
Other revenue
$0
Total assets, end of year
$326,135,972
Total liabilities, end of year
$326,135,972
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
$4,932,435
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$4,932,435

Program services were 100.0% 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: DISTRICT FACILITY PAYMENTS

    total $51,293,474 · related or exempt $51,293,474

  • 2b · Program service revenue: PREMIUM ON BOND SOLD

    total $5,929,506 · related or exempt $5,929,506

  • 3 · Investment income

    total $118,964 · excluded $118,964

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $252,500 · program services $252,500

  • 11g · Fees: other

    total $292,268 · program services $292,268

  • 20 · Interest

    total $2,064,307 · program services $2,064,307

  • 22 · Depreciation, depletion and amortization

    total $2,323,360 · program services $2,323,360

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $27,324 · end of year $1

  • 9 · Prepaid expenses and deferred charges

    beginning of year $94,476 · end of year $113,961

  • 13 · Investments: program-related

    beginning of year $348,943,481 · end of year $306,965,034

  • 14 · Intangible assets

    beginning of year $24,362,608 · end of year $18,640,005

  • 15 · Other assets

    beginning of year $412,198 · end of year $416,971

  • 20 · Tax-exempt bond liabilities

    beginning of year $225,440,087 · end of year $180,580,972

  • 23 · Secured mortgages and notes payable

    beginning of year $148,400,000 · end of year $145,555,000

Mission and programs · 2024

Mission

THE SPECIFIC PURPOSES OF THE CORPORATION SHALL BE TO (1) ACQUIRE, CONSTRUCT, FINANCE, PLEDGE, IMPROVE, MAINTAIN, OPERATE, MANAGE, LEASE AND DISPOSE OF SCHOOL BUILDINGS AND OTHER PUBLIC EDUCATION FACILITIES FOR THE USE AND BENEFIT OF THE SCHOOL DISTRICT AND (2) ENCOURAGE AND PROMOTE PUBLIC EDUCATION THROUGH COOPERATIVE ARRANGEMENTS WITH GOVERNMENTAL ENTITIES AND ORGANIZATIONS EXEMPT UNDER SECTION 501(C)(3) OF THE CODE THAT PROVIDE PUBLIC EDUCATION IN CHARLESTON COUNTY, SOUTH CAROLINA.

Activities or mission (Part I)

CHARLESTON EDUCATIONAL EXCELLENCE FINANCING CORPORATION ("CEEFC") EXISTS TO ASSIST THE CHARLESTON COUNTY SCHOOL DISTRICT IN PROVIDING EDUCATIONAL SERVICES.

  • DURING FY25, THE CORPORATION CONTINUED TO ASSIST THE SCHOOL DISTRICT IN SERVICING THE DEBT ON A NUMBER OF DISTRICT FACILITIES.

    Expenses $4,932,435 · Revenue $57,222,980

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Daniel Prentice

    CFO

    Total calculated
    $237,485
    From this org
    $0
    From related orgs
    $186,359
    Other
    $51,126
    Hours/week
    0.15 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $177,829 related
    Bonus
    not reported
    Other
    not reported + $8,530 related
    Deferred
    not reported + $44,772 related
    Nontaxable benefits
    not reported + $6,354 related
    Filer's total
    not reported + $237,485 related

  • Susan Leadem

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.02

  • Casdell Singleton

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    0.02

  • Charles McManus

    TREASURER/SE

    Total calculated
    $0
    Hours/week
    0.02

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)

SCHEDULE J, PART III
CEEFC HAS NO EMPLOYEES. THE CFO OF THE DISTRICT OVERSEES THE FINANCIAL ACTIVITY OF CEEFC. THE CFO'S COMPENSATION IS SET FOLLOWING SCHOOL DISTRICT POLICIES. COMPENSATION PAID IS SOLELY FOR WORK PERFORMED AS A DISTRICT EMPLOYEE. THE BYLAWS OF CEEFC PROHIBIT MEMBERS OF THE BOARD OF DIRECTORS AND OFFICERS FROM RECEIVING COMPENSATION FOR THEIR SERVICES FOR CEEFC.

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.

  • CHARLESTON COUNTY SCHOOL DISTRICT

    SCHOOL DIS · SC

Provenance

Return type
form_990
Tax year
2024
Filed
26 March 2026
IRS schema version
2024v5.0
Source object
202600869349300920

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