Florence Downtown Development Corporation Inc

Nonprofit profile at a glance

EIN
522382818
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Florence, SC, USA
Phone
8436785913
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Environmental Beautification and Aesthetics

Reported finances

Revenue
$454,920
Expenses
$365,998
Assets
$1,190,484
Liabilities
$2,552

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

People named in this filing

  • Dr Luther F Carter (Board of Directors)
  • Lesli McGee (Vice Chairman)
  • Ken Jackson (Board Chairman)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To promote the redevelopment and revitalization of the downtown redevelopment district.

What it reported doing in 2024

The facilitation and promotion of the redevelopment and revitalization of the City of Florence downtown area. The Pecan Festival is a weekend event held downtown during November. Florence After Five is an event held on Friday afternoons during the warm weather months to promote the downtown vendors. The Art Trail encourages various art mediums in the downtown area. In addition to these events, the Corporation has many more that occur throughout the year.

Operating model

Revenue model
Earned-program. 63% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 70
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 80.7%; rating input score 81
  • Program expense ratio: 99.9%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 19.5%; rating input score 73; 73rd percentile among comparable filings
  • Total-asset coverage ratio: 3.25; rating input score 71; 71st percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 54; 54th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -4.4% per year; rating input score 0; 18th percentile among comparable filings
  • Revenue growth: -0.4% per year; rating input score 0; 22nd percentile among comparable filings
  • Asset growth: 0.4% per year; rating input score 100; 26th percentile among comparable filings

Details

  • Where the money goes: 80.7% of revenue deployed · 99.9% of spending went to programs
  • Governance: 11 of 11 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $366K in reported program spending
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Review — Sustainability: Liabilities to assets ratio scored 54/100.