Overview
What is Palmetto Economic Development Corp?
Palmetto Economic Development Corp Dba South Carolina Power Team, based in Columbia, South Carolina, serves as an economic development alliance for the state's 20 electric cooperatives. Their primary mission is to facilitate the growth of jobs, investments, and electric load by attracting new industrial and commercial activities. By doing so, they aim to provide power to over 2 million South Carolinians. The organization, with only 11 employees, plays a crucial role in driving economic progress in the state by leveraging the resources of its cooperative members.
Official website here: www.scpowerteam.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Stars)
Palmetto Economic Development Corp, doing business as South Carolina Power Team, has earned a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. With an overall score calculated solely from its Accountability & Finance beacon, the organization has demonstrated a commitment to transparency and responsible financial management.
The nonprofit showcases a robust governance structure, featuring a fully independent board of members. It achieves maximum scores in various critical areas, including financial audits and conflict of interest policies. The organization also has an excellent program expense ratio, indicating that a significant portion of its funding directly supports its mission-related activities.
While the data points to numerous strengths, such as a low liabilities to assets ratio and well-documented governance practices, ongoing transparency and adherence to high standards will be essential for maintaining donor trust and effectiveness in the future. Overall, the nonprofit appears to be well-managed and dedicated to its economic development initiatives in South Carolina.
This AI summary has been generated from information found on Charity Navigator.
Is Palmetto Economic Development Corp legitimate?
Palmetto Economic Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Palmetto Economic Development Corp submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,471,407
Professional Fundraising Fees: $0
Other Salaries and Wages: $343,722
For more financial information, click here
Official website here: www.scpowerteam.com
What is the mission statement of Palmetto Economic Development Corp?
The Palmetto Economic Development Corporation, functioning as South Carolina Power Team, serves as an economic development alliance for the state's 20 electric cooperatives. Their primary objective is to provide electrical power to over 2 million South Carolinians. Beyond this, their mission involves facilitating the expansion of employment opportunities, investment, and electric load by attracting new industrial and commercial activities. This initiative contributes to the overall growth and development of the region.
Official website here: www.scpowerteam.com
Who is the CEO of Palmetto Economic Development Corp?
James Chavez is the Chairman of Palmetto Economic Development Corp. The CEO's salary of Palmetto Economic Development Corp is $321,095 and their total compensation is $468,677.
Official website here: www.scpowerteam.com
What is the revenue of Palmetto Economic Development Corp?
Palmetto Economic Development Corp's revenue in 2022 was $3,847,469.
Official website here: www.scpowerteam.com
Who are the executives of Palmetto Economic Development Corp and what are their salaries?
The average compensation at Palmetto Economic Development Corp during 2022 was $165,012. There are 11 employees at Palmetto Economic Development Corp.
Here are 20 key members and their salaries (Palmetto Economic Development Corp's CEO's salary is $321,095 and their total compensation is $468,677):
- Compensation: $6,027
- Related: $14,535
- Other: $0
- Compensation: $3,900
- Related: $13,471
- Other: $0
- Compensation: $2,836
- Related: $11,334
- Other: $0
- Compensation: $1,418
- Related: $13,117
- Other: $0
- Compensation: $5,672
- Related: $14,889
- Other: $0
- Compensation: $2,836
- Related: $23,752
- Other: $0
- Compensation: $3,191
- Related: $16,307
- Other: $0
- Compensation: $4,963
- Related: $39,704
- Other: $0
- Compensation: $1,418
- Related: $2,836
- Other: $0
- Compensation: $2,836
- Related: $14,889
- Other: $0
- Compensation: $4,254
- Related: $17,371
- Other: $0
- Compensation: $0
- Related: $875,718
- Other: $585,727
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $2,127
- Related: $13,471
- Other: $0
- Compensation: $2,127
- Related: $14,889
- Other: $0
- Compensation: $321,095
- Related: $0
- Other: $147,582
- Compensation: $183,707
- Related: $0
- Other: $91,132
- Compensation: $231,831
- Related: $0
- Other: $97,268
- Compensation: $114,209
- Related: $0
- Other: $39,163
- Compensation: $101,862
- Related: $0
- Other: $52,055
Official website here: www.scpowerteam.com
Where can I find the form 990 for Palmetto Economic Development Corp?
Palmetto Economic Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.scpowerteam.com
Learn more at the official website: www.scpowerteam.com
Mission Statement of Palmetto Economic Development Corp
Palmetto Economic Development Corporation, often referred to as South Carolina Power Team, serves as the economic development alliance for the state's 20 electric cooperatives. Their mission is centered around fostering growth in employment opportunities, investments, and electric load. By attracting new industrial and commercial activities, this organization plays a crucial role in driving economic development within South Carolina, providing power to over 2 million residents. In essence, Palmetto Economic Development Corporation is dedicated to enhancing the economic landscape of the state by facilitating the creation of jobs, encouraging investment, and managing the electric load demand effectively.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Palmetto Economic Development Corp Dba South Carolina Power Team's impact can be seen in the facilitation of job growth, investment, and increased electric load in South Carolina. As the economic development alliance of the state's 20 electric cooperatives, they play a vital role in attracting new industrial and commercial activity to the region. This results in the creation of employment opportunities, influx of capital, and overall enhancement of the community. Their efforts contribute to the economic prosperity and development of South Carolina, benefiting over 2 million residents who rely on their services.
This information is meant to be a general summary of Palmetto Economic Development Corp. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $150,269
- Program Service Revenue: $3,697,200
- Gross Receipts: $6,045,789
Assets and Liabilities:
- Total Assets: $3,111,995
- Total Liabilities: $1,238,208
- Net Assets: $1,873,787
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROFESSIONAL SERVICES
Revenue
$3,697,000
SPONSORSHIP INCOME
Revenue
$200
Organization Details
Founding Year
1988
Phone
(803) 254-9211Principal Officer
James Chavez
Main Address
1201 MAIN STREET 1710, COLUMBIA, SC, 29201
Website
www.scpowerteam.comNTEE Category
Code: S30 - Community improvement
If you are a representative of Palmetto Economic Development Corp and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.