Civic Intelligence

Palmetto Academy for Learning Motorsports Inc.

990 • Fiscal year 2018 • EIN 27-2409627

Jul 01, 2017 to Jun 30, 2018 • Filed on Apr 24, 2019

136 Rodeo DriveMyrtle Beach, SC 29579

(843) 903-6600

Siviq Scores

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

Liabilities / Assets

92nd percentile

1.03x

Higher debt load relative to assets than 92% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

63rd percentile

0.19x

Higher debt load relative to revenue than 63% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

50th percentile

2.8%

Higher net margin than 50% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

60th percentile

$82,949

Higher top officer pay than 60% of similar nonprofits.

Top officer pay equals 5.0% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Assets

$298,110

No earlier filing loaded for comparison.

Net Assets

-$10,385

No earlier filing loaded for comparison.

Liabilities

$308,495

No earlier filing loaded for comparison.

Revenue

$1,666,190

No earlier filing loaded for comparison.

Expenses

$1,618,768

No earlier filing loaded for comparison.

Net Income

$47,422

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MAssets 2018: $298,110Liabilities 2018: $308,495Net Assets 2018: -$10,3852018Assets 2019: $5,172,604Liabilities 2019: $5,336,487Net Assets 2019: -$163,8832019Assets 2020: $5,144,115Liabilities 2020: $5,488,419Net Assets 2020: -$344,3042020Assets 2021: $5,476,271Liabilities 2021: $5,505,016Net Assets 2021: -$28,7452021Assets 2022: $6,021,291Liabilities 2022: $5,489,682Net Assets 2022: $531,6092022Assets 2023: $6,037,732Liabilities 2023: $5,276,214Net Assets 2023: $761,5182023Assets 2024: $5,726,064Liabilities 2024: $5,174,983Net Assets 2024: $551,0812024

Highlighted filing

2018

Assets$298,110
Liabilities$308,495
Net Assets-$10,385

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2018: $1,666,190Expenses 2018: $1,618,768Net Income 2018: $47,4222018Revenue 2019: $1,736,987Expenses 2019: $1,890,485Net Income 2019: -$153,4982019Revenue 2020: $2,303,569Expenses 2020: $2,483,990Net Income 2020: -$180,4212020Revenue 2021: $2,932,770Expenses 2021: $2,617,211Net Income 2021: $315,5592021Revenue 2022: $3,296,295Expenses 2022: $2,735,941Net Income 2022: $560,3542022Revenue 2023: $3,021,585Expenses 2023: $2,791,676Net Income 2023: $229,9092023Revenue 2024: $2,919,565Expenses 2024: $3,173,061Net Income 2024: -$253,4962024

Highlighted filing

2018

Revenue$1,666,190
Expenses$1,618,768
Net Income$47,422
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Apr 24, 2019
Return Version
2017v2.3
Gross Receipts
$1,666,190
Mission and Program Overview

Mission

Providing opportunities for youths of horry county through competency-based learning environments and the acquisition of motorsports skills and training by knowledgeable and experienced staff.

Palm charter high school is a tuition-free public charter school open to all horry county students, grades 9-12. We offer a technology-based blended learning environment leading to a south carolina high school diploma.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$181,060$213,000▲ $31,940
Land, Buildings, and Equipment, Net$105,683$83,381▼ $22,302
Prepaid Expenses and Deferred Charges$2,152$1,729▼ $423
Total Assets$297,769$298,110▲ $341
Other Assets Total$8,874$0▼ $8,874
Liabilities
Unsecured Notes Loans Payable$236,622$224,853▼ $11,769
Deferred Revenue$100,183$60,000▼ $40,183
Other Liabilities$290$15,253▲ $14,963
Accounts Payable and Accrued Expenses$31,586$8,389▼ $23,197
Total Liabilities$368,681$308,495▼ $60,186
Net Assets / Fund Balance
Temporarily Rstr Net Assets$105,683$83,381▼ $22,302
Unrestricted Net Assets$-176,595$-93,766▲ $82,829
Total Net Assets Fund Balance$-70,912$-10,385▲ $60,527
Total Liabilities and Net Assets / Fund Balance$297,769$298,110▲ $341

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$44,634$91,084$135,718
Equipment$31,014$75,236$106,250
Other Land Buildings$7,733$6,767$14,500
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Avery MoorePrincipalFT$74,703$8,246$82,949

Board Members and Trustees

NameTitle
Barbara J Blain-bellamyBoard Chair
Kristin McclellanBoard Member
Mark StanleyBoard Member
Michael LillquistBoard Member
Raymond HicksBoard Member
Richard McguinnesBoard Member
Richard YoungBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$1,614,113
Program Service Revenue
$51,783
Investment Income
$294
Other Revenue
$0
All Other Contributions
$51,444
Change in Net Assets
$47,422

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,666,190
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,666,190
Total Revenue per Form 990
$1,666,190
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,164,814
Other Expenses$453,954
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$836,219$31,989-$868,208
Occupancy$113,956$28,489-$142,445
Other Employee Benefits$94,145$2,832-$96,977
Payroll Taxes$91,265$4,712-$95,977
Current Officers, Directors, Trustees, and Key Employees$68,400$17,100-$85,500
Fees for Services Accounting$15,755$24,589-$40,344
Insurance$9,299$11,440-$20,739
Information Technology$20,122--$20,122
Pension Plan Contributions$17,031$1,121-$18,152
All Other Expenses$16,715--$16,715
Office Expenses$12,161$2,605-$14,766
Interest$12,781--$12,781
Advertising$11,471--$11,471
Other Expenses$9,466$50-$9,516
Travel$2,255$11-$2,266
Fees for Services Legal-$924-$924
Total Functional Expenses$1,481,559$137,209$0$1,618,768

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,618,768
Total Expenses per Audited Statements$1,618,768
Total Expenses per Form 990$1,618,768
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Liabilities$15,253
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The board of directors is presented a copy of the return for approval prior to filing.

Form 990, Part VI, Section B, Line 12C

A conflict of interest questionnaire is distributed as part of the annual audit. In the event of a potential conflict, the board member will recuse themselves from an official discussion or vote.

Form 990, Part VI, Section B, Line 15

When a key employee, such as a principal, is hired, his/her resume along with salary requirements is reviewed. A contract is provided to him/her. This contract is signed by the employee & the board chairman. A budget along with a salary schedule is provided to the board on an annual basis, normally in june for the fiscal year beginning july 1st. This salary schedule lists all employees and their salaries. The board approves this schedule at the same time the annual budget is approved. This approval is documented in the minutes. This salary schedule is compiled by administration and presented to the board for their review and approval. Administration reviews comparable data from the horry county school system. We strive to provide a competitive salary for each of our employees, however, we do not have grade levels of compensation.

Form 990, Part VI, Section C, Line 19

The foundation's governing documents, conflict of interest policy, and financial statements are available upon written request.

Filing and Contact Details

Filer

Filer Name
Palmetto Academy for Learning
EIN
27-2409627
Phone
8439036600
Address
136 RODEO DRIVE, MYRTLE BEACH, SC 29579

Signing Officer

Name
Richard Mcguinnes
Title
Board Chair
Phone
8439036600
Signed
2019-04-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Mcguinnes
Formed
2012
Legal Domicile
Sc
Voting Board Members
7
Independent Board Members
7
Employees
29
Volunteers
10

Preparer

Firm
Elliott Davis Llcpllc
Address
1901 MAIN STREET SUITE 900, COLUMBIA, SC 29201
Preparer
Denise P Hill
Phone
8032560002
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

Small equipment: program service expenses 9,288. Management and general expenses 0. Fundraising expenses 0. Total expenses 9,288. Other pupil services: program service expenses 7,427. Management and general expenses 0. Fundraising expenses 0. Total expenses 7,427.

FORM 990, PART XI, LINE 9:

Capital outlays reported as expenditures -22,302. Principle payments on notes payable treated as expenditures 36,825. Interest on long term debt -1,418.

FORM 990, PAGE 12, PART XII, LINE 2C:

The board of directors oversee the audit process.

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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt111934
IRS990/ProgSrvcAccomActy2Grp/Desc0PALM'S SMALL CLASSROOM AND BLENDED LEARNING ENVIRONMENT HAVE PROVIDED MANY STUDENTS TO MAKE TREMENDOUS ACADEMIC STRIDES WITH 70% OF STUDENTS PASSING ALL EIGHT CLASSES DURING THE SCHOOL YEAR WITH ONLY 17% OF STUDENTS WHO FAILED ONE OR MORE CLASSES. STUDENTS ALSO PARTICIPATED IN SOUTH CAROLINA VIRTUAL SCHOOL IN COMPUTER. ACT SCORES FOR THE FEBRUARY 2018 ASSESSMENT WERE BELOW THE STATE AVERAGE. PALM STUDENTS' HIGHEST SCORES WERE ACHIEVED IN MATHEMATICS AND READING, WHICH IS CONSISTENT WITH LAST YEAR'S FINDINGS. THE WIN, A CAREER READINESS ASSESSMENT, FOR MARCH 2018 SHOWED IMPROVEMENT IN THE SECTIONS OF APPLIED MATHEMATICS AND LOCATING INFORMATION. 32% OF PALM STUDENTS MET THE SILVER OR BRONZE THRESHOLD FOR MATHEMATICS. EOC SCORES FOR THE 2017-2018 SCHOOL YEAR SHOWED THE FOLLOWING PERCENT OF STUDENTS PASSING THE STATE ASSESSMENT: USHC 50%; ALGEBRA 35%; BIOLOGY 60%; AND ENGLISH I 61%. OVERALL, STANDARDIZED ASSESSMENT SCORES FOR BREAKOUT POPULATIONS SUCH AS SPECIAL EDUCATION STUDENTS CONTINUE TO BE LOWER THAN THE MAJORITY GROUPS. VARIOUS STRATEGIES TO IMPROVE THE SCORES OF SUB-POPULATIONS SUCH AS THIS CONTINUE TO BE ENACTED. INCREASING COMMUNICATION BETWEEN TEACHERS OF THESE SUB-GROUPS AND THE PARENTS WILL CONTINUE TO PROVIDE OPPORTUNITIES TO IMPROVE THESE SCORES AS WELL. PALM CONTINUES TO OFFER CREDIT RECOVERY COURSES THROUGH THE SOUTH CAROLINA VIRTUAL SCHOOL PROGRAM IN VARIOUS ACADEMIC AREAS THAT HELP STUDENTS ACADEMICALLY AS WELL AS PROVIDING AN OPPORTUNITY FOR THEM TO GET BACK ON TRACK FOR GRADUATION. IN ORDER TO CLOSE GAPS AND IMPROVE ASSESSMENT RESULTS, TEACHERS OF THESE SUB-GROUPS AS WELL AS SPECIAL EDUCATION STAFF WILL MONITOR AND ANALYZE SCORES IN ORDER TO IDENTIFY WEAKNESSES. FROM THIS ANALYSIS, TARGETED INSTRUCTION WILL BE MADE TO ADDRESS THE LOWER SCHOOL RESULTS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0493853
IRS990/ProgSrvcAccomActy3Grp/Desc0PALM FOUR-YEAR COHORT GRADUATION RATE IMPROVED FROM 55% IN 2017 TO 59.6% IN 2018.; PALM FIVE-YEAR COHORT GRADUATION RATE DECREASED SLIGHTLY FROM 34.9% IN 2016 TO 32% IN 2017. THIRTY (30) STUDENTS COMPLETED THEIR HIGH SCHOOL CAREERS WITH US THIS YEAR. MANY STUDENTS ENTERED WORKFORCE TAKING WITH THEM THE SKILLS THAT THEY LEARNED IN VOCATIONAL CLASSES AND MANY STUDENTS ENROLLED IN TECH SCHOOLS TO CONTINUE THEIR EDUCATION IN A FIELD FOR WHICH THEY HAVE TREMENDOUS PASSIONS. THE 2017-2018 YEAR WAS A SPECIAL YEAR WITH RECORD STUDENT ENROLLMENT WITH AN OVERALL DIVERSE STUDENT BODY.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0493853
IRS990/ProhibitedTaxShelterTransInd00
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IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0344
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IRS990/PYOtherRevenueAmt00
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IRS990/PYRevenuesLessExpensesAmt0-23216
IRS990/PYSalariesCompEmpBnftPaidAmt01011557
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01528600
IRS990/QuidProQuoContributionsInd00
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IRS990/RevenueAmt051783
IRS990ScheduleA/SchoolInd0X
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt075236
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IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
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IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt091084
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0135718
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt07733
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt06767
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt014500
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt015253
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IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01666190
IRS990ScheduleD/TotalBookValueLandBuildingsAmt083381
IRS990ScheduleD/TotalExpensesPerForm990Amt01618768
IRS990ScheduleD/TotalLiabilityAmt015253
IRS990ScheduleD/TotalRevenuePerForm990Amt01666190
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01666190
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01618768
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL PUBLISHES ITS NONDISCRIMINATORY STATEMENT IN ITS STUDENT HANDBOOK.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION IS A PUBLIC CHARTER SCHOOL. THEREFORE, IT DOES NOT OFFER SCHOLARSHIPS OR FINANCIAL AID.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION RECEIVES GOVERNMENTAL FUNDING FROM VARIOUS STATE AND FEDERAL AGENCIES, INCLUDING THE STATE OF SOUTH CAROLINA.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 4
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD OF DIRECTORS IS PRESENTED A COPY OF THE RETURN FOR APPROVAL PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A CONFLICT OF INTEREST QUESTIONNAIRE IS DISTRIBUTED AS PART OF THE ANNUAL AUDIT. IN THE EVENT OF A POTENTIAL CONFLICT, THE BOARD MEMBER WILL RECUSE THEMSELVES FROM AN OFFICIAL DISCUSSION OR VOTE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2WHEN A KEY EMPLOYEE, SUCH AS A PRINCIPAL, IS HIRED, HIS/HER RESUME ALONG WITH SALARY REQUIREMENTS IS REVIEWED. A CONTRACT IS PROVIDED TO HIM/HER. THIS CONTRACT IS SIGNED BY THE EMPLOYEE & THE BOARD CHAIRMAN. A BUDGET ALONG WITH A SALARY SCHEDULE IS PROVIDED TO THE BOARD ON AN ANNUAL BASIS, NORMALLY IN JUNE FOR THE FISCAL YEAR BEGINNING JULY 1ST. THIS SALARY SCHEDULE LISTS ALL EMPLOYEES AND THEIR SALARIES. THE BOARD APPROVES THIS SCHEDULE AT THE SAME TIME THE ANNUAL BUDGET IS APPROVED. THIS APPROVAL IS DOCUMENTED IN THE MINUTES. THIS SALARY SCHEDULE IS COMPILED BY ADMINISTRATION AND PRESENTED TO THE BOARD FOR THEIR REVIEW AND APPROVAL. ADMINISTRATION REVIEWS COMPARABLE DATA FROM THE HORRY COUNTY SCHOOL SYSTEM. WE STRIVE TO PROVIDE A COMPETITIVE SALARY FOR EACH OF OUR EMPLOYEES, HOWEVER, WE DO NOT HAVE GRADE LEVELS OF COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4SMALL EQUIPMENT: PROGRAM SERVICE EXPENSES 9,288. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 9,288. OTHER PUPIL SERVICES: PROGRAM SERVICE EXPENSES 7,427. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 7,427.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CAPITAL OUTLAYS REPORTED AS EXPENDITURES -22,302. PRINCIPLE PAYMENTS ON NOTES PAYABLE TREATED AS EXPENDITURES 36,825. INTEREST ON LONG TERM DEBT -1,418.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE BOARD OF DIRECTORS OVERSEE THE AUDIT PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 24E
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 12, PART XII, LINE 2C:
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IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-70912
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-10385
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IRS990/TotalProgramServiceExpensesAmt01481559
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IRS990/TotalVolunteersCnt010
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