Beaufort Regional Chamber of Commerce

What it reported doing in 2024

The chamber exists to promote economic prosperity to enhance the well-being of everyone in our region by:1) supporting local businesses by providing advocacy, information, and connections, to help members be successful and profitable: a) advocacy: i) actionable public policy agenda to improve the region's business climate. Ii) consistent dialog with local, state, and federal elected officials to advocate for businesses. B) information: i) multichannel communications with curated news, perspectives, resources, and promotion opportunities. Ii) seminars with innovative thinkers and best practice leaders. C) connections: i) frequent, well-organized opportunities to interact with other business leaders. Ii) unique ways to reach target customers.2) growing the economy by working with partners to promote growing economic sectors and strengthen existing economic pillars such as defense and tourism: a) partnerships: i) establish partnerships with allied organizations working to promote economic growth. Ii) use advocacy, convening, and communication strengths to advance partner's missions. B) sectors: i) convene member businesses by economic sector to assess needs and explore opportunities. Ii) organize work groups and share economic/employment data to advance key sectors. C) military: i) advocate for policies, programs, and investments needed to secure the region's existing military missions. Ii) identify and promote opportunities to attract complementary missions by building on current assets. D) key economic sectors: i) military/defense ii) hospitality iii)real estate iv) manufacturing v) health care vi) technology3) building leadership capacity by mobilizing the board, conducting research, leveraging communications and programs, and growing the membership to enhance the chamber's influence and capacity: a) vision: i) use convening power of the chamber board to engage with regional leaders from other sectors. Ii) engage chamber members in future visioning through events and surveys. B) insight: i) track and report on key regional economic, workforce, and demographic data. Ii) publish reports, release op-eds, and offer commentary about significant regional issues. C) organization: i) grow membership and revenue by attracting new members and upgrade existing members. Ii) deepen member engagement in strategic work areas.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 6 of 8 controls in place; rating input score 75
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: 26.1%; rating input score 82; 82nd percentile among comparable filings
• Total-asset coverage ratio: 1.14; rating input score 47; 47th percentile among comparable filings
• Liabilities to assets ratio: 0.38; rating input score 20; 20th percentile among comparable filings
• Officer compensation ratio: 19.7%; rating input score 15; 15th percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: -6.8% per year; rating input score 0; 4th percentile among comparable filings
• Asset growth: -6.2% per year; rating input score 0; 5th percentile among comparable filings