The nonprofit group operated and owned by Gov. Jim Justice, Old White Charities, have recently released some zoom filings that show that the group has been in a financial hole amounting to about $11.6 million, since the year 2016.
This is notable as the NPO has been allocating approximately 4% of its total expenditures to charities from 2010 to the 2015. In total, the OWC reported donating $4.9 million from 2010 to 2016, to many charities and received $16.5 million in grants and gifts in the same time span.
The flooding that struck the Greenbrier Resort, killing about two dozen people, prevented the place from hosting the Greenbrier Classic for the year. That year’s financial losses continuing a pattern of financial losses since the OWC first held the event.
501(c)(3) organizations, like nonprofit groups, are required to handle zoom filings annually to the Internal Revenue Service, who will the documents available for public viewing. GuideStar, Inc. a nonprofit information service that primarily handles reporting on the country’s NPOs, was the one responsible for filing the OWC’s 2016 report, while the older filings were revealed thanks to the ProPublica’s Nonprofit Explorer. As part of the Internal Revenue Code’s Section 501(c)(3), the OWC is a tax-exempt entity.
These documents show that the last years that the OWC’s filings indicated a profit gain was in 2010, where, of its $30.3 million revenue, $82,000 was profit, and 2012. For 2011, 2013, 2015 and 2016, the NPO had been taking heavy losses, amounting to $5.4 million, $2.5 million, $3.1 million and $4.7 million, respectively.
Elmer Coppoolse, the COO of the Greenbrier Resort, says that these heavy financial losses were due to the Greenbrier Classic not having enough corporate sponsorships. He says that the event needs more sponsors, something they work on every year, and he hopes that it will start to work.
He has expressed gratitude and admiration for Justice and his family, who continue to cushion the event’s losses with their own money, while also donation hundreds and thousands of dollars to charity annually.
Currently, the group’s 2017 tax filing is unavailable, by Coppoolse says that the tourney managed to bring in about $5 million revenue, following a setup cost of about $9 million.