HERITAGE CLASSIC FOUNDATION

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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

1987

Legal Domicile

Principal Officer

J SIMON FRASER

Phone

8436715755

Tax Period

2024-01-01 to 2024-12-31

HERITAGE CLASSIC FOUNDATION, founded in 1987, is a mid-sized nonprofit in the Philanthropy & Grantmaking sector that reported $19.0M in total revenue in fiscal year 2024. Revenue surged 31% from the prior year, signaling strong growth momentum. Expenses of $16.5M left a modest 13% surplus.

Mission

THE HERITAGE CLASSIC FOUNDATION'S PRIMARY EXEMPT PURPOSE IS TO DISTRIBUTE THE NET PROFITS FROM A PGA TOUR EVENT TO LOCAL AND STATEWIDE CHARITIES.

Program Service Accomplishments

Program 1

Expenses: $13,189,317 Revenue: $18,963,218

THE PRIMARY MISSION OF THE HERITAGE CLASSIC FOUNDATION IS ACCOMPLISHED BY OPERATING A PGA TOUR SANCTIONED GOLF TOURNAMENT KNOWN AS THE RBC HERITAGE PRESENTED BY BOEING. THE NET PROCEES FROM THE...

THE PRIMARY MISSION OF THE HERITAGE CLASSIC FOUNDATION IS ACCOMPLISHED BY OPERATING A PGA TOUR SANCTIONED GOLF TOURNAMENT KNOWN AS THE RBC HERITAGE PRESENTED BY BOEING. THE NET PROCEES FROM THE TOURNAMENT PLAYED AT THE HARBOUR TOWN GOLF LINKS, HILTON HEAD ISLAND, SC ARE USED TO MAKE DISTRIBUTIONS TO OTHER NOT-FOR-PROFIT ORGANIZATIONS THROUGH GRANT DISTRIBUTIONS AND SCHOLARSHIPS.

Program 2

Expenses: $3,065,833 Revenue: $2,626,745

THE CHAMPIONS FORE CHARITY AND BIRDIES FOR CHARITY ARE PROGRAMS WE HAVE TO ENCOURAGE DONATIONS TO LOCAL CHARITABLE ORGANIZATIONS WHEREIN OUR ORGANIZATION SUPPLEMENTS THOSE DONATIONS FOR THE BENEFIT...

Program 3

Expenses: $13,000 Revenue: $222,071

OUR TARTAN CLUB PROGRAM SUPPORTS THE HERITAGE CLASSIC FOUNDATION'S SCHOLAR PROGRAM.

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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 $3,155,349

Program Service Revenue $14,857,932

Investment Income $362,236

Other Revenue $587,701

TOTAL REVENUE $18,963,218

Expense Breakdown

Grants Paid $3,992,690

Salaries & Benefits $1,834,913

Fundraising Expenses $500

Program Expenses $16,268,150

Other Expenses $10,711,215

TOTAL EXPENSES $16,538,818

Year-over-Year Comparison

	2024	2023	Change
Revenue	$18,963,218	$14,506,827	+0.3%
Expenses	$16,538,818	$13,947,268	+0.2%
Net Income	$2,424,400	$559,559	+3.3%

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

Volunteers

1200

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

$18,000

Total Directors

$327,866

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEPHEN J WILMOT	President & CEO	40.00	Director	$309,866	$0	$309,866
DEREK R PATON	VP SALES & MARKETING	40.00		$265,149	$0	$265,149
JAMES M IVESTER	DIRECTOR OF CORPORATE SALES	40.00		$199,144	$0	$199,144
MORGAN HYDE	VP OPERATIONS	40.00		$116,950	$0	$116,950
J SIMON FRASER	Chairman	16.00	Officer Director	$18,000	$0	$18,000
RICHARD P REICHEL	Treasurer	16.00	Officer Director	$0	$0	$0
CARY CORBITT	Trustee	8.00	Director	$0	$0	$0
STEVEN P BIRDWELL	Trustee	2.00	Director	$0	$0	$0
MARC GRANT	Trustee	2.00	Director	$0	$0	$0
LISA SULKA	Trustee	2.00	Director	$0	$0	$0
TRICIA B LYNCH	Trustee	2.00	Director	$0	$0	$0
WILLIAM G MILES	Secretary	16.00	Officer Director	$0	$0	$0
DONALD F CALHOON	Trustee	8.00	Director	$0	$0	$0
SCOTT H RICHARDSON	Trustee	8.00	Director	$0	$0	$0
TERRY A FINGER	VICE CHARIRMAN	16.00	Director	$0	$0	$0
CHARLES C ROUNTREE III	Trustee	8.00	Director	$0	$0	$0
W DOUGLAS SMITH	Trustee	8.00	Director	$0	$0	$0
PAMELA P LACKEY	Trustee	2.00	Director	$0	$0	$0
CHRISTOPHER L CORKERN	Trustee	2.00	Director	$0	$0	$0
AL KENNICKELL	Trustee	2.00	Director	$0	$0	$0
MIKE MANESOTIS	Trustee	2.00	Director	$0	$0	$0
ANN MCBRIEN	Trustee	2.00	Director	$0	$0	$0
JEFFREY G REILLEY	Trustee	2.00	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	$18,963,218	$16,538,818	$16,833,592	$2,424,400
2023	$14,506,827	$13,947,268	$14,213,549	$559,559
2022	$11,355,325	$11,042,251	$10,740,368	$313,074
2021	$8,280,011	$7,334,483	$8,421,754	$945,528
2020	$6,072,322	$6,130,807	$6,479,747	$-58,485
2019	$14,574,085	$13,940,456	$7,419,333	$633,629
2018	$14,254,291	$13,683,173	$7,083,060	$571,118