Palmetto Goodwill

Analysis

Palmetto Goodwill is a registered charity in United States, based in Charleston, SC. It received its IRS tax-exemption ruling in September 2015, 11 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Palmetto Goodwill reported income of $60.1m and spending of $48.2m, spending 80% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $40.0m to $60.1m (+50%), an average of +11% a year. The sharpest change came in the year to December 2021, when income rose by 28%. Over the whole period it spent 85% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Palmetto Goodwill sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within SC. Charities of a similar size with the same main cause include Concordia Lutheran Health and Human Care ($60.1m), Hospice of the Emerald Coast Inc ($60.1m) and Tru Community Care ($60.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 33% and program service revenue 2.4% of the total. Compensation of current officers, directors and key employees was $1.0m (2.1% of expenses). Other salaries and wages came to $22.6m. At year end it held assets of $134.0m against liabilities of $64.2m, net assets of $69.7m. It reported 2,680 employees.