Civic Intelligence

Palma School Foundation

990 • Fiscal year 2021 • EIN 46-4896381

Jan 01, 2021 to Dec 31, 2021 • Filed on Aug 04, 2022

Organization ProfileN/A
1418 South Main St Ste 203Salinas, CA 93908

(831) 758-2401

Siviq Scores

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

Liabilities / Assets

21st percentile

0.00x

Higher debt load relative to assets than 21% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

22nd percentile

0.01x

Higher debt load relative to revenue than 22% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

97th percentile

87%

Higher net margin than 97% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

81st percentile

35%

Faster asset growth than 81% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

4th percentile

-60%

Faster revenue growth than 4% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets21st percentile

Assets

Up

$1,741,786

Up $454,238 (+35%) from 2020

Net Assets

Up

$1,739,136

Up $452,938 (+35%) from 2020

Liabilities

Up

$2,650

Up $1,300 (+96%) from 2020

Revenue And Expenses
Liabilities / Revenue22nd percentileNet Margin97th percentile

Revenue

Down

$518,759

Down $769,807 (-60%) from 2020

Expenses

Up

$65,821

Up $63,453 (+2680%) from 2020

Net Income

Down

$452,938

Down $833,260 (-65%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth81st percentile

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

$3.0M$2.0M$1.0M$0Assets 2020: $1,287,548Liabilities 2020: $1,350Net Assets 2020: $1,286,1982020Assets 2021: $1,741,786Liabilities 2021: $2,650Net Assets 2021: $1,739,1362021Assets 2022: $2,304,953Liabilities 2022: $0Net Assets 2022: $2,304,9532022Assets 2023: $2,486,871Liabilities 2023: $0Net Assets 2023: $2,486,8712023Assets 2024: $2,832,129Liabilities 2024: $0Net Assets 2024: $2,832,1292024

Highlighted filing

2021

Assets$1,741,786
Liabilities$2,650
Net Assets$1,739,136
Open 2021 Filing

Operations Trend

Revenue Growth4th percentile

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

$3.0M$2.0M$1.0M$0Revenue 2020: $1,288,566Expenses 2020: $2,368Net Income 2020: $1,286,1982020Revenue 2021: $518,759Expenses 2021: $65,821Net Income 2021: $452,9382021Revenue 2022: $587,205Expenses 2022: $21,388Net Income 2022: $565,8172022Revenue 2023: $292,145Expenses 2023: $110,227Net Income 2023: $181,9182023Revenue 2024: $2,592,664Expenses 2024: $2,253,611Net Income 2024: $339,0532024

Highlighted filing

2021

Revenue$518,759
Expenses$65,821
Net Income$452,938
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Aug 4, 2022
Return Version
2021v4.2
Gross Receipts
$518,759
Mission and Program Overview

Mission

To provide supplemental financial support for the educational programs and services provided by palma school for the benefit of its students and community, consistent with the schools mission to provide young men an excellent college preparatiory education in a roman catholic environment that embraces the essential elements of an edmund rice christian brother education and challenges each individual to develop spiritually, intellectually, morally, physically, and socially.

To provide supplemental financial support for the educational programs and services provided by palma school for the benefit of its students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,252,128$1,739,986▲ $487,858
Rtn Earn Endowment Incm Other Fnds$1,286,198$1,739,136▲ $452,938
Pledges and Grants Receivable$35,420$1,800▼ $33,620
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,287,548$1,741,786▲ $454,238
Liabilities
Other Liabilities$1,350$2,650▲ $1,300
Total Liabilities$1,350$2,650▲ $1,300
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,286,198$1,739,136▲ $452,938
Total Liabilities and Net Assets / Fund Balance$1,287,548$1,741,786▲ $454,238
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Matthew OttonePresident
Amy HaasDirector
Gina CochettiDirector
John MccarthyDirector
Kim CostaDirector
Mark CliftonDirector
Phil TringaliDirector
Richard DenierDirector
John MazzeiSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$518,759
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$518,759
Change in Net Assets
$452,938
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$40,821
Grants and Similar Amounts Paid$25,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$25,000--$25,000
Fees for Services Legal$11,695--$11,695
Advertising$2,404--$2,404
Occupancy$1,400--$1,400
Other Expenses$954--$954
All Other Expenses$490--$490
Total Functional Expenses$65,821$0$0$65,821
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Christian Brothers Institute of California Dba Palma SchoolSalinas, CA-Operations Support & Gym Improvements$25,000
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
Palma School Payable$2,650
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
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 reviews and approves form 990 for accuracy and completeness.”

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

“Annual questionnares are provided to board members which require members to disclose any information that could give rise to conflict.”

Form 990, Part VI, Section C, Line 19

“The governing documents, policies and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Palma School Foundation
EIN
46-4896381
Phone
8317582401
Address
1418 SOUTH MAIN ST STE 203, SALINAS, CA 93908

Signing Officer

Name
Matthew Ottone
Title
President
Phone
8317582401
Signed
2022-08-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Ottone
Formed
2013
Legal Domicile
CA
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
0

Preparer

Firm
Bianchikasavan & Pope Llp
Address
450 LINCOLN AVENUE SUITE 200, SALINAS, CA 93901
Preparer
Aviv Kadosh
Phone
8317575311
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Part x, question #2: fin 48 the organization has been granted tax-exempt status by the internal revenue service under code section 501(c)(3). Certain types of income are considered unrelated business taxable income which is taxed at regular corporate income tax rates. The organization had no unrelated business taxable income during the year ended december 31, 2021. The organization believes that its tax positions will, more likely than not, be sustained based on their technical merits, should there be an examination by a taxing authority. Management evaluated the organization's tax positions and concluded they took no uncertain tax positions requiring adjustment to the financial statements to comply with the provisions issued by the financial accounting standards board.”

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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/MissionDesc0TO PROVIDE SUPPLEMENTAL FINANCIAL SUPPORT FOR THE EDUCATIONAL PROGRAMS AND SERVICES PROVIDED BY PALMA SCHOOL FOR THE BENEFIT OF ITS STUDENTS AND COMMUNITY, CONSISTENT WITH THE SCHOOLS MISSION TO PROVIDE YOUNG MEN AN EXCELLENT COLLEGE PREPARATIORY EDUCATION IN A ROMAN CATHOLIC ENVIRONMENT THAT EMBRACES THE ESSENTIAL ELEMENTS OF AN EDMUND RICE CHRISTIAN BROTHER EDUCATION AND CHALLENGES EACH INDIVIDUAL TO DEVELOP SPIRITUALLY, INTELLECTUALLY, MORALLY, PHYSICALLY, AND SOCIALLY.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0BOTH ORGANIZATIONS MAINTAIN SEPERATE BOARDS IN ORDER NOT TO IMPAIR INDEPENDENCE. SUPPORTED ORGANIZATION KEEPS CLOSE AND CONSTANT COMMUNICATION WITH PALMA SCHOOL FOUNDATION ESPECIALLY IN ORDER TO FACILITATE REQUESTS FOR FUNDING OF ITS CORE PROGRAMS SUBJECT TO APPROVAL BY BOARD. FURTHERMORE, THE SUPPORTING ORGANIZATION PROVIDES MONTHLY REPORTS TO THE SUPPORTED ORGANIZATION REGARDING THE AMOUNT RAISED, AND PROVIDES A REPORT TO THE SUPPORTED ORGANIZATION'S BOARD OF DIRECTORS OF THE ACTIVITIES OF THE SUPPORTING ORGANIZATION.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE ORGANIZATION IS SET UP TO PROVIDE ADDITIONAL FINANCIAL SUPPORT TO THE PALMA SCHOOL AS REQUESTED. MORE SPECIFICALLY, ORGANIZATION IS ESTABLISHED TO ASSIST WITH FINANICAL AID AND SCHOLARSHIP REQUESTS, THEREBY SUPPORTING THE EDUCATIONAL PROGRAMS AND MISSION OF PALMA SCHOOL.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A,SECTION D, LINE 2
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1SCHEDULE A,SECTION E, LINE 2A
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0CHRISTIAN BROTHERS INSTITUTE OF CALIFORNIA DBA PALMA SCHOOL
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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/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02650
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PALMA SCHOOL PAYABLE
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PART X, QUESTION #2: FIN 48 THE ORGANIZATION HAS BEEN GRANTED TAX-EXEMPT STATUS BY THE INTERNAL REVENUE SERVICE UNDER CODE SECTION 501(C)(3). CERTAIN TYPES OF INCOME ARE CONSIDERED UNRELATED BUSINESS TAXABLE INCOME WHICH IS TAXED AT REGULAR CORPORATE INCOME TAX RATES. THE ORGANIZATION HAD NO UNRELATED BUSINESS TAXABLE INCOME DURING THE YEAR ENDED DECEMBER 31, 2021. THE ORGANIZATION BELIEVES THAT ITS TAX POSITIONS WILL, MORE LIKELY THAN NOT, BE SUSTAINED BASED ON THEIR TECHNICAL MERITS, SHOULD THERE BE AN EXAMINATION BY A TAXING AUTHORITY. MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THEY TOOK NO UNCERTAIN TAX POSITIONS REQUIRING ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS ISSUED BY THE FINANCIAL ACCOUNTING STANDARDS BOARD.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalLiabilityAmt02650
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt025000
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc0N/A
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0OPERATIONS SUPPORT & GYM IMPROVEMENTS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0CHRISTIAN BROTHERS INSTITUTE OF CALIFORNIA DBA PALMA SCHOOL
IRS990ScheduleI/RecipientTable/RecipientEIN0941322168
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0919 IVERSON STREET
IRS990ScheduleI/RecipientTable/USAddress/CityNm0SALINAS
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0CA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd093901
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc0N/A
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION GRANTS FUNDS TO THE PALMA SCHOOL. THIS IS DONE THROUGH A FORMAL GRANT REQUEST PROCESS AND BOARD APPROVAL IS REQUIRED BEFORE THE DISTRIBUTION OF FUNDS TO THE SCHOOL CAN TAKE PLACE.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LN 2
IRS990ScheduleI/Total501c3OrgCnt01
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD REVIEWS AND APPROVES FORM 990 FOR ACCURACY AND COMPLETENESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ANNUAL QUESTIONNARES ARE PROVIDED TO BOARD MEMBERS WHICH REQUIRE MEMBERS TO DISCLOSE ANY INFORMATION THAT COULD GIVE RISE TO CONFLICT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
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 C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01287548
IRS990/TotalAssetsEOYAmt01741786
IRS990/TotalAssetsGrp/BOYAmt01287548
IRS990/TotalAssetsGrp/EOYAmt01741786
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0518759
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt065821
IRS990/TotalFunctionalExpensesGrp/TotalAmt065821
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01350
IRS990/TotalLiabilitiesEOYAmt02650
IRS990/TotalLiabilitiesGrp/BOYAmt01350
IRS990/TotalLiabilitiesGrp/EOYAmt02650
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01286198
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01739136
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt065821
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0518759
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01287548
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01741786
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01418 SOUTH MAIN STREETSTE 203
IRS990/USAddress/CityNm0SALINAS
IRS990/USAddress/StateAbbreviationCd0CA
IRS990/USAddress/ZIPCd093908
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MATTHEW OTTONE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08317582401
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-08-04
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PALMA SCHOOL FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0PALM
ReturnHeader/Filer/EIN0464896381
ReturnHeader/Filer/PhoneNum08317582401
ReturnHeader/Filer/USAddress/AddressLine1Txt01418 SOUTH MAIN ST STE 203
ReturnHeader/Filer/USAddress/CityNm0SALINAS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CA
ReturnHeader/Filer/USAddress/ZIPCd093908
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0941541507
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BIANCHIKASAVAN & POPE LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0450 LINCOLN AVENUE SUITE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SALINAS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd093901
ReturnHeader/PreparerPersonGrp/PhoneNum08317575311
ReturnHeader/PreparerPersonGrp/PreparationDt02022-08-04
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0AVIV KADOSH
ReturnHeader/ReturnTs02022-08-05T01:23:41-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MATTHEW
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0OTTONE
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$1,741,786
Liabilities
$2,650
Net assets
$1,739,136
Revenue
$518,759
Expenses
$65,821
Net income
$452,938
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.83$0.00$2.83$2.59$2.25$0.34
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.49$0.00$2.49$0.29$0.11$0.18
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.30$0.00$2.30$0.59$0.02$0.57
2021Detailed filing. Detailed filing data is available for this year.$1.74$0.00$1.74$0.52$0.07$0.45
2020Detailed filing. Detailed filing data is available for this year.$1.29$0.00$1.29$1.29$0.00$1.29