Palmetto Professional Society
Nonprofit profile at a glance
- EIN
- 300390898
- IRS 990-EZ coverage
- 2014–2024
- Forms available
- Form 990-EZ 2024
- Location
- Charleston, SC, USA
- Phone
- 8438539033
- Rating
- 87
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Professional Societies, Associations
Reported finances
- Revenue
- $140,000
- Expenses
- $155,543
- Assets
- $32,750
- Liabilities
- $0
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
4 people listed
Executive titles in this filing
- DAVE CARTER (PRESIDENT)
- NELSON BURCH (VICE PRESIDENT)
People named in this filing
- DAVE CARTER (PRESIDENT)
- NELSON BURCH (VICE PRESIDENT)
- BRAD PULASKI (TREASURER)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The palmetto professional society of charleston (the "corporation") was incorporated on september 11, 2008, as a South Carolina nonprofit, non-stock public benefit corporation with members. The corporation was formed and is operated exclusively for the promotion of social welfare with the net earnings being devoted exclusively to charitable, educational, or recreational purposes. In particular, the corporation was formed in the spirit of establishing for young professionals, an opportunity for organized, progressive, and sustained involvement in the local charleston, South Carolina community. To date, the roster of the society boasts almost 100 members. The corporation's members consist of young professionals representing local industries including real estate, development, banking, financial planning, accounting, marketing, advertising, hospitality, food and beverage, medicine, law, international trade, publishing and other fields.
What it reported doing in 2024
Provided the over 100 young professional members the opportunity for organized, progressive, and sustained involvement through local charleston events including the annual red fish tournament that had over 125 participants, a christmas party to raise funds for gifts for toys for tots, and member events for recreational and networking purposes.
Operating model
- Revenue model
- Membership-supported. 82% of the money available for current operations came from membership dues.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 79% for direct work, and 21% for grants.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 98
- Transparency & Controls: 82
- Sustainability: 29
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 95.5%; rating input score 96
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Limited
Sustainability
- Operating margin: -11.1%; rating input score 14; 14th percentile among comparable filings
- Total-asset coverage ratio: 0.21; rating input score 20; 20th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 76; 76th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings
Growth
- Program expense growth: 17.5% per year; rating input score 100; 73rd percentile among comparable filings
- Revenue growth: 18.1% per year; rating input score 100; 81st percentile among comparable filings
- Asset growth: -0.9% per year; rating input score 0; 25th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 95.5% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 2 filed program accomplishments · $149K in reported program spending
- Leadership: top reported pay $0 · 4 people listed
- Consistency: 9 of 9 current checks pass
- Schedules: 2 filed schedules
- Filing history: 11 filing years from 2014 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.
- High — Sustainability: Operating margin scored 14/100.
- High — Sustainability: Total-asset coverage ratio scored 20/100.
- High — Growth: Asset growth scored 0/100.