USF Financing Corporation

Overview

Mission

The Corporation was formed exclusively to receive, hold, invest and administer property and to make expenditures to or for the benefit of the University of South Florida (USF). The organization is a direct support organization of USF pursuant to Section 1004.28, Florida Statutes. The organization provides and constructs facilities for USF and assists in carrying out and supporting its educational purposes by providing access to such facilities to members of the public, the students, the faculty and the staff of USF.

What it reported doing in 2024

The Corporation holds title to and manages the related outstanding debt for multiple facilities on behalf of University of South Florida ("USF") Housing and Athletics auxiliary units. These facilities include multiple residence halls, a parking garage, a student center, and multiple athletics facilities. The Corporation also holds title to and manages the related outstanding debt for multiple facilities on behalf of USF Component units, including university medical services association, inc., USF Health professions conferencing corporation and USF research foundation, inc. These facilities include various medical and research facilities.

Operating model

Revenue model
Other-operating. 93% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
202865561
IRS 990 coverage
2019–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Headquarters
Tampa, FL, USA
Phone
(813) 974-2035
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Official website

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 60
  • Accountability: 72
  • Sustainability: 48
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97%; rating input score 97
  • Program expense ratio: 93.9%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 10th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 11th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.1%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 17.55; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.94; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 1.4%; rating input score 82; 82nd percentile among comparable filings

Growth

  • Program expense growth: 15.6% per year; rating input score 100; 84th percentile among comparable filings
  • Revenue growth: 11.7% per year; rating input score 100; 79th percentile among comparable filings
  • Asset growth: 7.6% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • What they do: 1 operating location identified
  • Where the money goes: 97% of revenue deployed · 93.9% of spending went to programs
  • Governance: 4 of 6 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $29.2M in reported program spending
  • Leadership: top reported pay $1.4M · 9 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 19 of 20 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes executive pay
  • Filing history: 6 annual filings from 2019 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 10 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

9 people listed

Highest reported compensation

  • Rhea F Law (Director, USF President): $1,424,357 total reported compensation
  • Jennifer Condon (Director, USF CFO): $531,402 total reported compensation
  • Fell L Stubbs (Special Advisor (through 11/21/24)): $264,055 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.