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 $7.6 billion in bonds outstanding. Hospitals, institutions of higher education, independent schools, childcare providers, cultural institutions, and human service providers have benefited from this financing 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 markets that it serves and makes this data available to both nonprofit and public stakeholders on a pro bono basis. The sharing of unbiased information, including industry trends and metrics, both provides insight to the sectors we serve and informs public policymakers about the many challenges our clients face as they provide the infrastructure and services that are so critical to the State.
The Authority's operations do not rely upon any State appropriations either from the General Fund or from bond funds. CHEFA generates revenue from fees for the services it provides to the client base and from investment income, often generating a surplus that it reinvests into the State through contributions to the State and through a series of proprietary grant programs intended to provide vital financial support to our clients and other nonprofit organizations whose missions contribute to the well-being of the State's citizens. To date, over $14 million dollars have been awarded to over one hundred Connecticut nonprofit organizations. As funds are available for this program, additional grants will be awarded.
CHEFA's Staff and Board are committed to the highest ethical standards. The organization has adopted standards that meet all State ethics laws and has comprehensive practices in place, including effective financial controls and an internal audit function staffed by a professional who reports directly to the Audit-Finance Committee. We are proud to report that the Authority has consistently received clean audits from the Authority's independent auditors and the State Auditors of public accounts.
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.