Heritage Classic Foundation

Nonprofit profile at a glance

EIN
570835114
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Hilton Head Island, SC, USA
Phone
8436715755
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Federated Giving Programs

Official website

Reported finances

Revenue
$18,963,218
Expenses
$16,538,818
Assets
$16,833,592
Liabilities
$8,707,405

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

Leadership & pay

23 people listed

Executive titles in this filing

  • STEPHEN J WILMOT (President & CEO)

Highest reported compensation

  • STEPHEN J WILMOT (President & CEO): $309,866 total reported compensation
  • DEREK R PATON (VP SALES & MARKETING): $265,149 total reported compensation
  • JAMES M IVESTER (DIRECTOR OF CORPORATE SALES): $199,144 total reported compensation

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

Overview

Mission

The heritage classic foundation's primary exempt purpose is to distribute the net profits from a pga tour event to local and statewide charities.

What it reported doing in 2024

The primary mission of the heritage classic foundation is accomplished by operating a pga tour sanctioned golf tournament known as the rbc heritage presented by boeing. The net procees from the tournament played at the harbour town golf links, hilton head island, sc are used to make distributions to other not-for-profit organizations through grant distributions and scholarships.

Operating model

Revenue model
Earned-program. 78% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 75% for direct work, and 25% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 91
  • Transparency & Controls: 80
  • Accountability: 85
  • Sustainability: 54
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.1%; rating input score 86
  • Program expense ratio: 98.4%; rating input score 98
  • Fundraising efficiency: $6,310.7 raised per $1 spent on fundraising; rating input score 99; 99th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 8th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 98.6%; rating input score 99; 30th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90%; rating input score 90; 22nd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 12.8%; rating input score 73; 73rd percentile among comparable filings
  • Total-asset coverage ratio: 1.02; rating input score 37; 37th percentile among comparable filings
  • Liabilities to assets ratio: 0.52; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 5.5%; rating input score 47; 47th percentile among comparable filings

Growth

  • Program expense growth: 2% per year; rating input score 100; 19th percentile among comparable filings
  • Revenue growth: 3.7% per year; rating input score 100; 32nd percentile among comparable filings
  • Asset growth: 11.2% per year; rating input score 100; 69th percentile among comparable filings

Details

  • Where the money goes: 86.1% of revenue deployed · 98.4% of spending went to programs
  • Governance: 18 of 20 board members independent · 7 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $16.3M in reported program spending
  • Leadership: top reported pay $310K · 23 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 28 of 29 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 84 filed money-flow records
  • Related organizations: 78 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.

  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 37/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.
  • Moderate — Sustainability: Officer compensation ratio scored 47/100.