Heritage Classic Foundation
- Assets
- $14.2m
- Revenue
- $14.5m
- Investments
- $0.0
- Employees
- 13
- Location
- Hilton Head Island, SC
- Founding
- 08/1989
- Data as of
- 12/2023
- EIN
- 57-0835114
Organization Overview
Heritage Classic Foundation is located in Hilton Head Island, SC. The organization was established in 1989. According to its NTEE Classification (T70) the organization is classified as: Federated Giving Programs, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Heritage Classic Foundation employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Heritage Classic Foundation 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 12/2023, Heritage Classic Foundation generated $14.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $13.9m during the year ending 12/2023. While expenses have increased by 3.0% per year over the past 9 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.
Since 2015, Heritage Classic Foundation has awarded 739 individual grants totaling $20,765,383. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE HERITAGE CLASSIC FOUNDATION'S PRIMARY EXEMPT PURPOSE IS TO DISTRIBUTE THE NET PROFITS FROM A PGA TOUR EVENT TO LOCAL AND STATEWIDE CHARITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRIMARY MISSION OF THE HERITAGE CLASSIC FOUNDATION IS ACCOMPLISHED BY OPERATING A PGA TOUR SANCTIONED GOLF TOURNAMENT KNOWN AS THE RBC HERITAGE PRESENTED BY BOEING. THE NET PROCEES FROM THE TOURNAMENT PLAYED AT THE HARBOUR TOWN GOLF LINKS, HILTON HEAD ISLAND, SC ARE USED TO MAKE DISTRIBUTIONS TO OTHER NOT-FOR-PROFIT ORGANIZATIONS THROUGH GRANT DISTRIBUTIONS AND SCHOLARSHIPS.
THE CHAMPIONS FORE CHARITY AND BIRDIES FOR CHARITY ARE PROGRAMS WE HAVE TO ENCOURAGE DONATIONS TO LOCAL CHARITABLE ORGANIZATIONS WHEREIN OUR ORGANIZATION SUPPLEMENTS THOSE DONATIONS FOR THE BENEFIT OF OTHER SPECIFIC NOT-FOR-PROFIT ORGANIZATIONS.
OUR TARTAN CLUB PROGRAM SUPPORTS THE HERITAGE CLASSIC FOUNDATION'S SCHOLAR PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Derek R Paton VP Sales & Marketing | 40 | $432,359 | |
Stephen J Wilmot President & CEO | Trustee | 40 | $279,346 |
James M Ivester Director Of Corporate Sales | 40 | $165,828 | |
Morgan Hyde VP Operations | 40 | $125,241 | |
Richard P Reichel Treasurer | OfficerTrustee | 16 | $24,000 |
J Simon Fraser Chairman | OfficerTrustee | 16 | $18,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,383,435 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,383,435 |
| Total Program Service Revenue | $11,238,516 |
| Investment income | $373,255 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $14,506,827 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,214,614 |
| Grants and other assistance to domestic individuals. | $200,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,020,774 |
| Compensation of current officers, directors, key employees. | $18,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $553,754 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $33,379 |
| Payroll taxes | $93,071 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,905 |
| Fees for services: Accounting | $23,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $123,928 |
| Travel | $78,221 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,479 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $61,520 |
| Insurance | $162,565 |
| All other expenses | $3,354,735 |
| Total functional expenses | $13,947,268 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,709,152 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,724,378 |
| 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 | $369,597 |
| Net Land, buildings, and equipment | $659,568 |
| Investments—publicly traded securities | $2,362,280 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $388,574 |
| Total assets | $14,213,549 |
| Accounts payable and accrued expenses | $178,526 |
| Grants payable | $0 |
| Deferred revenue | $8,252,728 |
| 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 | $19,259 |
| Total liabilities | $8,450,513 |
| Net assets without donor restrictions | $5,763,036 |
| 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 | $14,213,549 |
Grants Awarded
Over the last fiscal year, Heritage Classic Foundation has awarded $3,154,903 in support to 69 organizations.
| Grant Recipient | Amount |
|---|---|
ANY LENGTH RECOVERY PURPOSE: GENERAL FUND | $17,000 |
ART LEAGUE OF HILTON HEAD PURPOSE: GENERAL FUND | $19,099 |
ARTS CENTER OF COASTAL CAROLI PURPOSE: GENERAL FUND | $140,093 |
BACKPACK BUDDIES PURPOSE: GENERAL FUND | $23,778 |
BEAUTIFUL PLACES ALLIANCE PURPOSE: GENERAL FUND | $7,500 |
BLUFFTON COMMUNITY SOUP KITC PURPOSE: GENERAL FUND | $8,087 |