Civic Intelligence

Palmetto Academy for Learning Motorsports Inc.

990 • Fiscal year 2021 • EIN 27-2409627

Jul 01, 2020 to Jun 30, 2021 • Filed on May 06, 2022

Organization ProfilePALMSC.ORG
825 W Cox Ferry RoadConway, SC 29526-8510

(843) 903-6600

Siviq Scores

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

Liabilities / Assets

94th percentile

1.01x

Higher debt load relative to assets than 94% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

89th percentile

1.88x

Higher debt load relative to revenue than 89% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

47th percentile

11%

Higher net margin than 47% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$95,946

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 3.3% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

42nd percentile

6.5%

Faster asset growth than 42% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

67th percentile

27%

Faster revenue growth than 67% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$5,476,271

Up $332,156 (+6.5%) from 2020

Net Assets

Up

-$28,745

Up $315,559 (+92%) from 2020

Liabilities

Up

$5,505,016

Up $16,597 (+0.3%) from 2020

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin47th percentile

Revenue

Up

$2,932,770

Up $629,201 (+27%) from 2020

Expenses

Up

$2,617,211

Up $133,221 (+5.4%) from 2020

Net Income

Up

$315,559

Up $495,980 (+275%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth42nd 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

2021

Assets$5,476,271
Liabilities$5,505,016
Net Assets-$28,745
Open 2021 Filing

Operations Trend

Revenue Growth67th 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

2021

Revenue$2,932,770
Expenses$2,617,211
Net Income$315,559
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 6, 2022
Return Version
2020v4.2
Gross Receipts
$2,932,770
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$4,577,812$4,489,802▼ $88,010
Cash and Non-Interest-Bearing Accounts$392,477$842,391▲ $449,914
Prepaid Expenses and Deferred Charges$57,500$31,119▼ $26,381
Accounts Receivable$1,977$628▼ $1,349
Total Assets$5,144,115$5,476,271▲ $332,156
Other Assets Total$114,349$112,331▼ $2,018
Liabilities
Unsecured Notes Loans Payable$5,163,873$5,269,638▲ $105,765
Deferred Revenue$299,774$191,309▼ $108,465
Other Liabilities$8,188$23,821▲ $15,633
Accounts Payable and Accrued Expenses$16,584$20,248▲ $3,664
Total Liabilities$5,488,419$5,505,016▲ $16,597
Net Assets / Fund Balance
Net Assets With Donor Restrictions$-172,188$606,614▲ $778,802
Net Assets Without Donor Restrictions$-172,116$-635,359▼ $463,243
Total Net Assets Fund Balance$-344,304$-28,745▲ $315,559
Total Liabilities and Net Assets / Fund Balance$5,144,115$5,476,271▲ $332,156

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,016,927$363,201$4,380,128
Land$400,000-$400,000
Equipment$46,001$106,364$152,365
Leasehold Improvements$23,491$36,083$59,574
Other Land Buildings$3,383$11,117$14,500
Compensation and Service Providers
Top Officer Pay39th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John a MoorePrincipalFT$83,107$12,839$95,946

Board Members and Trustees

NameTitle
Kristin McclellanChairman
Raymond HicksVice Chairman
Michael LillquistMember
Woody MartinMember
Dawn JewellSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$2,845,109
Program Service Revenue
$67,452
Investment Income
$431
Other Revenue
$19,778
All Other Contributions
$1,175
Change in Net Assets
$315,559

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,932,770
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,932,770
Total Revenue per Form 990
$2,932,770
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,529,687
Other Expenses$1,087,524
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,211,817$38,356-$1,250,173
Interest$152,933$38,233-$191,166
Other Employee Benefits$151,579$8,312-$159,891
Depreciation Depletion$120,399$30,100-$150,499
Payroll Taxes$100,767$3,642-$104,409
Occupancy$78,070$19,518-$97,588
Insurance$16,196$22,392-$38,588
Fees for Services Management-$26,470-$26,470
Advertising-$20,337-$20,337
Fees for Services Accounting-$19,250-$19,250
Pension Plan Contributions$14,285$929-$15,214
All Other Expenses$10,380--$10,380
Other Expenses$9,430$3,810-$9,430
Fees for Services Legal-$3,904-$3,904
Total Functional Expenses$2,381,958$235,253$0$2,617,211

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,617,211
Total Expenses per Audited Statements$2,617,211
Total Expenses per Form 990$2,617,211
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
Fundraising Gross Income$10,178
Fundraising Direct Expenses$0
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$22,185
Due to Other Gobernmental Units$1,636
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 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
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
825 W COX FERRY ROAD, CONWAY, SC 29526-8510

Signing Officer

Name
Kristin Mcclellan
Title
Chairman
Phone
8439036600
Signed
2022-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kristin Mcclellan
Formed
2012
Legal Domicile
Sc
Voting Board Members
5
Independent Board Members
5
Employees
38
Volunteers
5

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

“Instruction services: program service expenses 8,739. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,739. Student transportation: program service expenses 1,641. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,641.”

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

“The board of directors oversee the audit process.”

Financial Statement Notes

Schedule D, Page 4, Part XI and XII

“The audited financial statements (afs) are prepared based on governmental fund accounting basis (i.e. Regulatory accounting princples). As a result, certin items of expense on the afs are not included as an expense on form 990 such as principal debt payments and capital outlays for fixe 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).”

Raw XML AppendixShowing 400 of 435 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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IRS990/MissionDesc0THE PALMETTO ACADEMY FOR LEARNING MOTORSPORTS, INC. (PALM) MISSION IS TO FOCUS THE INDIVIDUAL LEARNER ON DEVELOPING THEIR ACADEMIC AND SKILLS TRAINING INTO CAREER, SOCIAL, AND ACADEMIC GOALS THROUGH THE DEVELOPMENT OF SUPPORTIVE RELATIONSHIPS THAT FOSTER INDIVIDUAL RESPONSIBILITY AND ACCOUNTABILITY THROUGH A COMPREHENSIVE RIGOROUS ACADEMIC AND COMPETENCY-BASED CURRICULUM.THE PALMETTO ACADEMY FOR LEARNING MOTORSPORTS CHARTER SCHOOL, INC. (PALM) PROVIDES AN INNOVATIVE ENVIRONMENT FOR SUCCESS THROUGH A RIGOROUS, HIGH-QUALITY ACADEMIC CHARTER HIGH-SCHOOL PROGRAM THAT BLENDS WITH A COMPETENCY-BASED CURRICULUM PERTAINING TO THE MOTORSPORTS INDUSTRIES.
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IRS990/OtherLiabilitiesGrp/EOYAmt023821
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt038356
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01211817
IRS990/OtherSalariesAndWagesGrp/TotalAmt01250173
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt03642
IRS990/PayrollTaxesGrp/ProgramServicesAmt0100767
IRS990/PayrollTaxesGrp/TotalAmt0104409
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt0929
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt014285
IRS990/PensionPlanContributionsGrp/TotalAmt015214
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt057500
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt031119
IRS990/PrincipalOfficerNm0KRISTIN MCCLELLAN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/Desc0LUNCH SALES
IRS990/ProgramServiceRevenueGrp/Desc1PUPIL ACTIVITIES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt035513
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt131939
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt035513
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt131939
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt02242076
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0282
IRS990/PYOtherExpensesAmt01120538
IRS990/PYOtherRevenueAmt013620
IRS990/PYProgramServiceRevenueAmt047591
IRS990/PYRevenuesLessExpensesAmt0-180421
IRS990/PYSalariesCompEmpBnftPaidAmt01363452
IRS990/PYTotalExpensesAmt02483990
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02303569
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0315559
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/RealAmt09600
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt067452
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/BookValueAmt04016927
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0363201
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt04380128
IRS990ScheduleD/EquipmentGrp/BookValueAmt046001
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0106364
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0152365
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02617211
IRS990ScheduleD/LandGrp/BookValueAmt0400000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0400000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt023491
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt036083
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt059574
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt03383
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt011117
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt014500
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt022185
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11636
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PAYROLL LIABILITIES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DUE TO OTHER GOBERNMENTAL UNITS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02932770
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE AUDITED FINANCIAL STATEMENTS (AFS) ARE PREPARED BASED ON GOVERNMENTAL FUND ACCOUNTING BASIS (I.E. REGULATORY ACCOUNTING PRINCPLES). AS A RESULT, CERTIN ITEMS OF EXPENSE ON THE AFS ARE NOT INCLUDED AS AN EXPENSE ON FORM 990 SUCH AS PRINCIPAL DEBT PAYMENTS AND CAPITAL OUTLAYS FOR FIXE 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/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI AND XII
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04489802
IRS990ScheduleD/TotalExpensesPerForm990Amt02617211
IRS990ScheduleD/TotalLiabilityAmt023821
IRS990ScheduleD/TotalRevenuePerForm990Amt02932770
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02932770
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02617211
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/ExplanationTxt4INSTRUCTION SERVICES: PROGRAM SERVICE EXPENSES 8,739. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 8,739. STUDENT TRANSPORTATION: PROGRAM SERVICE EXPENSES 1,641. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,641.
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/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt05144115
IRS990/TotalAssetsEOYAmt05476271
IRS990/TotalAssetsGrp/BOYAmt05144115
IRS990/TotalAssetsGrp/EOYAmt05476271
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt02845109
IRS990/TotalEmployeeCnt038
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0235253
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02381958
IRS990/TotalFunctionalExpensesGrp/TotalAmt02617211
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05488419
IRS990/TotalLiabilitiesEOYAmt05505016
IRS990/TotalLiabilitiesGrp/BOYAmt05488419
IRS990/TotalLiabilitiesGrp/EOYAmt05505016
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-344304
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-28745
IRS990/TotalOtherCompensationAmt012839
IRS990/TotalProgramServiceExpensesAmt02381958
IRS990/TotalProgramServiceRevenueAmt067452
IRS990/TotalReportableCompFromOrgAmt083107
IRS990/TotalRevenueGrp/ExclusionAmt020209
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt067452
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02932770
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt05
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt05144115
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt05476271
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt05163873
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt05269638
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0826 WEST COX FERRY ROAD
IRS990/USAddress/CityNm0CONWAY
IRS990/USAddress/StateAbbreviationCd0SC
IRS990/USAddress/ZIPCd029526
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0PALMSC.ORG

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,476,271
Liabilities
$5,505,016
Net assets
-$28,745
Revenue
$2,932,770
Expenses
$2,617,211
Net income
$315,559
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