Usf Financing Corporation

“The business, property, affairs and funds of the corporation are managed, supervised and controlled by its board of directors subject only to applicable law and limitations contained in the articles of incorporation and bylaws and the powers and duties of the university of south florida board of trustees and the president or designee. The board of directors has the authority to adopt policy for the corporation, consistent with the articles of incorporation and bylaws.”

“As a result of the florida excellence in higher education act of 2018, applicable to all universities within the state university system (sus) of florida, the university boards of trustees must approve all appointments to the boards of directors of any university direct support organization. The directors of the corporation are appointed as follows: (a) one director is appointed by the chair of the university board of trustees (b) one director is the university president or designee (c) one director is the university chief financial officer or designee (d) up to four additional directors, once appointed and approved by the university board of trustees, may be elected at the annual meeting by the then current members of the board of directors and (e) except as set forth in (a) and (b) above, the university board of trustees shall approve all appointments to the board of directors.”

“The university president or designee has the following specific powers and duties with regard to the corporation: (a) to monitor and control the use of university resources by the corporation (b) to control the use of the university name by the corporation (c) to monitor compliance of the corporation with federal and state laws (d) to recommend to the board of directors an annual budget of the corporation and (e) to review and approve quarterly expenditure plans of the corporation.”

“The corporation has no committees with authority to act on behalf of the governing body; therefore, this question has been answered "no" in accordance with the irs instructions to form 990.”

“The corporation provided a copy of the final form 990 to each board member prior to it being filed. Each board member was asked to review the form 990 and send any comments or questions to the executive director.”

“The corporation requires that its board members and officers complete and sign a conflict of interest policy statement annually. The corporation executive director reviews each of the policy statements to determine if any conflicts of interest are present. The policy statements are filed in the corporation's records.”

“The corporation's officers are compensated by the university of south florida, a related tax-exempt organization. The university of south florida is responsible for reviewing and determining the compensation of the corporation's officers; therefore, form 990, part vi, lines 15a and 15b have been answered "no" in accordance with the irs instructions to form 990.”

“The corporation makes its governing documents, conflict of interest policy, and financial statements available to the public upon request by mail or email, and many documents are also made available on the university of south florida website.”

“Income from investment of tax exempt bond proceeds equaled $765,178 in the fiscal year ending june 30, 2024. These earnings are not reported in part viii, line 4 of the form 990 due to accounting for a financing lease transaction.”