Program areas at USF Financing Corporation
The Corporation holds title to and manages the related outstanding debt for multiple facilities on behalf of University of South Florida Housing, Student Center and Athletics auxiliary units. Facilities include multiple residence halls, a parking garage, a student center and multiple athletics facilities. Outstanding debt related to University of South Florida Housing, Marshall Student Center, and Athletics auxiliary units was $230,829,425 as of June 30, 2022.
The Corporation entered into a Subscription Agreement with a Florida for-profit corporation, whereby the Corporation subscribed for and purchased five hundred shares of common stock. The acquisition of shares was for investment purposes only and not for resale or distribution. The Corporation received opinions from its bond counsel and tax counsel expressing that the Corporation is permitted to own 50% interest in the for-profit corporation and that holding 50% interest will not conflict with or cause a breach under the covenants or agreements which are contained in the Corporation's bond documents. All of the for-profit corporation's activities are deemed to be substantially related to the Corporation's tax-exempt purpose. The Subscription Agreement was terminated during the fiscal year ending June 30, 2022 and the for-profit corporation's activities are winding down and expected to conclude during the fiscal year ending June 30, 2023.
The Corporation holds title to and manages the related outstanding debt for multiple facilities on behalf of University of South Florida component units, including University Medical Service Association, Inc., USF Health Professions Conferencing Corporation and USF Research Foundation, Inc. Facilities include various medical and research facilities. Outstanding debt related to the medical and research facilities was $85,780,374 as of June 30, 2022.