efile Public Visual Render
ObjectId: 201400739349300305 - Submission: 2014-03-14
TIN: 59-1023117
Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax Exempt Bonds
Complete if the organization answered "Yes" to Form 990, Part IV, line 24a. Provide descriptions,
explanations, and any additional information in Part VI.
Attach to Form 990.
See separate instructions.
OMB No. 1545-0047
20
12
Open to Public
Inspection
Name of the organization
LYNN UNIVERSITY INC
Employer identification number
59-1023117
Part I
Bond Issues
(a)
Issuer name
(b)
Issuer EIN
(c)
CUSIP #
(d)
Date issued
(e)
Issue price
(f)
Description of purpose
(g)
Defeased
(h)
On
behalf of
issuer
(i)
Pool
financing
Yes
No
Yes
No
Yes
No
A
PALM BEACH COUNTY EDUCATIONAL FACILITIES AUTHORITY
52-1562288
05-23-2012
11,077,544
PURCHASE ENERGY CONSERVATION EQUIPMENT
X
X
X
B
PALM BEACH COUNTY EDUCATIONAL FACILITIES AUTHORITY
52-1562288
06-19-2013
25,000,000
REFINANCE PRIOR ISSUES AND FUND CONSTRUCTION PROJECTS
X
X
X
Part II
Proceeds
A
B
C
D
1
Amount of bonds retired
.
.
.
.
.
.
.
.
.
.
.
.
.
.
134,227
0
2
Amount of bonds legally defeased
.
.
.
.
.
.
.
.
.
.
.
0
0
3
Total proceeds of issue
.
.
.
.
.
.
.
.
.
.
.
.
.
.
11,089,961
25,000,000
4
Gross proceeds in reserve funds
.
.
.
.
.
.
.
.
.
.
.
.
0
1,300,000
5
Capitalized interest from proceeds
.
.
.
.
.
.
.
.
.
.
.
0
0
6
Proceeds in refunding escrows
.
.
.
.
.
.
.
.
.
.
.
.
0
0
7
Issuance costs from proceeds
.
.
.
.
.
.
.
.
.
.
.
.
64,700
300,709
8
Credit enhancement from proceeds
.
.
.
.
.
.
.
.
.
.
.
0
0
9
Working capital expenditures from proceeds
.
.
.
.
.
.
.
.
.
0
0
10
Capital expenditures from proceeds
.
.
.
.
.
.
.
.
.
.
.
4,192,351
0
11
Other spent proceeds
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0
19,052,561
12
Other unspent proceeds
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6,832,910
4,346,730
13
Year of substantial completion
.
.
.
.
.
.
.
.
.
.
.
.
Yes
No
Yes
No
Yes
No
Yes
No
14
Were the bonds issued as part of a current refunding issue?
.
.
.
.
.
X
X
15
Were the bonds issued as part of an advance refunding issue?
.
.
.
.
.
X
X
16
Has the final allocation of proceeds been made?
.
.
.
.
.
.
.
.
X
X
17
Does the organization maintain adequate books and records to support the final allocation of proceeds?
.
.
.
.
.
.
.
.
.
.
.
.
.
.
X
X
Part III
Private Business Use
A
B
C
D
Yes
No
Yes
No
Yes
No
Yes
No
1
Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds?
.
.
.
.
.
.
.
X
X
2
Are there any lease arrangements that may result in private business use of bond-financed property?
.
.
.
.
.
.
.
.
.
X
X
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) 2012
Page 2
Schedule K (Form 990) 2012
Page
2
Part III
Private Business Use
(Continued)
A
B
C
D
Yes
No
Yes
No
Yes
No
Yes
No
3a
Are there any management or service contracts that may result in private business use of bond-financed property?
.
.
.
.
.
.
.
.
.
.
.
.
X
X
b
If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed
property?
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
X
X
c
Are there any research agreements that may result in private business use of bond-financed property?
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
X
X
d
If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?
.
X
X
4
Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government
.
.
0.0000
%
0
%
%
%
5
Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government
.
.
.
.
.
.
.
0.0000
%
0.0000
%
%
%
6
Total of lines 4 and 5
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.0000
%
0
%
%
%
7
Does the bond issue meet the private security or payment test?
.
.
.
.
.
X
X
8a
Has there been a sale or disposition of any of the bond financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were
issued?
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
X
X
b
If “Yes” to line 8a, enter the percentage of bond-financed property sold or disposed of.
0.0000
%
0.0000
%
%
%
c
If “Yes” to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2?
.
.
.
.
.
.
.
.
.
.
.
.
.
X
X
9
Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under
Regulations sections 1.141-12 and 1.145-2?
X
X
Part IV
Arbitrage
A
B
C
D
Yes
No
Yes
No
Yes
No
Yes
No
1
Has the issuer filed Form 8038-T?
.
.
.
.
.
X
X
2
If "No" to line 1, did the following apply?
.
.
.
.
a
Rebate not due yet?
.
.
.
.
.
.
.
.
X
X
b
Exception to rebate?
.
.
.
.
.
.
.
.
X
X
c
No rebate due?
.
.
.
.
.
.
.
.
.
.
X
X
If you checked "No rebate due" in line 2c, provide in Part VI
the date the rebate computation was performed
3
Is the bond issue a variable rate issue?
.
.
.
.
X
X
4a
Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?
X
X
b
Name of provider
.
.
.
.
.
.
.
.
.
c
Term of hedge
.
.
.
.
.
.
.
.
.
.
0.0
0
d
Was the hedge superintegrated?
.
.
.
.
.
.
X
X
e
Was a hedge terminated?
.
.
.
.
.
.
.
X
X
Schedule K (Form 990) 2012
Page 3
Schedule K (Form 990) 2012
Page
3
Part IV
Arbitrage
(Continued)
A
B
C
D
Yes
No
Yes
No
Yes
No
Yes
No
5a
Were gross proceeds invested in a guaranteed investment contract (GIC)?
.
.
.
.
.
.
.
.
.
X
X
b
Name of provider
.
.
.
.
.
.
.
.
.
c
Term of GIC
.
.
.
.
.
.
.
.
.
.
0.0
0
d
Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied?
.
.
.
.
.
X
X
6
Were any gross proceeds invested beyond an available temporary period?
.
.
.
.
.
.
.
.
X
X
7
Has the organization established written procedures to monitor the requirements of section 148?
.
.
.
X
X
Part V
Procedures To Undertake Corrective Action
A
B
C
D
Yes
No
Yes
No
Yes
No
Yes
No
1
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations?
X
X
Part VI
Supplemental Information.
Complete this part to provide additional information for responses to questions on Schedule K (see instructions).
Identifier
Return Reference
Explanation
PROCEEDS OF ISSUE
SCHEDULE K, PART II, LINE 3
THE TOTAL PROCEEDS OF ISSUE REPORTED IN SCHEDULE K, PART II, LINE 3 FOR THE 2012 BOND ISSUE INCLUDES $12,417 OF INTEREST EARNINGS.
WRITTEN PROCEDURES
SCHEDULE K, PART III, LINE 9
THE ORGANIZATION IS IN THE PROCESS OF ADOPTING WRITTEN PROCEDURES TO ENSURE ALL NONQUALIFIED BONDS (IF ANY) OF THE ISSUE ARE REMEDIATED IN ACCORDANCE WITH THE ASSOCIATED REGULATIONS. THE ORGANIZATION STRIVES TO STAY ABREAST OF FEDERAL REGULATIONS AND CONSIDERS THE REPERCUSSIONS OF ALL SIGNIFICANT ACTIVITIES WHICH COULD FORESEEABLY HAVE AN IMPACT ON THE ORGANIZATION'S TAX EXEMPT BONDS AND THE ASSOCIATED FEDERAL TAX REGULATIONS.
WRITTEN PROCEDURES
SCHEDULE K, PART IV, LINE 7
THE ORGANIZATION IS IN THE PROCESS OF ADOPTING WRITTEN PROCEDURES TO MONITOR THE ORGANIZATION'S ABILITY TO REMAIN IN COMPLIANCE WITH THE ARBITRAGE REQUIREMENTS UNDER SECTION 148 OF THE INTERNAL REVENUE CODE. THE ORGANIZATION STRIVES TO STAY ABREAST OF FEDERAL REGULATIONS AND CONSIDERS THE REPERCUSSIONS OF ALL SIGNIFICANT ACTIVITIES WHICH COULD FORESEEABLY HAVE AN IMPACT ON THE ORGANIZATION'S TAX EXEMPT BONDS AND THE ASSOCIATED FEDERAL TAX REGULATIONS.
WRITTEN PROCEDURES
SCHEDULE K, PART V
THE ORGANIZATION IS IN THE PROCESS OF ADOPTING WRITTEN PROCEDURES WHICH DICTATE HOW MANAGEMENT TIMELY IDENTIFIES AND CORRECTS VIOLATIONS OF FEDERAL TAX REQUIREMENTS USING THE VOLUNTARY CLOSING AGREEMENT PROGRAM PROVIDED BY THE IRS WHEN SELF-REMEDIATION IS NOT AVAILABLE TO THE ORGANIZATION. THE ORGANIZATION STRIVES TO STAY ABREAST OF FEDERAL REGULATIONS AND CONSIDERS THE REPERCUSSIONS OF ALL SIGNIFICANT ACTIVITIES WHICH COULD FORESEEABLY HAVE AN IMPACT ON THE ORGANIZATION'S TAX EXEMPT BONDS AND THE ASSOCIATED FEDERAL TAX REGULATIONS. IN THE EVENT A VIOLATION IS IDENTIFIED THE ORGANIZATION'S POLICY IS TO CORRECT THE VIOLATION AS SOON AS POSSIBLE, WHILE WORKING WITH THE FEDERAL AUTHORITIES AS NECESSARY TO ENSURE THAT SUFFICIENT CONTROLS ARE PRESENT WHICH WILL GUARD AGAINST FUTURE VIOLATIONS.
Schedule K (Form 990) 2012
Additional Data
Software ID:
12000266
Software Version:
v2012.1.0