Overview
What is City Of Seymour Facilities Building Corporation?
City of Seymour Facilities Building Corporation is a nonprofit organization established with the sole purpose of acquiring a suitable site for constructing city facilities and financing the related costs. They lease the acquired land and buildings to the City of Seymour, Indiana, for their use. Initially, lease rental payments were utilized to service the debt on the Series 2005 First Mortgage Bonds. However, in 2016, the corporation refinanced the bonds with the Series 2016 First Mortgage Refunding Bonds, resulting in lease rental payments being used to service the new debt. The Series 2016 First Mortgage Refunding Bonds were fully repaid in 2021. Subsequently, the police station property was transferred to the City of Seymour on August 25, 2022, according to the lease terms.
Is City Of Seymour Facilities Building Corporation legitimate?
City Of Seymour Facilities Building Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. City Of Seymour Facilities Building Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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What is the mission statement of City Of Seymour Facilities Building Corporation?
The City of Seymour Facilities Building Corporation's primary goal is to procure a suitable site for constructing city facilities and finance the expenses associated with land acquisition and facility construction. The corporation then leases the acquired land and constructed facilities to the City of Seymour for its use. Initially, lease rental payments were utilized to cover the debt payments on the Series 2005 First Mortgage Bonds. In 2016, these bonds were refinanced with the issuance of the First Mortgage Refunding Bonds, Series 2016, worth $2,015,000. Subsequently, lease rental payments were allocated to servicing the debt on the Series 2016 First Mortgage Refunding Bonds. The final payment on these bonds was made as scheduled in July 2021. With the retirement of the Series 2016 First Mortgage Refunding Bonds, the police station property was transferred to the City of Seymour in August 2022, as per the lease terms.
Who is the CEO of City Of Seymour Facilities Building Corporation?
Robert L Prather is the President of City Of Seymour Facilities Building Corporation.
What is the revenue of City Of Seymour Facilities Building Corporation?
City Of Seymour Facilities Building Corporation's revenue in 2022 was $134,910.
Who are the executives of City Of Seymour Facilities Building Corporation and what are their salaries?
Here are 3 key members and their salaries:
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Where can I find the form 990 for City Of Seymour Facilities Building Corporation?
City Of Seymour Facilities Building Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of City Of Seymour Facilities Building Corporation
The City of Seymour Facilities Building Corporation, in essence, is established with a singular purpose: to secure a site suitable for constructing city facilities and funding the associated costs. This includes the acquisition of land, erecting buildings, and obtaining financing. Once facilities are developed, the Corporation leases them to the City of Seymour, Indiana, for its use.
Initially, lease rental payments were utilized to service the debt payments on the Series 2005 First Mortgage Bonds. In August 2016, the Corporation refinanced these bonds with the issuance of the First Mortgage Refunding Bonds, Series 2016, totaling $2,015,000. The lease rental payments were then directed towards servicing the debt on the Series 2016 First Mortgage Refunding Bonds. The final payment on these bonds was made as scheduled in July 2021. Following the retirement of the Series 2016 First Mortgage Refunding Bonds, the police station property was transferred to the City of Seymour on August 25, 2022, as per the lease terms.
In summary, the City of Seymour Facilities Building Corporation serves as a financial intermediary for the City of Seymour, Indiana, acquiring and funding the construction of city facilities. Leasing these facilities to the city, the Corporation ensures their effective utilization, while also managing and retiring the associated debt obligations.
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Impact
October, 2024
The City of Seymour Facilities Building Corporation significantly enhances the community by providing essential infrastructure for local governance and public services. Its primary role involves acquiring land and constructing facilities that are crucial for the operations of the City of Seymour, notably the police department.
By financing and leasing these facilities, the corporation has enabled the city to improve public safety services without the immediate burden of large capital expenditures. The ability to lease facilities allows for more effective cash flow management, ensuring that funds can be allocated to other community needs while still making necessary investments in public infrastructure.
The successful refinancing of the 2005 first mortgage bonds in 2016 illustrates the corporation's commitment to financial stewardship and long-term planning. This financial maneuvering not only alleviated debt pressures but also ensured that the city could complete its obligations smoothly. The eventual transfer of the police station property to the City of Seymour in August 2022, upon the retirement of the bonds, further underscores the corporation's effective strategy to enhance community resources.
Ultimately, the corporation's operations contribute directly to community improvement by ensuring that vital facilities are available for public safety and governance, thereby fostering a more secure and well-equipped environment for the residents of Seymour, Indiana.
This information is meant to be a general summary of City Of Seymour Facilities Building Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $250
- Program Service Revenue: $134,660
- Gross Receipts: $134,910
Assets and Liabilities:
- Total Assets: $9,707,398
- Total Liabilities: $9,793,775
- Net Assets: -$86,377
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LEASE RENTAL PAYMENTS
Revenue
$134,660
Organization Details
Founding Year
2005
Phone
(812) 522-4020Principal Officer
Robert L Prather
Main Address
301-309 NORTH CHESTNUT STREET, SEYMOUR, IN, 47274
NTEE Category
Code: S99 - Community improvement
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