Civic Intelligence

Palmetto Academy for Learning Motorsports Inc.

990 • Fiscal year 2019 • EIN 27-2409627

Jul 01, 2018 to Jun 30, 2019 • Filed on Jul 08, 2020

Organization ProfilePALMSC.ORG
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

93rd percentile

1.03x

Higher debt load relative to assets than 93% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

91st percentile

3.07x

Higher debt load relative to revenue than 91% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

20th percentile

-8.8%

Higher net margin than 20% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

39th percentile

$98,753

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 5.7% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

100th percentile

1635%

Faster asset growth than 100% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

51st percentile

4.2%

Faster revenue growth than 51% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$5,172,604

Up $4,874,494 (+1635%) from 2018

Net Assets

Down

-$163,883

Down $153,498 (-1478%) from 2018

Liabilities

Up

$5,336,487

Up $5,027,992 (+1630%) from 2018

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin20th percentile

Revenue

Up

$1,736,987

Up $70,797 (+4.2%) from 2018

Expenses

Up

$1,890,485

Up $271,717 (+17%) from 2018

Net Income

Down

-$153,498

Down $200,920 (-424%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

2019

Assets$5,172,604
Liabilities$5,336,487
Net Assets-$163,883
Open 2019 Filing

Operations Trend

Revenue Growth51st percentile

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

2019

Revenue$1,736,987
Expenses$1,890,485
Net Income-$153,498
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jul 8, 2020
Return Version
2018v3.2
Gross Receipts
$1,769,744
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
Land, Buildings, and Equipment, Net$83,381$4,725,842▲ $4,642,461
Cash and Non-Interest-Bearing Accounts$213,000$173,482▼ $39,518
Accounts Receivable-$145,325-
Prepaid Expenses and Deferred Charges$1,729$62,426▲ $60,697
Total Assets$298,110$5,172,604▲ $4,874,494
Other Assets Total$0$65,529▲ $65,529
Liabilities
Unsecured Notes Loans Payable$224,853$4,958,588▲ $4,733,735
Deferred Revenue$60,000$209,156▲ $149,156
Other Liabilities$15,253$145,692▲ $130,439
Accounts Payable and Accrued Expenses$8,389$23,051▲ $14,662
Total Liabilities$308,495$5,336,487▲ $5,027,992
Net Assets / Fund Balance
Temporarily Rstr Net Assets$83,381$-24,158▼ $107,539
Unrestricted Net Assets$-93,766$-139,725▼ $45,959
Total Net Assets Fund Balance$-10,385$-163,883▼ $153,498
Total Liabilities and Net Assets / Fund Balance$298,110$5,172,604▲ $4,874,494

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,292,000$58,000$4,350,000
Land$400,000-$400,000
Equipment$26,066$74,486$100,552
Leasehold Improvements$1,493$33,807$35,300
Other Land Buildings$6,283$8,217$14,500
Compensation and Service Providers
Top Officer Pay39th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John a MoorePrincipalFT$82,647$16,106$98,753

Board Members and Trustees

NameTitle
Richard McguinnesChairman
Charlest F Granger IiBoard Member
Dawn JewellBoard Member
James SteadmanBoard Member
Kristin McclellanBoard Member
Michael LillquistBoard Member
Raymond HicksBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$1,714,517
Program Service Revenue
$51,597
Investment Income
$-32,127
Other Revenue
$3,000
All Other Contributions
$13,960
Change in Net Assets
$-153,498

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,769,744
Revenue Not Reported on Financial Statements
$-32,757
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$-32,757
Total Revenue per Audited Statements
$1,769,744
Total Revenue per Form 990
$1,736,987
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,204,928
Other Expenses$685,557
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$863,810$28,893-$892,703
Interest$142,166$35,542-$177,708
Occupancy$99,950$24,988-$124,938
Other Employee Benefits$115,475$5,465-$120,940
Current Officers, Directors, Trustees, and Key Employees$68,400$17,100-$85,500
Payroll Taxes$79,717$4,501-$84,218
Depreciation Depletion$66,236$16,559-$82,795
Insurance$18,475$24,152-$42,627
Information Technology$29,393$6,315-$35,708
Fees for Services Accounting-$34,381-$34,381
Pension Plan Contributions$20,267$1,300-$21,567
Office Expenses$15,282$4,093-$19,375
Other Expenses$13,153$278-$13,431
All Other Expenses$8,838--$8,838
Advertising-$6,605-$6,605
Travel$2,015$504-$2,519
Fees for Services Legal-$2,136-$2,136
Total Functional Expenses$1,667,801$222,684$0$1,890,485

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,581,969
Expenses Not Reported on Form 990$4,775,782
Total Expenses per Form 990$1,890,485
Expenses per Audited Statements$1,806,187
Expenses Not Reported on Financial Statements$84,298
Other Expense Adjustments$84,298
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
Due to Other Funds$145,325
Payroll Liabilities$367
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
Kristin Mcclellan
Title
Board of Directors
Phone
8439036600
Signed
2020-07-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kristin Mcclellan
Formed
2012
Legal Domicile
Sc
Voting Board Members
7
Independent Board Members
7
Employees
30
Volunteers
12

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

“Other pupil services: program service expenses 8,838. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,838.”

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

“The board of directors oversee the audit process.”

Financial Statement Notes

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Loss on disposal of fixed assets reported on 990 and not afs -32,757.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Capital assets deducted on afs and not on form 990 4,775,782.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Depreciation expense deducted on form 990 and not on afs 82,795. Accrued interest expense deducted on form 990 and not on afs 1,503.”

Schedule D, Page 4, Part XI and XII

“The audited financial statements (afs) are prepared based on a governmental fund accounting basis (i.e. Regulatory accounting principles). As a result, certain items of expense on the afs are not included as an expense on form 990 such as principal debt payments and capital outlays for fixed assets, etc. The adjustments provided in part xi and part xii have been made to present the statement of revenue and statement of functional expense on form 990 in a manner consistent with the accrual basis of accounting under generally accepted accounting principles (gaap).”

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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0115475
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0120940
IRS990/OtherExpensesGrp/Desc0SUPPLIES & MATERIALS
IRS990/OtherExpensesGrp/Desc1FOOD SERVICES
IRS990/OtherExpensesGrp/Desc2SMALL EQUIPMENT
IRS990/OtherExpensesGrp/Desc3INSTRUCTION SERVICES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt03873
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt15999
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2278
IRS990/OtherExpensesGrp/ProgramServicesAmt082000
IRS990/OtherExpensesGrp/ProgramServicesAmt123995
IRS990/OtherExpensesGrp/ProgramServicesAmt218629
IRS990/OtherExpensesGrp/ProgramServicesAmt313153
IRS990/OtherExpensesGrp/TotalAmt085873
IRS990/OtherExpensesGrp/TotalAmt129994
IRS990/OtherExpensesGrp/TotalAmt218629
IRS990/OtherExpensesGrp/TotalAmt313431
IRS990/OtherLiabilitiesGrp/BOYAmt015253
IRS990/OtherLiabilitiesGrp/EOYAmt0145692
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt028893
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0863810
IRS990/OtherSalariesAndWagesGrp/TotalAmt0892703
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt04501
IRS990/PayrollTaxesGrp/ProgramServicesAmt079717
IRS990/PayrollTaxesGrp/TotalAmt084218
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt01300
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt020267
IRS990/PensionPlanContributionsGrp/TotalAmt021567
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01729
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt062426
IRS990/PrincipalOfficerNm0KRISTIN MCCLELLAN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/Desc0LUNCH SALES
IRS990/ProgramServiceRevenueGrp/Desc1PUPIL ACTIVITIES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt035624
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt115973
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt035624
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt115973
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01614113
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0294
IRS990/PYOtherExpensesAmt0453954
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt051783
IRS990/PYRevenuesLessExpensesAmt047422
IRS990/PYSalariesCompEmpBnftPaidAmt01164814
IRS990/PYTotalExpensesAmt01618768
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01666190
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-153498
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/RealAmt03000
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt051597
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt04292000
IRS990ScheduleD/BuildingsGrp/DepreciationAmt058000
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt04350000
IRS990ScheduleD/EquipmentGrp/BookValueAmt026066
IRS990ScheduleD/EquipmentGrp/DepreciationAmt074486
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0100552
IRS990ScheduleD/ExpensesNotReportedAmt04775782
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt084298
IRS990ScheduleD/ExpensesSubtotalAmt01806187
IRS990ScheduleD/LandGrp/BookValueAmt0400000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0400000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt01493
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt033807
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt035300
IRS990ScheduleD/OtherExpensesIncludedAmt04775782
IRS990ScheduleD/OtherExpensesNotIncludedAmt084298
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt06283
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt08217
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt014500
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0367
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1145325
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PAYROLL LIABILITIES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DUE TO OTHER FUNDS
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0-32757
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0-32757
IRS990ScheduleD/RevenueSubtotalAmt01769744
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0LOSS ON DISPOSAL OF FIXED ASSETS REPORTED ON 990 AND NOT AFS -32,757.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1CAPITAL ASSETS DEDUCTED ON AFS AND NOT ON FORM 990 4,775,782.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2DEPRECIATION EXPENSE DEDUCTED ON FORM 990 AND NOT ON AFS 82,795. ACCRUED INTEREST EXPENSE DEDUCTED ON FORM 990 AND NOT ON AFS 1,503.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3THE AUDITED FINANCIAL STATEMENTS (AFS) ARE PREPARED BASED ON A GOVERNMENTAL FUND ACCOUNTING BASIS (I.E. REGULATORY ACCOUNTING PRINCIPLES). AS A RESULT, CERTAIN ITEMS OF EXPENSE ON THE AFS ARE NOT INCLUDED AS AN EXPENSE ON FORM 990 SUCH AS PRINCIPAL DEBT PAYMENTS AND CAPITAL OUTLAYS FOR FIXED ASSETS, ETC. THE ADJUSTMENTS PROVIDED IN PART XI AND PART XII HAVE BEEN MADE TO PRESENT THE STATEMENT OF REVENUE AND STATEMENT OF FUNCTIONAL EXPENSE ON FORM 990 IN A MANNER CONSISTENT WITH THE ACCRUAL BASIS OF ACCOUNTING UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP).
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XI AND XII
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04725842
IRS990ScheduleD/TotalExpensesPerForm990Amt01890485
IRS990ScheduleD/TotalLiabilityAmt0145692
IRS990ScheduleD/TotalRevenuePerForm990Amt01736987
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01769744
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt06581969
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
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
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/ExplanationTxt4OTHER PUPIL SERVICES: PROGRAM SERVICE EXPENSES 8,838. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 8,838.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE 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, PAGE 12, PART XII, LINE 2C:
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt083381
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0-24158
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0298110
IRS990/TotalAssetsEOYAmt05172604
IRS990/TotalAssetsGrp/BOYAmt0298110
IRS990/TotalAssetsGrp/EOYAmt05172604
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01714517
IRS990/TotalEmployeeCnt030
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0222684
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01667801
IRS990/TotalFunctionalExpensesGrp/TotalAmt01890485
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0308495
IRS990/TotalLiabilitiesEOYAmt05336487
IRS990/TotalLiabilitiesGrp/BOYAmt0308495
IRS990/TotalLiabilitiesGrp/EOYAmt05336487
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-10385

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,172,604
Liabilities
$5,336,487
Net assets
-$163,883
Revenue
$1,736,987
Expenses
$1,890,485
Net income
-$153,498
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.73$5.17$0.55$2.92$3.17$0.25
2023Detailed filing. Detailed filing data is available for this year.$6.04$5.28$0.76$3.02$2.79$0.23
2022Detailed filing. Detailed filing data is available for this year.$6.02$5.49$0.53$3.30$2.74$0.56
2021Detailed filing. Detailed filing data is available for this year.$5.48$5.51$0.03$2.93$2.62$0.32
2020Detailed filing. Detailed filing data is available for this year.$5.14$5.49$0.34$2.30$2.48$0.18
2019Detailed filing. Detailed filing data is available for this year.$5.17$5.34$0.16$1.74$1.89$0.15
2018Detailed filing. Detailed filing data is available for this year.$0.30$0.31$0.01$1.67$1.62$0.05