USF Financing Corporation and USF Property Corporation
The USF Financing Corporation, a direct-support organization (DSO), is the University's financing arm and is expected to provide attractive long-term financing for the University's major capital projects. The USF Property Corporation is a separate, legal entity and acts in tandem with the USF Financing Corporation for lease purchase financing transactions. The sole member of the USF Property Corporation is the USF Financing Corporation.
The USF Financing Corporation and USF Property Corporation share a common Board of Directors. The working Board consists of at least five but no more than seven members, including the University President, University COO and five independent members. The Board also includes two USF regional campus representatives. The Board is comprised of finance, legal, accounting and audit professionals.
An annual meeting of the Board of Directors is held at 3:00 p.m. on the first Tuesday of November of each year, unless another date and time are agreed upon by the Board. Special meetings may be called by the Board Chair or Secretary. The Secretary keeps full and accurate minutes for all meetings of the Board of Directors.
Financial Statements and Reports
The USF Financing Corporation and USF Property Corporation financial statements are prepared on a consolidated basis due to the Financing Corporation’s ongoing economic interest in the Property Corporation and its ability to control the activities of the Property Corporation through common members of the Boards of Directors.