Overview
What is Clarendon Facilities Corporation?
Clarendon Facilities Corporation is a nonprofit organization established with the mission to alleviate the financial burden of Clarendon County, South Carolina, a political sub-division of the state. This organization acquires, constructs, and improves facilities, ultimately leasing them back to the county. As per an agreement, the county makes annual payments equal to the debt service requirements associated with the issued bonds. Over time, as the bonds get repaid, the county gains complete ownership of the facilities. This arrangement allows Clarendon County to access necessary facilities without shouldering the entire financial responsibility.
Is Clarendon Facilities Corporation legitimate?
Clarendon Facilities Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Clarendon Facilities 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 Clarendon Facilities Corporation?
The Clarendon Facilities Corporation was established with a mission to alleviate the financial burden of a political sub-division, in this case, Clarendon County, South Carolina. The organization achieves this by acquiring, constructing, and improving facilities, which may also involve issuing debt. One of its significant accomplishments is leasing the County Administration Complex to Clarendon County, with the annual installment payment equal to the debt service requirements associated with the issued debt. Over time, as the bonds are paid off, Clarendon County gains full ownership of the facility. The corporation's activities ultimately aim to support and assist the sub-division it serves.
Who is the CEO of Clarendon Facilities Corporation?
August J Cutter is the Boardchair of Clarendon Facilities Corporation.
What is the revenue of Clarendon Facilities Corporation?
Clarendon Facilities Corporation's revenue in 2022 was $746,234.
Who are the executives of Clarendon Facilities Corporation and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for Clarendon Facilities Corporation?
Clarendon Facilities Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Clarendon Facilities Corporation
Clarendon Facilities Corporation, an organization established with a specific mission, aims to alleviate the burden on Clarendon County, a political sub-division of South Carolina. The corporation accomplishes this by acquiring, constructing, and improving facilities, which it then leases to the county. Notably, the organization also has the authority to issue debt, further aiding the county in its financial needs.
As part of its mission, Clarendon Facilities Corporation entered into an agreement with the county, leasing the County Administration Complex to it. In return, the county pays an annual installment equal to the debt service requirements associated with the issued debt or bond. This arrangement allows the organization to transfer an interest or ownership equal to the annual principal portion of the payment for the facility to Clarendon County. Upon the complete repayment of the bonds, Clarendon County will acquire full ownership of the facility.
In essence, Clarendon Facilities Corporation serves as a financial aid to Clarendon County, alleviating its financial burden through the acquisition, construction, and leasing of facilities, as well as by issuing debt when necessary. This arrangement ultimately leads to the transfer of ownership of the facility to the county upon the full repayment of the associated bonds.
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Impact
October, 2024
Clarendon Facilities Corporation plays a vital role in supporting the infrastructure and operational needs of Clarendon County, South Carolina. By acquiring, constructing, improving, and leasing essential facilities, the organization directly enhances the county's capability to serve its residents effectively.
The corporation operates a lease arrangement with Clarendon County, allowing the county to utilize an administration complex while the costs associated with the facility are spread over time through an installment payment plan. This structure ensures that the county can manage its financial obligations while simultaneously gaining immediate access to necessary facilities without the upfront burden of full ownership.
As the county makes these annual payments, there is a gradual transfer of ownership—culminating in full ownership once all debts are settled. This strategic approach not only lessens the financial burden on Clarendon County but also promotes sustainable development and growth within the region. The overall impact extends beyond infrastructure, contributing to the county's governance capacity and enhancing public services for the community.
This information is meant to be a general summary of Clarendon Facilities 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.
- Program Service Revenue: $746,234
- Gross Receipts: $746,234
Assets and Liabilities:
- Total Assets: $25,295,000
- Total Liabilities: $25,295,000
- Net Assets: $0
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LEASE-COUNTY ADMINISTR
Revenue
$489,815
LEASE-COUNTY COURTHOUS
Revenue
$256,419
Organization Details
Founding Year
2010
Phone
(803) 435-8424Principal Officer
August J Cutter
Main Address
411 SUNSET DR, MANNING, SC, 29102
NTEE Category
Code: W20 - Public benefit
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