Palmetto Housing Corporation
- Assets
- $2.1m
- Revenue
- $122.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Florence, SC
- Founding
- 08/1999
- Data as of
- 09/2022
- EIN
- 58-2474615
Organization Overview
Palmetto Housing Corporation is located in Florence, SC. The organization was established in 1999. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 09/2022, Palmetto Housing Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmetto Housing Corporation 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 09/2022, Palmetto Housing Corporation generated $122.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (33.9%) each year. All expenses for the organization totaled $2.2m during the year ending 09/2022. 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
HOUSING ASSISTANCE AND OBTAINING AFFORDABLE HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING ASSISTANCE AND OBTAINING AFFORDABLE HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Etheridge III Board Member | Trustee | 1 | $0 |
Scotty Davis Board Member | Trustee | 1 | $0 |
Steve Wukela Jr Board Member | Trustee | 1 | $0 |
Clamentine V Elmore Secretary | OfficerTrustee | 1 | $0 |
Howard Parnell Jr Chairman | OfficerTrustee | 1 | $0 |
Monica White Treasurer | OfficerTrustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $90,160 |
| Investment income | $14,700 |
| 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 | $122,442 |
| 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 | $22,912 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,484 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,823 |
| Fees for services: Accounting | $3,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $826 |
| 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 | $27,733 |
| Insurance | $5,328 |
| All other expenses | $3,330 |
| Total functional expenses | $2,154,510 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $274,803 |
| Savings and temporary cash investments | $740 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $104,699 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,021,929 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,108 |
| Net Land, buildings, and equipment | $705,883 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,602 |
| Total assets | $2,115,764 |
| Accounts payable and accrued expenses | $101,125 |
| Grants payable | $0 |
| Deferred revenue | $740 |
| 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 | $554,324 |
| Total liabilities | $656,189 |
| Net assets without donor restrictions | $1,459,575 |
| 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 | $2,115,764 |