Palmetto Academy For Learning Motorsports Inc
- Assets
- $6.0m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 41
- Location
- Conway, SC
- Founding
- 04/2018
- Data as of
- 06/2022
- EIN
- 27-2409627
Organization Overview
Palmetto Academy For Learning Motorsports Inc is located in Conway, SC. The organization was established in 2018. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2022, Palmetto Academy For Learning Motorsports Inc employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmetto Academy For Learning Motorsports 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 06/2022, Palmetto Academy For Learning Motorsports Inc generated $3.3m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 14.6% each year . All expenses for the organization totaled $2.7m during the year ending 06/2022. While expenses have increased by 11.1% per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PALM CHARTER HIGH SCHOOL'S 2020-2021 SCHOOL YEAR MARKED THE TENTH YEAR OF OPERATIONS IN WHICH WE CONTINUE TO SEE GROWTH IN OUR ACADEMIC AND VOCATIONAL PROGRAMS. PALM CHARTER HIGH SCHOOL'S MISSION IS TO PROVIDE STUDENTS WITH AN OPPORTUNITY TO EARN A HIGH SCHOOL DIPLOMA WHILE LEARNING JOB/CAREER APPLICABLE SKILLS THAT CAN BE APPLIED IN THE AUTOMOTIVE/HIGH PERFORMANCE INDUSTRIES. STUDENTS PARTICIPATE IN EITHER MOTORSPORTS TECHNOLOGY, WELDING TECHNOLOGY, AUTO COLLISION TECHNOLOGY OR GRAPHICS. OUR VOCATIONAL STAFF BRING YEARS OF EXPERIENCE IN THEIR FIELDS AND HAVE SUCCESSFULLY PLACED STUDENTS IN JOBS RELATED TO PALM VOCATIONAL PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Rosado Member | Trustee | 1 | $0 |
Woody Martin Member | Trustee | 1 | $0 |
Raymond Hicks Member | Trustee | 1 | $0 |
Jesenia Maldonado Member | Trustee | 1 | $0 |
Walter Akin Member | Trustee | 1 | $0 |
Kristin Mcclellan Chairman | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,220,049 |
| 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 | $3,220,049 |
| Total Program Service Revenue | $60,538 |
| Investment income | $408 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $10,800 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $4,500 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,296,295 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,483,724 |
| Pension plan accruals and contributions | $16,753 |
| Other employee benefits | $179,284 |
| Payroll taxes | $123,350 |
| Fees for services: Management | $30,545 |
| Fees for services: Legal | $4,162 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $22,475 |
| Advertising and promotion | $18,985 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $178,597 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $110,959 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $140,936 |
| Insurance | $47,391 |
| All other expenses | $17,505 |
| Total functional expenses | $2,735,941 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,115,088 |
| Savings and temporary cash investments | $0 |
| 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 | $21,766 |
| Net Land, buildings, and equipment | $4,573,618 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $310,819 |
| Total assets | $6,021,291 |
| Accounts payable and accrued expenses | $31,229 |
| Grants payable | $0 |
| Deferred revenue | $235,309 |
| Tax-exempt bond liabilities | $0 |
| 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 | $5,223,144 |
| Other liabilities | $0 |
| Total liabilities | $5,489,682 |
| Net assets without donor restrictions | $1,159,997 |
| Net assets with donor restrictions | -$628,388 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $6,021,291 |