Palmetto Electric Trust
- Assets
- $604.3k
- Revenue
- $430.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Ridgeland, SC
- Founding
- 04/1991
- Data as of
- 12/2021
- EIN
- 57-0931978
Organization Overview
Palmetto Electric Trust is located in Ridgeland, SC. The organization was established in 1991. According to its NTEE Classification (T90) the organization is classified as: Named Trusts N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmetto Electric Trust 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 Electric Trust generated $430.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $279.7k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Palmetto Electric Trust has awarded 62 individual grants totaling $964,120. 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
CHARITABLE FUNDRAISING SERVICES FOR WORTHWHILE COMMUNITY ACTIVITIES BY ROUNDING UP ELECTRIC BILLS TO AN EVEN DOLLAR AMOUNT, WITH DISBURSEMENT OF FUNDS FOR CHARITABLE PURPOSES IN THE SERVICE AREA OF PALMETTO ELECTRIC COOPERATIVE, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PALMETTO ELECTRIC TRUST WAS FORMED TO PROVIDE FINANCIAL ASSISTANCE FUNDS FOR CHARITABLE PURPOSES IN THE SERVICE AREA OF PALMETTO ELECTRIC COOPERATIVE, INC.
PALMETTO ELECTRIC TRUST WAS FORMED TO PROVIDE FINANCIAL ASSISTANCE FUNDS FOR CHARITABLE PURPOSES IN THE SERVICE AREA OF PALMETTO ELECTRIC COOPERATIVE, INC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kirk Taylor Chairman | OfficerTrustee | 2 | $0 |
Jannie Barnes Vice Chairma | OfficerTrustee | 2 | $0 |
Cindy Swaile Secretary/tr | OfficerTrustee | 2 | $0 |
Linda Ferguson Director | Trustee | 2 | $0 |
Ernie Avant Director | Trustee | 2 | $0 |
Annie Goodman Director | Trustee | 2 | $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 | $430,273 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $430,273 |
| Total Program Service Revenue | $0 |
| Investment income | $535 |
| 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 | $430,808 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $220,443 |
| Grants and other assistance to domestic individuals. | $51,197 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $8,083 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $279,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $537,180 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $67,081 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $604,261 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $604,261 |
| 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 | $604,261 |
Grants Awarded
Over the last fiscal year, Palmetto Electric Trust has awarded $220,443 in support to 17 organizations.
| Grant Recipient | Amount |
|---|---|
OTHER COMMUNITY ASSISTANCE | | | $34,508 |
Ridgeland, SC | | $20,000 |
Hilton Head Island, SC | | $15,000 |
Charleston, SC | | $15,000 |
Washington, DC | | $12,500 |
Ridgeland, SC | | $12,480 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lettie Pate Whitehead Foundation Inc Atlanta, GA | $545,577,272 | $201,098,940 |
South Carolina Automobile Dealers Trust Columbia, SC | $615,773 | $12,853,378 |
John Rex Endowment Raleigh, NC | $72,005,406 | $10,264,844 |
Blake Family Foundation Inc Atlanta, GA | $54,641,915 | $13,537,530 |
St Marys United Methodist Church Foundation Inc Saint Marys, GA | $38,808,441 | $1,300,375 |
Nagrodsky Family Foundation Charleston, SC | $7,938,380 | $247,514 |
R Harold And Patsy Harrison Foundation Inc Brookhaven, GA | $31,730,871 | $2,128,634 |
National Association Of Chapter 13 Trustees Columbia, SC | $849,459 | $1,212,204 |
W O And Ann Powers Foundation Inc Florence, SC | $6,582,081 | $44,065 |
Kauffman Foundation Inc Atlanta, GA | $20,247,630 | $14,268,828 |
Charles A Cannon Charitable Trust No 3 Winstonsalem, NC | $11,245,815 | $429,551 |
Breman Foundation Inc Atlanta, GA | $15,316,218 | $1,852,961 |