Palmas Academy Inc
- Assets
- $10.6m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 60
- Location
- Humacao, PR
- Founding
- 07/1994
- Data as of
- 06/2022
- EIN
- 66-0486893
Organization Overview
Palmas Academy Inc is located in Humacao, PR. The organization was established in 1994. 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 06/2022, Palmas Academy Inc employed 60 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmas 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 06/2022, Palmas Academy Inc generated $3.7m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $3.3m during the year ending 06/2022. While expenses have increased by 4.7% per year over the past 3 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
EDUCATIONAL SERVICES TO APPROX. 333 STUDENTS FROM PRE-K TO 12TH GRADE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL SERVICES TO APPROX. 333 STUDENTS FROM PRE-K TO 12TH.
EDUCATIONAL SERVICES TO APPROX. 333 STUDENTS FROM PRE-K TO 12TH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Hurwitz President | Trustee | $0 | |
David H Chafey Jr Treasurer | Trustee | $0 | |
Mariel Figueroa Lpez Secretary | Trustee | $0 | |
Wendy Driscoll Member | Trustee | $0 | |
Tyson Hendricksen Member | Trustee | $0 | |
Mary Jo S Espasas Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $474,600 |
| All other contributions, gifts, grants, and similar amounts not included above | $430,481 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $905,081 |
| Total Program Service Revenue | $2,383,749 |
| Investment income | $6,398 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $34,759 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $36,561 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,682,875 |
| 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 | $1,626,889 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $38,530 |
| Payroll taxes | $121,456 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,345 |
| Fees for services: Accounting | $14,326 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $115,832 |
| Advertising and promotion | $13,701 |
| Office expenses | $40,518 |
| 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 | $306,999 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $355,544 |
| Insurance | $81,765 |
| All other expenses | $94,972 |
| Total functional expenses | $3,298,152 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,315,520 |
| Savings and temporary cash investments | $259,918 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $63,551 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $28,613 |
| Prepaid expenses and deferred charges | $51,664 |
| Net Land, buildings, and equipment | $8,899,704 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,618,970 |
| Accounts payable and accrued expenses | $165,329 |
| Grants payable | $0 |
| Deferred revenue | $658,437 |
| 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 | $7,448,489 |
| Other liabilities | $24,926 |
| Total liabilities | $8,297,181 |
| Net assets without donor restrictions | -$397,014 |
| Net assets with donor restrictions | $2,718,803 |
| 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 | $10,618,970 |