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Nonprofiteer
← PALMETTO ECONOMIC DEVELOPMENT CORP

Form 990 for tax year 2022

Filed by PALMETTO ECONOMIC DEVELOPMENT CORP.

Totals

Total revenue
$3,847,469
Total expenses
$3,695,395
Contributions and grants received
$0
Grants paid
$1,214
Program service revenue
$3,697,200
Investment income
$150,269
Other revenue
$0
Total assets, end of year
$3,111,995
Total liabilities, end of year
$1,238,208
Net assets or fund balances, end of year
$1,873,787
Program services expenses (Part IX)
$2,749,995
Management and general expenses
$945,400
Fundraising expenses
$0
Program service expenses (Part III)
$2,749,995

Program services were 74.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: PROFESSIONAL SERVICES

    total $3,697,000 · related or exempt $3,697,000

  • 2b · Program service revenue: SPONSORSHIP INCOME

    total $200 · related or exempt $200

  • 3 · Investment income

    total $83,880 · excluded $83,880

  • 7a · Gross sales of assets other than inventory

    securities $2,264,709

  • 7b · Less cost or other basis and sales expenses

    securities $2,198,320

  • 7c · Gain or loss

    securities $66,389

  • 7d · Net gain or loss

    total $66,389 · excluded $66,389

Functional expenses

Part IX, the statement of functional expenses.

  • 3 · Grants to foreign organizations and individuals

    total $1,214 · program services $1,214

  • 5 · Compensation of officers, directors and key employees

    total $1,471,407 · program services $1,250,696 · management and general $220,711

  • 7 · Other salaries and wages

    total $343,722 · program services $309,350 · management and general $34,372

  • 8 · Pension plan contributions

    total $97,150 · program services $87,435 · management and general $9,715

  • 9 · Other employee benefits

    total $84,002 · program services $75,602 · management and general $8,400

  • 10 · Payroll taxes

    total $94,408 · program services $84,967 · management and general $9,441

  • 11b · Fees: legal

    total $36,710 · management and general $36,710

  • 11c · Fees: accounting

    total $58,716 · management and general $58,716

  • 11g · Fees: other

    total $341,875 · management and general $341,875

  • 12 · Advertising and promotion

    total $110,952 · program services $110,952

  • 13 · Office expenses

    total $40,166 · program services $27,387 · management and general $12,779

  • 14 · Information technology

    total $93,268 · program services $46,634 · management and general $46,634

  • 16 · Occupancy

    total $133,880 · program services $120,492 · management and general $13,388

  • 17 · Travel

    total $269,836 · program services $202,377 · management and general $67,459

  • 19 · Conferences, conventions and meetings

    total $63,932 · program services $63,932

  • 22 · Depreciation, depletion and amortization

    total $62,800 · management and general $62,800

  • 23 · Insurance

    total $22,400 · management and general $22,400

  • 24a · Other expenses: SPECIAL PROJECTS

    total $227,711 · program services $227,711

  • 24b · Other expenses: COMMUNITY DEVELOPMENT A

    total $101,351 · program services $101,351

  • 24c · Other expenses: DUES

    total $39,895 · program services $39,895

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $20,102 · end of year $94,302

  • 4 · Accounts receivable

    beginning of year $7,960 · end of year $4,922

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,030,794 · end of year $2,842,803

  • 10a · Land, buildings and equipment: cost or other basis

    $614,574

  • 10b · Land, buildings and equipment: accumulated depreciation

    $444,606

  • 10c · Land, buildings and equipment, net

    beginning of year $232,768 · end of year $169,968

  • 17 · Accounts payable and accrued expenses

    beginning of year $133,422 · end of year $193,129

  • 25 · Other liabilities

    beginning of year $0 · end of year $1,045,079

  • 27 · Net assets without donor restrictions

    beginning of year $2,158,202 · end of year $1,873,787

Mission and programs · 2022

Mission

PALMETTO ECONOMIC DEVELOPMENT CORPORATION IS THE ECONOMIC DEVELOPMENT ALLIANCE OF THE STATE'S 20 ELECTRIC COOPERATIVES. TOGETHER THEY PROVIDE POWER TO MORE THAN 2 MILLION SOUTH CAROLINIANS.

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

    Expenses $1,374,998 · Grants $1,214 · Revenue $1,848,600

  • SUPPORT EXPANSION AND RETENTION OF EXISTING BUSINESSES AND FACILITIES

    Expenses $1,374,997 · Revenue $1,848,600

As filed on the 2022 return.

Listed in Part VII

  • B Robert Paulling

    CHAIRMAN

    Total calculated
    $20,562
    From this org
    $6,027
    From related orgs
    $14,535
    Other
    $0
    Hours/week
    4 + 5 related

  • Mary Sheridan

    TRUSTEE

    Total calculated
    $17,371
    From this org
    $3,900
    From related orgs
    $13,471
    Other
    $0
    Hours/week
    2 + 7 related

  • David Felkel

    TRUSTEE

    Total calculated
    $14,170
    From this org
    $2,836
    From related orgs
    $11,334
    Other
    $0
    Hours/week
    2 + 7 related

  • Andy McKnight

    TRUSTEE

    Total calculated
    $14,535
    From this org
    $1,418
    From related orgs
    $13,117
    Other
    $0
    Hours/week
    2 + 7 related

  • James Rowe

    VICE CHAIRMAN

    Total calculated
    $20,561
    From this org
    $5,672
    From related orgs
    $14,889
    Other
    $0
    Hours/week
    4 + 5 related

  • J David Wasson

    TRUSTEE

    Total calculated
    $26,588
    From this org
    $2,836
    From related orgs
    $23,752
    Other
    $0
    Hours/week
    2 + 7 related

  • Keith Avery

    TRUSTEE

    Total calculated
    $19,498
    From this org
    $3,191
    From related orgs
    $16,307
    Other
    $0
    Hours/week
    2 + 7 related

  • Paul Basha

    VOTING EX-OFFICIO

    Total calculated
    $44,667
    From this org
    $4,963
    From related orgs
    $39,704
    Other
    $0
    Hours/week
    2 + 7 related

  • Eugenne Harriott

    TRUSTEE

    Total calculated
    $4,254
    From this org
    $1,418
    From related orgs
    $2,836
    Other
    $0
    Hours/week
    2 + 7 related

  • James M Bunton Jr

    TRUSTEE

    Total calculated
    $17,725
    From this org
    $2,836
    From related orgs
    $14,889
    Other
    $0
    Hours/week
    2 + 7 related

  • Terry W Mallard

    TRUSTEE

    Total calculated
    $21,625
    From this org
    $4,254
    From related orgs
    $17,371
    Other
    $0
    Hours/week
    2 + 7 related

  • Rob Hochstetler

    NON-VOTING EX- OFFICIO

    Total calculated
    $1,461,445
    From this org
    $0
    From related orgs
    $875,718
    Other
    $585,727
    Hours/week
    4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $856,500 related
    Bonus
    $0 + $18,832 related
    Other
    $0 + $386 related
    Deferred
    $0 + $556,762 related
    Nontaxable benefits
    $0 + $28,965 related
    Filer's total
    $0 + $1,461,445 related

  • Daniel B Shelley III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2 + 7 related

  • Wf Bill Davis Sr

    TRUSTEE

    Total calculated
    $15,598
    From this org
    $2,127
    From related orgs
    $13,471
    Other
    $0
    Hours/week
    2 + 7 related

  • Johnnie L Dickert

    TRUSTEE

    Total calculated
    $17,016
    From this org
    $2,127
    From related orgs
    $14,889
    Other
    $0
    Hours/week
    2 + 7 related

  • James Chavez

    PRESIDENT AND CEO

    Total calculated
    $468,677
    From this org
    $321,095
    From related orgs
    $0
    Other
    $147,582
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $318,202
    Bonus
    $6,702
    Other
    -$3,809
    Deferred
    $115,538
    Nontaxable benefits
    $32,044
    Filer's total
    $468,677

  • Warren Darby Jr

    SR VP GLOBAL BUSINESS

    Total calculated
    $274,839
    From this org
    $183,707
    From related orgs
    $0
    Other
    $91,132
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,764
    Bonus
    $4,147
    Other
    -$6,204
    Deferred
    $61,471
    Nontaxable benefits
    $29,661
    Filer's total
    $274,839

  • James W Frost

    SR VP COMMUNITY PREPAREDNE

    Total calculated
    $329,099
    From this org
    $231,831
    From related orgs
    $0
    Other
    $97,268
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,473
    Bonus
    $4,972
    Other
    -$2,614
    Deferred
    $72,020
    Nontaxable benefits
    $25,248
    Filer's total
    $329,099

  • Rebecca Breland

    DIRECTOR OF SITE DEVELOPME

    Total calculated
    $153,372
    From this org
    $114,209
    From related orgs
    $0
    Other
    $39,163
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,273
    Bonus
    $631
    Other
    $4,305
    Deferred
    $22,410
    Nontaxable benefits
    $16,753
    Filer's total
    $153,372

  • Angelyn Smith

    NON-VOTING MEMBER

    Total calculated
    $153,917
    From this org
    $101,862
    From related orgs
    $0
    Other
    $52,055
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $108,211
    Bonus
    $631
    Other
    -$6,980
    Deferred
    $24,042
    Nontaxable benefits
    $28,013
    Filer's total
    $153,917

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
8 November 2023
IRS schema version
2022v5.0
Source object
202323139349301107

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