Folly Association Of Business
- Assets
- $190.8k
- Revenue
- $110.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Folly Beach, SC
- Founding
- 05/1989
- Data as of
- 12/2021
- EIN
- 57-0870145
Organization Overview
Folly Association Of Business is located in Folly Beach, SC. The organization was established in 1989. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Folly Association Of Business 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, Folly Association Of Business generated $110.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $62.8k during the year ending 12/2021. While expenses have increased by 4.1% 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
THE PROMOTION OF BUSINESS AND TOURISM IN FOLLY BEACH, S.C.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVERTISING & PROMOTION OF FOLLY BEACH
BEAUTIFICATION OF FOLLY BEACH AREA, INCLUDING AREA BUSINESS PROPERTY, LANDSCAPING AND STREETS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Soraya Mckay Vice-President | OfficerTrustee | 2 | $0 |
Tj Lynch President | OfficerTrustee | 2 | $0 |
Becca Lessene Secretary | OfficerTrustee | 2 | $0 |
Jeannie Fanjoy Treasurer | OfficerTrustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $382 |
| Related organizations | $0 |
| Government grants | $120,900 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,409 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $123,691 |
| Total Program Service Revenue | $18,228 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$31,702 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $110,217 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,500 |
| 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 | $0 |
| Fees for services: Legal | $2,625 |
| Fees for services: Accounting | $2,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $119 |
| Advertising and promotion | $24,375 |
| Office expenses | $1,886 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $669 |
| All other expenses | $1,216 |
| Total functional expenses | $62,814 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $190,774 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| 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 | $190,774 |
| Accounts payable and accrued expenses | $2,500 |
| 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 | $2,500 |
| Net assets without donor restrictions | $0 |
| 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 | $188,274 |
| Total liabilities and net assets/fund balances | $190,774 |
Grants Awarded
Over the last fiscal year, Folly Association Of Business has awarded $29,500 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF FOLLY BEACH PURPOSE: FUNDING | $12,500 |
Folly Beach, SC PURPOSE: FUNDING | $4,500 |
Folly Beach, SC PURPOSE: FUNDING | $4,000 |
Charleston, SC PURPOSE: FUNDING | $3,000 |
FOLLY ANGLERS PURPOSE: FUNDING | $3,000 |
North Charleston, SC PURPOSE: FUNDING | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
International Zinc Association Durham, NC | $9,583,285 | $9,824,037 |
Corenet Global Inc Atlanta, GA | $22,405,208 | $10,074,155 |
North American Transmission Forum Inc Charlotte, NC | $10,236,042 | $8,601,218 |
North Carolina Association Of Cpas Raleigh, NC | $10,162,234 | $7,194,699 |
Charlotte Regional Business Alliance Charlotte, NC | $7,391,454 | $7,941,534 |
Highpoint International Home Furnis Hings Market Authority Corp High Point, NC | $6,441,488 | $7,467,309 |
Allinial Global Lawrenceville, GA | $3,508,006 | $7,173,344 |
New Durham Corporation Durham, NC | $203,681,091 | $6,567,478 |
American Society Of Echocardiography Incorporated Durham, NC | $13,829,429 | $8,348,345 |
Georgia Chamber Of Commerce Inc Atlanta, GA | $7,473,907 | $7,231,952 |
Georgia Society Of Certified Public Accountants Inc Atlanta, GA | $8,640,811 | $5,890,900 |
North Carolina Chamber Raleigh, NC | $5,379,705 | $5,813,998 |