UNCW Corporation (the "Corporation") was organized as a North Carolina non-profit corporation on November 14, 2002, to enhance the University of North Carolina Wilmington (the "University") educational mission, including, without limitation, overseeing and assisting with the acquisition and financing of capital assets for the University. Although legally separate from the University, the Corporation is considered a blended component unit of the University because the University's governing body appoints the Corporation's Board of Directors.
The University leases the capital assets from the Corporation, and at the end of the lease the assets will transfer to the University. The Corporation facilitated the following three phases of privatized housing for University students in addition to a related parking and recreational facilities.