PALMETTO ACADEMY FOR LEARNING MOTORSPORTS

EIN: 272409627 501(c)(3) Education

CONWAY, SC

Total Revenue
$3,095,230
Total Expenses
$3,064,639
Total Assets
$5,526,513
Net Assets
$597,937
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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
2012
Legal Domicile
SC
Principal Officer
CEDRIC BROWN
Phone
8439036600
Tax Period
2024-07-01 to 2025-06-30

PALMETTO ACADEMY FOR LEARNING MOTORSPORTS, founded in 2012, is a community nonprofit in the Education sector that reported $3.1M in total revenue in fiscal year 2024.

Mission

THE PALMETTO ACADEMY FOR LEARNING MOTORSPORTS, INC. (PALM) MISSION IS TO FOCUS THE INDIVIDUAL LEARNER ON DEVELOPING THEIR ACADEMIC AND SKILLS TRAINING INTO CAREER, SOCIAL, AND ACADEMIC GOALS THROUGH THE DEVELOPMENT OF SUPPORTIVE RELATIONSHIPS THAT FOSTER INDIVIDUAL RESPONSIBILITY AND ACCOUNTABILITY THROUGH A COMPREHENSIVE RIGOROUS ACADEMIC AND COMPETENCY- BASED CURRICULUM. THE PALMETTO ACADEMY FOR LEARNING MOTORSPORTS CHARTER SCHOOL, INC. (PALM) PROVIDES AN INNOVATIVE ENVIRONMENT FOR SUCCESS THROUGH A RIGOROUS, HIGH- QUALITY ACADEMIC CHARTER HIGH-SCHOOL PROGRAM THAT BLENDS WITH A COMPETENCY-BASED CURRICULUM PERTAINING TO THE MOTORSPORTS INDUSTRIES.

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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 $2,989,350
Program Service Revenue $90,736
Investment Income $4,344
Other Revenue $10,800
TOTAL REVENUE $3,095,230

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,980,900
Fundraising Expenses $0
Program Expenses $2,749,998
Other Expenses $1,083,739
TOTAL EXPENSES $3,064,639

Year-over-Year Comparison

2024 2023 Change
Revenue $3,095,230 $2,919,565 +0.1%
Expenses $3,064,639 $3,173,061 0.0%
Net Income $30,591 $-253,496 -1.1%
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
6
Independent Members
6
Employees
34
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
3
$0
Total Directors
7
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
WALTER AKIN MEMBER 2.00
Director
$0 $0 $0
AUDREY BRLETICH MEMBER 2.00
Director
$0 $0 $0
RAYMOND HICKS CHAIRMAN 2.00
Officer Director
$0 $0 $0
DAWN JEWELL MEMBER 2.00
Director
$0 $0 $0
JOANN LUYSTER SECRETARY 2.00
Officer Director
$0 $0 $0
WOODY MARTIN MEMBER 2.00
Director
$0 $0 $0
ROXANNE SEADATH MEMBER 2.00
Director
$0 $0 $0
CEDRIC BROWN PRINCIPAL 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 $3,095,230 $3,064,639 $5,526,513 $30,591
2024 No data No data No data No data
2023 $3,021,585 $2,791,676 $6,037,732 $229,909
2022 $3,296,295 $2,735,941 $6,021,291 $560,354
2021 $2,932,770 $2,617,211 $5,476,271 $315,559
2020 $2,303,569 $2,483,990 $5,144,115 $-180,421
2019 $1,736,987 $1,890,485 $5,172,604 $-153,498
2018 $1,666,190 $1,618,768 $298,110 $47,422
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