Palmetto Academy of Learning and Success Inc

Analysis

Palmetto Academy of Learning and Success Inc is a registered charity in United States, based in Myrtle Beach, SC. It received its IRS tax-exemption ruling in May 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, Palmetto Academy of Learning and Success Inc reported income of $3.7m and spending of $4.0m, spending 109% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.9m to $3.7m (+25%), an average of +5.7% a year. Over the whole period it spent 107% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Palmetto Academy of Learning and Success Inc sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 93rd percentile within SC. Charities of a similar size with the same main cause include Rivendell School ($3.7m), Westhampton Free Library ($3.7m) and Philips Academy of North Carolina Inc ($3.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 92% and program service revenue 6.1% of the total. Other salaries and wages came to $1.4m. At year end it held assets of $7.3m against liabilities of $12.8m, net assets of -$5.4m. It reported 48 employees.