The California Enterprise Development Authority (CEDA) offers tax-exempt financing to 501(c)(3) non-profit organizations looking to realize savings in debt service payments—savings that can be put back into the organization’s operations. In July 2019, Crespi Carmelite High School and CEDA completed an $8 million tax-exempt financing to help the school in its renovation and improvement efforts.
Established in Encino, CA, in 1959, Crespi Carmelite High School is an all-male, Catholic, college preparatory high school conducted by the Carmelite Order. Crespi offers a curriculum satisfying all requirements for college entrance plus a wide range of programs, including athletics, art, and drama. Crespi receives, on average, 300 applicants annually and approximately 48 percent of those who apply are enrolled. Current enrollment is about 500 students with an average class size of 23 and a student-to-teacher ratio of 14:1. Typically, 98 percent of the school’s graduates go directly to higher education, 85 percent to four-year colleges.
The financing project through CEDA includes construction of an aquatics center, including an Olympic-sized competition pool, a smaller wellness pool, bleachers, and locker rooms. Crespi is partnering with its sister school, Louisville High School, in the development of this “home pool” which will enhance school spirit and pride and eliminate athletes’ need for travel to off-campus facilities.
More information about Crespi Carmelite High School can be found online at: https://www.crespi.org/.
Crespi Carmelite High School
Source: http://blog.followingfoersch.com/ (Following Foersch website, Dr. Kenneth Foersch, President)