Letter From the Chair

Barbara Rubin, Chair

The Connecticut Health and Educational Facilities Authority provides Connecticut's nonprofit institutions access to low cost financing in the public municipal markets. Formed in 1965, CHEFA currently has in excess of $6.3 billion in bonds outstanding. Hospitals, institutions of higher education, independent schools, childcare providers, cultural institutions, and human service providers have benefited from financing through CHEFA to expand their physical plant and equipment and increase services to their clients.

Over its many years of service to the citizens of Connecticut, CHEFA has accumulated a knowledge base in the areas that it serves and makes this data available to both nonprofit and public stakeholders on a pro bono basis. The sharing of unbiased financial information both strengthens the sectors we serve and informs public policymakers about the many challenges our clients face as they provide the critical societal infrastructure that is often taken for granted.

The Authority's operations do not rely upon any State appropriation either from the General Fund or from bond funds. CHEFA generates revenue from fees on its portfolio of bonds and investment income and controls expenses often generating a surplus that it reinvests back into the State. Recently, the Authority developed a series of grant programs intended to provide vital financial support to its clients and other nonprofit organizations whose missions contribute to the well-being of our State's citizens through programs that may be at risk without this additional support. To date, over $10 million dollars have been awarded to over one hundred Connecticut nonprofit organizations.

CHEFA's Staff and Board are committed to the highest ethical standards. Although governed by the State ethics laws, the Authority adopted standards of conduct stricter than those standards required by statute. With the Authority's commitment to ethics, along with the financial controls implemented, Staff has had consistent clean audits from the Authority's independent auditors and the State Auditors of public account.

During the past year, in an effort to provide continuing leadership in this area, the Board of Directors hired an internal auditor reporting directly to the Audit-Finance Committee. This new position will audit all Authority policies and procedures on an in-depth and ongoing basis and make recommendations to the Board of Directors.

Please take a few moments to browse this website, and feel free to contact us with any questions you may have. We are a service organization, and our goal is to provide the best service possible to our clients. Let us know how we might be able to help you.

Sincerely,

Barbara Rubin

Chair