Palmetto Scholars Academy Inc
- Assets
- $10.0m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 78
- Location
- North Charleston, SC
- Founding
- 05/2013
- Data as of
- 06/2021
- 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 06/2021, Palmetto Scholars Academy Inc employed 78 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 06/2021, Palmetto Scholars Academy Inc generated $5.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $5.1m during the year ending 06/2021. While expenses have increased by 8.7% per year over the past 6 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
2021
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
EDUCATE STUDENTS DURING THE SCHOOL YEAR JULY 1, 2020 THROUGH JUNE 30, 2021
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Corrigan Rutherford Principal | Officer | 40 | $92,782 |
Cynthia Hall Board Member | Trustee | 5 | $0 |
Joel Baughman Board Member | Trustee | 5 | $0 |
Susan Durand Board Member | Trustee | 5 | $0 |
Bryan Coppage Chair | Trustee | 5 | $0 |
Jason Colonna Board Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,798,984 |
| All other contributions, gifts, grants, and similar amounts not included above | $564,935 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,363,919 |
| Total Program Service Revenue | $33,194 |
| Investment income | $3,117 |
| 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 | $5,405,525 |
| 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. | $111,424 |
| Compensation of current officers, directors, key employees. | $55,712 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,574,818 |
| Pension plan accruals and contributions | $53,656 |
| Other employee benefits | $274,883 |
| Payroll taxes | $210,881 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $66,660 |
| Fees for services: Accounting | $12,615 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,384 |
| Office expenses | $4,326 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $722,899 |
| Travel | $1,008 |
| 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 | $263,231 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,133,580 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $239,507 |
| Savings and temporary cash investments | $2,735,299 |
| Pledges and grants receivable | $58,630 |
| 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 | $84,216 |
| Net Land, buildings, and equipment | $6,895,313 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,012,965 |
| Accounts payable and accrued expenses | $274,950 |
| Grants payable | $0 |
| Deferred revenue | $31,828 |
| Tax-exempt bond liabilities | $7,875,000 |
| 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 | $162,741 |
| Total liabilities | $8,344,519 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,049,323 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $619,123 |
| Total liabilities and net assets/fund balances | $10,012,965 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Palmetto Scholars Academy Inc has recieved totaling $550.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $550 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ashley Hall Foundation Charleston, SC | $53,552,404 | $18,962,378 |
Heathwood Hall Episcopal School Columbia, SC | $39,181,921 | $20,445,816 |
Brookstone School Inc Columbus, GA | $71,035,506 | $24,481,396 |
Greenville Renewable Energy Education Charter School Greenville, SC | $26,163,515 | $17,750,984 |
Lincoln Charter School Inc Denver, NC | $10,014,512 | $18,722,799 |
Savannah Christian Preparatory School Inc Savannah, GA | $28,769,990 | $18,697,901 |
Strong Rock Christian School Inc Locust Grove, GA | $18,179,980 | $18,285,975 |
Fellowship Christian School Inc Roswell, GA | $48,536,188 | $18,034,878 |
Dubois Integrity Academy Inc Riverdale, GA | $36,435,666 | $18,797,787 |
St Francis Day School Inc Roswell, GA | $35,555,718 | $15,564,442 |
Providence Christian Academy Inc Lilburn, GA | $23,088,680 | $16,091,514 |
Carolina Friends School Durham, NC | $47,718,399 | $15,676,975 |