Beaufort Digital Corridor
- Assets
- $135.9k
- Revenue
- $367.1k
- Investments
- $0.0
- Employees
- 5
- Location
- Beaufort, SC
- Founding
- 02/2018
- Data as of
- 06/2023
- EIN
- 81-4210441
Organization Overview
Beaufort Digital Corridor is located in Beaufort, SC. The organization was established in 2018. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Beaufort Digital Corridor employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Beaufort Digital Corridor is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Beaufort Digital Corridor generated $367.1k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 29.5% each year . All expenses for the organization totaled $333.3k during the year ending 06/2023. While expenses have increased by 16.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE BDC IS A BUSINESS DEVELOPMENT EFFORT BY THE CITY OF BEAUFORT TO ATTRACT, NURTURE, AND PROMOTE TECH AND TECH-RELATED COMPANIES. THE CORRIDOR TEAM, COMPRISED OF RELEVANT PARTICIPANTS IN THE PRIVATE AND PUBLIC SECTOR, IS POSITIONED TO SERVE THE BUSINESS COMMUNITY AS A PORTAL TO GOVERNMENT, INFRASTRUCTURE, REAL ESTATE, PROFESSIONAL RESOURCES, CAPITAL AND EDUCATION. THE TEAM'S OVERRIDING GOAL IS TO OFFER TANGIBLE RESOURCES TO TECH AND TECH-RELATED COMPANIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BDC OPERATES FROM BASECAMP, THE BDC'S PROFESSIONAL BUSINESS INCUBATOR/CO-WORKING OFFICE IN HISTORIC BEAUFORT. THIS LOCATION SERVES AS THE FOCAL POINT FOR THE ADVANCEMENT OF BEAUFORT'S TECH AND TECH-RELATED ECONOMY. THE OFFICE LOCATION IS AT 500 CARTERET STREET IN DOWNTOWN BEAUFORT.
LUNCH & LEARN IS A PROGRAM TO FACILITATE THE GROWTH AND EXPANSION OF INFORMATION TECHNOLOGY JOB OPPORTUNITIES IN THE BEAUFORT AREA.
CODECAMP BEAUFORT IS A SUMMER PROGRAM FOR BEAUFORT AREA CHILDREN THAT EDUCATES THEM AS IT RELATES TO TECHNOLOGY CODING IN AN EFFORT TO PROMOTE GROWTH OF INTEREST IN TECHNOLOGY JOBS IN THE BEAUFORT AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melissa Venable Board Chairman | OfficerTrustee | 1 | $0 |
Matt D'angelo Vice Chairman | OfficerTrustee | 1 | $0 |
Joe Floyd Board Member | Trustee | 1 | $0 |
Stephen Murray Board Member | Trustee | 1 | $0 |
Rich Conte Treasurer | OfficerTrustee | 1 | $0 |
Jamie Fleming Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $6,251 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $201,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $100,422 |
| Noncash contributions included in lines 1a–1f | $3,754 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $307,673 |
| Total Program Service Revenue | $51,140 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $7,262 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,022 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $367,097 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $69,769 |
| Compensation of current officers, directors, key employees. | $12,228 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $51,343 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,316 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,380 |
| Advertising and promotion | $20,156 |
| Office expenses | $4,665 |
| Information technology | $2,296 |
| Royalties | $0 |
| Occupancy | $30,847 |
| Travel | $1,494 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $81,412 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,031 |
| Insurance | $1,605 |
| All other expenses | $0 |
| Total functional expenses | $333,293 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $76,052 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $55,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,193 |
| Net Land, buildings, and equipment | $2,688 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $135,933 |
| Accounts payable and accrued expenses | $1,975 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,600 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,575 |
| Net assets without donor restrictions | $132,358 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $135,933 |