Palmetto Place Inc

Nonprofit profile at a glance

EIN
570969948
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Columbia, SC, USA
Phone
8035361056
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Mental Health Treatment F31 Psychiatric, Mental Health Hospital

Reported finances

Revenue
$124,783
Expenses
$105,225
Assets
$318,970
Liabilities
$10,392

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

Leadership & pay

4 people listed

Executive titles in this filing

  • JUDY WEATHERS (PRESIDENT)
  • KATHIE GOODWIN (VICE PRESIDENT)

People named in this filing

  • JUDY WEATHERS (PRESIDENT)
  • KATHIE GOODWIN (VICE PRESIDENT)
  • BETTY MOSS MCGUIRT (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Palmetto place, inc. Is a not-for-profit corporation formed in accordance with the not-for-profit statutes of the state of South Carolina. The corporation was formed for the purpose of operating a 12 unit community known as palmetto place apartments located in summerville, South Carolina, which provides housing for low-income persons with disabilities, pursuant to section 811 of the national housing act, as amended.

Operating model

Revenue model
Grant-funded. 67% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 55
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 65
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 58%; rating input score 58
  • Program expense ratio: 67.4%; rating input score 67
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 15.7%; rating input score 68; 68th percentile among comparable filings
  • Total-asset coverage ratio: 3.03; rating input score 69; 69th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 36; 36th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -1.3% per year; rating input score 0; 26th percentile among comparable filings
  • Revenue growth: 4.4% per year; rating input score 100; 49th percentile among comparable filings
  • Asset growth: 0.5% per year; rating input score 100; 27th percentile among comparable filings

Details

  • Where the money goes: 58% of revenue deployed · 67.4% of spending went to programs
  • Governance: 4 of 4 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $71K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 8 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 58/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 36/100.