Palm Academy Inc
- Assets
- $1.4m
- Revenue
- $749.9k
- Investments
- $967.7k
- Employees
- 20
- Location
- Fremont, CA
- Founding
- 06/2010
- Data as of
- 06/2021
- EIN
- 20-5949060
Organization Overview
Palm Academy Inc is located in Fremont, CA. The organization was established in 2010. According to its NTEE Classification (B21) the organization is classified as: Preschools, under the broad grouping of Education and related organizations. As of 06/2021, Palm Academy Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palm Academy Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Palm Academy Inc generated $749.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.1%) each year. All expenses for the organization totaled $694.7k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (5.2%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
A SCHOOL FOR THE BETTER EDUCATION OF MINOR CHILDREN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION
DONATIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ruth Yong President | OfficerTrustee | 40 | $48,549 |
Connie Kwan Secretary | Trustee | 10 | $0 |
Debbie Lau Vice President | Trustee | 10 | $0 |
Abraham Jou Board Member | Trustee | 10 | $0 |
Grace Lau Treasurer | Trustee | 10 | $0 |
Joel Lo Board Member | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $486,946 |
| Investment income | $30,335 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $104,788 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $749,912 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,240 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $48,549 |
| Compensation of current officers, directors, key employees. | $48,549 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $190,550 |
| Pension plan accruals and contributions | $22,618 |
| Other employee benefits | $35,245 |
| Payroll taxes | $70,736 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,155 |
| Fees for services: Other | $20,764 |
| Advertising and promotion | $33,896 |
| Office expenses | $612 |
| Information technology | $5,050 |
| Royalties | $23,349 |
| Occupancy | $33,348 |
| Travel | $6,934 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $33,415 |
| Insurance | $24,480 |
| All other expenses | $5,425 |
| Total functional expenses | $694,678 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,713 |
| Savings and temporary cash investments | $173,124 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $205,454 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $967,661 |
| Investments—program-related | $0 |
| Intangible assets | $26,645 |
| Other assets | $0 |
| Total assets | $1,390,597 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $158,805 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $19,247 |
| Other liabilities | $0 |
| Total liabilities | $178,052 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,212,545 |
| Total liabilities and net assets/fund balances | $1,390,597 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Catalyst Family Inc Morgan Hill, CA | $29,840,400 | $76,356,532 |
Doral Academy Of Nevada Las Vegas, NV | $131,957,708 | $48,898,160 |
Child Parent Centers Inc Tucson, AZ | $16,878,130 | $37,963,883 |
Los Angeles Universal Preschool Los Angeles, CA | $9,025,179 | $26,158,862 |
Kamaaina Care Inc Kailua, HI | $16,893,608 | $29,363,431 |
Plaza De La Raza Child Development Services Inc City of Industry, CA | $2,591,767 | $20,694,793 |
Child Start Incorporated Napa, CA | $8,014,837 | $18,886,545 |
Institute For Human & Social Development Inc San Mateo, CA | $7,306,180 | $14,787,145 |
Keys Family Day School Inc Palo Alto, CA | $33,258,594 | $15,731,611 |
The San Francisco School San Francisco, CA | $30,677,373 | $14,481,306 |
Hanalani Schools Mililani, HI | $23,961,358 | $16,139,886 |
Berkeley Hall School Foundation Los Angeles, CA | $27,121,443 | $12,682,160 |