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Nonprofiteer
← COPPERHEAD CHARITIES INC

Form 990 for tax year 2022

Filed by COPPERHEAD CHARITIES INC.

Totals

Total revenue
$16,357,137
Total expenses
$16,327,283
Contributions and grants received
$5,762,675
Grants paid
$1,189,548
Program service revenue
$10,539,745
Investment income
$54,717
Other revenue
$0
Total assets, end of year
$5,557,222
Total liabilities, end of year
$2,995,126
Net assets or fund balances, end of year
$2,562,096
Program services expenses (Part IX)
$3,983,263
Management and general expenses
$447,907
Fundraising expenses
$11,896,113
Program service expenses (Part III)
$3,983,263

Program services were 24.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $130,018

  • 1f · All other contributions, gifts and grants

    $5,632,657

  • 2a · Program service revenue: TOURNAMENT SALES

    total $10,539,745 · related or exempt $10,539,745

  • 3 · Investment income

    total $32,106 · excluded $32,106

  • 7a · Gross sales of assets other than inventory

    securities $22,611

  • 7b · Less cost or other basis and sales expenses

    securities $0

  • 7c · Gain or loss

    securities $22,611

  • 7d · Net gain or loss

    total $22,611 · excluded $22,611

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,189,548 · program services $1,189,548

  • 5 · Compensation of officers, directors and key employees

    total $809,458 · program services $141,655 · management and general $110,329 · fundraising $557,474

  • 7 · Other salaries and wages

    total $661,064 · program services $115,688 · management and general $90,121 · fundraising $455,255

  • 9 · Other employee benefits

    total $216,354 · program services $37,862 · management and general $29,489 · fundraising $149,003

  • 10 · Payroll taxes

    total $121,524 · program services $21,267 · management and general $16,564 · fundraising $83,693

  • 11b · Fees: legal

    total $2,040 · management and general $2,040

  • 11c · Fees: accounting

    total $20,580 · management and general $20,580

  • 11g · Fees: other

    total $96,821 · program services $23,888 · management and general $37,101 · fundraising $35,832

  • 12 · Advertising and promotion

    total $315,410 · program services $63,082 · fundraising $252,328

  • 13 · Office expenses

    total $54,897 · program services $4,392 · management and general $10,168 · fundraising $40,337

  • 14 · Information technology

    total $67,453 · program services $5,396 · management and general $2,022 · fundraising $60,035

  • 16 · Occupancy

    total $25,884 · program services $2,588 · management and general $6,471 · fundraising $16,825

  • 17 · Travel

    total $41,449 · program services $14,507 · management and general $8,290 · fundraising $18,652

  • 19 · Conferences, conventions and meetings

    total $95,196 · program services $28,558 · management and general $66,638

  • 22 · Depreciation, depletion and amortization

    total $63,452 · program services $6,346 · management and general $15,863 · fundraising $41,243

  • 23 · Insurance

    total $46,438 · program services $9,288 · fundraising $37,150

  • 24a · Other expenses: TOURNAMENT EXPENSES

    total $8,967,139 · program services $1,793,427 · fundraising $7,173,712

  • 24b · Other expenses: TOURNAMENT PRIZE MONEY

    total $3,464,000 · program services $519,600 · fundraising $2,944,400

  • 24c · Other expenses: MISCELLANEOUS

    total $68,576 · program services $6,171 · management and general $32,231 · fundraising $30,174

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $474,238 · end of year $884,453

  • 2 · Savings and temporary cash investments

    beginning of year $32,936 · end of year $973

  • 4 · Accounts receivable

    beginning of year $2,398,504 · end of year $1,937,027

  • 9 · Prepaid expenses and deferred charges

    beginning of year $260,303 · end of year $186,647

  • 10a · Land, buildings and equipment: cost or other basis

    $802,775

  • 10b · Land, buildings and equipment: accumulated depreciation

    $634,629

  • 10c · Land, buildings and equipment, net

    beginning of year $189,686 · end of year $168,146

  • 11 · Investments: publicly traded securities

    beginning of year $1,495,265 · end of year $1,296,484

  • 12 · Investments: other securities

    beginning of year $390,000 · end of year $390,000

  • 15 · Other assets

    beginning of year $614,938 · end of year $693,492

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,428,599 · end of year $2,360,465

  • 19 · Deferred revenue

    beginning of year $154,595 · end of year $86,750

  • 25 · Other liabilities

    beginning of year $711,973 · end of year $547,911

  • 27 · Net assets without donor restrictions

    beginning of year $2,560,703 · end of year $2,562,096

Mission and programs · 2022

Mission

PROVIDE AID TO TAMPA BAY AREA CHARITIES THROUGH FUNDRAISING EVENTS CENTERED AROUND PROFESSIONAL GOLF.

Activities or mission (Part I)

PROVIDE AID TO TAMPA BAY CHARITIES.

  • THE 2023 VALSPAR CHAMPIONSHIP, TAMPA BAY'S PGA TOUR EVENT, GENERATED CHARITABLE CONTRIBUTIONS OF $1,189,548 FOR CHARITY. THE TOURNAMENT'S CHARITABLE INITIATIVES COME THROUGH THE SPONSORING ORGANIZATION, COPPERHEAD CHARITIES INC.COPPERHEAD CHARITIES, NOW HAS NOW GENERATED ROUGHLY $50 MILLION FOR CHARITY SINCE 1977 THROUGH THE SPONSORSHIP OF PROFESSIONAL GOLF TOURNAMENTS IN THE TAMPA BAY AREA.(SEE CONTINUATION AT SCHEDULE O.)THE TOTAL INCLUDES MONEY RAISED THROUGH TICKET SALES AND OTHER TOURNAMENT PROCEEDS. APPROXIMATELY 70 AREA CHARITIES ARE BENEFITING FROM THE 2023 TOURNAMENT. COPPERHEAD CHARITIES MADE MANY DIRECTED DONATIONS IN 2023 WITH TAMPA GENERAL HOSPITAL, HABITAT FOR HUMANITY OF PINELLAS AND WEST PASCO COUNTIES, ST. PETERSBURG COLLEGE FOUNDATION, AND AREA CHAPTERS OF THE FIRST TEE AMONG THE KEY CHARITIES BENEFITING.AN INDEPENDENT ECONOMIC IMPACT STUDY PERFORMED BY THE UNIVERSITY OF SOUTH FLORIDA COLLEGE OF BUSINESS SPORT AND ENTERTAINMENT MANAGEMENT PROGRAM AND SPORTSECONOMICS, LLC FOUND THAT TOURNAMENT ACTIVITIES TRANSLATE TO AN ANNUAL ECONOMIC IMPACT OF OVER $64 MILLION TO THE TAMPA BAY AREA.

    Expenses $3,983,263 · Grants $1,189,548 · Revenue $10,539,745

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Ronde Barber

    GENERAL CHAIR

    Total calculated
    $0
    Hours/week
    3

  • John Astrab

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2.5

  • Jim Eisch

    IMMEDIATE PAST CHAIR & FINANCE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Lisa Smithson-Payne

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jon Wax

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ronice Barlow

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Paul Blaylock

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Allie Cantonis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Hollis Cavner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Couris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dan Doyle Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mark Fitzpatrick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Marcus Greene

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Howard Heckes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Penny Parks

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mike McNally

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Alyssa Rhoads

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sam Rosati

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Chris Sullivan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Doug Woolard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tracy West

    TOURNAMENT DIRECTOR

    Total calculated
    $337,915
    From this org
    $337,915
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $259,915
    Bonus
    $78,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $337,915

  • Michael Harrison

    ASSISTANT TOURNAMENT DIRECTOR

    Total calculated
    $152,641
    From this org
    $152,641
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,641
    Bonus
    $20,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $152,641

  • Austin Michael Kern

    CORPORATE PARTNERSHIP SENI

    Total calculated
    $207,023
    From this org
    $207,023
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,023
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $207,023

  • Zachary Labbe

    DIRECTOR OF OPERATIONS

    Total calculated
    $111,879
    From this org
    $111,879
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
THE ORGANIZATION ENTERED INTO A RABBI TRUST AGREEMENT IN AUGUST 2018 WITH AN INDIVIDUAL FROM MANAGEMENT IN ORDER TO RETAIN THE EMPLOYEE THROUGH THE 2022 VALSPAR CHAMPIONSHIP. THE AGREEMENT ACTS SIMILAR TO A DEFERRED COMPENSATION PLAN AND REQUIRED AN INITIAL DEPOSIT OF $100,000. THE INITIAL DEPOSIT WAS DEPOSITED INTO THE TRUST ACCOUNT ON AUGUST 8, 2018. THE AGREEMENT ALSO REQUIRES ADDITIONAL ANNUAL PAYMENTS NOT TO EXCEED $100,000 EACH SUBSEQUENT YEAR FOR THE 2019 THROUGH 2022 VALSPAR CHAMPIONSHIP. ANNUAL PAYMENT AMOUNTS ARE AT THE DISCRETION OF THE ORGANIZATION'S BOARD OF DIRECTORS. IN JULY 2023, THE ORGANIZATION ENTERED INTO AN EXECUTIVE SUPPLEMENT RETIREMENT AGREEMENT WITH ITS TOURNAMENT DIRECTOR, WHEREBY THE ORGANIZATION AGREES TO (A) PAY $100,000 FOR THE 2023 VALSPAR CHAMPIONSHIP AND (B) PAY AN AMOUNT NOT TO EXCEED $100,000 EACH SUBSEQUENT YEAR FROM 2024 THROUGH 2025 IN WHICH THE TOURNAMENT DIRECTOR PERFORMS SERVICES IN ITS ROLE FOR EACH RESPECTIVE TOURNAMENT YEAR, SUBJECT TO CERTAIN CONDITIONS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2022
Filed
22 November 2023
IRS schema version
2022v5.0
Source object
202313389349300111

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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