South Louisiana Facilities Corp
- Assets
- $10.7m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Baton Rouge, LA
- Founding
- 08/2003
- Data as of
- 06/2024
- EIN
- 73-1636441
Organization Overview
South Louisiana Facilities Corp is located in Baton Rouge, LA. The organization was established in 2003. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Louisiana Facilities Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2024, South Louisiana Facilities Corp generated $1.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $579.6k during the year ending 06/2024. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE EXEMPT PURPOSE OF THE CORPORATION IS TO CONSTRUCT A BUILDING WITH ACADEMIC FACILITIES AND OFFICES FOR THE SOUTH LOUISIANA COMMUNITY COLLEGE (SLCC), A STATE COMMUNITY COLLEGE OPERATED BY THE LOUISIANA COMMUNITY AND TECHNICAL COLLEGE SYSTEM (LCTCS), A STATE INSTITUTION. THE CORPORATION LEASES REAL PROPERTY LOCATED IN LAFAYETTE, LOUISIANA FROM THE LCTCS AND CONSTRUCTED A BUILDING ON THE CAMPUS OF SLCC. THE CONSTRUCTION WAS FINANCED THROUGH A BOND ISSUE BY THE LAFAYETTE PUBLIC TRUST FINANCING AUTHORITY (LPTFA). THE FACILITIES ARE LEASED TO LCTCS UNDER A NET LEASE WITH AN OPTION TO PURCHASE THE FACILITIES. THE LEASE PAYMENTS FROM THE LEASE ARE USED TO REPAY THE BOND FINANCING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE EXEMPT PURPOSE OF THE CORPORATION IS TO CONSTRUCT A BUILDING WITH ACADEMIC FACILITIES AND OFFICES FOR THE SOUTH LOUISIANA COMMUNITY COLLEGE (SLCC), A STATE COMMUNITY COLLEGE OPERATED BY THE LOUISIANA COMMUNITY AND TECHNICAL COLLEGE SYSTEM (LCTCS), A STATE INSTITUTION. THE CORPORATION LEASES REAL PROPERTY LOCATED IN LAFAYETTE, LOUISIANA FROM THE LCTCS AND CONSTRUCTED A BUILDING ON THE CAMPUS OF SLCC. THE CONSTRUCTION WAS FINANCED THROUGH A BOND ISSUE BY THE LAFAYETTE PUBLIC TRUST FINANCING AUTHORITY (LPTFA). THE FACILITIES ARE LEASED TO LCTCS UNDER A NET LEASE WITH AN OPTION TO PURCHASE THE FACILITIES. THE LEASE PAYMENTS FROM THE LEASE ARE USED TO REPAY THE BOND FINANCING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett Mellington President/director | OfficerTrustee | 2 | $0 |
Odon L Bacque Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $161,414 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $161,414 |
| Total Program Service Revenue | $1,196,519 |
| Investment income | $121,072 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,479,005 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,255 |
| Fees for services: Accounting | $8,465 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $149,424 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $414,439 |
| Insurance | $0 |
| All other expenses | $14 |
| Total functional expenses | $579,597 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,622,479 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,093,899 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,716,378 |
| Accounts payable and accrued expenses | $35,230 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $4,504,074 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $221,866 |
| Total liabilities | $4,761,170 |
| Net assets without donor restrictions | $3,434,265 |
| Net assets with donor restrictions | $2,520,943 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $10,716,378 |