Palmas Academy Inc
- Assets
- $10.7m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 65
- Location
- Humacao, PR
- Founding
- 07/1994
- Data as of
- 06/2021
- EIN
- 66-0486893
Organization Overview
Palmas Academy Inc is located in Humacao, PR. The organization was established in 1994. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2021, Palmas Academy Inc employed 65 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmas Academy Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Palmas Academy Inc generated $2.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.2%) each year. All expenses for the organization totaled $2.5m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (3.6%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATIONAL SERVICES TO APPROX. 292 STUDENTS FROM PRE-K TO 12TH GRADE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL SERVICES TO APPROX. 292 STUDENTS FROM PRE-K TO 12TH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lidia A Verson Head Of Scho | Officer | $83,959 | |
Giovanna Balager President | Trustee | $0 | |
Berta G Bull Vice-Preside | Trustee | $0 | |
Rebecca Rodrguez Treasurer | Trustee | $0 | |
Ismael Surez Herrero Member | Trustee | $0 | |
Gina Luliany Secretary | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $4,647 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,360 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,007 |
| Total Program Service Revenue | $1,926,957 |
| Investment income | $4,195 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $23,240 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,143,628 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,151,739 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $40,750 |
| Payroll taxes | $124,687 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,177 |
| Fees for services: Accounting | $14,311 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $51,768 |
| Advertising and promotion | $12,624 |
| Office expenses | $17,083 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $377,065 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $365,601 |
| Insurance | $87,621 |
| All other expenses | $25,177 |
| Total functional expenses | $2,544,435 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,406,455 |
| Savings and temporary cash investments | $158,518 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,905 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $45,835 |
| Prepaid expenses and deferred charges | $22,304 |
| Net Land, buildings, and equipment | $9,108,216 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,746,233 |
| Accounts payable and accrued expenses | $153,363 |
| Grants payable | $0 |
| Deferred revenue | $510,961 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $8,144,843 |
| Other liabilities | $0 |
| Total liabilities | $8,809,167 |
| Net assets without donor restrictions | -$701,090 |
| Net assets with donor restrictions | $2,638,156 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $10,746,233 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Palmas Academy Inc has recieved totaling $200.
| Awarding Organization | Amount |
|---|---|
The Poetry Foundation Chicago, IL PURPOSE: GRANT FOR BOOK PURCHASE | $200 |
Endowment Analysis
| Beg. Balance | $103,156 |
| Ending Balance | $103,156 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Baldwin School Of Puerto Rico Inc Bayamon, PR | $21,469,124 | $15,474,261 |
Saint Johns School San Juan, PR | $27,658,039 | $13,804,674 |
Saint Francis School Carolina, PR | $13,939,984 | $9,657,411 |
Colegio Puertorriqueno De Ninas Guaynabo, PR | $6,777,143 | $4,007,088 |
Colegio Radians Inc Cayey, PR | $5,229,137 | $4,090,426 |
Caribbean School Inc Ponce, PR | $3,898,422 | $3,097,431 |
Palmas Academy Inc Humacao, PR | $10,746,233 | $2,143,628 |
Washburn School Inc Ponce, PR | $637,737 | $1,101,643 |
Elite Educational Group Bayamon, PR | $323,522 | $902,955 |
Colegio Hogar Angeles Custodios Inc San Juan, PR | $633,124 | $616,643 |
Kingdom Christian Academy Dorado, PR | $71,498 | $642,927 |
Educational Services Corpus Christi Corp Aguadilla, PR | $242,381 | $617,486 |