Beaufort Water Festival Inc
- Assets
- $556.3k
- Revenue
- $738.1k
- Investments
- $250.1k
- Employees
- 0
- Location
- Beaufort, SC
- Founding
- 06/1966
- Data as of
- 10/2023
- EIN
- 57-6028951
Organization Overview
Beaufort Water Festival Inc is located in Beaufort, SC. The organization was established in 1966. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Beaufort Water Festival Inc 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 10/2023, Beaufort Water Festival Inc generated $738.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $686.0k during the year ending 10/2023. While expenses have increased by 4.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC GROWTH AND COMMUNITY AWARENESS IN BEAUFORT COUNTY BY SPONSORING A 10-DAY FESTIVAL FEATURING THE LOCAL COMMUNITY AND INVOLVING SEVERAL OF THE LOCAL CIVIC ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SPONSORED A SUCCESSFUL 10 DAY FESTIVAL FEATURING THE LOCAL COMMUNITY AND INVOLVING SEVERAL OF THE LOCAL CIVIC ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Nutt President | OfficerTrustee | 15 | $0 |
Josh Schott Vice-President | Officer | 15 | $0 |
Meredith Keene Secretary/treasurer | Officer | 15 | $0 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $735,331 |
| Investment income | $2,757 |
| 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 | $738,088 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,500 |
| 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 | $0 |
| Fees for services: Accounting | $480 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,390 |
| Advertising and promotion | $14,271 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,796 |
| Travel | $4,895 |
| 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 | $45,976 |
| All other expenses | $338,701 |
| Total functional expenses | $685,976 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,932 |
| Savings and temporary cash investments | $252,178 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,400 |
| 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 | $475 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $250,135 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $200 |
| Total assets | $556,320 |
| Accounts payable and accrued expenses | -$656 |
| 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 | $2,849 |
| Total liabilities | $2,193 |
| 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 | $554,127 |
| Total liabilities and net assets/fund balances | $556,320 |