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ObjectId: 202141109349300604 - Submission: 2021-04-20
TIN: 24-0795686
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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
Ⅵ
, line 24a. Provide descriptions,
explanations, and any additional information in Part
Ⅵ
.
Attach to Form 990.
Go to
www.irs.gov/Form990
for instructions and the latest information.
OMB No. 1545-0047
20
19
Open to Public
Inspection
Name of the organization
LAFAYETTE COLLEGE
Employer identification number
24-0795686
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
NORTHAMPTON CITY GPA (SERIES 2013 A)
23-3007498
66353LCF2
11-26-2013
35,146,792
REFUND SERIES 98A, 98B, VAR. CAP. PROJECTS
X
X
X
B
NORTHAMPTON CITY GPA (SERIES 2010 A AND B)
23-3007498
66353LAY3
04-30-2010
26,689,800
REFUND SERIES 10A, VAR. CAP. PROJECTS
X
X
X
C
NORTHAMPTON CITY GPA (SERIES 2018)
23-3007498
66353LDL8
10-02-2018
21,520,883
COLLEGE REFUNDING REVENUE BONDS
X
X
X
D
NORTHAMPTON CITY GPA (SERIES 2006)
23-3007498
66353LAG2
09-14-2006
15,100,000
CONSTRUCT./RENOV. ATHLETIC FACILITIES
X
X
X
Part
Ⅱ
Proceeds
A
B
C
D
1
Amount of bonds retired
..................
21,150,000
4,100,000
2
Amount of bonds legally defeased
..............
3
Total proceeds of issue
..................
35,146,792
26,690,421
21,520,883
15,312,344
4
Gross proceeds in reserve funds
.............
5
Capitalized interest from proceeds
.............
108,121
6
Proceeds in refunding escrows
...............
7
Issuance costs from proceeds
...............
346,792
370,883
8
Credit enhancement from proceeds
.............
9
Working capital expenditures from proceeds
.............
10,709
10
Capital expenditures from proceeds
.............
12,600,000
4,400,421
15,193,514
11
Other spent proceeds
.............
22,200,000
22,290,000
21,150,000
12
Other unspent proceeds
.............
13
Year of substantial completion
.............
2013
2018
2007
Yes
No
Yes
No
Yes
No
Yes
No
14
Were the bonds issued as part of a current refunding issue of tax-exempt
bonds (or, if issued prior to 2018, a current refunding issue)?
........
X
X
X
X
15
Were the bonds issued as part of an advance refunding issue of taxable
bonds (or, if issued prior to 2018, an advance refunding issue)?
........
X
X
X
X
16
Has the final allocation of proceeds been made?
..........
X
X
X
X
17
Does the organization maintain adequate books and records to support the final allocation of proceeds?
..................
X
X
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
X
X
2
Are there any lease arrangements that may result in private business use of bond-financed property?
...............
X
X
X
X
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) 2019
Page 2
Schedule K (Form 990) 2019
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
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?
c
Are there any research agreements that may result in private business use of bond-financed property?
.............
X
X
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?
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 %
0 %
0 %
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 %
0 %
0 %
0 %
6
Total of lines 4 and 5
.............
0 %
0 %
0 %
0 %
7
Does the bond issue meet the private security or payment test?
...
X
X
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
X
X
b
If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of.
..
c
If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2?
.............
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
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, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate?
...
X
X
X
X
2
If "No" to line 1, did the following apply?
....
a
Rebate not due yet?
.......
X
X
X
X
b
Exception to rebate?
........
X
X
X
X
c
No rebate due?
.........
X
X
X
X
If "Yes" to line 2c, provide in Part
Ⅵ
the date the rebate
computation was performed
......
3
Is the bond issue a variable rate issue?
.....
X
X
X
X
4a
Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?
X
X
X
X
b
Name of provider
..........
c
Term of hedge
.........
d
Was the hedge superintegrated?
......
e
Was the hedge terminated?
........
Schedule K (Form 990) 2019
Page 3
Schedule K (Form 990) 2019
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
X
X
b
Name of provider
..........
c
Term of GIC
.........
d
Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied?
........
6
Were any gross proceeds invested beyond an available temporary period?
X
X
X
X
7
Has the organization established written procedures to monitor the requirements of section 148?
...
X
X
X
X
Part
Ⅴ
Procedures To Undertake Corrective Action
---------------------------------------------------------------------------------------------------------------
A
B
C
D
Yes
No
Yes
No
Yes
No
Yes
No
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
X
X
Part
Ⅵ
Supplemental Information.
Provide additional information for responses to questions on Schedule K. (See instructions).
Return Reference
Explanation
DATE REBATE COMPUTATION PERFORMED
ISSUER NAME: NORTHAMPTON CITY GPA (SERIES 2013 A) DATE THE REBATE COMPUTATION WAS PERFORMED: 06/23/2017 ISSUER NAME: NORTHAMPTON CITY GPA (SERIES 2010 A AND B) DATE THE REBATE COMPUTATION WAS PERFORMED: 02/13/2015 ISSUER NAME: NORTHAMPTON CITY GPA (SERIES 2006) DATE THE REBATE COMPUTATION WAS PERFORMED: 03/13/2015 ISSUER NAME: NORTHAMPTON CITY GPA (SERIES 2003) DATE THE REBATE COMPUTATION WAS PERFORMED: 03/16/2015
FORM 990, SCHEDULE K, PART I, SUPPLEMENTAL INFORMATION:
NORTHAMPTON COUNTY GPA (SERIES 2010 A AND B) IS ONE INTEGRATED STRUCTURE AS REPORTED ON IRS FORM 8038. IT IS COMPRISED OF TWO SUB-COMPONENTS, SERIES 2010 A WHICH HAD PROCEEDS OF $22,289,379 FOR THE PURPOSE OF RETIRING THE SERIES 2000 BONDS WAS STRUCTURED AS VARIABLE RATE DEBT AND SERIES 2010B WHICH HAD PROCEEDS OF $4,400,421 FOR VARIOUS CAPITAL PROJECTS AND IMPROVEMENTS WAS STRUCTURED AS FIXED RATE DEBT.
SCHEDULE K, PART II, LINE 3:
THE DIFFERENCE FROM PART I(E) IS DUE TO INVESTMENT EARNINGS.
FORM 990, SCHEDULE K, PART III:
THE COLLEGE CONTRACTS WITH A FOR-PROFIT DINING SERVICE PROVIDER FOR THE MANAGEMENT OF THE DINING OPERATIONS ON CAMPUS. THE CURRENT CONTRACT IS STRUCTURED SUCH THAT THE PREPONDERANCE OF FEES IS BASED ON A PER CAPITA CHARGE. A SMALL PORTION OF THE PROCEEDS OF THE SERIES 2008 BONDS WERE USED TO RENOVATE ONE OF THE SEVEN DINING VENUES ON CAMPUS, BUT GIVEN ITS NATURE, THE COLLEGE, WITH THE ADVICE OF COUNSEL, BELIEVES THE CONTRACT WITH THE FOR-PROFIT DINING SERVICE PROVIDER IS A QUALIFIED MANAGEMENT CONTRACT AND NOT SUBJECT TO PRIVATE USE.
FORM 990, SCH. K, PART IV, LINE 3, USE OF INTEREST RATE HEDGING CONTRACTS:
THE COLLEGE HAS THREE INTEREST RATE HEDGING CONTRACTS IN PLACE THAT WERE ENTERED INTO TO MITIGATE THE COLLEGE'S INTEREST RATE RISK INHERENT WITH VARIABLE RATE STRUCTURED DEBT. EACH OF THE HEDGING CONTRACTS REQUIRES THE COLLEGE TO PAY A FIXED RATE IN RETURN FOR A VARIABLE RATE THAT IS EXPECTED TO APPROXIMATE THE INTEREST RATE PAYABLE ON THE COLLEGE'S DEBT IN TYPICAL MARKETS. NONE OF THE INTEREST RATE HEDGING CONTRACTS ARE STRUCTURED AS "QUALIFIED" HEDGES ON THE RECORDS OF THE ISSUING AUTHORITY FOR ANY OF THE COLLEGE'S DEBT ISSUANCES, WHICH IS THE NORTHAMPTON COUNTY GENERAL PURPOSE AUTHORITY. AS SUCH, NONE OF THE INTEREST RATE HEDGES ARE INTEGRATED FOR TAX PURPOSES WITH A PARTICULAR DEBT ISSUANCE OF THE COLLEGE.
Schedule K (Form 990) 2019
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