Lowcountry Local First

What it reported doing in 2024

Lowcountry Local First's work leverages our understanding of our more than 450 local business and more than 12,000 employees across all sectors, and is informed by staff with expertise and on-the-ground experience in local economy-building, innovative economic development, entrepreneur support, sustainable agriculture, and food systems. Our mission is to advance economic prosperity and local ownership through innovative and inclusive initiatives that build our community's wealth and wellbeing. Our Initiatives create the building blocks of a strong local economy and include: (Continued on Schedule O)Awareness Throughout the year, Lowcountry Local First works to build awareness and support for local businesses. In order to shift citizen and institutional spending to local businesses, Lowcountry Local First conceives of and implements highly-visible awareness campaigns, including Eat Local Season and Buy Local Season. Campaign participants pledge to shift their personal and business spending to locally-owned retailers, financial institutions, service providers, farmers, artists, etc. Affinity Serving our member businesses remains our core work. To ensure that local business owners have the resources and support they need to thrive, we host monthly learning and networking Local Socials. Local Works, an affordable community coworking space, provides businesses a place to share information and resources, host meetings, and come together in a collaborative setting. Additional initiatives including our Local Expertise Exchange and our Commercial Space Advisory Committee foster an environment in which local business owners can connect to and assist each other. Advocacy As an organization, we support policies and economic development initiatives that level the playing field for local businesses. Our priorities include, but are not limited to: - Eliminating red tape for starting or operating a local business. - Supporting the creation of independent business districts through regulation of "formula businesses," property tax abatements, and other innovative methods. - Educating the public and local businesses on anti-monopoly regulation of Amazon to encourage competition, entrepreneurial opportunity, and fair practices toward small businesses. - Championing policies to address the root causes of workforce challenges, including affordable housing, a multi-modal transportation system, affordable/accessible childcare, skills training, etc. Innovation Through our annual Good Business Summit, we bring thought leaders nationally and locally together to share big ideas as well as challenges and promote the idea of businesses as a force for good. Inclusivity Since 2019 Lowcountry Local First has operated Good Enterprises, a program which is equipping emerging entrepreneurs with the tools they need to run successful businesses. We bring resources to traditionally underserved populations as a step forward on the journey towards a more equitable economy. The curriculum for this program was selected because of its proven impact on the lives of individuals and communities with the potential to transform the economic landscape of the Lowcountry. The program, which includes a 12-week Community Business Academy, Business Accelerator Services, and Credit to Capital, is offered in both English and Spanish, and serves more than 100 people per year.

Financial Efficiency

• Mission deployment rate: 78.7%; rating input score 79
• Program expense ratio: 80.4%; rating input score 80
• Fundraising efficiency: $7.72 raised per $1 spent on fundraising; rating input score 30; 30th percentile among comparable filings

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: 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: 8 of 8 controls in place; rating input score 100
  • 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: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 2.6%; rating input score 44; 44th percentile among comparable filings
• Total-asset coverage ratio: 1.09; rating input score 45; 45th percentile among comparable filings
• Liabilities to assets ratio: 0.5; rating input score 16; 16th percentile among comparable filings
• Officer compensation ratio: 10%; rating input score 37; 37th percentile among comparable filings

Growth

• Program expense growth: 10.7% per year; rating input score 100; 65th percentile among comparable filings
• Revenue growth: 11.4% per year; rating input score 100; 71st percentile among comparable filings
• Asset growth: 22.4% per year; rating input score 100; 85th percentile among comparable filings