2025 Insights into the Fundamentals of Tax-Exempt Bonds

WHEFA hosted its first annual "Insights into the Fundamentals of Tax-Exempt Bonds" seminar on Monday, March 17, 2025 at the Lake Lounge Conference Room in Brookfield, WI.  This was a borrower focused, small-format seminar for those new to capital finance or who have been inactive for several years.  Thanks to all those who attended!

Presentations from the seminar are below:

• Introduction to Tax-Exempt Financing 
• Monitoring Tax Compliance & Other Post Closing Requirements 
• Tax-Exempt Financing - Borrowers Perspective 

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2024 Workshop Presentations:

Welcome & Review of WHEFA Activities 
Larry Wiemer, Executive Director; WHEFA

Economic and Market Landscape 
George Cook, Managing Director; Graystone Consulting

Trends in Tax-Exempt Debt
Nathan Fronk, Partner; Quarles

Current Market Dynamics & Trends in Treasury Management
James Green, Senior Vice President; Kaufman Hall 
Marek Kowalewski, Senior Vice President; Kaufman Hall

Strategies to Succeed in Today's Market 
Michael Tierney, Managing Director; Fifth Third Securities

Alphabet Soup Anyone?  What & Why You Need to Know About NZA's, SPO's and BCI's (presentation not available)
Patrick Sandercock, Vice President, Moody's Ratings

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Lunch & Learn (virtual):

In lieu of hosting the WHEFA workshop in March, WHEFA hosted a virtual “Lunch & Learn” on Tuesday March 26, 2024.

Representatives from Blue Rose Capital Advisors shared their insights and perspectives on:

• Year-to-date 2024 market activity
• Industry prognostications on expected Fed rate setting activity
• Historical market performance in declining rate environments
• Interpreting the 'noise' during an election year

They also addressed capital planning strategies to consider, such as:

• Refunding opportunities
• Reinvestment opportunities
• Strategies to address the inverted yield curve
• Pricing dynamics and the utilization of interest rate swaps

Click Here to View Webinar Recording

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2023 Workshop Presentations 

Economic and Political Landscape
Mike Musselman, Senior Vice President; Fifth Third Bank

Trends in Tax-Exempt Debt
Nathan Fronk, Partner; Quarles

Panel – Rating Agency Updates
Margaret Johnson, Senior Director; Fitch Ratings
Jared Brewster, Vice President/Sr. Analyst; Moody’s Investors Service
Suzie Desai, Senior Director; S&P Global Ratings

Lunch Speaker
Joyce Mallory, Community Engagement Mgr.; Heroes for Healthcare

Panel - Supplemental Financing Opportunities
Kurt Reinhold, Chief Executive & President; Legacy Solar Cooperative
Robert Beach, Dir. Capital Strategy; Forward Community Investments
Kimberly Johnston, Market Development Director; PACE Wisconsin

Panel – Opportunities in the Current Market Environment
Nessy Shems, Managing Director; Piper Sandler
Jennifer Brown, Managing Director; Ponder & Co.
Dana Lach, Of Counsel; Foley & Lardner

Panel – Community Collaboration / Partnership
Greg Wesley, Senior Vice President; Medical College of Wisconsin
Kelsey Otero, Sr. Director of Community Engagement; Marquette Univ.
Rene Eastman, Vice President; LeadingAge Wisconsin

Understanding the tax-exempt financing process has never been easier. Below is material that is designed for those who have never completed a tax-exempt financing or have not done so for a long time. Topics covered include legal aspects, terminology, financing team and financing structure issues.

Tax-Exempt 501(c)(3): Bonds 101
Tax-Exempt 501(c)(3): Bonds 201
Benefits of Financing with WHEFA Video
WHEFA 40th Anniversary Video
Costs of Issuance
Glossary of Municipal Securities Terms

Fiscal Year 2024
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020

The Wisconsin Supplier Diversity Program (SDP) certifies Minority-Owned (MBE), Service-Disabled Veteran-Owned (DVB) and Woman-Owned (WBE) businesses to provide better opportunity for them to do business with the State of Wisconsin and to assist the State of Wisconsin in achieving its goal of purchasing 5% with MBEs and 1% with DVBs. The SDP verifies that businesses are at least 51% owned, managed, and controlled by a member or members of selected population.

WHEFA, created by the Wisconsin Legislature in 1973 (Chapter 231, Wisconsin Statutes), provides active capital financing assistance to Wisconsin’s nonprofit organizations. WHEFA operates with a staff of four. No state or other public funds are used by the Authority. The Authority’s small operating budget is financed completely from user fees of the private nonprofit borrowers that issue bonds through the Authority. All of the financing fees are paid by the nonprofit borrowing organizations, not by WHEFA.

WHEFA provides the following list of MBE, DVB and WBE businesses to all private, nonprofit borrowing institutions for consideration in their selection and hiring of counsel or co-counsel (bond, borrower, and/or underwriter counsel) and advisor/investment services. We encourage all nonprofit borrowing organizations to consider one or more of the businesses listed below in their upcoming bond financing through the Authority.

For the most updated information please review the following:

https://supplierdiversity.wi.gov/

Wisconsin Supplier Diversity Program – Search Businesses