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Palmetto Economic Development Corp FY2020 filing

Tax-deductible

Columbia, SC501(c)(3)EIN 57-0873176Revenue $3.2M in FY2020

On file with the IRSscpowerteam.com1201 Main St Ste 1710, 29201-3293 · Columbia, SCTax-exempt since Dec 1989Publicly supported charity — 170(b)(1)(A)(vi)

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Palmetto Economic Development corporation is the Economic Development alliance of the state's 20 electric cooperatives. Together they provide power to more than 2 million south carolinians.

501(c)(3) charity; gifts are tax-deductible.
72¢ of each $1 spent went to programs.
$834K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $263K a year · 7% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
72%
of spending
Fine: 72% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$834K
to officers and key staff · 31% of spending
Concern: pay to officers and key staff is 31% of spending; over 30%.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Concern: 0.1 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $3K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$126K
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.2M
Spent
$2.7M
To programs
72%
Net assets
$1.8M
By yearFY2020–FY2024
Revenue
$3.2M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$3.2M
FY2021$3.4M
FY2022$3.8M
FY2023$4.1M
FY2024$4.6M
Expenses
$2.7M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$2.7M
FY2021$3.2M
FY2022$3.7M
FY2023$4.1M
FY2024$4.1M
Net assets
$1.8M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$1.8M
FY2021$2.2M
FY2022$1.9M
FY2023$1.9M
FY2024$2.3M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 1989.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

72 cents of each dollar spent went to programs.

Program services 72% · $2.0M Management & general 28% · $765K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

18 people listed on the 990; $834K paid to officers and key staff.

Part VII, Section A · reportable compensation
James Chavez
President and CEO
$285,426Pt VII · Sec A
James W Frost
SR VP Community Preparedne
$213,692Pt VII · Sec A
Warren Darby JR
SR VP Global Business
$167,558Pt VII · Sec A
Rebecca Breland
Director of Site Developme
$111,812Pt VII · Sec A
James Rowe
Vice Chairman
$7,090Pt VII · Sec A
$7,090Pt VII · Sec A
$5,672Pt VII · Sec A
$4,254Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
James Chavez$409,572$353,965$321,095$299,828$285,426
James W Frost—$257,554$231,831$220,894$213,692
Warren Darby JR$236,902$203,673$183,707$175,351$167,558
Rebecca Breland$157,513$118,906$114,209$113,198$111,812
Angelyn Smith$125,655$111,915$101,862——
Marc Metcalf$125,376$119,277———
Mary Sheridan$8,568$10,635$3,900$5,318$1,418
B Robert Paulling—$4,963$6,027$9,572$7,090

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Promote economic growth by partnering with electric cooperatives to power communities.

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Provided by the organization

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2 programs · $2.0M · in their own filed words · FY2020
01

Facilitate the growth of jobs, investment and electric load through the attraction of new industrial and commercial activity

$977Kprogram expense
02

Support expansion and retention of existing businesses and facilities

$977Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2020
Davis Family Foundation INCFY2020$2K
M B Kahn Foundation INCFY2020$2K
Total grants receivedfrom 2 funders$3K
Grants paid · 13 grants · $253K · 2020–2024
Florence County Economic Development PartnershipFY2024$25,000
Trico Development LLCFY2024$18,000
Dorchester Economic Development CorporationSC · FY2023$26,306
Nation Ford ChemicalFY2023$25,000
Newberry Electric Cooperative INCSC · FY2023$25,000
Flame Spray North America INCFY2023$20,000
Childrenswear Holding CorpFY2023$12,500
National Machinery & Fabrication INCFY2023$11,000
York Electric Cooperative INCSC · FY2023$10,000
Martin PrintingFY2023$5,650
Individual RecipientFY2021$25,000
County of MarionFY2021$25,000
Palmetto Electric Cooperative INCSC · FY2020$24,450

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.2M
Ln 12
Fees for servicesLn 2g$3.1M
Investment incomeLn 3$72K
Money outPt IX
$2.7M
Ln 25
Programscol B$2.0M
Managementcol C$765K
Owns and owesPt X
$1.8M
net assets · Ln 32
Cash and savingsLn 1–2$29K
Total assetsLn 16$2.0M
LiabilitiesLn 26$126K
PeoplePt VI, VII
18
listed · VII A
PaidVII A17
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$3.1M
Investment incomeLn 3$72K
Gains on assetsLn 7$1K
Total revenueLn 12$3.2M
Assets in detailPt X, end of year
CashLn 1$29K
Cash and savings togetherLn 1–2$29K
Land, buildings, equipmentLn 10c$296K
Total assetsLn 16$2.0M
LiabilitiesLn 26$126K
Net assetsLn 32$1.8M
OperationsPt I, VI
EmployeesI 59
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$20K$29K
Land, buildings, equipmentLn 10c$316K$296K
Total assetsLn 16$1.9M$2.0M
LiabilitiesLn 26$240K$126K
Net assetsLn 32$1.7M$1.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$24K$24K
Grants to domestic individualsLn 2$3K$3K
Pay of current officers, directors and key staffLn 5$1.0M$887K$157K
Other salaries and wagesLn 7$522K$469K$52K
Other employee benefitsLn 9$12K$11K$1K
Payroll taxesLn 10$94K$84K$9K
Legal feesLn 11b$41K$41K
Accounting feesLn 11c$43K$43K
Other fees for servicesLn 11g$285K$285K
Advertising and promotionLn 12$42K$42K
Office expensesLn 13$42K$32K$10K
Information technologyLn 14$95K$48K$48K
OccupancyLn 16$132K$119K$13K
TravelLn 17$82K$62K$21K
Conferences, conventions and meetingsLn 19$47K$47K
Depreciation, depletion and amortizationLn 22$62K$62K
InsuranceLn 23$23K$23K
Other expenses (24a–d)Ln 24$125K$125K
Total functional expensesLn 25$2.7M$2.0M$765K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $4.6M$4.1M$515K$2.3M 990 PDF
FY2023 $4.1M$4.1M$27K$1.9M 990 PDF
FY2022 $3.8M$3.7M$152K$1.9M 990 PDF
FY2021 $3.4M$3.2M$186K$2.2M 990 PDF
FY2020 Viewing $3.2M$2.7M$434K$1.8M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $3,152,652 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $3,425,000$3,081,000
I-10 Investment incomePrior year $76,037$71,652
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $3,501,037$3,152,652
I-13 Grants and similar amounts paidPrior year $111,880$27,330
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $1,488,733$1,670,907
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,582,077$1,020,421
I-18 Total expensesPrior year $3,182,690$2,718,658
I-19 Revenue less expensesPrior year $318,347$433,994
Part VI · Governance 12 of 12 board members independent, 2 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-2 Family or business relationship among officers or directorsYes
VI-14 Document retention and destruction policyNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $3,152,652 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,081,000$3,081,000
VIII-3 Investment incomeExcluded from tax $70,561$70,561
VIII-7 Net gain or loss on sales of assetsExcluded from tax $1,091$1,091
VIII-12 Total revenueRelated to mission $3,081,000 · Unrelated business $0 · Excluded from tax $71,652$3,152,652
Part IX · Statement of functional expenses $2,718,658 across 18 lines filed
IX-1 Grants to domestic organizationsPrograms $24,455$24,455
IX-2 Grants to domestic individualsPrograms $2,875$2,875
IX-5 Pay of current officers, directors and key staffPrograms $887,123 · Management $156,551$1,043,674
IX-7 Other salaries and wagesPrograms $469,363 · Management $52,152$521,515
IX-9 Other employee benefitsPrograms $10,664 · Management $1,185$11,849
IX-10 Payroll taxesPrograms $84,482 · Management $9,387$93,869
IX-11b Legal feesManagement $41,124$41,124
IX-11c Accounting feesManagement $43,300$43,300
IX-11g Other fees for servicesManagement $285,131$285,131
IX-12 Advertising and promotionPrograms $42,408$42,408
IX-13 Office expensesPrograms $31,550 · Management $10,205$41,755
IX-14 Information technologyPrograms $47,666 · Management $47,666$95,332
IX-16 OccupancyPrograms $119,170 · Management $13,241$132,411
IX-17 TravelPrograms $61,585 · Management $20,527$82,112
IX-19 Conferences, conventions and meetingsPrograms $47,297$47,297
IX-22 Depreciation, depletion and amortizationManagement $61,700$61,700
IX-23 InsuranceManagement $22,978$22,978
IX-24 Other expenses (24a–d)Programs $124,873$124,873
IX-25 Total functional expensesPrograms $1,953,511 · Management $765,147 · Fundraising $0$2,718,658
Part X · Balance sheet $1,954,549 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $19,675$28,767
X-4 Accounts receivableStart of year $40$2,374
X-9 Prepaid expenses and deferred chargesStart of year $1,582,403$1,627,840
X-10c Land, buildings and equipment, netStart of year $316,036$295,568
X-16 Total assetsStart of year $1,918,154$1,954,549
X-17 Accounts payable and accrued expensesStart of year $239,856$126,392
X-26 Total liabilitiesStart of year $239,856$126,392
X-27 Net assets without donor restrictionsStart of year $1,678,298$1,828,157
X-32 Total net assets or fund balancesStart of year $1,678,298$1,828,157
X-33 Total liabilities and net assetsStart of year $1,918,154$1,954,549
Part XI · Reconciliation of net assets $1,828,157 net assets at year end
XI-1 Total revenue$3,152,652
XI-2 Total expenses$2,718,658
XI-3 Revenue less expenses$433,994
XI-4 Net assets at start of year$1,678,298
XI-9 Other changes in net assets−$284,135
XI-10 Net assets at end of year$1,828,157

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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