Palmetto Goodwill Services

Analysis

Palmetto Goodwill Services is a registered charity in United States, based in Charleston, SC. It received its IRS tax-exemption ruling in May 1945, 81 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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 Services reported income of $19.2m and spending of $18.4m, spending 96% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $16.4m to $19.2m (+17%), an average of +4.0% a year. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Palmetto Goodwill Services sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 98th percentile within SC. Charities of a similar size with the same main cause include Upper Des Moines Opportunity Inc ($19.1m), Battle Creek Unlimited Inc ($19.2m) and Community Loan Fund of New Jersey Inc ($19.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.0% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $1.0m (5.6% of expenses). Other salaries and wages came to $9.9m. At year end it held assets of $18.6m against liabilities of $6.9m, net assets of $11.8m. It reported 455 employees.