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Office of the State Treasurer Tobias Read • State Treasurer Oregon Facilities Authority Annual Report • June 30, 2018 Office of the State Treasurer Tobias Read • State Treasurer Reed College, Portland Swallowtail Waldorf School, Cornelius Gwendolyn Griffith ∙ Executive Director Oregon Facilities Authority 1600 Pioneer Tower 888 SW Fifth Avenue Portland, OR 97204 OFFICE OF THE STATE TREASURER Phone: (503) 802-5710 Email: [email protected] TOBIAS READ http://oregonfacilities.org/ OREGON STATE TREASURER TABLE OF CONTENTS Letter from the Executive Director ...........................................................2 Overview of the Oregon Facilities Authority ..................................................4 OFA Financing Programs ....................................................................6 Fiscal Year 2017-2018 In Review ..............................................................7 Traditional Program Transactions in FY 2017-2018 ............................................8 SNAP Program Transactions in FY 2017-2018 .................................................9 Borrower Highlight: St. Vincent de Paul Society of Lane County, Inc. .........................15 The People and Procedures of the Oregon Facilities Authority ...............................18 Financial Statements and Other Information ................................................23 General Purpose Financial Statements ......................................................24 Notes to Financial Statements ..............................................................27 Supplemental Information .................................................................28 OFA Annual Report 2018 1 GWENDOLYN GRIFFITH OREGON FACILITIES AUTHORITY Executive Director 1600 Pioneer Tower JESSICA MORGAN 888 SW Fifth Avenue Associate Executive Director Portland, Oregon 97204 NIKKI PHAM Phone: 503-802-5710 Executive Assistant Email: [email protected] Greetings: On behalf of the Board and staff of the Oregon Facilities Authority (OFA), I am pleased to provide you with the Annual Report for OFA activities for the fiscal year 2017-2018. During this fiscal year, OFA facilitated seven conduit financing transactions totaling $88,915,883 on behalf of various Oregon nonprofit institutions. These projects help provide important services to Oregonians in healthcare, education, housing, and social services. Every year, OFA assists a wide variety of nonprofits, which engage in an equally wide variety of transactions. This year was no exception. OFA assisted three nonprofits who have previously financed Projects through OFA: Reed College, The French American International School and St. Vincent de Paul of Lane County. OFA was also pleased to welcome four nonprofits that were new to OFA financing: Swallowtail School, Inc., Forest Grove Community School, Rose Community Development Corporation, and Cascade AIDS Project. The Tax Cuts and Jobs Act of 2017, which took effect on January 1, 2018, changed the landscape for nonprofits seeking to use tax exempt conduit bond financing. Two elements of that tax reform package, the elimination of advance refunding opportunities and the reduction in tax rates for banks, have reduced both the availability of tax-exempt financing and its attractiveness for many potential borrowers. OFA will continue to monitor developments in this arena and look for creative ways to assist nonprofits with their capital projects. Having completed 183 financings of over $4,526,000,000 in bond issues over the past 28 years, OFA’s Board and staff are proud of OFA’s accomplishments and look forward to continuing to help nonprofits responsibly meet their capital needs. As always, if you have any questions or know of nonprofits in your area that would like to explore OFA financing, please feel free to contact us. Thank you for allowing us to be of service. Gwendolyn Griffith Executive Director 2 OFA Annual Report 2018 LETTER FROM THE EXECUTIVE DIRECTOR REPORT OF OREGON FACILITIES AUTHORITY TO THE GOVERNOR, STATE OF OREGON TREASURER, STATE OF OREGON LEGISLATIVE ASSEMBLY, STATE OF OREGON FOR THE FISCAL YEAR ENDING JUNE 30, 2018 The Honorable Kate Brown The Honorable Tina Kotek The Honorable Ted Ferrioli Governor Speaker of the House Senate Republican Leader State of Oregon State of Oregon State of Oregon 900 Court St. NE, Suite 160 900 Court St. NE, H-269 900 Court St. NE, S-323 Salem, Oregon 97301 Salem, Oregon 97301 Salem, Oregon 97301 The Honorable Tobias Read The Honorable Diane Rosenbaum The Honorable Jennifer Williamson State Treasurer Senate Majority Leader House Democratic Leader State of Oregon State of Oregon State of Oregon 900 Court St. NE, Suite 159 900 Court St. NE, S-223 900 Court St. NE, H-295 Salem, Oregon 97301 Salem, Oregon 97301 Salem, Oregon 97301 The Honorable Peter Courtney The Honorable Mike McLane President of the Senate House Republican Leader State of Oregon State of Oregon 900 Court St. NE, S-201 900 Court St. NE, H-395 Salem, Oregon 97301 Salem, Oregon 97301 This 28th annual report by the Oregon Facilities Authority is submitted pursuant to ORS 289.240. It covers the period commencing July 1, 2017, and ending June 30, 2018. Prior to January 1, 2002, the Authority’s name was the “Health, Housing, Educational and Cultural Facilities Authority” (HHECFA). OFA Annual Report 2018 3 OVERVIEW OF THE OREGON FACILITIES AUTHORITY The Oregon Facilities Authority (OFA) is the Oregon state Since its creation in 1989, OFA has issued more than $4.5 agency that helps nonprofit organizations access low-cost billion in tax-exempt conduit revenue bonds in 183 separate financing for capital projects through the issuance of tax- projects. Many of OFA’s projects are so-called “new money exempt conduit revenue bonds. OFA was created by the issues,” in which the proceeds of the bond issued are used Oregon Legislature in 1989. With certain exceptions, OFA can to construct, renovate or purchase facilities or acquire assist any nonprofit organization that qualifies as a section equipment. Refundings of existing debt, in which the bond 501(c)(3) organization under federal income tax law for capital proceeds are used to refinance outstanding debt previously projects, such as the purchase of facilities or equipment, incurred for capital purposes, have been of particular interest remodeling of facilities, construction financing, and to Applicants in recent years. These bond transactions refinancing of loans incurred for capital purposes. A qualifying typically help nonprofits by lowering interest rates or creating nonprofit need not be organized or headquartered in Oregon, more favorable loan covenants or other loan terms. and out-of-state Projects may qualify if the Project or nonprofit has a significant connection to Oregon. CAP Belmont LLC (Cascade AIDS Project), Portland 4 OFA Annual Report 2018 During the first 17 years of its existence, OFA had legislative authority to assist nonprofits in only four nonprofit sectors: healthcare, education, housing, and cultural facilities. In 2007, the Oregon Legislature expanded OFA’s mission to allow it potentially to assist any section 501(c)(3) organization with a project in Oregon, without restriction as to sector. In that same year, OFA created the Small Nonprofit Accelerated Program (SNAP) to assist smaller nonprofits in accessing low cost tax-exempt financing. The recently expanded legislative authority to issue for certain out-of-state projects is likely to assist many nonprofits with financing for projects in the western United States. Together, these developments have led to a steady expansion in OFA’s capacity to assist nonprofits. Education and healthcare projects comprise the majority of OFA’s issued bonds, both in terms of the number of projects and average issuance size (approximately $3,944,778,552 in 116 separate projects). Cultural facilities and social services agencies make up the smallest portion of OFA’s work, in terms of both of these measures (approximately $189,147,70 in 34 separate projects). This is expected to increase over time because of the expansion of OFA’s legislative mandate to allow OFA to assist any section 501(c)(3) organization with facilities or activities in Oregon. “For decades, Oregon nonprofits have stretched dollars and better served Oregonians thanks to the Oregon Facilities Authority, which puts low-cost financing in reach for real estate purchases and other capital projects. When charities, schools and health clinics – to name just a few -- can achieve their missions better and serve more people, every Oregonian wins.” • -Tobias Read, Oregon State Treasurer Forest Grove Community School, Forest Grove OFA Annual Report 2018 5 OFA FINANCING PROGRAMS ROSE Community Development Corporation, Portland OFA offers two different structures for conduit financing is not possible, an Applicant can potentially offer bonds in a transactions: the Traditional Program and SNAP Program. limited offering to qualified institutional buyers, or a bank or Both of these programs involve the State’s issuance of a other financial institution can purchase the bonds directly. tax-exempt revenue bond, and the lending of the bond Among these choices, most Applicants with large issue proceeds to a nonprofit organization. For large amounts and amounts and complex deal terms are able to find the right complex transactions, OFA facilitates the issuance of conduit structure for issuance of a tax-exempt bond. bonds through its Traditional Bond Program. For smaller, less complex transactions, the SNAP Loan Program (Small OFA’s SNAP Loan Program accommodates simple transactions Nonprofit Accelerated
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