KANSAS INDEPENDENT COLLEGE FINANCE AUTHORITY (KICFA)
The Kansas Independent College Finance Authority is a separate legal entity created by cities where KICA institutions are located for the purpose of assisting those institutions with financing working capital, and the construction, acquisition, and renovation of educational facilities and structures. KICFA was formed in 2000 as an entity which could issue bonds or revenue anticipation notes without having to request the assistance of the city, county, or state to issue. Prior to 2000, the City of Olathe issued bonds on behalf of KICA. In the 1986 Federal Tax Act, the City of Olathe was given the authority to issue up to $80 million in bonds to be used by KICA member schools.
Between 2004 and 2014, KICFA issued over $140,000,000 in bonds or notes and 15 of 20 KICA member institutions have participated in KICFA financings.
Private Education Short-Term Loan Program – KICFA helps KICA institutions alleviate cash flow difficulties that are typically experienced during part of each fiscal year due to tuition revenue timing.KICFA issues tax-exempt working capital revenue anticipation notes and loans the note proceeds to participating institutions.
Educational Facilities Finance – KICFA issues bonds, notes and other obligations, including federal and state income tax-exempt bonds, to help KICA institutions access capital markets and borrow low-cost funds to finance costs of educational facilities.
KICFA has a Revenue Anticipation Program each year.
KICFA is created through an inter-local cooperation agreement, allowed by Kansas Constitutional “home rule” authority, by those member cities where KICA schools are located. The only exceptions are Manhattan and the Unified Government of Wyandotte County; hence, Manhattan Christian and Donnelly College are not KICFA members. Read the full Interlocal Cooperation Agreement that governs KICFA HERE.
KICFA presently has fourteen member cities located in the State of Kansas including the cities of Atchison, Baldwin City, Hesston, Hillsboro, Leavenworth,
Lindsborg, McPherson, North Newton, Olathe, Ottawa, Salina, Sterling, Wichita and Winfield.
The inter-local cooperation agreement authorizes the president of each college located within a city to be the city’s delegate to KICFA. The delegates elect a five (5) member KICFA Board who serve staggered three (3) year terms, and in turn the Board elects its officers to serve one-year terms. Current governing representatives are listed here.
For more information regarding KICFA and its financing programs, please contact KICA President, and ex officio KICFA representative, Matthew E. Lindsey or KICA Director of Office Operations Mark A. Millikan