In March, TUFF made a $1.3 million gift to Clark Atlanta University (CAU) and Spelman College (Spelman) in unrestricted funding to directly benefit the Institutions, their students and to help offset any negative impacts from Covid-19.
TUFF made the outright gift after the recent refinancing of the John B. Shepherd Central Utility Plant. The refinancing also provides an additional $3.8 million in future savings from reduced annual payments by the institutions for the operations of the plant.
TUFF has operated the plant since 2007 when they partnered with CAU and Spelman to renovate and expand the shared facility to improve service reliability and meet growing demand. TUFF expanded and renovated the plant, as well as assumed operational management responsibilities. CAU and Spelman now purchase the output of the plant from TUFF to support the operation of multiple academic and student housing facilities. TUFF’s involvement enabled the Institutions to invest their own capital into their core academic missions, rather than spending it on plant renovations.
TUFF supports our partner institutions by continuously exploring opportunities to provide financial benefits to the university. Refinancing the utility plant provided TUFF an opportunity to immediately make a gift to assist the institutions in supporting their students and help offset any negative impacts from Covid-19 as well as provide additional financial benefits over the following eight years.