Palmetto Project Inc

Analysis

Palmetto Project Inc is a registered charity in United States, based in N Charleston, SC. It received its IRS tax-exemption ruling in December 1985, 41 years ago. 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 Project Inc reported income of $2.9m and spending of $2.5m, spending 86% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $2.9m (+167%), an average of +28% a year. The sharpest change came in the year to December 2022, when income rose by 43%. Over the whole period it spent 95% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Palmetto Project Inc sits at the 88th percentile: it is larger than about 88% 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 National Foundation of Dentistry for the Handicapped ($2.9m), Boy Scouts of America ($2.9m) and Olive Crest Abused Childrens Foundation ($2.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 74% and program service revenue 26% of the total. Compensation of current officers, directors and key employees was $170k (6.7% of expenses). Other salaries and wages came to $727k. At year end it held assets of $1.9m against liabilities of $406k, net assets of $1.5m. It reported 28 employees.