Lowcountry Local First
- Assets
- $1.5m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 15
- Location
- Charleston, SC
- Founding
- 07/2008
- Data as of
- 12/2023
- EIN
- 87-0792700
Organization Overview
Lowcountry Local First is located in Charleston, SC. The organization was established in 2008. 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. As of 12/2023, Lowcountry Local First employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lowcountry Local First 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, Lowcountry Local First generated $1.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. While expenses have increased by 7.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
LOWCOUNTRY LOCAL FIRST ADVANCES ECONOMIC PROSPERITY AND LOCAL OWNERSHIP THROUGH INNOVATIVE AND INCLUSIVE INITIATIVES THAT BUILD OUR COMMUNITYS WEALTH AND WELLBEING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOWCOUNTRY LOCAL FIRST'S WORK LEVERAGES OUR UNDERSTANDING OF OUR MORE THAN 450 LOCAL BUSINESS AND MORE THAN 12,000 EMPLOYEES ACROSS ALL SECTORS, AND IS INFORMED BY STAFF WITH EXPERTISE AND ON-THE-GROUND EXPERIENCE IN LOCAL ECONOMY-BUILDING, INNOVATIVE ECONOMIC DEVELOPMENT, ENTREPRENEUR SUPPORT, SUSTAINABLE AGRICULTURE, AND FOOD SYSTEMS. OUR MISSION IS TO ADVANCE ECONOMIC PROSPERITY AND LOCAL OWNERSHIP THROUGH INNOVATIVE AND INCLUSIVE INITIATIVES THAT BUILD OUR COMMUNITY'S WEALTH AND WELLBEING. OUR INITIATIVES CREATE THE BUILDING BLOCKS OF A STRONG LOCAL ECONOMY AND INCLUDE: (CONTINUED ON SCHEDULE O)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Bennet Chair | OfficerTrustee | 2 | $0 |
Jeff Plotner Vice Chair | OfficerTrustee | 2 | $0 |
Terri Herubin Past Chair | OfficerTrustee | 2 | $0 |
Kerri Chisolm Treasurer | OfficerTrustee | 2 | $0 |
Jennifer Ferrebee Secretary | OfficerTrustee | 2 | $0 |
Charles Mcclendon Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $111,990 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $426,972 |
| All other contributions, gifts, grants, and similar amounts not included above | $349,091 |
| Noncash contributions included in lines 1a–1f | $14,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $888,053 |
| Total Program Service Revenue | $249,687 |
| Investment income | $16,827 |
| 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 | $1,155,641 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $113,127 |
| Compensation of current officers, directors, key employees. | $16,969 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $441,550 |
| Pension plan accruals and contributions | $5,670 |
| Other employee benefits | $0 |
| Payroll taxes | $39,165 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,149 |
| Advertising and promotion | $69,745 |
| Office expenses | $19,887 |
| Information technology | $18,989 |
| Royalties | $0 |
| Occupancy | $203,167 |
| Travel | $4,333 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,480 |
| Interest | $6,689 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $81,315 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,212,777 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $607,993 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $147,165 |
| 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 | $11,946 |
| Net Land, buildings, and equipment | $213,547 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $549,600 |
| Total assets | $1,530,251 |
| Accounts payable and accrued expenses | $33,521 |
| Grants payable | $0 |
| Deferred revenue | $35,501 |
| 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 | $239,881 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $575,754 |
| Total liabilities | $884,657 |
| Net assets without donor restrictions | $583,494 |
| Net assets with donor restrictions | $62,100 |
| 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 | $1,530,251 |