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 12/2022, Independent Banks Of South Carolina generated $534.7k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $518.2k during the year ending 12/2022. While expenses have increased by 14.2% 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
2022
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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Eugene Varn Director | Trustee | 1 | $0 |
Brooks Melton Director | Trustee | 1 | $0 |
James M Ivey Jr Director | Trustee | 1 | $0 |
L Ford Sanders II Director | Trustee | 1 | $0 |
Stacey Mcinnis Director | Trustee | 1 | $0 |
Michael Cromer Director | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $125,888 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $0 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $125,888 |
Total Program Service Revenue | $340,232 |
Investment income | $235 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $68,360 |
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 | $534,715 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $500 |
Grants and other assistance to domestic individuals. | $1,300 |
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 | $78,085 |
Fees for services: Legal | $360 |
Fees for services: Accounting | $12,975 |
Fees for services: Lobbying | $27,000 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $0 |
Office expenses | $7,470 |
Information technology | $4,862 |
Royalties | $0 |
Occupancy | $0 |
Travel | $5,190 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $354,349 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $0 |
All other expenses | $10,223 |
Total functional expenses | $518,244 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $346,122 |
Savings and temporary cash investments | $209,482 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $3,350 |
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 | $21,000 |
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 | $579,954 |
Accounts payable and accrued expenses | $9,135 |
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 | $9,135 |
Net assets without donor restrictions | $570,819 |
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 | $579,954 |
Organization Name | Assets | Revenue |
---|---|---|
Foundation For Economic Education Inc Atlanta, GA | $16,156,268 | $8,193,047 |
Imagine North Carolina First Raleigh, NC | $265,231 | $6,134,509 |
Georgia Council On Economic Education atlanta, GA | $5,900,591 | $1,187,409 |
North Carolina Council On Economic Education Raleigh, NC | $455,834 | $798,242 |
South Carolina Council On Economic Education Columbia, SC | $396,518 | $481,188 |
Independent Banks Of South Carolina Chapin, SC | $579,954 | $534,715 |
Atlantic Economic Society Atlanta, GA | $41,750 | $169,458 |
Leadership Legacy Life Foundation Roswell, GA | $3,865,025 | $1,598,709 |
Southern Agricultural Economics Association Griffin, GA | $325,447 | $0 |
Accounting Research Association Inc Durham, NC | $101,953 | $0 |
Socionomics Foundation Inc Gainesville, GA | $24,488 | $5,150 |