PALMETTO ECONOMIC DEVELOPMENT CORP DBA SOUTH CAROLINA POWER TEAM

EIN: 570873176 501(c)(3)

COLUMBIA, SC

Total Revenue
$4,146,690
Total Expenses
$4,119,311
Total Assets
$3,104,203
Net Assets
$1,922,026
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1988
Legal Domicile
SC
Principal Officer
JAMES CHAVEZ
Phone
8032549211
Tax Period
2023-01-01 to 2023-12-31

PALMETTO ECONOMIC DEVELOPMENT CORP DBA SOUTH CAROLINA POWER TEAM, founded in 1988, is a community nonprofit that reported $4.1M in total revenue in fiscal year 2023.

Mission

PALMETTO ECONOMIC DEVELOPMENT CORPORATION IS THE ECONOMIC DEVELOPMENT ALLIANCE OF THE STATE'S 19 ELECTRIC COOPERATIVES. TOGETHER THEY PROVIDE POWER TO MORE THAN 2 MILLION SOUTH CAROLINIANS.

Program Service Accomplishments

Program 1
Expenses: $1,603,369 Revenue: $2,087,500

FACILITATE THE GROWTH OF JOBS, INVESTMENT AND ELECTRIC LOAD THROUGH THE ATTRACTION OF NEW INDUSTRIAL AND COMMERCIAL ACTIVITY

Program 2
Expenses: $1,603,368 Revenue: $2,087,500

SUPPORT EXPANSION AND RETENTION OF EXISTING BUSINESSES AND FACILITIES

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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 (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $4,175,000
Investment Income $-28,310
Other Revenue $0
TOTAL REVENUE $4,146,690

Expense Breakdown

Grants Paid $158,439
Salaries & Benefits $2,116,169
Fundraising Expenses $0
Program Expenses $3,206,737
Other Expenses $1,844,703
TOTAL EXPENSES $4,119,311

Year-over-Year Comparison

2023 2022 Change
Revenue $4,146,690 $3,847,469 +0.1%
Expenses $4,119,311 $3,695,395 +0.1%
Net Income $27,379 $152,074 -0.8%
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
15
Independent Members
14
Employees
9
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
1
$479,810
Total Directors
17
$1,778,163
Key Employees
2
$617,531
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
B ROBERT PAULLING CHAIRMAN 4.00
Director
$4,963 $0 $24,815
MARY SHERIDAN TRUSTEE 2.00
Director
$10,635 $0 $26,233
DAVID FELKEL TRUSTEE 2.00
Director
$3,545 $0 $25,524
JAMES ROWE VICE CHAIRMAN 4.00
Director
$2,482 $0 $20,916
J DAVID WASSON TRUSTEE 2.00
Director
$2,836 $0 $28,360
PAUL BASHA VOTING EX-OFFICIO 2.00
Director
$8,508 $0 $69,128
JAMES M BUNTON JR TRUSTEE 2.00
Director
$6,381 $0 $19,852
TERRY W MALLARD TRUSTEE 2.00
Director
$8,863 $0 $32,260
ROB HOCHSTETLER NON-VOTING EX- OFFICIO 4.00
Director
$0 $447,012 $1,401,681
DANIEL B SHELLEY III TRUSTEE 2.00
Director
$0 $0 $0
WF BILL DAVIS SR TRUSTEE 2.00
Director
$4,254 $0 $12,053
JOHNNIE L DICKERT TRUSTEE 2.00
Director
$6,381 $0 $23,043
CHARLES E ADAIR TRUSTEE 2.00
Director
$2,127 $0 $15,598
BRIAN W BROUGHTON TRUSTEE 2.00
Director
$4,254 $0 $29,424
GARY L STOOKSBURY TRUSTEE 2.00
Director
$4,254 $0 $30,842
BARBARA F WESTON TRUSTEE 2.00
Director
$4,254 $0 $18,434
MICHAEL FULLER TRUSTEE 2.00
Director
$0 $0 $0
JAMES CHAVEZ PRESIDENT AND CEO 40.00
Officer
$353,965 $125,845 $479,810
WARREN DARBY JR SR VP GLOBAL BUSINESS 40.00
Key Emp
$203,673 $74,950 $278,623
JAMES W FROST SR VP COMMUNITY PREPAREDNE 40.00
Key Emp
$257,554 $81,354 $338,908
REBECCA BRELAND DIRECTOR OF SITE DEVELOPME 40.00
Highest
$118,906 $31,521 $150,427
MARC METCALF SENIOR PROJECT MANAGER 40.00
Highest
$119,277 $26,932 $146,209
ANGELYN SMITH SENIOR PROJECT MANAGER 40.00
Highest
$111,915 $34,775 $146,690
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
2024 No data No data No data No data
2023 $4,146,690 $4,119,311 $3,104,203 $27,379
2022 $3,847,469 $3,695,395 $3,111,995 $152,074
2021 $3,424,081 $3,237,673 $2,291,624 $186,408
2020 $3,152,652 $2,718,658 $1,954,549 $433,994
2019 $3,501,037 $3,182,690 $1,918,154 $318,347
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