Civic Intelligence

Freedman Arts District Inc.

990 • Fiscal year 2024 • EIN 88-2601196

Jan 01, 2024 to Dec 31, 2024 • Filed on May 03, 2025

Organization Profile
2015 Boundary St Suite 314Beaufort, SC 29902

(678) 632-8656

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

93rd percentile

0.92x

Higher debt load relative to assets than 93% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

7.01x

Higher debt load relative to revenue than 97% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

90th percentile

52%

Higher net margin than 90% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

43rd percentile

$25,000

Higher top officer pay than 43% of similar nonprofits.

Top officer pay equals 11.9% of source-year revenue.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

67th percentile

11%

Faster asset growth than 67% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

93rd percentile

140%

Faster revenue growth than 93% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$1,601,632

Up $164,950 (+11%) from 2023

Net Assets

Up

$124,234

Up $108,775 (+704%) from 2023

Liabilities

Up

$1,477,398

Up $56,175 (+4.0%) from 2023

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin90th percentile

Revenue

Up

$210,820

Up $122,949 (+140%) from 2023

Expenses

Up

$102,045

Up $18,720 (+22%) from 2023

Net Income

Up

$108,775

Up $104,229 (+2293%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth67th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.5M$1.0M$500K$0Assets 2023: $1,436,682Liabilities 2023: $1,421,223Net Assets 2023: $15,4592023Assets 2024: $1,601,632Liabilities 2024: $1,477,398Net Assets 2024: $124,2342024

Highlighted filing

2024

Assets$1,601,632
Liabilities$1,477,398
Net Assets$124,234
Open 2024 Filing

Operations Trend

Revenue Growth93rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$300K$200K$100K$0Revenue 2023: $87,871Expenses 2023: $83,325Net Income 2023: $4,5462023Revenue 2024: $210,820Expenses 2024: $102,045Net Income 2024: $108,7752024

Highlighted filing

2024

Revenue$210,820
Expenses$102,045
Net Income$108,775
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 3, 2025
Return Version
2024v5.0
Gross Receipts
$210,820
Mission and Program Overview

Mission

The Freedman Arts District is committed to nurturing a thriving arts community by providing support to local artists and engaging with art enthusiasts within the district. This support includes customized outreach initiatives and strategic marketing efforts to showcase the creative talent in the area. With the help of community leaders, businesses, vendors and donors, the Freedman Arts District also works with property owners to renovate these structures, saving vital pieces of history when possible and assisting in removal and new construction when renovation is not a viable option. This cooperative work restores the fabric of the community while encouraging ownership to stay within the families.

The Freedman Arts District is committed to nurturinga thriving arts community by providing support to local artists and engaging with art enthusiasts within the district. This support includes customized outreach initiatives and strategic marketing efforts to showcase the creative talent in the area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$1,200,500$1,200,000▼ $500
Other Notes and Loans Receivable, Net$174,473$302,547▲ $128,074
Rtn Earn Endowment Incm Other Fnds$15,459$89,372▲ $73,913
Accounts Receivable-$61,475-
Cash and Non-Interest-Bearing Accounts$61,709$37,610▼ $24,099
Total Assets$1,436,682$1,601,632▲ $164,950
Liabilities
Unsecured Notes Loans Payable$1,417,798$1,467,685▲ $49,887
Accounts Payable and Accrued Expenses$3,425$9,713▲ $6,288
Total Liabilities$1,421,223$1,477,398▲ $56,175
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$15,459$124,234▲ $108,775
Total Net Assets Fund Balance$15,459$124,234▲ $108,775
Total Liabilities and Net Assets / Fund Balance$1,436,682$1,601,632▲ $164,950
Compensation and Service Providers
Top Officer Pay43rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Angela DoreFormer Executive DirectorPT$25,000$25,000

Board Members and Trustees

NameTitle
Richard StewartChairman
Cherimie WeatherfordExecutive Director
William QuarlesTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$210,820
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$98,175
Change in Net Assets
$108,775
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$71,490
Total Fundraising Expense$62,869
Salaries, Compensation, and Employee Benefits$29,250
Professional Fundraising Fees$1,305
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising-$156$30,602$30,758
Current Officers, Directors, Trustees, and Key Employees$23,000$6,250-$29,250
All Other Expenses--$28,429$28,429
Fees for Services Accounting-$7,600-$7,600
Office Expenses--$2,455$2,455
Fees for Services Legal-$2,015-$2,015
Fees for Services Professional Fundraising--$1,305$1,305
Travel-$155-$155
Interest--$78$78
Total Functional Expenses$23,000$16,176$62,869$102,045
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$1,305

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Chalk It Up 2025$55,750$55,750-$55,750
Chalk It Up! 2024$45,445$45,445$36,556$8,889
Total Events$101,195$101,195$46,397$54,798
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Line 11B

“The Treasurer provides a copy of Form 990 to the board of directors for review and discussion before filing.”

Part VI, Line 12C

“Board members are asked to disclose any conflicts of interest annually”

Part VI, Line 15A

“Top management compensation is approved by the board of directors”

Part VI, Line 19

“Governing documents, policies and financial statements are made available upon written request.”

Filing and Contact Details

Filer

Filer Name
Freedman Arts District Inc
EIN
88-2601196
Phone
6786328656
Address
2015 Boundary St Suite 314, Beaufort, SC 29902

Signing Officer

Name
William Quarles
Title
CFO/Treasurer
Phone
6786328656
Signed
2025-05-03

Organization Details

Principal Officer
Richard Stewart
Formed
2022
Legal Domicile
Sc
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
200
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt01417798
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt01467685
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02015 Boundary Street
IRS990/USAddress/AddressLine2Txt0Suite 317
IRS990/USAddress/CityNm0Beaufort
IRS990/USAddress/StateAbbreviationCd0SC
IRS990/USAddress/ZIPCd029902
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/PersonNm0William Quarles
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CFO/Treasurer
ReturnHeader/BusinessOfficerGrp/PhoneNum06786328656
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-05-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FREEDMAN ARTS DISTRICT INC
ReturnHeader/Filer/BusinessNameControlTxt0FREE
ReturnHeader/Filer/EIN0882601196
ReturnHeader/Filer/PhoneNum06786328656
ReturnHeader/Filer/USAddress/AddressLine1Txt02015 Boundary St Suite 314
ReturnHeader/Filer/USAddress/CityNm0Beaufort
ReturnHeader/Filer/USAddress/StateAbbreviationCd0SC
ReturnHeader/Filer/USAddress/ZIPCd029902
ReturnHeader/ReturnTs02025-05-03T14:50:29Z
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,601,632
Liabilities
$1,477,398
Net assets
$124,234
Revenue
$210,820
Expenses
$102,045
Net income
$108,775
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.60$1.48$0.12$0.21$0.10$0.11
2023Detailed filing. Detailed filing data is available for this year.$1.44$1.42$0.02$0.09$0.08$0.00
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2024 filings • 501(c)3 • $1M-$5M nonprofits