Folly Beach Tourism and Visitor Promotion Committee Inc

Nonprofit profile at a glance

EIN
203272347
IRS 990 coverage
2015–2024
Forms available
Form 990 2024, Form 990-EZ 2014
Location
Folly Beach, SC, USA
Phone
8435131840
Rating
53
Verdict
MIXED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Reported finances

Revenue
$592,463
Expenses
$650,472
Assets
$442,321
Liabilities
$14,975

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

Leadership & pay

8 people listed

People named in this filing

  • CARL HALLY (CHAIRMAN FRO)
  • CAROL HART (CHAIRMAN TI)
  • NATHAN FOSTER (TREASURER)

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 make recommendations to city council on, and establish guidelines for, the advertisement and promotion of tourism for the city of folly beach, sc primarily with funding from the state accommodations tax

What it reported doing in 2024

The organization expended funds to market the city of folly beach and promote tourism. The organization was established by the city for this purpose to assist the city with the oversight of the accommodation tax funds received from the state of sc. During fy25, projects included funding for the 2nd street east pedestrian path and the research for proposed historical signage throughout the island.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 93
  • Accountability: 100
  • Sustainability: 33
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • 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: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -9.8%; rating input score 17; 17th percentile among comparable filings
  • Total-asset coverage ratio: 0.68; rating input score 31; 31st percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 57; 57th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: -16% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: 13.7% per year; rating input score 100; 76th percentile among comparable filings
  • Asset growth: 12.6% per year; rating input score 100; 67th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 7 of 7 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 10 of 11 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 4 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 filed related-organization links
  • 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Operating margin scored 17/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Sustainability: Total-asset coverage ratio scored 31/100.
  • Review — Sustainability: Liabilities to assets ratio scored 57/100.