Overview
What is Banning Public Facilities Corporation?
Banning Public Facilities Corporation is a nonprofit entity that has successfully refunded its prior bonds, relieving it from any outstanding interest or principal payments. As a result, no lease payments are necessary. The organization has transferred all its assets and liabilities to the city of Banning, with the exception of the previously unamortized bond discounts/expenses, which were fully settled during the 2020 fiscal year. The Corporation's activities and mission, as described in the information, revolve around the management and eventual transfer of its financial obligations.
Official website here: www.banning.ca.us
Is Banning Public Facilities Corporation legitimate?
Banning Public Facilities Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Banning Public Facilities Corporation submitted a form 990EZ, 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.
Official website here: www.banning.ca.us
What is the mission statement of Banning Public Facilities Corporation?
The Banning Public Facilities Corporation, following the refunding of its prior bonds, no longer has any interest or principal payments due. Consequently, it will not make any lease payments. The corporation has transferred all its assets and liabilities to the city of Banning, except for the unamortized bond discounts/expenses. These discounts/expenses were fully amortized during the 2020 fiscal year reporting period. The corporation's role and mission in this context now seems to be primarily related to the financial aspects of the bond refunding and the subsequent transfer of assets and liabilities.
Official website here: www.banning.ca.us
Who is the CEO of Banning Public Facilities Corporation?
Unavailable
Official website here: www.banning.ca.us
What is the revenue of Banning Public Facilities Corporation?
Banning Public Facilities Corporation's revenue in 2023 was $0.
Official website here: www.banning.ca.us
Who are the executives of Banning Public Facilities Corporation and what are their salaries?
Here are 3 key members and their salaries:
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
Official website here: www.banning.ca.us
Where can I find the form 990EZ for Banning Public Facilities Corporation?
Banning Public Facilities Corporation's most recent form 990EZ was submitted in 2023 and can be accessed here.
Official website here: www.banning.ca.us
Learn more at the official website: www.banning.ca.us
Mission Statement of Banning Public Facilities Corporation
Banning Public Facilities Corporation, previously responsible for issuing certain bonds, has now concluded its obligations. With no outstanding interest or principal, the corporation no longer makes lease payments. The transfer of all its assets and liabilities to the city of Banning was completed, except for the unamortized bond discounts/expenses, which were fully settled in the previous fiscal year reporting (2020). The corporation's role in managing these bonds has now been handed over to the city, marking the end of its active operations.
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Impact
October, 2024
Banning Public Facilities Corporation has had a significant impact on the city of Banning, California, primarily through its management of public debt and asset transfers. The corporation's prior bonds have been successfully refunded, eliminating any outstanding interest or principal obligations. This means that the city is not required to make any lease payments, freeing up financial resources for other municipal needs.
Furthermore, the transfer of all assets and liabilities to the city means that Banning now fully owns these resources without any related debt responsibilities. The completion of the amortization process for the remaining unamortized bond discounts and expenses in 2020 marks a crucial step in ensuring the city’s financial health, allowing it to operate more effectively and focus on community development and services. Overall, the actions of the Banning Public Facilities Corporation have streamlined the city's financial obligations, leading to greater fiscal stability.
This information is meant to be a general summary of Banning Public 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 2023.
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Organization Details
Phone
(951) 922-3105Main Address
99 E RAMSEY ST PO BOX 998, BANNING, CA, 92220
Website
www.banning.ca.usIf you are a representative of Banning Public Facilities Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.