Palmetto Community Partners Inc

Nonprofit profile at a glance

EIN
392184844
IRS 990 coverage
2024–2024
Forms available
Form 990 2024
Location
Columbia, SC, USA
Phone
8032543676
Rating confidence
Limited

Reported finances

Revenue
$0
Expenses
$0
Assets
$6,653,437
Liabilities
$6,653,437

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • Tony R Megna (Chief Executive Officer)

Highest reported compensation

  • Tony R Megna (Chief Executive Officer): $769,611 total reported compensation
  • Nathan Prabhakar (Chief Financial Officer): $243,448 total reported compensation
  • Cheri Spivey (Chief Communications Officer): $241,544 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Palmetto Community Partners, Inc. was formed to conduct fundraising and related activities in support of Genesis' healthcare programs, capital initiatives, and community health services. As of the reporting date, activities have been limited to organizational and planning efforts.

What it reported doing in 2024

Palmetto Community Partners, Inc. ("PCP the "Foundation") is a nonprofit corporation organized to support the mission and operations of Genesis Healthcare, Inc. ("Genesis"). The Foundation intends to apply for recognition as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code and to qualify as a public charity under Section 509(a)(2). As of the date of filing, the Foundation has submitted its application for recognition of exemption and remains within the 27-month period following its formation during which it may file Form 1023 and, if approved, obtain tax-exempt status retroactive to its date of incorporation. However, there can be no assurance that tax-exempt status will be granted or that it will be granted without conditions.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 57
  • Accountability: 91
  • Sustainability: 1
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 87.5%; rating input score 88; 6th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: Limited
  • Liabilities to assets ratio: 1; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 3 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $770K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 12 of 13 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Transparency & Controls: Series filing activity did not reconcile in the filed values.