Florence County Progress Inc

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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

1983

Legal Domicile

Principal Officer

Jill D Lewis

Phone

8436691149

Tax Period

2021-07-01 to 2022-06-30

Florence County Progress Inc, founded in 1983, is a small nonprofit that reported $428K in total revenue in fiscal year 2021. Revenue surged 24% from the prior year, signaling strong growth momentum. Expenses of $574K exceeded revenue, resulting in a 34% operating deficit.

Mission

To help promote, implement, and support activities designed to improve the economic development of Florence County, SC.

Program Service Accomplishments

Program 1

Attraction of new business to the Florence County area and enhancement of the business climate for existing businesses.

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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 (2021)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $395,105

Investment Income $391

Other Revenue $32,596

TOTAL REVENUE $428,092

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $574,385

TOTAL EXPENSES $574,385

Year-over-Year Comparison

	2021	2020	Change
Revenue	$428,092	$344,278	+0.2%
Expenses	$574,385	$570,564	+0.0%
Net Income	$-146,293	$-226,286	-0.4%

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

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
Jason Cox	Board Member	0.30	Director	$0	$0	$0
Jill D Lewis	Chair	0.30	Officer Director	$0	$0	$0
Dan Paola	Board Member	0.30	Director	$0	$0	$0
Brian Fast	Board Member	0.30	Director	$0	$0	$0
Jumana Swindler	Board Member	0.30	Director	$0	$0	$0
Joe W Rocky Pearce	Board Member	0.30	Director	$0	$0	$0
Jeff Payne	Treasurer	0.30	Officer Director	$0	$0	$0
Jeanette Altman	Board Member	0.30	Director	$0	$0	$0
Timothy Wimbush	Board Member	0.30	Director	$0	$0	$0
Jamie Carsten	Vice Chair	0.30	Officer Director	$0	$0	$0
Alexis Fleming	Board Member	0.30	Director	$0	$0	$0
Darryl Hall	Board Member	0.30	Director	$0	$0	$0
Irby Wilson	Board Member	0.30	Director	$0	$0	$0
Jeff Singletary	Board Member	0.30	Director	$0	$0	$0
Kristy Fowler	Board Member	0.30	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
2022	$428,092	$574,385	$1,276,956	$-146,293
2021	$344,278	$570,564	$1,305,839	$-226,286
2020	$525,485	$335,089	$1,532,125	$190,396
2019	$722,564	$408,850	$1,341,729	$313,714
2018	$415,549	$439,323	$835,917	$-23,774