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Nonprofiteer
← FLORIDA SOUTHWESTERN STATE COLLEGE FINANCING CORPORATION

Form 990 for tax year 2023

Filed by FLORIDA SOUTHWESTERN STATE COLLEGE FINANCING CORPORATION.

Totals

Total revenue
$3,806,954
Total expenses
$3,243,210
Contributions and grants received
$410,901
Grants paid
$22,125
Program service revenue
$2,941,498
Investment income
$454,555
Other revenue
$0
Total assets, end of year
$36,383,602
Total liabilities, end of year
$18,422,248
Net assets or fund balances, end of year
$17,961,354
Program services expenses (Part IX)
$2,959,474
Management and general expenses
$283,736
Fundraising expenses
$0
Program service expenses (Part III)
$2,959,474

Program services were 91.3% 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

    $410,901

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

    total $2,751,738 · related or exempt $2,751,738

  • 2b · Program service revenue: SERVICE FEES

    total $189,760 · related or exempt $189,760

  • 3 · Investment income

    total $400,406 · excluded $400,406

  • 7a · Gross sales of assets other than inventory

    securities $5,566,955

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

    securities $5,512,806

  • 7c · Gain or loss

    securities $54,149

  • 7d · Net gain or loss

    total $54,149 · excluded $54,149

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $22,125 · program services $22,125

  • 11b · Fees: legal

    total $461 · program services $400 · management and general $61

  • 11c · Fees: accounting

    total $37,947 · management and general $37,947

  • 11f · Fees: investment management

    total $32,533 · management and general $32,533

  • 11g · Fees: other

    total $568,719 · program services $490,635 · management and general $78,084

  • 14 · Information technology

    total $26,842 · program services $26,842

  • 16 · Occupancy

    total $733,489 · program services $598,399 · management and general $135,090

  • 17 · Travel

    total $3,300 · program services $3,300

  • 19 · Conferences, conventions and meetings

    total $9,224 · program services $9,224

  • 20 · Interest

    total $548,834 · program services $548,834

  • 22 · Depreciation, depletion and amortization

    total $1,025,290 · program services $1,025,290

  • 23 · Insurance

    total $50,984 · program services $50,984

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $151,247 · program services $151,247

  • 24b · Other expenses: CONSTRUCTION/MAINT MATE

    total $32,215 · program services $32,194 · management and general $21

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,483,519 · end of year $5,649,550

  • 2 · Savings and temporary cash investments

    beginning of year $5,596,403 · end of year $3,524,771

  • 3 · Pledges and grants receivable

    beginning of year $77,839 · end of year $64,291

  • 9 · Prepaid expenses and deferred charges

    beginning of year $52,383 · end of year $145,958

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

    $26,806,072

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

    $7,478,377

  • 10c · Land, buildings and equipment, net

    beginning of year $20,171,132 · end of year $19,327,695

  • 11 · Investments: publicly traded securities

    beginning of year $7,212,160 · end of year $7,671,337

  • 17 · Accounts payable and accrued expenses

    beginning of year $119,627 · end of year $144,286

  • 19 · Deferred revenue

    beginning of year $337,872 · end of year $303,324

  • 20 · Tax-exempt bond liabilities

    beginning of year $18,627,201 · end of year $17,797,698

  • 25 · Other liabilities

    beginning of year $185,186 · end of year $176,940

  • 27 · Net assets without donor restrictions

    beginning of year $17,323,550 · end of year $17,961,354

Mission and programs · 2023

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 $2,959,474 · Grants $22,125 · Revenue $2,941,498

As filed on the 2023 return.

Listed in Part VII

  • Jeffery Allbritten Da

    PRESIDENT

    Total calculated
    $859,112
    From this org
    $0
    From related orgs
    $485,945
    Other
    $373,167
    Hours/week
    3 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $341,992 related
    Bonus
    $0 + $94,725 related
    Other
    $0 + $49,228 related
    Deferred
    $0 + $227,815 related
    Nontaxable benefits
    $0 + $145,352 related
    Filer's total
    $0 + $859,112 related

  • Joe Coleman

    SECRETARY

    Total calculated
    $239,020
    From this org
    $0
    From related orgs
    $198,235
    Other
    $40,785
    Hours/week
    3 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $184,593 related
    Bonus
    $0 + $8,642 related
    Other
    $0 + $5,000 related
    Deferred
    $0 + $30,507 related
    Nontaxable benefits
    $0 + $10,278 related
    Filer's total
    $0 + $239,020 related

  • Mary Lee Mann

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Robert Bob Jones

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • John Noland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Randall T Parrish Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sankey Eddie Webb III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tristan Tris Chapman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gina B Doeble CPA

    TREASURER

    Total calculated
    $272,202
    From this org
    $0
    From related orgs
    $214,268
    Other
    $57,934
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $192,305 related
    Bonus
    $0 + $17,163 related
    Other
    $0 + $4,800 related
    Deferred
    $0 + $35,020 related
    Nontaxable benefits
    $0 + $22,914 related
    Filer's total
    $0 + $272,202 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

    $22,125

    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
2023
Filed
22 July 2024
IRS schema version
2023v5.1
Source object
202442119349301319

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