On April 10, 2003, the Florida Gulf Coast University Board of Trustees approved the creation of the Florida Gulf Coast University Financing Corporation as a direct support organization (Auditor General Rule 10.700) and component unit of the Florida Gulf Coast University. The Financing Corporation was incorporated on April 11, 2003, as a Florida not-for-profit corporation under the provisions of Chapter 617, as a direct support organization of the University as defined by Florida Statutes Chapter 1004.28. Operations of the Financing Corporation began July 1, 2003.
The Financing Corporation was established to receive, hold, invest, and administer property and to make expenditures to or for the exclusive benefit of (i) the University or (ii) a research and development park or research and development authority affiliated with the University and organized under Part V or Chapter 159 of Florida Statutes. Operating revenues and expenses generally include only fiscal transactions directly related to these activities. Included in non-operating revenues is investment income. The Financing Corporation also has the authority to issue bonds and other forms of indebtedness upon the approval of the University's Board of Trustees, as well as to enter into agreements to finance, design, construct, lease, purchase and/or operate facilities necessary and desirable to serve the needs of the University.
Specifically, the operations of the Financing Corporation consist of contracting for the design and construction of student residential housing, parking facilities, the student union, bookstore, food service facilities and certain other projects as well as the issuance of bonded debt to finance such construction. As such, the Financing Corporation supervises and accounts for the respective construction.
The governing body of the Financing Corporation is its Board of Directors. The Board is composed of at least five (5) but no more than (7) Directors. The Financing Corporation is managed, supervised and controlled by its Board, subject to applicable law and the powers and duties reserved to the Florida Gulf Coast University Board of Trustees and the President of Florida Gulf Coast University.