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Nonprofit · EIN 57-0873176

PALMETTO ECONOMIC DEVELOPMENT CORP

Tax-exempt · COLUMBIA, SC 29201

Financials

$4.1M$4.1M2023$4.6M$4.1M2024
Revenue Expenses · by fiscal year end
Financials of PALMETTO ECONOMIC DEVELOPMENT CORP by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$4,606,904$4,091,829$515,075$3,286,386$1,030,819$2,255,567
December 31, 2023990$4,146,690$4,119,311$27,379$3,104,203$1,182,177$1,922,026
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$4,450,000
Investment income
$156,904
Net gain from sales of assets
$70,390
Other revenue
$0

Expenses

Grants and similar amounts paid
$54,898
Compensation of officers, directors and key employees
$1,784,536
Other salaries and wages
$195,261
Salaries, compensation and benefits (total)
$2,269,675
Professional fundraising fees
$0
Legal fees
$36,898
Accounting fees
$47,698
Occupancy
$146,494
Travel
$270,833
Depreciation
$37,072
Program services (functional)
$3,190,097
Management and general (functional)
$901,732

Balance sheet and other

Total assets, start of year
$3,104,203
Total assets, end of year
$3,286,386
Total liabilities, end of year
$1,030,819
Net assets, end of year
$2,255,567
Land, buildings and equipment
$268,638
Net assets without donor restrictions
$2,255,567
Gross receipts
$5,489,857
Employees
10
Volunteers
0
Year formed
1988
State of legal domicile
SC

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationFrom related orgsOther / benefits
ROB HOCHSTETLERNON-VOTING EX- OFFICIO
Trustee or director
4$0$1,017,013$487,800
JAMES CHAVEZPRESIDENT AND CEO
Officer
40$409,572$0$143,205
WARREN DARBY JRSR VP GLOBAL BUSINESS
Key employee
40$236,902$0$85,399
REBECCA BRELANDSR VP COMMUNITY PREPAREDNE
Key employee
40$157,513$0$40,074
ANGELYN SMITHSENIOR PROJECT MANAGER
Highest-paid employee
40$125,655$0$47,831
MARC METCALFSENIOR PROJECT MANAGER
Highest-paid employee
40$125,376$0$34,537
ARCHIE B DAVIS JRTRUSTEE
Trustee or director
2$2,980$44,327$0
TERRY W MALLARDCHAIRMAN
Trustee or director
4$9,312$24,958$0
ROBERT G ARDIS IIITRUSTEE
Trustee or director
2$2,607$29,800$0
MARY SHERIDANVICE CHAIRMAN
Trustee or director
4$8,568$20,488$0
PAUL BASHATRUSTEE
Trustee or director
2$3,353$24,957$0
GARY L STOOKSBURYTRUSTEE
Trustee or director
2$3,725$20,488$0
CHARLES E ADAIRVICE CHAIRMAN
Trustee or director
2$6,705$13,410$0
JAMES M BUNTON JRTRUSTEE
Trustee or director
2$6,705$11,547$0
JOHNNIE L DICKERTTRUSTEE
Trustee or director
2$5,960$11,175$0
4 more people on this return
NameTitleHours / weekCompensationFrom related orgs
BARBARA F WESTONTRUSTEE
Trustee or director
2$6,705$10,430
BRIAN W BROUGHTONTRUSTEE
Trustee or director
2$2,980$6,705
DANIEL B SHELLEY IIISECRETARY
Trustee or director
4$0$0
MICHAEL FULLERSECRETARY
Trustee or director
2$0$0
990 for the year ended December 31, 2023: 23 people
NameTitleHours / weekCompensationFrom related orgsOther / benefits
ROB HOCHSTETLERNON-VOTING EX- OFFICIO
Trustee or director
4$0$954,669$447,012
JAMES CHAVEZPRESIDENT AND CEO
Officer
40$353,965$0$125,845
JAMES W FROSTSR VP COMMUNITY PREPAREDNE
Key employee
40$257,554$0$81,354
WARREN DARBY JRSR VP GLOBAL BUSINESS
Key employee
40$203,673$0$74,950
REBECCA BRELANDDIRECTOR OF SITE DEVELOPME
Highest-paid employee
40$118,906$0$31,521
ANGELYN SMITHSENIOR PROJECT MANAGER
Highest-paid employee
40$111,915$0$34,775
MARC METCALFSENIOR PROJECT MANAGER
Highest-paid employee
40$119,277$0$26,932
PAUL BASHAVOTING EX-OFFICIO
Trustee or director
2$8,508$60,620$0
TERRY W MALLARDTRUSTEE
Trustee or director
2$8,863$23,397$0
GARY L STOOKSBURYTRUSTEE
Trustee or director
2$4,254$26,588$0
BRIAN W BROUGHTONTRUSTEE
Trustee or director
2$4,254$25,170$0
J DAVID WASSONTRUSTEE
Trustee or director
2$2,836$25,524$0
MARY SHERIDANTRUSTEE
Trustee or director
2$10,635$15,598$0
DAVID FELKELTRUSTEE
Trustee or director
2$3,545$21,979$0
B ROBERT PAULLINGCHAIRMAN
Trustee or director
4$4,963$19,852$0
JOHNNIE L DICKERTTRUSTEE
Trustee or director
2$6,381$16,662$0
JAMES ROWEVICE CHAIRMAN
Trustee or director
4$2,482$18,434$0
JAMES M BUNTON JRTRUSTEE
Trustee or director
2$6,381$13,471$0
BARBARA F WESTONTRUSTEE
Trustee or director
2$4,254$14,180$0
CHARLES E ADAIRTRUSTEE
Trustee or director
2$2,127$13,471$0
WF BILL DAVIS SRTRUSTEE
Trustee or director
2$4,254$7,799$0
DANIEL B SHELLEY IIITRUSTEE
Trustee or director
2$0$0$0
MICHAEL FULLERTRUSTEE
Trustee or director
2$0$0$0

Address and contacts

Address (IRS master file)
1201 MAIN ST STE 1710, COLUMBIA, SC 29201-3293
Principal officer (990 for 2024)
JAMES CHAVEZ, 1201 MAIN STREET SUITE 1710, COLUMBIA, SC 29201
Signed the 990
JAMES CHAVEZ, PRESIDENT AND CEO
Phone
(803) 254-9211
Return prepared by
BAUKNIGHT PIETRAS & STORMER PA

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.

990 for the year ended December 31, 2024

Program accomplishments

  • FACILITATE THE GROWTH OF JOBS, INVESTMENT AND ELECTRIC LOAD THROUGH THE ATTRACTION OF NEW INDUSTRIAL AND COMMERCIAL ACTIVITY
    Expenses $1,595,049 · grants $27,449 · revenue $2,225,000
  • SUPPORT EXPANSION AND RETENTION OF EXISTING BUSINESSES AND FACILITIES
    Expenses $1,595,048 · grants $27,449 · revenue $2,225,000

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
57-0873176
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1989
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$3,286,386
Income (IRS master file)
$5,489,857

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$4,606,904$4,091,829$3,286,386IRS
990-TDecember 2024–––IRS
990December 2023$4,146,690$4,119,311$3,104,203XML
990-TDecember 2023–––IRS
990December 2022$3,847,469$3,695,395$3,111,995IRS
990-TDecember 2022–––IRS
990December 2021–––IRS
990-TDecember 2021–––IRS
990December 2020–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 57-0873176).

Questions about PALMETTO ECONOMIC DEVELOPMENT CORP

What is the EIN of PALMETTO ECONOMIC DEVELOPMENT CORP?
The employer identification number (EIN) of PALMETTO ECONOMIC DEVELOPMENT CORP is 57-0873176.
Is PALMETTO ECONOMIC DEVELOPMENT CORP tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1989.
Are donations to PALMETTO ECONOMIC DEVELOPMENT CORP tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does PALMETTO ECONOMIC DEVELOPMENT CORP file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of PALMETTO ECONOMIC DEVELOPMENT CORP due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did PALMETTO ECONOMIC DEVELOPMENT CORP last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of PALMETTO ECONOMIC DEVELOPMENT CORP?
The 990 for the year ended December 31, 2024 names JAMES CHAVEZ.
Who are the officers and directors of PALMETTO ECONOMIC DEVELOPMENT CORP?
The 990 for the year ended December 31, 2024 lists 19 people; 16 received compensation from the organization.
How much revenue does PALMETTO ECONOMIC DEVELOPMENT CORP have?
On its 990 for the year ended December 31, 2024 it reported revenue of $4,606,904, expenses of $4,091,829 and total assets of $3,286,386 at year end.

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