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Beaufort Digital Corridor FY2024 filing

Not tax-deductible

Beaufort, SC501(c)(6)Since 2016Community Development EIN 81-4210441Revenue $193K in FY2024

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.
66¢ of each $1 spent went to programs.
$78K 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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FY2024 · 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
66%
of spending
Fine: 66% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$78K
to officers and key staff · 28% of spending
Worth a look: pay to officers and key staff is 28% of spending; over 20%.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 1.8 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4K
8% of total assets
Looks good: liabilities are 8% 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
$193K
-47% vs prior year
Spent
$279K
To programs
66%
Net assets
$47K
By yearFY2021–FY2025
Revenue
$193K
FY2024▼ -47%
Tap a bar for its year
Revenue by fiscal year
FY2021$167K
FY2023$367K
FY2024$193K
FY2025$178K
Expenses
$279K
FY2024▼ -16%
Tap a bar for its year
Expenses by fiscal year
FY2021$152K
FY2023$333K
FY2024$279K
FY2025$191K
Net assets
$47K
FY2024▼ -65%
Tap a bar for its year
Net assets by fiscal year
FY2021$91K
FY2023$132K
FY2024$47K
FY2025$34K

From the FY2024 Form 990 (year ending June 2024) · see the original

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You’re viewing the FY2024 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

66 cents of each dollar spent went to programs.

Program services 66% · $183K Management & general 20% · $55K Fundraising 15% · $41K

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; $78K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Jessica O'Brien
Exec Director
$78,373Pt VII · Sec A
Chris Robinson
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
Jason Loia
Board Member
$0Pt VII · Sec A
$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.

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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.

Questions for Beaufort Digital Corridor

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Provided by the organization

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3 programs · $163K · in their own filed words · FY2023
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.

$118Kprogram expense
02

The techstars program operates accelerator programs and venture capital funds by connecting startups, investors, corporations, and cities to help build thriving startup communities.

$30Kprogram expense
03

The cyber security program provides cyber-related supplies and support to the members in an effort to promote growth and facilitate in the training programs offered

$15Kprogram 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 FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$193K
Ln 12
Gifts and grantsLn 1h$126K
Fees for servicesLn 2g$47K
Other incomeLn 4–11$21K
Money outPt IX
$279K
Ln 25
Programscol B$183K
Managementcol C$55K
Fundraisingcol D$41K
Owns and owesPt X
$47K
net assets · Ln 32
Cash and savingsLn 1–2$42K
Total assetsLn 16$51K
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$126K
Government grantsLn 1e$101K
Noncash giftsLn 1g$4K
Fundraising eventsLn 1c$2K
Fees for servicesLn 2g$47K
Investment incomeLn 3$56
Other incomeLn 4–11$21K
Total revenueLn 12$193K
Assets in detailPt X, end of year
CashLn 1$42K
Cash and savings togetherLn 1–2$42K
Land, buildings, equipmentLn 10c$1K
Total assetsLn 16$51K
LiabilitiesLn 26$4K
Net assetsLn 32$47K
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 FY24End FY24
Cash and savingsLn 1–2$76K$42K
Land, buildings, equipmentLn 10c$3K$1K
Total assetsLn 16$136K$51K
LiabilitiesLn 26$4K$4K
Net assetsLn 32$132K$47K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$121K$61K$24K$36K
Other employee benefitsLn 9$3K$607$2K$635
Payroll taxesLn 10$9K$5K$2K$2K
Legal feesLn 11b$315$315
Accounting feesLn 11c$17K$16K$1K
Other fees for servicesLn 11g$10K$9K$1K
Advertising and promotionLn 12$11K$11K$67
Office expensesLn 13$3K$1K$2K
Information technologyLn 14$1K$474$299$351
OccupancyLn 16$31K$31K$649
TravelLn 17$2K$434$1K
Conferences, conventions and meetingsLn 19$25K$23K$1K
Depreciation, depletion and amortizationLn 22$2K$2K
Other expenses (24a–d)Ln 24$40K$35K$4K$320
All other expensesLn 24e$5K$4K$177
Total functional expensesLn 25$279K$183K$55K$41K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $178K$191K−$13K$34K 990 PDF
FY2024 Viewing $193K$279K−$86K$47K 990 PDF
FY2023 $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 FY2024 990 (6 parts)
Part I · Summary $193,470 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $307,673$125,708
I-9 Program service revenuePrior year $51,140$46,941
I-10 Investment incomePrior year $0$56
I-11 Other revenuePrior year $8,284$20,765
I-12 Total revenuePrior year $367,097$193,470
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 $130,428$132,651
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $202,865$146,485
I-18 Total expensesPrior year $333,293$279,136
I-19 Revenue less expensesPrior year $33,804−$85,666
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 $193,470 across 10 lines filed
Lines not itemized here account for $70 of total revenue; see the IRS return.
VIII-1b Membership dues$5,765
VIII-1c Fundraising events$2,000
VIII-1e Government grants$101,000
VIII-1f All other contributions, gifts and grants$16,943
VIII-1g Noncash contributions (included above)$3,983
VIII-1h Total contributions, gifts and grants$125,708
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $46,871$46,871
VIII-3 Investment incomeExcluded from tax $56$56
VIII-8 Net income from fundraising eventsExcluded from tax $20,765$20,765
VIII-12 Total revenueRelated to mission $46,941 · Unrelated business $0 · Excluded from tax $20,821$193,470
Part IX · Statement of functional expenses $279,136 across 15 lines filed
IX-7 Other salaries and wagesPrograms $61,148 · Management $23,938 · Fundraising $35,884$120,970
IX-9 Other employee benefitsPrograms $607 · Management $1,754 · Fundraising $635$2,996
IX-10 Payroll taxesPrograms $4,505 · Management $1,718 · Fundraising $2,462$8,685
IX-11b Legal feesManagement $315$315
IX-11c Accounting feesManagement $15,785 · Fundraising $1,125$16,910
IX-11g Other fees for servicesPrograms $8,793 · Management $1,480$10,273
IX-12 Advertising and promotionPrograms $10,711 · Management $67$10,778
IX-13 Office expensesPrograms $1,210 · Management $2,221$3,431
IX-14 Information technologyPrograms $474 · Management $299 · Fundraising $351$1,124
IX-16 OccupancyPrograms $30,691 · Management $649$31,340
IX-17 TravelPrograms $434 · Management $1,274$1,708
IX-19 Conferences, conventions and meetingsPrograms $23,434 · Management $1,309$24,743
IX-22 Depreciation, depletion and amortizationPrograms $1,668$1,668
IX-24 Other expenses (24a–d)Programs $34,972 · Management $4,272 · Fundraising $320$39,564
IX-24e All other expensesPrograms $4,454 · Management $177$4,631
IX-25 Total functional expensesPrograms $183,101 · Management $55,258 · Fundraising $40,777$279,136
Part X · Balance sheet $50,599 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $76,052$41,755
X-4 Accounts receivableStart of year $55,000$4,404
X-9 Prepaid expenses and deferred chargesStart of year $2,193$3,418
X-10c Land, buildings and equipment, netStart of year $2,688$1,022
X-16 Total assetsStart of year $135,933$50,599
X-17 Accounts payable and accrued expensesStart of year $1,975$1,707
X-26 Total liabilitiesStart of year $3,575$3,907
X-27 Net assets without donor restrictionsStart of year $132,358$46,692
X-32 Total net assets or fund balancesStart of year $132,358$46,692
X-33 Total liabilities and net assetsStart of year $135,933$50,599
Part XI · Reconciliation of net assets $46,692 net assets at year end
XI-1 Total revenue$193,470
XI-2 Total expenses$279,136
XI-3 Revenue less expenses−$85,666
XI-4 Net assets at start of year$132,358
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$46,692

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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