Palmetto Scholars Academy Inc
- Assets
- $9.1m
- Revenue
- $5.8m
- Investments
- $0.0
- Employees
- 64
- Location
- North Charleston, SC
- Founding
- 05/2013
- Data as of
- 06/2023
- EIN
- 26-4450679
Organization Overview
Palmetto Scholars Academy Inc is located in North Charleston, SC. The organization was established in 2013. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Palmetto Scholars Academy Inc employed 64 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmetto Scholars 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 06/2023, Palmetto Scholars Academy Inc generated $5.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $5.8m during the year ending 06/2023. While expenses have increased by 8.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PSA EXISTS TO MEET THE DISTINCTIVE ACADEMIC, SOCIAL, AND EMOTIONAL NEEDS OF STUDENTS BY UTILIZING THE BEST PRACTICES OF GIFTED EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATED APPROXIMATELY 500 STUDENTS DURING THE 2022-23 SCHOOL YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cameron Whitworth Board Chair | OfficerTrustee | 2 | $0 |
Faith Bongiorno Vice Chair | OfficerTrustee | 2 | $0 |
Kim Schultz Secretary | OfficerTrustee | 2 | $0 |
Manny Perez-Carrillo Treasurer | OfficerTrustee | 2 | $0 |
Andy Peterson Board Member | Trustee | 2 | $0 |
Anja Dabelic Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,508,795 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,853 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,511,648 |
| Total Program Service Revenue | $264,030 |
| Investment income | $30,416 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,806,094 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $130,000 |
| Compensation of current officers, directors, key employees. | $65,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,883,986 |
| Pension plan accruals and contributions | $54,733 |
| Other employee benefits | $344,916 |
| Payroll taxes | $223,496 |
| Fees for services: Management | $26,921 |
| Fees for services: Legal | $32,871 |
| Fees for services: Accounting | $190,443 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $293,746 |
| Advertising and promotion | $21,254 |
| Office expenses | $45,157 |
| Information technology | $148,990 |
| Royalties | $0 |
| Occupancy | $432,212 |
| Travel | $3,064 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $397,609 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $250,459 |
| Insurance | $29,194 |
| All other expenses | $3,610 |
| Total functional expenses | $5,785,625 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $245,985 |
| Savings and temporary cash investments | $2,261,877 |
| Pledges and grants receivable | $61,113 |
| 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 | $38,833 |
| Net Land, buildings, and equipment | $6,523,820 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,900 |
| Total assets | $9,134,528 |
| Accounts payable and accrued expenses | $523,514 |
| Grants payable | $0 |
| Deferred revenue | $28,669 |
| Tax-exempt bond liabilities | $7,560,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,326 |
| Total liabilities | $8,113,509 |
| 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 | $1,021,019 |
| Total liabilities and net assets/fund balances | $9,134,528 |