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Beaufort Digital Corridor FY2023 filing

Not tax-deductible

Beaufort, SC501(c)(6)Since 2016Community Development EIN 81-4210441Revenue $367K in FY2023

On file with the IRSbeaufortdigital.com500 Carteret St Ste D, 29902-5066 · Beaufort, SCTax-exempt since Feb 2018

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The bdc is a business development effort by the city of Beaufort to attract, nurture, and promote tech and tech-related companies. The Corridor team, comprised of relevant participants in the private and public sector, is positioned to serve the business community as a portal to government, infrastructure, real estate, professional resources, capital and education. The team's overriding goal is to offer tangible resources to tech and tech-related companies.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
75¢ of each $1 spent went to programs.
$70K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 4
filings with a surplus
Average deficit $12K a year · 5% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
75%
of spending
Looks good: 75% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$70K
to officers and key staff · 21% of spending
Worth a look: pay to officers and key staff is 21% of spending; over 20%.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Fine: 2.7 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4K
3% of total assets
Looks good: liabilities are 3% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$367K
+120% vs prior year
Spent
$333K
To programs
75%
Net assets
$132K
By yearFY2021–FY2025
Revenue
$367K
FY2023▲ +120%
Tap a bar for its year
Revenue by fiscal year
FY2021$167K
FY2023$367K
FY2024$193K
FY2025$178K
Expenses
$333K
FY2023▲ +120%
Tap a bar for its year
Expenses by fiscal year
FY2021$152K
FY2023$333K
FY2024$279K
FY2025$191K
Net assets
$132K
FY2023▲ +45%
Tap a bar for its year
Net assets by fiscal year
FY2021$91K
FY2023$132K
FY2024$47K
FY2025$34K

From the FY2023 Form 990 (year ending June 2023) · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2018.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

75 cents of each dollar spent went to programs.

Program services 75% · $250K Management & general 14% · $46K Fundraising 11% · $37K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

7 people listed on the 990; $70K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Jessica O'Brien
Exec Director
$69,769Pt VII · Sec A
Matt D'Angelo
Vice Chairman
$0Pt VII · Sec A
Joe Floyd
Board Member
$0Pt VII · Sec A
Melissa Venable
Board Chairman
$0Pt VII · Sec A
Rich Conte
Treasurer
$0Pt VII · Sec A
Jamie Fleming
Board Member
$0Pt VII · Sec A
Stephen Murray
Board Member
$0Pt VII · Sec A

Jessica O'Brien’s $66K as Exec Director is at the 43rd percentile of top reported officer pay among 1709 $100K–1M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2023FY2021
Jessica O'Brien$66,355$78,373$69,769$41,250

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Beaufort Digital Corridor executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Attracts, nurtures, and promotes tech companies by providing resources and connections.

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Provided by the organization

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3 programs · $106K · in their own filed words · FY2022
01

The BDC operates from basecamp, the BDC'S professional business INCUBATOR/CO-WORKING office in historic beaufort. This location serves as the focal point for the advancement of beaufort's tech and tech-related economy. The office location is at 500 carteret street in downtown beaufort.

$94Kprogram expense
02

Codecamp beaufort is a summer program for beaufort area children that educates them as it relates to technology coding in an effort to promote growth of interest in technology jobs in the beaufort area.

$9Kprogram expense
03

Lunch & learn is a program to facilitate the growth and expansion of information technology job opportunities in the beaufort area.

$3Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 1 grant · $5K · 2024–2024
Beaufort Digital Corridor FoundationSC · FY2024$5,400

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$367K
Ln 12
Gifts and grantsLn 1h$308K
Fees for servicesLn 2g$51K
Other incomeLn 4–11$8K
Money outPt IX
$333K
Ln 25
Programscol B$250K
Managementcol C$46K
Fundraisingcol D$37K
Owns and owesPt X
$132K
net assets · Ln 32
Cash and savingsLn 1–2$76K
Total assetsLn 16$136K
LiabilitiesLn 26$4K
PeoplePt VI, VII
7
listed · VII A
PaidVII A1
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$308K
Government grantsLn 1e$201K
Noncash giftsLn 1g$4K
Fees for servicesLn 2g$51K
Other incomeLn 4–11$8K
Total revenueLn 12$367K
Assets in detailPt X, end of year
CashLn 1$76K
Cash and savings togetherLn 1–2$76K
Land, buildings, equipmentLn 10c$3K
Total assetsLn 16$136K
LiabilitiesLn 26$4K
Net assetsLn 32$132K
OperationsPt I, VI
EmployeesI 53
VolunteersI 660
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$89K$76K
Land, buildings, equipmentLn 10c$2K$3K
Total assetsLn 16$92K$136K
LiabilitiesLn 26$2K$4K
Net assetsLn 32$90K$132K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$70K$40K$12K$18K
Other salaries and wagesLn 7$51K$29K$9K$13K
Payroll taxesLn 10$9K$5K$2K$3K
Accounting feesLn 11c$16K$16K
Other fees for servicesLn 11g$4K$1K$3K$83
Advertising and promotionLn 12$20K$20K
Office expensesLn 13$5K$3K$1K
Information technologyLn 14$2K$2K$492
OccupancyLn 16$31K$30K$555
TravelLn 17$1K$1K$37
Conferences, conventions and meetingsLn 19$81K$80K$1K
Depreciation, depletion and amortizationLn 22$2K$2K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$38K$34K$1K$3K
Total functional expensesLn 25$333K$250K$46K$37K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $178K$191K−$13K$34K 990 PDF
FY2024 $193K$279K−$86K$47K 990 PDF
FY2023 Viewing $367K$333K$34K$132K 990 PDF
FY2022 Not on file
FY2021 $167K$152K$15K$91K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $367,097 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $239,398$307,673
I-9 Program service revenuePrior year $53,185$51,140
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $6,310$8,284
I-12 Total revenuePrior year $298,893$367,097
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $117,704$130,428
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $182,381$202,865
I-18 Total expensesPrior year $300,085$333,293
I-19 Revenue less expensesPrior year −$1,192$33,804
Part VI · Governance 6 of 6 board members independent, no flags
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $367,097 across 8 lines filed
Lines not itemized here account for $1,022 of total revenue; see the IRS return.
VIII-1b Membership dues$6,251
VIII-1e Government grants$201,000
VIII-1f All other contributions, gifts and grants$100,422
VIII-1g Noncash contributions (included above)$3,754
VIII-1h Total contributions, gifts and grants$307,673
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $51,140$51,140
VIII-8 Net income from fundraising eventsExcluded from tax $7,262$7,262
VIII-12 Total revenueRelated to mission $52,162 · Unrelated business $0 · Excluded from tax $7,262$367,097
Part IX · Statement of functional expenses $333,293 across 14 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $39,669 · Management $12,228 · Fundraising $17,872$69,769
IX-7 Other salaries and wagesPrograms $29,192 · Management $8,999 · Fundraising $13,152$51,343
IX-10 Payroll taxesPrograms $5,139 · Management $1,674 · Fundraising $2,503$9,316
IX-11c Accounting feesManagement $15,900$15,900
IX-11g Other fees for servicesPrograms $1,415 · Management $2,882 · Fundraising $83$4,380
IX-12 Advertising and promotionPrograms $20,156$20,156
IX-13 Office expensesPrograms $3,314 · Management $1,351$4,665
IX-14 Information technologyPrograms $1,804 · Fundraising $492$2,296
IX-16 OccupancyPrograms $30,292 · Management $555$30,847
IX-17 TravelPrograms $1,457 · Management $37$1,494
IX-19 Conferences, conventions and meetingsPrograms $80,274 · Management $1,138$81,412
IX-22 Depreciation, depletion and amortizationPrograms $2,031$2,031
IX-23 InsurancePrograms $1,605$1,605
IX-24 Other expenses (24a–d)Programs $34,115 · Management $1,414 · Fundraising $2,550$38,079
IX-25 Total functional expensesPrograms $250,463 · Management $46,178 · Fundraising $36,652$333,293
Part X · Balance sheet $135,933 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $88,993$76,052
X-4 Accounts receivable$55,000
X-9 Prepaid expenses and deferred chargesStart of year $151$2,193
X-10c Land, buildings and equipment, netStart of year $2,389$2,688
X-16 Total assetsStart of year $91,533$135,933
X-17 Accounts payable and accrued expenses$1,975
X-26 Total liabilitiesStart of year $1,700$3,575
X-27 Net assets without donor restrictionsStart of year $89,833$132,358
X-32 Total net assets or fund balancesStart of year $89,833$132,358
X-33 Total liabilities and net assetsStart of year $91,533$135,933
Part XI · Reconciliation of net assets $132,358 net assets at year end
XI-1 Total revenue$367,097
XI-2 Total expenses$333,293
XI-3 Revenue less expenses$33,804
XI-4 Net assets at start of year$89,833
XI-8 Prior period adjustments$8,721
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$132,358

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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