Palm Academy Inc

Analysis

Palm Academy Inc is a registered charity in United States, based in Fremont, CA. It received its IRS tax-exemption ruling in June 2010, 16 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Palm Academy Inc reported income of $994k and spending of $996k, spending 100% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.2m to $994k (-16%), an average of -4.4% a year. The sharpest change came in the year to June 2022, when income rose by 52%. Over the whole period it spent 93% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Palm Academy Inc sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 80th percentile within CA. Charities of a similar size with the same main cause include Winners Circle Project ($993k), Pencil Box Inc ($994k) and Ventura County Christian High School ($993k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 114% of the total. Compensation of current officers, directors and key employees was $113k (11% of expenses). Other salaries and wages came to $428k. At year end it held assets of $1.6m against liabilities of $176k, net assets of $1.5m.