Myrtle Beach Regional Economic Development Corp is located in Conway, SC. The organization was established in 1995. According to its NTEE Classification (S03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Myrtle Beach Regional Economic Development Corp employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Myrtle Beach Regional Economic Development Corp 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 06/2022, Myrtle Beach Regional Economic Development Corp generated $1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 3.9% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE, IMPLEMENT AND SUPPORT ACTIVITIES DESIGNED TO PROMOTE ECONOMIC DEVELOPMENT, DIVERSIFY THE ECONOMY & MAINTAIN A QUALITY BUSINESS CLIMATE
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTED THE ECONOMIC DEVELOPMENT OF HORRY COUNTY,THE DIVERSIFICATION OF THE LOCAL ECONOMY AND MAINTAINING A QUALITY BUSINESS CLIMATE.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
O'neil Mccoy Vice Chairman | OfficerTrustee | 1 | $0 |
Mike Hagg Chairman | OfficerTrustee | 1 | $0 |
Gregg Smith Treasurer | OfficerTrustee | 1 | $0 |
Marilyn Fore Secretary | OfficerTrustee | 1 | $0 |
Johnny Gardner Director | Trustee | 1 | $0 |
Gary Loftus Director | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $340,746 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $781,122 |
All other contributions, gifts, grants, and similar amounts not included above | $30,000 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $1,151,868 |
Total Program Service Revenue | $0 |
Investment income | $151 |
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 | $1,152,019 |
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 | $357,834 |
Pension plan accruals and contributions | $51,829 |
Other employee benefits | $33,202 |
Payroll taxes | $26,247 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $0 |
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 | $25,000 |
Travel | $11,618 |
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 | $1,729 |
Insurance | $13,397 |
All other expenses | $42,265 |
Total functional expenses | $1,082,636 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $378,593 |
Savings and temporary cash investments | $1,527,511 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $90,202 |
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 | $3,666 |
Net Land, buildings, and equipment | $366,712 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $2,366,684 |
Accounts payable and accrued expenses | $18,971 |
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 | $18,971 |
Net assets without donor restrictions | $2,299,851 |
Net assets with donor restrictions | $47,862 |
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 | $2,366,684 |
Over the last fiscal year, we have identified 2 grants that Myrtle Beach Regional Economic Development Corp has recieved totaling $41,000.
Awarding Organization | Amount |
---|---|
North Eastern Stragetic Alliance Inc Florence, SC PURPOSE: COUNTY ECONOMIC DEVELOPMENT | $40,000 |
Michael Jones Foundation Tabor City, NC PURPOSE: TO FUND EVERYDAY ACITIVITIES PROMOTING JOB GROWTH AND DEVELOPMENT FOR HORRY COUNTY. | $1,000 |
Organization Name | Assets | Revenue |
---|---|---|
Municipal Association Of South Carolina Columbia, SC | $27,881,806 | $13,800,383 |
The Surplus Lines Association Of North Carolina Raleigh, NC | $12,949,553 | $5,323,982 |
Georgia Highway Contractors Association Inc Alpharetta, GA | $1,405,091 | $1,643,875 |
Council For Quality Growth Inc Atlanta, GA | $1,449,992 | $1,248,012 |
Myrtle Beach Regional Economic Development Corp Conway, SC | $2,366,684 | $1,152,019 |
Steel Erectors Association Of America Inc Winston Salem, NC | $258,392 | $857,819 |
Carolinas Ready Mixed Concrete Association Inc Charlotte, NC | $1,282,555 | $1,169,552 |
North Carolina Trucking Assn Inc Raleigh, NC | $1,182,341 | $1,018,389 |
Greater Greensboro Builders Association Greensboro, NC | $756,548 | $819,396 |
Georgia Association Of Convenience Stores Inc Dallas, GA | $2,009,909 | $924,047 |
Guilford Merchants Association Inc Greensboro, NC | $290,434 | $699,366 |
Carolina Asphalt Pavement Assn Inc Raleigh, NC | $1,361,344 | $779,094 |