2024-05-15T12:41:26-04:00 2023-06-30 475156994 MANLEY GARVIN LLC PO BOX 429 GREENWOOD SC 29648 990 2022-07-01 711005510 SCAGO EDUCATIONAL FACILITIES CORP FOR SPARTANBURG SCHOOL DISTRICT 3 SCAG 8642796000 3535 CLIFTON GLENDALE ROAD GLENDALE SC 29346 JAMES G MACK SECRETARY/TREASURER 8642796000 2024-05-15 true JAMES MACK 999009999 false JOSHUA C GARVIN P01361696 8642294951 2024-05-15 2022 2023-04-26 12:10:37Z JAMES G MACK 3535 CLIFTON GLENDALE ROAD GLENDALE SC 29346 1138751 false X N/A X 2006 SC SCAGO EDUCATIONAL FACILITIES CORPORATION FOR SPARTANBURG COUNTY SCHOOL DISTRICT NO. 3 WAS INCORPORATED 2006 FOR EDUCATIONAL AND CHARITABLE PURPOSES. 3 2 0 0 0 339646 303733 35 4798 0 339681 308531 0 0 0 0 0 339681 308531 339681 308531 0 8645000 7815000 8645000 7815000 0 SCAGO EDUCATIONAL FACILITIES CORPORATION FOR SPARTANBURG COUNTY SCHOOL DISTRICT NO. 3 WAS INCORPORATED 2006 FOR EDUCATIONAL AND CHARITABLE PURPOSES. false false 308531 303733 TO ACQUIRE, CONSTRUCT, FINANCE, PLEDGE, IMPROVE, MAINTAIN, OPERATE, MANAGE, LEASE, AND DISPOSE OF SCHOOL BUILDINGS AND OTHER PUBLIC EDUCATION FACILITIES FOR THE USE AND BENEFIT OF THE SCHOOL DISTRICT AND TO ENCOURAGE AND PROMOTE PUBLIC EDUCATION THROUGH COOPERATIVE ARRANGEMENTS WITH GOVERNMENTAL ENTITIES AND ORGANIZATIONS EXEMPT UNDER SECTION 501(C)(3)THAT PROVIDE PUBLIC EDUCATION IN THE SCHOOL DISTRICT. 308531 true false false false false false false false false false false false false true true false false false false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false true 0 0 false 0 false false false false false false false false X 3 2 false false false false false true false true true false false true false false false false false false X JAMES G MACK 8642796000 3535 CLIFTON GLENDALE ROAD GLENDALE SC 29346 JAMES G MACK SECRETARY/TR 60.00 X X 0 142675 0 MELISSA CAMPBELL PRESIDENT 1.00 X X 0 0 0 J BROCK HERON VICE PRESIDE 1.00 X X 0 0 0 142675 false false false PROGRAM SERVICE REVENUE 303733 303733 303733 4798 4798 830220 830220 308531 308531 303031 303031 BOND ISSUANCE FEES 5500 5500 308531 308531 0 0 35443 25584 8609557 7789416 8645000 7815000 8645000 7815000 8645000 7815000 X 0 0 8645000 7815000 0 X false true X true X X X 1 SPARTANBURG COUNTY SCHOOL DISTRICT 3 570759273 2 true 830220 0 1 830220 0 true false false false false false false false false false false false false false false false true false X X true false PART IV, SECTION E, LINE 1C SCAGO EDUCATIONAL FACILITIES CORPORATION FOR SPARTANBURG COUNTY SCHOOL DISTRICT NO. 3 (THE EFC) WAS INCORPORATED IN 2006 FOR EDUCATIONAL AND CHARITABLE PURPOSES, SPECIFICALLY TO (1) ACQUIRE, FINANCE, PLEDGE, IMPROVE, MAINTAIN, OPERATE, MANAGE, LEASE, AND DISPOSE OF SCHOOL BUILDINGS AND OTHER PUBLIC EDUCATION FACILITIES FOR THE USE AND BENEFIT OF THE SCHOOL DISTRICT AND TO (2) ENCOURGAGE AND PROMOTE PUBLIC EDUCATION THROUGH COOPERATIVE ARRANGEMENTS WITH GOVERNMENTAL ENTITIES AND ORGANIZATIONS EXEMPT UNDER SECTION 501(C)(3) THAT PROVIDE PUBLIC EDUCATION IN THE SCHOOL DISTRICT. UPON DISSOLUTION, THE REMAINING ASSETS OF EFC WILL BE DISTRIBUTED TO THE SCHOOL DISTRICT. PART IV, SECTION E, LINE 2A IN 2007, THE BOARD OF TRUSTEES APPROVED A LIST OF APPROXIMATELY 18,185,000 IN CAPITAL NEEDS, THE RESULT OF A PRIORITIZATION PROCESS OF THE SCHOOL DISTRICTS NEEDS. AFTER CAREFUL STUDY OF FUNDING ALTERNATIVES, THE BOARD AUTHORIZED FORMATION OF THE EFC, A NON-PROFIT CORPORATION WHICH ASSISTED THE SCHOOL DISTRICT IN THE FORMULATION OF AN INSTALLMENT PURCHASE PLAN, WHEREBY THE SCHOOL DISTRICT HAS LEASED THE APPLICABLE BUILDINGS TO THE EFC FOR THE PURPOSE OF CAPITAL IMPROVEMENTS, AND IS IN THE PROCESS OF PURCHASING THEM BACK UTILIZING GENERAL OBLIGATION DEBT OVER A 24 YEAR PERIOD, ALLOWING THE SCHOOL DISTRICT TO LEVERAGE ITS CONSTITUTIONAL DEBT LIMIT TO COMPLETE THE CAPITAL NEEDS WITHIN A SHORT-TERM CONSTRUCTION CYCLE VERSUS THE MORE PIECEMEAL APPROACH OF PAY AS YOU GO. THE EFC CONSISTS OF TWO FUNDS: THE DEBT SERVICE - EFC FUND - A MAJOR FUND AND AN UNBUDGETED FUND, IS USED TO ACCOUNT FOR THE ACCUMULATION OF RESOURCES FOR, AND PAYMENT OF, ALL LONG-TERM DEBT PRINCIPAL, INTEREST, AND RELATED COSTS FOR EFC. THE CAPITAL PROJECTS - EFC FUND - A MAJOR FUND AND AN UNBUDGETED FUND, IS USED TO ACCOUNT FOR FINANCIAL RESOURCES TO BE USED FOR SITE ACQUISTIONS, CONSTRUCTION, EQUIPMENT, AND RENOVATION OF ALL MAJOR CAPITAL FACILITIES FOR EFC. LONG TERM OBLIGATION ISSUED: ORIGINAL ISSUE OF 13,595,000, PRINCIPAL DUE IN ANNUAL INSTALLMENTS OF 565,000 TO 1,105,000 AT DECEMBER 1; INTEREST OF 2.0% TO 5% PAID SEMIANNUALLY, WITH A FINAL MATURITY DATE IN DECEMBER 2030. THESE BONDS WERE ISSUED TO DEFEASE THE 2006 IPRB BONDS OUTSTANDING. THE SCHOOL DISTRICT PLACED THE NET PROCEEDS OF APPROXIMATELY 15,057,000 INTO AN IRREVOCABLE TRUST WHICH WAS USED TO REDEEM 14,445,000 OF THE OUTSTANDING BALANCE ON THE SERIES 2006 IPRB ON OCTOBER 1, 2016. THIS REFUNDING WAS UNDERTAKEN TO REDUCE TOTAL DEBT SERVICE PAYMENTS BY AN ESTIMATED 747,000 AND RESULTED IN AN ECONOMIC GAIN OF APPROXIMATELY 806,000. BUILDINGS 16783428 ASSETS SOLD TO DISTRICT -8994012 7789416 TAX EXEMPT BOND LIABILITIES 7815000 7815000 A EFC 2015 IPRRB 2015-06-11 13595000 false false false A A A A FORM 990, PAGE 6, PART VI, LINE 7A THE EFC HAS FOUR BOARD MEMBERS WHICH ARE APPOINTED BY THE BOARD OF DIRECTORS OF SCAGO. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS PROVIDED TO THE BOARD PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 19 NO DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC.