Palmetto Economic Development Corp
- Assets
- $2.3m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 11
- Location
- Columbia, SC
- Founding
- 12/1989
- Data as of
- 12/2021
- EIN
- 57-0873176
Organization Overview
Palmetto Economic Development Corp is located in Columbia, SC. The organization was established in 1989. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Palmetto Economic Development Corp employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmetto Economic Development Corp 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 12/2021, Palmetto Economic Development Corp generated $3.4m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $3.2m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.5%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Palmetto Economic Development Corp has awarded 16 individual grants totaling $573,425. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PALMETTO ECONOMIC DEVELOPMENT CORPORATION IS THE ECONOMIC DEVELOPMENT ALLIANCE OF THE STATE'S 20 ELECTRIC COOPERATIVES. TOGETHER THEY PROVIDE POWER TO MORE THAN 2 MILLION SOUTH CAROLINIANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FACILITATE THE GROWTH OF JOBS, INVESTMENT AND ELECTRIC LOAD THROUGH THE ATTRACTION OF NEW INDUSTRIAL AND COMMERCIAL ACTIVITY
SUPPORT EXPANSION AND RETENTION OF EXISTING BUSINESSES AND FACILITIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
B Robert Paulling Chairman | Trustee | 4 | $6,027 |
Mary Sheridan Trustee | Trustee | 2 | $3,900 |
David Felkel Trustee | Trustee | 2 | $2,836 |
Andy Mcknight Trustee | Trustee | 2 | $1,418 |
James Rowe Vice Chairman | Trustee | 4 | $5,672 |
J David Wasson Trustee | Trustee | 2 | $2,836 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hamilton Capitol Center Llc Rent | 12/30/22 | $142,764 |
Np Strategy Llc Consulting | 12/30/22 | $134,039 |
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 | $3,331,400 |
| Investment income | $92,681 |
| 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 | $3,424,081 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,000 |
| 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. | $1,275,926 |
| Compensation of current officers, directors, key employees. | $191,389 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $448,340 |
| Pension plan accruals and contributions | $31,668 |
| Other employee benefits | $114,846 |
| Payroll taxes | $96,610 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $40,372 |
| Fees for services: Accounting | $41,064 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $243,296 |
| Advertising and promotion | $131,999 |
| Office expenses | $50,854 |
| Information technology | $67,702 |
| Royalties | $0 |
| Occupancy | $137,521 |
| Travel | $142,207 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,943 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $62,800 |
| Insurance | $22,574 |
| All other expenses | $0 |
| Total functional expenses | $3,237,673 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,102 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,960 |
| 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 | $2,030,794 |
| Net Land, buildings, and equipment | $232,768 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,291,624 |
| Accounts payable and accrued expenses | $133,422 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $133,422 |
| Net assets without donor restrictions | $2,158,202 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,291,624 |
Grants Awarded
Over the last fiscal year, Palmetto Economic Development Corp has awarded $50,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
COUNTY OF MARION PURPOSE: STRATEGIC PLANNING | $25,000 |
YORK COUNTY GOVERNMENT PURPOSE: STRATEGIC PLANNING | $25,000 |