Spartanburg Stadium Facilities Corp Oration
Public records show a registered, tax-exempt organization in good standing.
Points to look into
- It owes more than it owns.
These come from the organization's own tax return. There may be a good explanation; ask the charity.
What it says it does
THE SPARTANBURG STADIUM FACILITIES CORPORATION (THE CORPORATION) IS INTENDED TO BE AN ON BEHALF ISSUER OF THE CITY OF SPARTANBURG, SOUTH CAROLINA (THE CITY). THE CORPORATION ASSISTS THE CITY BY ACQUIRING, DEVELOPING, SELLING, DONATING, CONTRIBUTING, OWNING, OPERATING, LEASING, MANAGING, FINANCING, OR REFINANCING REAL PROPERTY AND IMPROVEMENTS THEREON IN THE CITY.
- Income
- $3.8 million
- Spending
- $3.5 million
- Spent on programs
- 100%
- Reserves
- -3.5 months of spending
- Largest source of income
- investment income, 50%
- Employees
- 0
- Highest pay
- $255,468, president
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Weak: 45 out of 100. Higher than 12% of charities in its peer group (public benefit, $1m to $10m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
0 of 20It owes 102% of what it owns.
Living within its means
15 of 15Income exceeded spending by 8% of income.
Income trend
15 of 15Income rose 14111% on the year before.
Spending floor
15 of 15100% of spending went to programs.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Weak: 35 out of 100. Higher than 3% of charities in its peer group (public benefit, $1m to $10m).
Independent board
5 of 251 of 3 voting board members are independent.
Conflict of interest policy
0 of 15Reports no written conflict of interest policy.
Whistleblower policy
0 of 8Reports no written whistleblower policy.
Record keeping policy
0 of 7Reports no written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
0 of 10Did not give the board a copy of this return before filing it.
Pay set independently
0 of 5Reports no independent review process for its chief executive's pay.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- $3.5 million spent. IN 2024, THE CORPORATION ISSUED ITS 63,820,000 INSTALLMENT PURCHASE REVENUE BONDS, TAXABLE SERIES 2024 (THE 2024 BONDS). THE PROCEEDS OF THE 2024 BONDS WERE PRIMARILY USED TO DEFRAY THE COST OF DESIGN, ACQUISITION, CONSTRUCTION, AND EQUIPPING OF A MULTI-USE MUNICIPAL STADIUM INTENDED FOR USE PRINCIPALLY AS A MINOR LEAGUE BASEBALL VENUE (THE STADIUM). THE CITY HAS GROUND LEASED THE SITE OF THE STADIUM UNTIL APRIL 1, 2059 PURSUANT TO A GROUND LEASE AGREEMENT BETWEEN MORGAN & HENRY JOF ESA II, LLC AND THE CITY FOR A BASE RENTAL AMOUNT OF 1.00 PER YEAR. THE CORPORATION AND THE CITY ENTERED INTO A BASE LEASE AND CONVEYANCE AGREEMENT, AND AN INSTALLMENT PURCHASE AND USE AGREEMENT, PURSUANT TO WHICH THE CITY HAS THE RIGHT TO USE THE STADIUM, AND WILL PURCHASE THE STADIUM FROM THE CORPORATION IN INSTALLMENTS, AND THE CORPORATION WILL USE THE CITY'S INSTALLMENT PAYMENTS TO MAKE DEBT SERVICE PAYMENTS ON THE 2024 BONDS. THE CITY HAS SUBLEASED THE STADIUM TO THE TEAM OWNER. ONE HUNDRED PERCENT OF THE ACTIVITIES OF THE CORPORATION RELATE TO ACTIVITIES ON BEHALF OF THE CITY. THE ACTIVITIES OF THE CORPORATION LESSEN A BURDEN ON THE CITY IN THAT THE CITY APPROVED THE ISSUANCE OF THE 2024 BONDS ON THE CITY'S BEHALF AND SELECTED CITY PROJECTS TO BE FINANCED WITH THE PROCEEDS OF THE 2024 BONDS (E.G. AN OBJECTIVE MANIFESTATION BY A GOVERNMENTAL UNIT THAT IT CONSIDERS THE ACTIVITIES OF THE CORPORATION TO BE ITS BURDEN). IN ADDITION, THE CORPORATION'S ACTIVITIES ASSISTED THE CITY IN DEFRAYING A GOVERNMENTAL EXPENSE. THE CORPORATION'S ACTIVITIES LESSEN THE BURDEN ON THE CITY BECAUSE THE 2024 BONDS ARE A SOURCE OF FINANCING THAT IS NOT SUBJECT TO THE SOUTH CAROLINA CONSTITUTIONAL LIMITATIONS ON DEBT ISSUED BY THE CITY. THE CORPORATION MAY ISSUE BONDS OR ARRANGE OTHER FINANCING IN THE FUTURE TO ACQUIRE AND CONVEY PROPERTY TO THE CITY. IN 2024, THE CORPORATION ISSUED ITS 63,820,000 INSTALLMENT PURCHASE REVENUE BONDS, TAXABLE SERIES 2024 (THE 2024 BONDS). THE PROCEEDS OF THE 2024 BONDS WERE PRIMARILY USED TO DEFRAY THE COST OF DESIGN, ACQUISITION, CONSTRUCTION, AND EQUIPPING OF A MULTI-USE MUNICIPAL STADIUM INTENDED FOR USE PRINCIPALLY AS A MINOR LEAGUE BASEBALL VENUE (THE STADIUM). THE CITY HAS GROUND LEASED THE SITE OF THE STADIUM UNTIL APRIL 1, 2059 PURSUANT TO A GROUND LEASE AGREEMENT BETWEEN MORGAN & HENRY JOF ESA II, LLC AND THE CITY FOR A BASE RENTAL AMOUNT OF 1.00 PER YEAR. THE CORPORATION AND THE CITY ENTERED INTO A BASE LEASE AND CONVEYANCE AGREEMENT, AND AN INSTALLMENT PURCHASE AND USE AGREEMENT, PURSUANT TO WHICH THE CITY HAS THE RIGHT TO USE THE STADIUM, AND WILL PURCHASE THE STADIUM FROM THE CORPORATION IN INSTALLMENTS, AND THE CORPORATION WILL USE THE CITY'S INSTALLMENT PAYMENTS TO MAKE DEBT SERVICE PAYMENTS ON THE 2024 BONDS. THE CITY HAS SUBLEASED THE STADIUM TO THE TEAM OWNER. ONE HUNDRED PERCENT OF THE ACTIVITIES OF THE CORPORATION RELATE TO ACTIVITIES ON BEHALF OF THE CITY. THE ACTIVITIES OF THE CORPORATION LESSEN A BURDEN ON THE CITY IN THAT THE CITY APPROVED THE ISSUANCE OF THE 2024 BONDS ON THE CITY'S BEHALF AND SELECTED CITY PROJECTS TO BE FINANCED WITH THE PROCEEDS OF THE 2024 BONDS (E.G. AN OBJECTIVE MANIFESTATION BY A GOVERNMENTAL UNIT THAT IT CONSIDERS THE ACTIVITIES OF THE CORPORATION TO BE ITS BURDEN). IN ADDITION, THE CORPORATION'S ACTIVITIES ASSISTED THE CITY IN DEFRAYING A GOVERNMENTAL EXPENSE. THE CORPORATION'S ACTIVITIES LESSEN THE BURDEN ON THE CITY BECAUSE THE 2024 BONDS ARE A SOURCE OF FINANCING THAT IS NOT SUBJECT TO THE SOUTH CAROLINA CONSTITUTIONAL LIMITATIONS ON DEBT ISSUED BY THE CITY. THE CORPORATION MAY ISSUE BONDS OR ARRANGE OTHER FINANCING IN THE FUTURE TO ACQUIRE AND CONVEY PROPERTY TO THE CITY.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending June 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Worth knowing.
Recognized by the IRS in July 2026. It is too new to have a track record.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.