Palmas Academy Inc

Analysis

Palmas Academy Inc is a registered charity in United States, based in Humacao, PR. It received its IRS tax-exemption ruling in July 1994, 32 years ago. 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, Palmas Academy Inc reported income of $4.6m and spending of $4.4m, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.9m to $4.6m (+61%), an average of +13% a year. The sharpest change came in the year to June 2022, when income rose by 72%. Over the whole period it spent 100% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Palmas Academy Inc 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 92nd percentile, and in the 88th percentile within PR. Charities of a similar size with the same main cause include American Medical Society for Sports Medicine Inc ($4.6m), Swaniti Initiative ($4.6m) and Architectural League of New York ($4.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 24% and program service revenue 67% of the total. Other salaries and wages came to $2.1m. At year end it held assets of $10.8m against liabilities of $8.3m, net assets of $2.5m. It reported 78 employees.