Private Schools can save tens of thousands of dollars by using tax-exempt financing on building projects. To do this, you need to have your accountant or finance committee contact the Wisconsin Health and Educational Facilities Authority (WHEFA).
WHEFA assists Wisconsin non-profit institutions to obtain and maintain access to tax-exempt financing in order to finance or refinance capital improvement and expansion needs. Since inception, WHEFA has provided several hundred Wisconsin non-profit corporations access to private and public capital markets at lower costs than are available to them in the conventional marketplace.
For example, Mount Olive Lutheran School in Appleton saved $110,00 in finance costs by using WHEFA.
“Being able to utilize bond financing through WHEFA was a huge blessing for Mount Olive Lutheran School. We estimated that it will save us over $110,000 in interest expense. Even after factoring in legal fees and related issuance costs, we will experience a substantial reduction in financing costs. This allowed us to move forward with construction of a facility that will serve the needs of the young children of your congregation and our community for years to come. We are so grateful for access to this type of financing option,” said Rev. Roberts F. Raasch, Pastor at Mount Olive Ev. Lutheran Church of Appleton.
Bond financing facilitated by WHEFA financed the costs associated with the construction and equipping of an addition and renovations to Mount Olive Lutheran School, including the addition of approximately 20,500 square feet to the grade school, including 4 new school classroom (3K, 4K and two 5K rooms); a new gymnasium and new locker rooms; a new kitchen; relocated school administration office suite; a new secure main school entrance; a relocated and improved playground; parking lot improvements; and various other interior renovations. This federally tax-exempt financing process enabled the school to operate more effectively by financing its capital expenses at lower interest rates.
