PALMETTO SCHOLARS ACADEMY

EIN: 264450679 501(c)(3) Education

NORTH CHARLESTON, SC

Total Revenue
$6,190,525
Total Expenses
$5,322,341
Total Assets
$9,518,392
Net Assets
$1,901,522
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
2009
Legal Domicile
SC
Principal Officer
RICKY REYES
Phone
8433004118
Tax Period
2024-07-01 to 2025-06-30

PALMETTO SCHOLARS ACADEMY, founded in 2009, is a community nonprofit in the Education sector that reported $6.2M in total revenue in fiscal year 2024. Revenue grew 18% year-over-year, indicating healthy expansion. Expenses of $5.3M left a modest 14% surplus.

Mission

PSA EXISTS TO MEET THE DISTINCTIVE ACADEMIC, SOCIAL, AND EMOTIONAL NEEDS OF STUDENTS BY UTILIZING THE BEST PRACTICES OF GIFTED EDUCATION.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $5,585,763
Program Service Revenue $501,527
Investment Income $103,235
Other Revenue $0
TOTAL REVENUE $6,190,525

Expense Breakdown

Grants Paid $0
Salaries & Benefits $3,117,322
Fundraising Expenses $0
Program Expenses $4,046,026
Other Expenses $2,205,019
TOTAL EXPENSES $5,322,341

Year-over-Year Comparison

2024 2023 Change
Revenue $6,190,525 $5,256,098 +0.2%
Expenses $5,322,341 $5,243,779 +0.0%
Net Income $868,184 $12,319 +69.5%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
8
Independent Members
8
Employees
74
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$112,132
Total Directors
9
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
BRANDON GUINGRICH BOARD CHAIR 2.00
Officer Director
$0 $0 $0
KIM SCHULTZ VICE CHAIR 2.00
Officer Director
$0 $0 $0
BETSY BALDWIN SECRETARY 2.00
Officer Director
$0 $0 $0
ALLEN TOPPING TREASURER 2.00
Officer Director
$0 $0 $0
KARSTEN MCELFRESH BOARD MEMBER 2.00
Director
$0 $0 $0
LEASIA YOUNG BOARD MEMBER 2.00
Director
$0 $0 $0
ERICKA GIACOMO BOARD MEMBER 2.00
Director
$0 $0 $0
CHRISTINE LARUE BOARD MEMBER 2.00
Director
$0 $0 $0
VACANT BOARD MEMBER 2.00
Director
$0 $0 $0
RICKY REYES PRINCIPAL 40.00
Officer
$112,132 $0 $112,132
DR KIMBERLY ZERBST PRINCIPAL (FORMER) 40.00
Officer
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $6,190,525 $5,322,341 $9,518,392 $868,184
2024 No data No data No data No data
2023 $5,806,094 $5,785,625 $9,134,528 $20,469
2023 $5,806,094 $5,785,625 $9,134,528 $20,469
2022 $5,087,229 $5,755,125 $9,207,434 $-667,896
2021 $5,405,525 $5,133,580 $10,012,965 $271,945
2020 $4,805,210 $4,800,106 $10,390,265 $5,104
2019 $4,655,456 $4,414,280 $9,969,087 $241,176
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