Civic Intelligence

Palmetto Academy for Learning Motorsports Inc.

990 • Fiscal year 2022 • EIN 27-2409627

Jul 01, 2021 to Jun 30, 2022 • Filed on Mar 24, 2023

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

92nd percentile

0.91x

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

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

89th percentile

1.67x

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

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

67th percentile

17%

Higher net margin than 67% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

36th percentile

$91,125

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

69th percentile

10.0%

Faster asset growth than 69% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

62nd percentile

12%

Faster revenue growth than 62% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$6,021,291

Up $545,020 (+10.0%) from 2021

Net Assets

Up

$531,609

Up $560,354 (+1949%) from 2021

Liabilities

Down

$5,489,682

Down $15,334 (-0.3%) from 2021

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin67th percentile

Revenue

Up

$3,296,295

Up $363,525 (+12%) from 2021

Expenses

Up

$2,735,941

Up $118,730 (+4.5%) from 2021

Net Income

Up

$560,354

Up $244,795 (+78%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth69th 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

2022

Assets$6,021,291
Liabilities$5,489,682
Net Assets$531,609
Open 2022 Filing

Operations Trend

Revenue Growth62nd 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

2022

Revenue$3,296,295
Expenses$2,735,941
Net Income$560,354
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 24, 2023
Return Version
2021v4.2
Gross Receipts
$3,296,295
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.

The palmetto academy of learning motorsports is a vocational school that is related to palm charter high school, 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$4,489,802$4,573,618▲ $83,816
Cash and Non-Interest-Bearing Accounts$842,391$1,115,088▲ $272,697
Prepaid Expenses and Deferred Charges$31,119$21,766▼ $9,353
Accounts Receivable$628$0▼ $628
Total Assets$5,476,271$6,021,291▲ $545,020
Other Assets Total$112,331$310,819▲ $198,488
Liabilities
Unsecured Notes Loans Payable$5,269,638$5,223,144▼ $46,494
Deferred Revenue$191,309$235,309▲ $44,000
Accounts Payable and Accrued Expenses$20,248$31,229▲ $10,981
Other Liabilities$23,821$0▼ $23,821
Total Liabilities$5,505,016$5,489,682▼ $15,334
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$606,614$1,159,997▲ $553,383
Net Assets With Donor Restrictions$-635,359$-628,388▲ $6,971
Total Net Assets Fund Balance$-28,745$531,609▲ $560,354
Total Liabilities and Net Assets / Fund Balance$5,476,271$6,021,291▲ $545,020

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,907,125$183,003$4,090,128
Land$400,000-$400,000
Equipment$106,535$124,719$231,254
Other Land Buildings$140,308$20,055$160,363
Leasehold Improvements$19,650$39,924$59,574
Other Assets Org$310,819--
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John a MoorePrincipalFT$85,267$5,858$91,125

Board Members and Trustees

NameTitle
Kristin McclellanChairman
Jesenia MaldonadoMember
John RosadoMember
Raymond HicksMember
Walter AkinMember
Woody MartinMember
Dawn JewellSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$3,220,049
Program Service Revenue
$60,538
Investment Income
$408
Other Revenue
$15,300
Change in Net Assets
$560,354

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,296,295
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,296,295
Total Revenue per Form 990
$3,296,295
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,803,111
Other Expenses$932,830
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,431,774$51,950-$1,483,724
Other Employee Benefits$171,018$8,266-$179,284
Occupancy$142,878$35,719-$178,597
Depreciation Depletion$112,749$28,187-$140,936
Payroll Taxes$119,274$4,076-$123,350
Interest$88,767$22,192-$110,959
Insurance$15,266$32,125-$47,391
Fees for Services Management-$30,545-$30,545
Other Expenses$28,188$6,606-$28,188
Fees for Services Other-$22,475-$22,475
Advertising-$18,985-$18,985
All Other Expenses$17,505--$17,505
Pension Plan Contributions$15,735$1,018-$16,753
Fees for Services Legal-$4,162-$4,162
Total Functional Expenses$2,469,635$266,306$0$2,735,941

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,735,941
Total Expenses per Audited Statements$2,735,941
Total Expenses per Form 990$2,735,941
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$4,500
Fundraising Direct Expenses$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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

“The board reviews and acknowledges the conflicts of interest policy on an annual basis. In the event a potential conflict arises during the year, the interested person shall recuse himself/herself from all discussions.”

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. All decisions are documented.”

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
2023-03-24
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
41
Volunteers
7

Preparer

Firm
Elliott Davis Llcpllc
Address
500 EAST MOREHEAD STREET SUITE 700, CHARLOTTE, NC 28202
Preparer
Janice a Ratica
Phone
7043338881
Supplemental Narrative

Additional Explanations

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 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/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/OtherEmployeeBenefitsGrp/ProgramServicesAmt0171018
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0179284
IRS990/OtherExpensesGrp/Desc0SUPPLIES
IRS990/OtherExpensesGrp/Desc1PURCHASED SERVICES
IRS990/OtherExpensesGrp/Desc2FOOD SERVICES
IRS990/OtherExpensesGrp/Desc3PUPIL ACTIVITY
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt06606
IRS990/OtherExpensesGrp/ProgramServicesAmt0220694
IRS990/OtherExpensesGrp/ProgramServicesAmt158561
IRS990/OtherExpensesGrp/ProgramServicesAmt247226
IRS990/OtherExpensesGrp/ProgramServicesAmt328188
IRS990/OtherExpensesGrp/TotalAmt0227300
IRS990/OtherExpensesGrp/TotalAmt158561
IRS990/OtherExpensesGrp/TotalAmt247226
IRS990/OtherExpensesGrp/TotalAmt328188
IRS990/OtherLiabilitiesGrp/BOYAmt023821
IRS990/OtherLiabilitiesGrp/EOYAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt051950
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01431774
IRS990/OtherSalariesAndWagesGrp/TotalAmt01483724
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt04076
IRS990/PayrollTaxesGrp/ProgramServicesAmt0119274
IRS990/PayrollTaxesGrp/TotalAmt0123350
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt01018
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt015735
IRS990/PensionPlanContributionsGrp/TotalAmt016753
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt031119
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt021766
IRS990/PrincipalOfficerNm0KRISTIN MCCLELLAN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/Desc0LUNCH SALES
IRS990/ProgramServiceRevenueGrp/Desc1PUPIL ACTIVITIES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt046093
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt114445
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt046093
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt114445
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt02845109
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0431
IRS990/PYOtherExpensesAmt01087524
IRS990/PYOtherRevenueAmt019778
IRS990/PYProgramServiceRevenueAmt067452
IRS990/PYRevenuesLessExpensesAmt0315559
IRS990/PYSalariesCompEmpBnftPaidAmt01529687
IRS990/PYTotalExpensesAmt02617211
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02932770
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0560354
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/RealAmt010800
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt060538
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/BookValueAmt03907125
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0183003
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt04090128
IRS990ScheduleD/EquipmentGrp/BookValueAmt0106535
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0124719
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0231254
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02735941
IRS990ScheduleD/LandGrp/BookValueAmt0400000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0400000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt019650
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt039924
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt059574
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0310819
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0DUE FROM OTHER FUNDS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0140308
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt020055
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0160363
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03296295
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 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/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI AND XII
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04573618
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0310819
IRS990ScheduleD/TotalExpensesPerForm990Amt02735941
IRS990ScheduleD/TotalRevenuePerForm990Amt03296295
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03296295
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02735941
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/ExplanationTxt1THE BOARD REVIEWS AND ACKNOWLEDGES THE CONFLICTS OF INTEREST POLICY ON AN ANNUAL BASIS. IN THE EVENT A POTENTIAL CONFLICT ARISES DURING THE YEAR, THE INTERESTED PERSON SHALL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS.
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. ALL DECISIONS ARE DOCUMENTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE 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, 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/TotalAssetsBOYAmt05476271
IRS990/TotalAssetsEOYAmt06021291
IRS990/TotalAssetsGrp/BOYAmt05476271
IRS990/TotalAssetsGrp/EOYAmt06021291
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt03220049
IRS990/TotalEmployeeCnt041
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0266306
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02469635
IRS990/TotalFunctionalExpensesGrp/TotalAmt02735941
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05505016
IRS990/TotalLiabilitiesEOYAmt05489682
IRS990/TotalLiabilitiesGrp/BOYAmt05505016
IRS990/TotalLiabilitiesGrp/EOYAmt05489682
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-28745
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0531609
IRS990/TotalOtherCompensationAmt05858
IRS990/TotalProgramServiceExpensesAmt02469635
IRS990/TotalProgramServiceRevenueAmt060538
IRS990/TotalReportableCompFromOrgAmt085267
IRS990/TotalRevenueGrp/ExclusionAmt015708
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt060538
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03296295
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt05476271
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06021291
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt05269638
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt05223144

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,021,291
Liabilities
$5,489,682
Net assets
$531,609
Revenue
$3,296,295
Expenses
$2,735,941
Net income
$560,354
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