Myrtle Beach Regional Economic Development Corp in Conway, South Carolina (SC)

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Myrtle Beach Regional Economic Development Corp
Employer Identification Number (EIN)570998125
Name of OrganizationMyrtle Beach Regional Economic Development Corp
AddressPO BOX 261966, Conway, SC 29528-6066
ActivitiesBusiness promotion (chamber of commerce, business league, etc.)
SubsectionBusiness League
Ruling Date07/1995
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2012
Assets$500,000 to $999,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$641,987
Amount of Income$1,062,223
Form 990 Revenue Amount$1,062,223
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Professional Societies, Associations


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Amount of income in 2012: $1,062,223
Myrtle Beach Regional Economic Development Corp: 

 $1,062,223
Other organizations performing similar types of work: 

 $557,952

Assets in 2012: $641,987
Myrtle Beach Regional Economic Development Corp: 

 $641,987
Other organizations performing similar types of work: 

 $320,301

Expenses in 2002: $512,260
This organization: 

 $512,260
Other organizations performing similar types of work: 

 $512,260

Income to expenses ratio in 2002: 1.3
Myrtle Beach Regional Economic Development Corp: 

 1.3
Other organizations performing similar types of work: 

 1.0

Number of employees in 2002: 8
Myrtle Beach Regional Economic Development Corp: 

 8
Other organizations performing similar types of work: 

 3

Grants share in income in 2002: 74.0%
This organization: 

 74.0%
Other organizations performing similar types of work: 

 2.6%

Financial snapshot ($)

Revenue for 2002

Assets at end of 2002

Income-Producing Activities for 2002

Revenue, Expenses, and Changes in Net Assets or Fund Balances
200020012002
Total revenue$654,381$690,473$647,182
Contributions, gifts, grants, and similar amounts received$486,215$481,500$479,000
Contributions to donor advised funds
Direct public support$6,215$0$0
Indirect public support$0$0$0
Government contributions (grants)$480,000$481,500$479,000
Program service revenue including government fees and contracts$0$0$0
Membership dues and assessments$159,919$204,867$164,800
Interest on savings and temporary cash investments$8,247$4,106$3,382
Dividends and interest from securities$0$0$0
Net rental income or (loss)$0$0$0
Gross rents$0$0$0
Less: rental expenses$0$0$0
Other investment income$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0
Gross amount from sales of assets other than inventory$0$0$0
Less: cost or other basis and sales expenses$0$0$0
Net income or (loss) from special events and activities$0$0$0
Gross revenue$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0
Less: cost of goods sold$0$0$0
Other revenue$0$0$0
Total expenses$556,497$573,805$512,260
Program services$0$0$0
Management and general$0$0$0
Fundraising$0$0$0
Payments to affiliates$0$0$0
Net assets or fund balances at end of year$97,714$214,382$349,304
Excess or (deficit) for the year$97,884$116,668$134,922
Net assets or fund balances at beginning of year$-170$97,714$214,382
Other changes in net assets or fund balances$0$0$0
Statement of Functional Expenses (for 2002)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$512,260$0$0$0
Grants paid from donor advised funds
Other grants and allocations$9,133
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$98,526$0$0$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$79,207$0$0$0
Pension plan contributions not included above$11,184$0$0$0
Employee benefits not included above$20,017$0$0$0
Payroll taxes$13,922$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$11,571$0$0$0
Legal fees$0$0$0$0
Supplies$10,470$0$0$0
Telephone$9,889$0$0$0
Postage and shipping$3,931$0$0$0
Occupancy$2,962$0$0$0
Equipment rental and maintenance$35,107$0$0$0
Printing and publications$16,161$0$0$0
Travel$21,907$0$0$0
Conferences, conventions, and meetings$51,165$0$0$0
Interest$17,500$0$0$0
Depreciation, depletion, etc.$6,890$0$0$0
Other expenses not covered above$92,718$0$0$0
Balance Sheets
200020012002
Total assets$467,743$601,268$770,725
Cash - non-interest-bearing$33,674$0$0
Savings and temporary cash investments$157,830$319,471$497,557
Accounts receivable less allowance for doubtful accounts$8,500$18,483$8,267
Pledges receivable less allowance for doubtful accounts$0$0$0
Grants receivable$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0$0$0
Inventories for sale or use$0$0$0
Prepaid expenses and deferred charges$0$0$0
Investments - publicly-traded securities
Investments - other securities$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$250,000$250,000$250,000
Investments - other$0$0$0
Land, buildings, and equipment less accumulated depreciation$17,739$13,314$14,901
Other assets, including program-related investments$0$0$0
Total liabilities$370,029$386,886$421,421
Accounts payable and accrued expenses$120,029$128,472$153,125
Grants payable$0$0$0
Deferred revenue$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0
Tax-exempt bond liabilities$0$0$0
Mortgages and other notes payable$250,000$250,000$250,000
Other liabilities$0$8,414$18,296
Total liabilities and net assets/fund balances$467,743$601,268$770,725
Total net assets or fund balances$97,714$214,382$349,304
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
200020012002
Total revenue$0$690,473$647,182
Total revenue, gains, and other support per audited financial statements$0$690,473$647,182
Other expenses$0$0$0
Net unrealized gains on investments$0$0$0
Donated services and use of facilities$0$0$0
Recoveries of prior year grants$0$0$0
Other$0$0$0
Other revenue$0$0$0
Investment expenses$0$0$0
Other$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
200020012002
Total expenses$0$573,805$512,260
Total expenses and losses per audited financial statements$0$573,803$512,260
Other revenue$0$0$0
Donated services and use of facilities$0$0$0
Prior year adjustments$0$0$0
Losses$0$0$0
Other$0$0$0
Other expenses$0$0$0
Investment expenses$0$0$0
Other$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?No
Did the organization make only in-house lobbying expenditures of $2,000 or less?Yes
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20068
Analysis of Income-Producing Activities (for 2002)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$3,382$164,800
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$164,800
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$3,382$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2002)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2002)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2002)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
199920002001
Total$0$0$0
Gifts, grants, and contributions received$0$0$0
Membership fees received$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0
Net income from unrelated business activities not included above$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0
Other income$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2002)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2012)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2012)
Total revenue$1,062,223
Contributions, Gifts, Grants and Other Similar Amounts$1,061,891
Program Service Revenue$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$332
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2012)
Total functional expenses$1,063,218
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$336,345
Payroll taxes$29,314
Professional fundraising services$0
Other$697,559
Balance Sheet (for 2012)
Total assets$641,987
Total liabilities$460
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$0
Other$460
Total net assets or fund balances$641,527
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2012)
The organization is not a private foundation because it is:Not provided
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1The Miami-Dade Beacon Council Inc80 Sw 8th St Ste 2400, Miami, FL 33130-3013FL1987-06$5,118,719
2Council For South Texas Economic Progress200 South 10th Street Ste 502, Mcallen, TX 78501-4800TX1972-03$3,954,033
3Louisiana Travel Promotion Association1165 S Foster Dr, Baton Rouge, LA 70806-7237LA1964-01$3,033,910
4Myrtle Beach Regional Economic Development CorpPO BOX 261966, Conway, SC 29528-6066SC1995-07$1,062,223
5Council For Quality Growth Inc6500 Sugarloaf Pkwy Ste 220, Duluth, GA 30097-6205GA1987-07$832,982
6Great Lakes Of South Dakota Association IncPO BOX 786, Pierre, SD 57501-0786SD1970-09$557,952
7Springfield Economic Developement Corporation1441 Main St Ste 111, Springfield, MA 01103-1457MA1964-01$469,243
8Carlsbad Village Business530 A Grand Avenue, Carlsbad, CA 92008-2326CA1994-07$116,698
9Orr Economic Development Council Incorporated4580 Lake Street, Orr, MN 55771-8363MN1991-03$80,603
10North Carolina Association Ofzoning Officials IncC/O Grace Smith 101 City Hall Plaza, Durham, NC 27701NC2006-08$32,361
11Leadership Aiken County IncPO BOX 3686, Aiken, SC 29802-3686SC2004-09$20,227
Number of organizations performing similar types of work
California1
Florida1
Georgia1
Louisiana1
Massachusetts1
Minnesota1
North Carolina1
South Carolina2
South Dakota1
Texas1
Total11

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