Independent Banks Of South Carolina
- Assets
- $605.0k
- Revenue
- $525.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Chapin, SC
- Founding
- 01/1987
- Data as of
- 12/2021
- EIN
- 57-0739555
Organization Overview
Independent Banks Of South Carolina is located in Chapin, SC. The organization was established in 1987. According to its NTEE Classification (V22) the organization is classified as: Economics, under the broad grouping of Social Science and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independent Banks Of South Carolina 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 12/2021, Independent Banks Of South Carolina generated $525.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.8% each year . All expenses for the organization totaled $468.2k during the year ending 12/2021. While expenses have increased by 14.7% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE AND PROMOTE AN ENVIRONMENT WHERE COMMUNITY BANKS IN SOUTH CAROLINA FLOURISH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEMINARS & MEETINGS WERE HOSTED TO PROVIDE INFORMATION ON SUBJECT MATTER OF INTEREST TO MEMBERS AND PROVIDES OPPORTUNITIES TO DISCUSS AND SHARE IDEAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chad Westendorf President | OfficerTrustee | 1 | $0 |
James Aandy Timmerman President Elect | OfficerTrustee | 1 | $0 |
James A Bennett Vice President | OfficerTrustee | 1 | $0 |
Brent S Garrett Secretary/treasurer | OfficerTrustee | 1 | $0 |
Eugene Varn Director | Trustee | 1 | $0 |
James M Bunton Jr Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $123,060 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $133,060 |
| Total Program Service Revenue | $317,416 |
| Investment income | $950 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $73,745 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $525,171 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,500 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $72,149 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,197 |
| Fees for services: Lobbying | $28,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $9,023 |
| Information technology | $4,630 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $7,503 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $312,994 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,912 |
| All other expenses | $7,572 |
| Total functional expenses | $468,153 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $359,971 |
| Savings and temporary cash investments | $209,247 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,771 |
| 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 | $5,000 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $604,989 |
| Accounts payable and accrued expenses | $50,641 |
| 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 | $0 |
| Total liabilities | $50,641 |
| Net assets without donor restrictions | $546,959 |
| Net assets with donor restrictions | $7,389 |
| 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 | $604,989 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Foundation For Economic Education Inc Atlanta, GA | $13,111,057 | $7,371,269 |
Imagine North Carolina First Raleigh, NC | $1,746,999 | $4,219,239 |
Georgia Council On Economic Education atlanta, GA | $6,404,945 | $1,048,495 |
North Carolina Council On Economic Education Raleigh, NC | $457,101 | $705,975 |
South Carolina Council On Economic Education Columbia, SC | $503,604 | $545,395 |
Independent Banks Of South Carolina Chapin, SC | $604,989 | $525,171 |
Atlantic Economic Society Atlanta, GA | $82,236 | $186,565 |
Accounting Research Association Inc Durham, NC | $101,953 | $0 |
Southern Agricultural Economics Association Griffin, GA | $327,503 | $0 |
Socionomics Foundation Inc Gainesville, GA | $30,103 | $5,385 |