Palmetto Academy for Learning Motorsports Inc

Analysis

Palmetto Academy for Learning Motorsports Inc is a registered charity in United States, based in Conway, SC. It received its IRS tax-exemption ruling in April 2018, 8 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 for Learning Motorsports Inc reported income of $3.0m and spending of $2.8m, spending 92% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.7m to $3.0m (+74%), an average of +15% a year. The sharpest change came in the year to June 2020, when income rose by 33%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Palmetto Academy for Learning Motorsports Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 91st percentile within SC. Charities of a similar size with the same main cause include Axis International Academy ($3.0m), JM Educational Group ($3.0m) and Newton Services Foundation Inc ($3.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 97% and program service revenue 2.8% of the total. Other salaries and wages came to $1.4m. At year end it held assets of $6.0m against liabilities of $5.3m, net assets of $762k. It reported 37 employees.