Palmetto Scholars Academy Inc

Analysis

Palmetto Scholars Academy Inc is a registered charity in United States, based in N Charleston, SC. It received its IRS tax-exemption ruling in May 2013, 13 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 Scholars Academy Inc reported income of $5.8m and spending of $5.8m, spending 100% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $4.8m to $5.8m (+21%), an average of +6.5% a year. Over the whole period it spent 102% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Palmetto Scholars Academy Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 95th percentile within SC. Charities of a similar size with the same main cause include Zeta Tau Alpha Foundation Inc ($5.8m), Unity Charter School ($5.8m) and Heritage Community Charter School Inc ($5.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 4.5% of the total. Other salaries and wages came to $3.0m. At year end it held assets of $9.1m against liabilities of $8.1m, net assets of $1.0m. It reported 64 employees.