Palacios Marine Agricultural Research Inc

Analysis

Palacios Marine Agricultural Research Inc is a registered charity in United States, based in Corp Christi, TX. It received its IRS tax-exemption ruling in July 2021, 5 years ago. Its declared purposes cover science and technology, which this site groups under arts, culture, heritage and science.

In the financial year ending August 2023, Palacios Marine Agricultural Research Inc reported income of $2.6m and spending of $2.8m, spending 107% of what it took in. Across the 4 years on record, from August 2020 to August 2023, income grew from $705k to $2.6m (+274%), an average of +55% a year. The sharpest change came in the year to August 2021, when income rose by 358%. Over the whole period it spent 57% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Palacios Marine Agricultural Research Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 91st percentile within TX. Charities of a similar size with the same main cause include Owsley Brown Frazier Historical Arms Museum Foundation Inc ($2.6m), Durham Arts Council Inc ($2.6m) and Hindu American Foundation Inc ($2.6m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 96% and program service revenue 0.7% of the total. Compensation of current officers, directors and key employees was $326k (12% of expenses). Other salaries and wages came to $551k. At year end it held assets of $4.2m against liabilities of $226k, net assets of $3.9m. It reported 9 employees.