Civic Intelligence

Palm Academy Inc.

990 • Fiscal year 2020 • EIN 20-5949060

Jul 01, 2019 to Jun 30, 2020 • Filed on May 06, 2021

Organization ProfileN/A
2856 Washington BlvdFremont, CA 94539

(510) 979-9794

Siviq Scores

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

Liabilities / Assets

55th percentile

0.13x

Higher debt load relative to assets than 55% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

54th percentile

0.16x

Higher debt load relative to revenue than 54% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

52nd percentile

6.3%

Higher net margin than 52% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

90th percentile

$207,860

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 18.4% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

72nd percentile

20%

Faster asset growth than 72% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

39th percentile

-5.1%

Faster revenue growth than 39% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets55th percentile

Assets

Up

$1,412,514

Up $232,022 (+20%) from 2019

Net Assets

Up

$1,227,304

Up $70,568 (+6.1%) from 2019

Liabilities

Up

$185,210

Up $161,454 (+680%) from 2019

Revenue And Expenses
Liabilities / Revenue54th percentileNet Margin52nd percentile

Revenue

Down

$1,127,463

Down $60,708 (-5.1%) from 2019

Expenses

Down

$1,056,895

Down $18,186 (-1.7%) from 2019

Net Income

Down

$70,568

Down $42,522 (-38%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth72nd percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2011: $424,049Liabilities 2011: $73,530Net Assets 2011: $350,5192011Assets 2012: $438,873Liabilities 2012: $37,420Net Assets 2012: $401,4532012Assets 2013: $568,205Liabilities 2013: $18,762Net Assets 2013: $549,4432013Assets 2014: $723,160Liabilities 2014: $15,750Net Assets 2014: $707,4102014Assets 2015: $757,008Liabilities 2015: $12,710Net Assets 2015: $744,2982015Assets 2016: $894,836Liabilities 2016: $11,984Net Assets 2016: $882,8522016Assets 2017: $1,129,158Liabilities 2017: $62,883Net Assets 2017: $1,066,2752017Assets 2018: $1,103,140Liabilities 2018: $42,268Net Assets 2018: $1,060,8722018Assets 2019: $1,180,492Liabilities 2019: $23,756Net Assets 2019: $1,156,7362019Assets 2020: $1,412,514Liabilities 2020: $185,210Net Assets 2020: $1,227,3042020Assets 2021: $1,390,597Liabilities 2021: $178,052Net Assets 2021: $1,212,5452021Assets 2022: $1,505,649Liabilities 2022: $184,341Net Assets 2022: $1,321,3082022Assets 2023: $1,633,495Liabilities 2023: $176,124Net Assets 2023: $1,457,3712023Assets 2024: $1,881,513Liabilities 2024: $96,132Net Assets 2024: $1,785,3812024

Highlighted filing

2020

Assets$1,412,514
Liabilities$185,210
Net Assets$1,227,304
Open 2020 Filing

Operations Trend

Revenue Growth39th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2011: $961,499Expenses 2011: $774,281Net Income 2011: $187,2182011Revenue 2012: $919,936Expenses 2012: $869,002Net Income 2012: $50,9342012Revenue 2013: $1,219,079Expenses 2013: $1,071,089Net Income 2013: $147,9902013Revenue 2014: $1,201,028Expenses 2014: $1,043,061Net Income 2014: $157,9672014Revenue 2015: $1,089,631Expenses 2015: $1,052,743Net Income 2015: $36,8882015Revenue 2016: $1,097,122Expenses 2016: $958,568Net Income 2016: $138,5542016Revenue 2017: $1,265,953Expenses 2017: $1,082,530Net Income 2017: $183,4232017Revenue 2018: $982,605Expenses 2018: $993,008Net Income 2018: -$10,4032018Revenue 2019: $1,188,171Expenses 2019: $1,075,081Net Income 2019: $113,0902019Revenue 2020: $1,127,463Expenses 2020: $1,056,895Net Income 2020: $70,5682020Revenue 2021: $749,912Expenses 2021: $694,678Net Income 2021: $55,2342021Revenue 2022: $1,141,110Expenses 2022: $994,885Net Income 2022: $146,2252022Revenue 2023: $993,619Expenses 2023: $995,788Net Income 2023: -$2,1692023Revenue 2024: $1,275,045Expenses 2024: $1,079,855Net Income 2024: $195,1902024

Highlighted filing

2020

Revenue$1,127,463
Expenses$1,056,895
Net Income$70,568
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 6, 2021
Return Version
2019v5.2
Gross Receipts
$3,453,064
Mission and Program Overview

Mission

A better education for minor children.

A school for the better education of minor children.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$1,156,736$1,227,304▲ $70,568
Investments Other Securities$770,931$936,686▲ $165,755
Land, Buildings, and Equipment, Net$206,189$214,034▲ $7,845
Savings and Temporary Cash Investments$77,997$201,426▲ $123,429
Loans From Officers Directors$6,306$158,805▲ $152,499
Intangible Assets$38,805$32,725▼ $6,080
Cash and Non-Interest-Bearing Accounts$86,570$27,643▼ $58,927
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,180,492$1,412,514▲ $232,022
Liabilities
Unsecured Notes Loans Payable$17,450$26,405▲ $8,955
Total Liabilities$23,756$185,210▲ $161,454
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,156,736$1,227,304▲ $70,568
Total Liabilities and Net Assets / Fund Balance$1,180,492$1,412,514▲ $232,022

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$94,653$247,764$342,417
Buildings$119,381$33,121$152,502
Other Securities$936,686--
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ruth YongPresidentFT$103,930$103,930$207,860

Board Members and Trustees

NameTitle
Debbie LauVice President
Abraham JouBoard Member
Joel LoBoard Member
Connie KwanSecretary
Grace LauTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,031,984
Investment Income
$95,479
Other Revenue
$0
Change in Net Assets
$70,568
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$550,841
Other Expenses$457,033
Grants and Similar Amounts Paid$49,021
Total Fundraising Expense$1,249
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$386,394--$386,394
Royalties$113,261--$113,261
Current Officers, Directors, Trustees, and Key Employees-$103,930-$103,930
Occupancy$80,793$2,888-$83,681
Grants to Domestic Orgs$49,021--$49,021
Payroll Taxes$28,290$7,951-$36,241
Depreciation Depletion$24,630$10,287-$34,917
Information Technology$28,354$4,853-$33,207
Advertising-$29,499-$29,499
Insurance$1,543$23,666-$25,209
Fees for Services Other$375$19,330-$19,705
Other Employee Benefits$17,849--$17,849
Travel$13,303$41-$13,344
Fees for Service Investment Mgmnt Fees-$11,403-$11,403
Office Expenses$760$7,028$1,249$9,037
Pension Plan Contributions$6,427--$6,427
Fees for Services Accounting-$5,871-$5,871
All Other Expenses$2,405$1,080-$3,485
Other Expenses$148$2,918-$3,066
Conferences and Meetings$833--$833
Interest-$190-$190
Total Functional Expenses$824,711$230,935$1,249$1,056,895
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
First Chinese Methodist ChurchFremont, CA501(c)(3)Educational Assistance$49,021
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$6,306$158,805▲ $152,499
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Grace lau and debbie lau are related to each other.”

Form 990, Part VI, Section B, Line 11B

“Reviewed at a board meeting.”

Form 990, Part VI, Section C, Line 19

“UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Palm Academy Inc
EIN
20-5949060
Phone
5109799794
Address
2856 WASHINGTON BLVD, FREMONT, CA 94539

Signing Officer

Name
Ruth Yong
Title
President
Phone
5109799794
Signed
2021-05-06

Organization Details

Principal Officer
Ruth Yong
Formed
2007
Legal Domicile
CA
Voting Board Members
6
Independent Board Members
6
Employees
21
Volunteers
0

Preparer

Firm
Michael P Senadenos Accountancy Corp
Address
39420 LIBERTY ST 170, FREMONT, CA 94538
Preparer
Michael P Senadenos CPA
Phone
5107944487
Raw XML AppendixShowing 400 of 402 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/BuildingsGrp/DepreciationAmt033121
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0152502
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt094653
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0247764
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0342417
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt0936686
IRS990ScheduleD/OtherSecuritiesGrp/Desc0LAURUS INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0214034
IRS990ScheduleD/TotalBookValueSecuritiesAmt0936686
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd00
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd00
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleI/GrantRecordsMaintainedInd00
IRS990ScheduleI/RecipientTable/CashGrantAmt049021
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)(3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0EDUCATIONAL ASSISTANCE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0FIRST CHINESE METHODIST CHURCH
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt02856 WASHINGTON BLVD
IRS990ScheduleI/RecipientTable/USAddress/CityNm0FREMONT
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0CA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd094539
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt0158805
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt06331
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0RUTH YONG
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990ScheduleL/TotalBalanceDueAmt0158805
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0GRACE LAU AND DEBBIE LAU ARE RELATED TO EACH OTHER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1REVIEWED AT A BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01180492
IRS990/TotalAssetsEOYAmt01412514
IRS990/TotalAssetsGrp/BOYAmt01180492
IRS990/TotalAssetsGrp/EOYAmt01412514
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt021
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt01249
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0230935
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0824711
IRS990/TotalFunctionalExpensesGrp/TotalAmt01056895
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt023756
IRS990/TotalLiabilitiesEOYAmt0185210
IRS990/TotalLiabilitiesGrp/BOYAmt023756
IRS990/TotalLiabilitiesGrp/EOYAmt0185210
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01156736
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01227304
IRS990/TotalOtherCompensationAmt0103930
IRS990/TotalProgramServiceExpensesAmt0824711
IRS990/TotalProgramServiceRevenueAmt01031984
IRS990/TotalReportableCompFromOrgAmt0103930
IRS990/TotalRevenueGrp/ExclusionAmt095479
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01031984
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01127463
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01180492
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01412514
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt041
IRS990/TravelGrp/ProgramServicesAmt013303
IRS990/TravelGrp/TotalAmt013344
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt017450
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt026405
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0499 CRABAPPLE TERRACE
IRS990/USAddress/CityNm0FREMONT
IRS990/USAddress/StateAbbreviationCd0CA
IRS990/USAddress/ZIPCd094539
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0RUTH YONG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05109799794
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-05-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PALM ACADEMY INC
ReturnHeader/Filer/BusinessNameControlTxt0PALM
ReturnHeader/Filer/EIN0205949060
ReturnHeader/Filer/PhoneNum05109799794
ReturnHeader/Filer/USAddress/AddressLine1Txt02856 WASHINGTON BLVD
ReturnHeader/Filer/USAddress/CityNm0FREMONT
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CA
ReturnHeader/Filer/USAddress/ZIPCd094539
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0844181797
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MICHAEL P SENADENOS ACCOUNTANCY CORP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt039420 LIBERTY ST 170
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0FREMONT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd094538
ReturnHeader/PreparerPersonGrp/PhoneNum05107944487
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MICHAEL P SENADENOS CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02021-05-07T09:49:22-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,412,514
Liabilities
$185,210
Net assets
$1,227,304
Revenue
$1,127,463
Expenses
$1,056,895
Net income
$70,568
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.88$0.10$1.79$1.28$1.08$0.20
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.63$0.18$1.46$0.99$1.00$0.00
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.51$0.18$1.32$1.14$0.99$0.15
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.39$0.18$1.21$0.75$0.69$0.06
2020Detailed filing. Detailed filing data is available for this year.$1.41$0.19$1.23$1.13$1.06$0.07
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.18$0.02$1.16$1.19$1.08$0.11
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.10$0.04$1.06$0.98$0.99$0.01
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.13$0.06$1.07$1.27$1.08$0.18
2016Detailed filing. Detailed filing data is available for this year.$0.89$0.01$0.88$1.10$0.96$0.14
2015Detailed filing. Detailed filing data is available for this year.$0.76$0.01$0.74$1.09$1.05$0.04
2014Detailed filing. Detailed filing data is available for this year.$0.72$0.02$0.71$1.20$1.04$0.16
2013Summary only. Only limited summary data is available for this year.$0.57$0.02$0.55$1.22$1.07$0.15
2012Summary only. Only limited summary data is available for this year.$0.44$0.04$0.40$0.92$0.87$0.05
2011Summary only. Only limited summary data is available for this year.$0.42$0.07$0.35$0.96$0.77$0.19