UCF Convocation Corporation

Overview

The UCF Convocation Corporation is a Florida-based, federally tax-exempt nonprofit organization. It is designated as a component of the University of Central Florida (UCF), serving as a direct support organization. The corporation was incorporated on October 26, 2005, to finance, construct, and operate facilities that support the university's needs.

Purpose and Activities

The primary purpose of the UCF Convocation Corporation is to provide financing solutions for university facilities, particularly those related to large meetings, convocation spaces, and student housing. The corporation manages significant facilities, including the Addition Financial Arena, which is a 10,000-seat venue used for university events such as graduations, sports games, and concerts. Additionally, it oversees four student residence halls, multiple parking garages, and approximately 80,000 square feet of retail space.

These facilities not only serve UCF students and faculty but also offer retail and lodging options to the broader community. The corporation prioritizes university events when booking the arena, ensuring that internal events take precedence over external requests.

Financial Operations

The UCF Convocation Corporation's revenue is primarily derived from program services, which cover a significant portion of its total income. This includes revenue from managing the facilities it operates. The corporation uses its revenues mainly for debt service and the operational maintenance of the facilities. Any surplus can be allocated to other university purposes with approval from the UCF Board of Trustees.

Governance and Structure

The corporation is governed by a board of directors, including representatives from the UCF Board of Trustees. Its operations are overseen by corporate officers who work closely with university personnel to ensure alignment with university goals.

Tax Status

The UCF Convocation Corporation is a tax-exempt organization, with donations to it being tax-deductible. It operates under the Internal Revenue Code as a 501(c)(3) nonprofit entity.

Assets and Liabilities

As of recent financial reports, the UCF Convocation Corporation has maintained substantial assets while also managing significant liabilities, primarily related to long-term debts associated with facility construction and maintenance.

Overall, the UCF Convocation Corporation plays a crucial role in supporting the infrastructure needs of the University of Central Florida, facilitating the growth and development of the institution through strategic facility management and financing solutions.