How is Myrtle Beach getting $4.9 million? There's a complex web of LLCs and a nonprofit [Yahoo! Finance]
Pinnacle Financial Partners, Inc. (PNFP)
Last pinnacle financial partners, inc. earnings: 4/20 06:00 pm
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Source: Yahoo! Finance
The arrangement is seemingly the first of its type in South Carolina, but calls into question the lack of transparency and leaves questions about the complicated financial maneuvers. Myrtle Beach's Chief Financial Officer Michelle Shumpert said the city had to work with the decades-old nonprofit Myrtle Beach Downtown Redevelopment Corporation to create other companies to get federal and state tax credits that are expected to total approximately $4.9 million, if not more. However, the city is not simply working with a nonprofit; the city created the nonprofit, and high-ranking city employees comprise the board of directors. The city-run nonprofit does not file a 990 form because its expenses are allegedly under $50,000 annually, according to Shumpert. She said the nonprofit does not have any paid staff. Shumpert said she manages the nonprofit. She is already on the city payroll. Shumpert said the work she does for the DRC is as a volunteer and is not paid for by the City of Myr
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News
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PNFP
Earnings
- 7/16/24 - Beat
PNFP
Sec Filings
- 8/20/24 - Form N-PX
- 8/7/24 - Form 10-Q
- 8/6/24 - Form 13F-HR
- PNFP's page on the SEC website