Carol S Petrea Youth Golf Foundation Inc
- Assets
- $2.3m
- Revenue
- $440.1k
- Investments
- $0.0
- Employees
- 12
- Location
- Shallotte, NC
- Founding
- 09/2004
- Data as of
- 12/2022
- EIN
- 27-0106935
Organization Overview
Carol S Petrea Youth Golf Foundation Inc, operating under the name First Tee Coastal Carolinas, is located in Shallotte, NC. The organization was established in 2004. According to its NTEE Classification (N40) the organization is classified as: Sports Associations & Training Facilities, under the broad grouping of Recreation & Sports and related organizations. As of 12/2022, First Tee Coastal Carolinas employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Tee Coastal Carolinas is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, First Tee Coastal Carolinas generated $440.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.2%) each year. All expenses for the organization totaled $545.9k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.5%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE GOLF EDUCATION AND CHARACTER MENTORING PROGRAMS TO CHILDREN IN SOUTHEASTERN NORTH CAROLINA AND NORTHEASTERN SOUTH CAROLINA THROUGH IN- SCHOOL, AFTER-SCHOOL, SATURDAY SUMMER PROGRAMS, AND VARIOUS COMPETITIVE PLAYING OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE INSTRUCTION AND MENTORING TO YOUTH AT GOLF COURSE LOCATIONS FROM THE GRAND STRAND OF SC TO THE CRYSTAL COAST OF NC.
THE ORGANIZATION OPERATES THE CAROLINAS LEADERSHIP ADVENTURE OFFERING A DAY-CAMP LEARNING EXPERIENCE BASED ON CHARACTER DEVELOPMENT, CORE VALUES, LIFE SKILLS, LEADERSHIP AND CITIZENSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Hoover Board Member | Trustee | $0 | |
Russ Yarrow Vice Chair | OfficerTrustee | $0 | |
Tom Plankers Board Member | Trustee | $0 | |
Jim Belvin Board Member | Trustee | $0 | |
Terry Boldt Chair | OfficerTrustee | $0 | |
Charles Lusk Treasurer | OfficerTrustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $86,951 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $290,922 |
| Noncash contributions included in lines 1a–1f | $113,981 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $377,873 |
| Total Program Service Revenue | $55,641 |
| Investment income | $319 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $6,304 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $440,137 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $283,306 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $22,376 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,633 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $43,390 |
| Advertising and promotion | $2,274 |
| Office expenses | $7,502 |
| Information technology | $18,006 |
| Royalties | $0 |
| Occupancy | $42,776 |
| Travel | $16,691 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,228 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,060 |
| Insurance | $26,301 |
| All other expenses | $5,215 |
| Total functional expenses | $545,872 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,789 |
| Savings and temporary cash investments | $77,242 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $6,764 |
| Net Land, buildings, and equipment | $2,152,521 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $571 |
| Other assets | $0 |
| Total assets | $2,255,887 |
| Accounts payable and accrued expenses | $38,711 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $143,459 |
| Total liabilities | $182,170 |
| Net assets without donor restrictions | $1,317,010 |
| Net assets with donor restrictions | $756,707 |
| 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 | $2,255,887 |