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Nonprofiteer
← UNIVERSITY OF NORTH FLORIDA FINANCING CORPORATION

Form 990 for tax year 2024

Filed by UNIVERSITY OF NORTH FLORIDA FINANCING CORPORATION.

Totals

Total revenue
$11,125,677
Total expenses
$7,376,592
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$11,125,612
Investment income
$65
Other revenue
$0
Total assets, end of year
$151,601,615
Total liabilities, end of year
$169,095,105
Net assets or fund balances, end of year
-$17,493,490
Program services expenses (Part IX)
$7,344,119
Management and general expenses
$32,473
Fundraising expenses
$0
Program service expenses (Part III)
$7,344,119

Program services were 99.6% 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.

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

    total $11,065,612 · related or exempt $11,065,612

  • 2b · Program service revenue: ADMINISTRATIVE FEES

    total $60,000 · related or exempt $60,000

  • 3 · Investment income

    total $65 · excluded $65

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $71,473 · program services $39,000 · management and general $32,473

  • 13 · Office expenses

    total $5,391 · program services $5,391

  • 20 · Interest

    total $2,996,578 · program services $2,996,578

  • 22 · Depreciation, depletion and amortization

    total $4,295,394 · program services $4,295,394

  • 23 · Insurance

    total $7,756 · program services $7,756

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $147,946 · end of year $135,874

  • 2 · Savings and temporary cash investments

    beginning of year $53,765 · end of year $53,631

  • 4 · Accounts receivable

    beginning of year $89,203,819 · end of year $82,119,233

  • 9 · Prepaid expenses and deferred charges

    beginning of year $108,610 · end of year $100,852

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

    $36,027,348

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

    $9,194,986

  • 10c · Land, buildings and equipment, net

    beginning of year $27,693,191 · end of year $26,832,362

  • 14 · Intangible assets

    beginning of year $45,794,228 · end of year $42,359,663

  • 17 · Accounts payable and accrued expenses

    beginning of year $544,871 · end of year $501,489

  • 20 · Tax-exempt bond liabilities

    beginning of year $59,146,946 · end of year $81,078,714

  • 23 · Secured mortgages and notes payable

    beginning of year $36,810,649 · end of year $6,998,549

  • 25 · Other liabilities

    beginning of year $87,741,668 · end of year $80,516,353

  • 29 · Capital stock, trust principal or current funds

    beginning of year -$94,661,075 · end of year -$86,685,515

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

    beginning of year $73,418,500 · end of year $69,192,025

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2024

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 $7,344,119 · Revenue $11,125,612

As filed on the 2024 return.

Listed in Part VII

  • Jack Allen

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Moez Limayen

    SECRETARY

    Total calculated
    $921,469
    From this org
    $0
    From related orgs
    $705,346
    Other
    $216,123
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $519,731 related
    Bonus
    $0 + $100,000 related
    Other
    $0 + $85,615 related
    Deferred
    $0 + $193,464 related
    Nontaxable benefits
    $0 + $22,659 related
    Filer's total
    $0 + $921,469 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
    $405,074
    From this org
    $0
    From related orgs
    $307,298
    Other
    $97,776
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $306,103 related
    Bonus
    $0 + $1,100 related
    Other
    $0 + $95 related
    Deferred
    $0 + $67,005 related
    Nontaxable benefits
    $0 + $30,771 related
    Filer's total
    $0 + $405,074 related

  • Valerie Stevenson

    CONTROLLER

    Total calculated
    $271,369
    From this org
    $0
    From related orgs
    $211,247
    Other
    $60,122
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $0 + $207,552 related
    Bonus
    $0 + $3,600 related
    Other
    $0 + $95 related
    Deferred
    $0 + $30,021 related
    Nontaxable benefits
    $0 + $30,101 related
    Filer's total
    $0 + $271,369 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
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202513299349300801

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