The Palmetto Palace

Analysis

The Palmetto Palace is a registered charity in United States, based in Charleston, SC. It received its IRS tax-exemption ruling in March 2007, 19 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, The Palmetto Palace reported income of $884k and spending of $714k, spending 81% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $301k to $884k (+194%), an average of +31% a year. The sharpest change came in the year to December 2021, when income rose by 4217%. Over the whole period it spent 72% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, The Palmetto Palace sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 81st percentile within SC. Charities of a similar size with the same main cause include Northern Shenandoah Valley Substance Use Coalition ($884k), Ketamine Research Foundation ($884k) and Virginia Breast Cancer Foundation ($884k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $270k (38% of expenses). Other salaries and wages came to $174k. At year end it held assets of $228k against liabilities of $0, net assets of $228k.