Charleston Digital Corridor Foundation
- Assets
- $4.2m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 3
- Location
- Charleston, SC
- Founding
- 02/2005
- Data as of
- 12/2023
- EIN
- 20-0836170
Organization Overview
Charleston Digital Corridor Foundation is located in Charleston, SC. The organization was established in 2005. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Charleston Digital Corridor Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Charleston Digital Corridor Foundation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Charleston Digital Corridor Foundation generated $2.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.3% each year . All expenses for the organization totaled $1.5m during the year ending 12/2023. While expenses have increased by 6.0% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ATTRACT, NURTURE, AND PROMOTE CHARLESTON'S KNOWLEDGE-BASED ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FLAGSHIP IS A FULL-SERVICE TECH FOCUSED BUSINESS INCUBATOR. THIS FACILITY AND ITS 4 PREDECESSORS HAVE FACILITATED THE DEVELOPMENT OF APPROXIMATELY 150 TECH BUSINESSES IN THE CHARLESTON REGION.
IN AN EFFORT TO STIMULATE THE INCLUSION OF UNDER-REPRESENTED ENTREPRENEURS AND BUSINESS PROFESSIONALS WITHIN CHARLESTON'S TECH COMMUNITY, THE CHARLESTON DIGITAL CORRIDOR OFFERS ENTREPRENEURS AN ARRAY OF CURATED BUSINESS RESOURCES, MENTORSHIP AND EDUCATION ALONG WITH NO-COST USAGE OF WORKSPACE AT THE CHARLESTON TECH CENTER. APPLICANTS ARE CONSIDERED ON A YEAR-ROUND BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Wilson Board Member | Trustee | 0.5 | $0 |
Joe Bryan Vice Chairman & Secretary | OfficerTrustee | 0.5 | $0 |
Todd Lant Chairman & Treasurer | OfficerTrustee | 0.5 | $0 |
Dr Jennifer Alberty Board Member | Trustee | 0.5 | $0 |
Jonathan Yantis Board Member | Trustee | 0.5 | $0 |
Vernon Mathias Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $102,650 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $543,098 |
| All other contributions, gifts, grants, and similar amounts not included above | $254,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $899,748 |
| Total Program Service Revenue | $1,225,665 |
| Investment income | $106,875 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,363 |
| Net Income from Fundraising Events | $46,674 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,275,599 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $211,458 |
| Compensation of current officers, directors, key employees. | $84,583 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $71,167 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,169 |
| Payroll taxes | $19,907 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14 |
| Fees for services: Accounting | $24,170 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $150 |
| Fees for services: Other | $29,210 |
| Advertising and promotion | $2,963 |
| Office expenses | $6,101 |
| Information technology | $7,393 |
| Royalties | $0 |
| Occupancy | $1,027,952 |
| Travel | $3,522 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41,379 |
| Insurance | $1,748 |
| All other expenses | $3,205 |
| Total functional expenses | $1,484,627 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $279,733 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,143 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $571,451 |
| Investments—publicly traded securities | $3,310,527 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,180,854 |
| Accounts payable and accrued expenses | $13,457 |
| Grants payable | $0 |
| Deferred revenue | $20,665 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $183 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $81,850 |
| Total liabilities | $116,155 |
| Net assets without donor restrictions | $4,064,699 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,180,854 |