CLARENDON FACILITIES CORPORATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2010

Legal Domicile

Principal Officer

AUGUST J CUTTER

Phone

8034358424

Tax Period

2024-01-01 to 2024-12-31

CLARENDON FACILITIES CORPORATION, founded in 2010, is a community nonprofit in the Public & Societal Benefit sector that reported $2.5M in total revenue in fiscal year 2024. Revenue grew 17% year-over-year, indicating healthy expansion. The organization ran a surplus of $741K, a strong 29% operating margin.

Mission

ORGANIZATION ESTABLISHED TO ACQUIRE, CONSTRUCT, IMPROVE AND LEASE FACILITIES TO LESSEN THE BURDEN OF CLARENDON COUNTY, SC (A POLITICAL SUB-DIVISION OF THE STATE OF SOUTH CAROLINA), WHICH MAY ALSO INCLUDE THE ISSUANCE OF DEBT.

Program Service Accomplishments

Program 1

Expenses: $487,370 Revenue: $487,370

ORGANIZATION LEASED COUNTY ADMINISTRATION COMPLEX TO CLARENDON COUNTY, SC IN AN AMMOUNT EQUAL TO THE ANNUAL DEBT SERVICE REQUIREMENTS ON ASSOCIATED DEBT/BOND ISSUANCE. THE INSTALLMENT PURCHASE...

ORGANIZATION LEASED COUNTY ADMINISTRATION COMPLEX TO CLARENDON COUNTY, SC IN AN AMMOUNT EQUAL TO THE ANNUAL DEBT SERVICE REQUIREMENTS ON ASSOCIATED DEBT/BOND ISSUANCE. THE INSTALLMENT PURCHASE AGREEMENT BETWEEN THE ORGANIZATION AND CLARENDON COUNTY REQUIRES THAT THE COUNTY PAY TO THE ORGANIZATION AN ANNUAL INSTALLMENT PAYMENT EQUAL TO THE DEBT SERVICES REQUIREMENTS ASSOCIATED WITH ISSUED DEBT. A TRANSFER OF INTEREST/OWNERSHIP EQUAL TO SAID ANNNUAL PRINCIPAL PORTION OF THE PAYMENT IN THE FACILITY IS GIVEN FROM THE ORGANIZATION TO CLARENDON COUNTY. WHEN THE BONDS ARE PAID OFF, CLARENDON COUNTY WILL HAVE 100% OWNERSHIP IN SAID FACILITY.

Program 2

Expenses: $259,969 Revenue: $259,969

ORGANIZATION LEASED COUNTY COURTHOUSE FACILITY TO CLARENDON COUNTY, SC IN AN AMOUNT EQUAL TO THE ANNUAL DEBT SERVICE REQUIREMENTS ON ASSOCIATED DEBT/BOND ISSUANCE. THE INSTALLMENT PURCHASE AGREEMENT BETWEEN THE ORGANIZATION AND CLARENDON COUNTY REQUIRES THAT THE COUNTY PAY TO THE ORGANIZATION AN ANNUAL INSTALLMENT PAYMENT EQUAL TO THE DEBT SERVICES REQUIREMENTS ASSOCIATED WITH ISSUED DEBT. A TRANSFER OF INTEREST/OWNERSHIP EQUAL TO SAID ANNNUAL PRINCIPAL PORTION OF THE PAYMENT IN THE FACILITY IS GIVEN FROM THE ORGANIZATION TO CLARENDON COUNTY. WHEN THE BONDS ARE PAID OFF, CLARENDON COUNTY WILL HAVE 100% OWNERSHIP IN SAID FACILITY.

Program 3

Expenses: $1,036,612 Revenue: $1,036,612

ORGANIZATION LEASED VARIOUS FACILITIES TO CLARENDON COUNTY, SC IN AN AMOUNT EQUAL TO THE ANNUAL DEBT SERVICE REQUIREMENTS ON ASSOCIATED DEBT/BOND ISSUANCE. THE INSTALLMENT PURCHASE AGREEMENT BETWEEN THE ORGANIZATION AND CLARENDON COUNTY REQUIRES THAT THE COUNTY PAY TO THE ORGANIZATION AN ANNUAL INSTALLMENT PAYMENT EQUAL TO THE DEBT SERVICES REQUIREMENTS ASSOCIATED WITH ISSUED DEBT. A TRANSFER OF INTEREST/OWNERSHIP EQUAL TO SAID ANNNUAL PRINCIPAL PORTION OF THE PAYMENT IN THE FACILITY IS GIVEN FROM THE ORGANIZATION TO CLARENDON COUNTY. WHEN THE BONDS ARE PAID OFF, CLARENDON COUNTY WILL HAVE 100% OWNERSHIP IN SAID FACILITY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $1,783,951

Investment Income $741,124

Other Revenue $0

TOTAL REVENUE $2,525,075

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $1,783,951

Other Expenses $1,783,951

TOTAL EXPENSES $1,783,951

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,525,075	$2,149,852	+0.2%
Expenses	$1,783,951	$1,486,777	+0.2%
Net Income	$741,124	$663,075	+0.1%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AUGUST J CUTTER	BOARDCHAIR	0.10	Officer Director	$0	$0	$0
MICHAEL L KING	VICE-CHAIR/SECRETARY/TREAS	0.10	Officer Director	$0	$0	$0
BOBBY PIERCE	BOARDMEMBER	0.10	Director	$0	$0	$0
BLAKE GIBBONS	BOARDMEMBER	0.10	Director	$0	$0	$0
LINZY WASHINGTON	BOARDMEMBER	0.10	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$2,525,075	$1,783,951	$25,119,199	$741,124
2023	$2,149,852	$1,486,777	$25,228,075	$663,075
2022	$746,234	$746,234	$25,295,000	No data
2021	$751,684	$751,684	$10,505,000	No data
2020	$750,765	$750,765	$10,975,000	No data