Palmetto Economic Development Corp

Analysis

Palmetto Economic Development Corp is a registered charity in United States, based in Columbia, SC. It received its IRS tax-exemption ruling in December 1989, 37 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 Economic Development Corp reported income of $4.1m and spending of $4.1m, spending 99% of its income. Across the 6 years on record, from December 2018 to December 2023, income fell from $4.5m to $4.1m (-7.6%), an average of -1.6% a year. The sharpest change came in the year to December 2019, when income dropped by 22%. Over the whole period it spent 92% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Palmetto Economic Development Corp sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 93rd percentile within SC. Charities of a similar size with the same main cause include Flint Hills Area Transportation Agency ($4.1m), Southern Colorado Developmental Disabilities Services Inc ($4.1m) and Southern Maine Planning and Development Commission ($4.1m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 101% of the total. Compensation of current officers, directors and key employees was $1.6m (39% of expenses). Other salaries and wages came to $393k. At year end it held assets of $3.1m against liabilities of $1.2m, net assets of $1.9m. It reported 9 employees.