Overview
What is Heritage Classic Foundation?
The Heritage Classic Foundation, based in Hilton Head Island, South Carolina, is a nonprofit organization with a primary mission of hosting the RBC Heritage Presented by Boeing, a PGA Tour-sanctioned golf tournament. The earnings generated from this event at Harbour Town Golf Links are channeled towards charitable causes, primarily benefiting local and statewide organizations through grant distributions and scholarships. The foundation's primary goal is to contribute to the betterment of the community by allocating its net profits to deserving not-for-profit organizations.
Official website here: www.heritageclassicfoundation.com
What are the reviews and ratings of this charity?
The Heritage Classic Foundation has been rated as 'Needs Improvement' by Charity Navigator, receiving a Two-Star out of Four Star rating with an overall score of 74%. This score is based entirely on the Accountability & Finance beacon, as other domains like Leadership, Culture, and Impact were not assessed. Although the foundation maintains a high Program Expense Ratio of 98.25%, the lack of publicly available financial statements significantly detracts from its overall score.
The foundation demonstrates accountability through full compliance with policies such as conflict of interest, whistleblower, and document retention. It also has a predominantly independent board, which is positive for governance. However, its transparency is hindered by the missing financial documents on its website and its liabilities to assets ratio is somewhat concerning at 59.45%.
There are no user reviews from GreatNonprofits to further elucidate public perception. While the foundation excels in spending allocations, improvements in financial transparency and reduced liabilities could likely enhance its performance and rating.
This AI summary has been generated from information found on Charity Navigator.
Is Heritage Classic Foundation legitimate?
Heritage Classic Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Heritage Classic Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $654,944
Professional Fundraising Fees: $0
Other Salaries and Wages: $626,697
For more financial information, click here
Official website here: www.heritageclassicfoundation.com
What is the mission statement of Heritage Classic Foundation?
The Heritage Classic Foundation, as its primary mission, distributes the profits earned from a PGA Tour event to various local and statewide charities. This objective is achieved through the operation of a golf tournament named the RBC Heritage Presented by Boeing, held at the Harbour Town Golf Links in Hilton Head Island, SC. The net proceeds from this tournament are then allocated to different non-profit organizations through grant distributions and scholarships.
Official website here: www.heritageclassicfoundation.com
Who is the CEO of Heritage Classic Foundation?
J Simon Fraser is the Vp Sales & Marketing of Heritage Classic Foundation. The CEO's salary of Heritage Classic Foundation is $234,185 and their total compensation is $234,185.
Official website here: www.heritageclassicfoundation.com
What is the revenue of Heritage Classic Foundation?
Heritage Classic Foundation's revenue in 2022 was $11,355,325.
Official website here: www.heritageclassicfoundation.com
Who are the executives of Heritage Classic Foundation and what are their salaries?
The average compensation at Heritage Classic Foundation during 2022 was $91,546. There are 14 employees and 1200 volunteers at Heritage Classic Foundation.
Here are 23 key members and their salaries (Heritage Classic Foundation's CEO's salary is $234,185 and their total compensation is $234,185):
- Compensation: $271,132
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- Compensation: $234,185
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- Compensation: $103,724
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- Compensation: $24,000
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Official website here: www.heritageclassicfoundation.com
Where can I find the form 990 for Heritage Classic Foundation?
Heritage Classic Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.heritageclassicfoundation.com
Learn more at the official website: www.heritageclassicfoundation.com
Mission Statement of Heritage Classic Foundation
The Heritage Classic Foundation, a reputable nonprofit organization, is primarily dedicated to distributing the profits generated from a PGA Tour event to various local and statewide charities. This mission is achieved through the operation of a PGA Tour-sanctioned golf tournament named the RBC Heritage Presented by Boeing, which takes place at the Harbor Town Golf Links, Hilton Head Island, SC. The net proceeds from this tournament serve as the foundation for grant distributions and scholarship programs, thereby extending its support to numerous other not-for-profit organizations. The Heritage Classic Foundation's philanthropic efforts aim to contribute positively to the communities it serves, demonstrating a commitment to social responsibility and community development.
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Impact
July, 2024
The Heritage Classic Foundation's impact is felt through the distribution of net profits from the RBC Heritage presented by Boeing, a PGA TOUR event, to local and statewide charities. By organizing this golf tournament at the Harbour Town Golf Links in Hilton Head Island, SC, the foundation raises funds that are then distributed to other not-for-profit organizations through grant distributions and scholarships. Through its philanthropic efforts, the Heritage Classic Foundation plays a vital role in supporting and strengthening various charitable causes within the community.
This information is meant to be a general summary of Heritage Classic Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$281,696
- Program Service Revenue: $9,372,075
- Gross Receipts: $11,355,325
Assets and Liabilities:
- Total Assets: $10,740,368
- Total Liabilities: $5,516,891
- Net Assets: $5,223,477
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MICELLANEOUS OTHER
Revenue
$619,177
PATRON PLAN/TICKETS
Revenue
$3,108,923
PRO AM FEES
Revenue
$617,212
SPONSOR FEES
Revenue
$5,026,763
Organization Details
Founding Year
1987
Phone
(843) 671-5755Principal Officer
J Simon Fraser
Main Address
PO BOX 3244, HILTON HEAD ISLAND, SC, 29928
NTEE Category
Code: T70Z - Philanthropy
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