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Nonprofit · EIN 57-0954747

PALMETTO STATE GROWTH FUND INC

Tax-exempt · COLUMBIA, SC 29211

Financials

$1.6M$726K2023$4M$664K2024
Revenue Expenses · by fiscal year end
Financials of PALMETTO STATE GROWTH FUND INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$4,012,576$664,027$3,348,549$24,246,538$17,256$24,229,282
December 31, 2023990$1,609,068$726,498$882,570$21,384,660$33,590$21,351,070
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$3,599,343
Investment income
$412,726
Other revenue
$507

Expenses

Grants and similar amounts paid
$0
Salaries, compensation and benefits (total)
$0
Professional fundraising fees
$0
Legal fees
$10,064
Accounting fees
$14,004
Occupancy
$1,650
Travel
$2,602
Program services (functional)
$587,119
Management and general (functional)
$76,908

Balance sheet and other

Total assets, start of year
$21,384,660
Total assets, end of year
$24,246,538
Total liabilities, end of year
$17,256
Net assets, end of year
$24,229,282
Net assets without donor restrictions
$24,229,282
Gross receipts
$4,012,576
Employees
0
Year formed
1992
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 / weekCompensation
KAREN J CALHOUNPRESIDENT &
Trustee or director, Officer
1$0
BRIAN FASTDIRECTOR
Trustee or director
1$0
MICHAEL W NIXDIRECTOR
Trustee or director
1$0
JAMES A SHUFORDSECRETARY
Trustee or director, Officer
1$0
GREG THOMPSONDIRECTOR
Trustee or director
1$0
990 for the year ended December 31, 2023: 5 people
NameTitleHours / weekCompensation
KAREN J CALHOUNDIRECTOR
Trustee or director
1$0
J THOMAS JOHNSONPRESIDENT &
Trustee or director, Officer
1$0
MICHAEL W NIXDIRECTOR
Trustee or director
1$0
JAMES A SHUFORDSECRETARY
Trustee or director, Officer
1$0
GREG THOMPSONDIRECTOR
Trustee or director
1$0

Address and contacts

Address (IRS master file)
PO BOX 11099, COLUMBIA, SC 29211-1099
Principal officer (990 for 2024)
KAREN J CALHOUN, 216 DARES FERRY RD, SPARTANBURG, SC 29302
Signed the 990
KAREN J CALHOUN, PRESIDENT & BRD CHRM
Phone
(843) 441-9100
Return prepared by
SCOTT AND COMPANY LLC

Mission

PALMETTO STATE GROWTH FUND LESSENS THE BURDENS OF SOUTH CAROLINA'S STATE GOVERNMENT BY ASSISTING THE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY IN MEETING ITS STATUTORY PURPOSES AND OBLIGATIONS OF PROMOTING ECONOMIC DEVELOPMENT AND INCREASING AND/OR RETAINING EMPLOYMENT IN SOUTH CAROLINA.

990 for the year ended December 31, 2024

Program accomplishments

  • PALMETTO STATE GROWTH FUND PROVIDES LOAN AND EQUITY FUNDING FOR ECONOMIC DEVELOPMENT INITIATIVES THAT PROMOTE PRIVATE BUSINESS DEVELOPMENT AND JOB GROWTH. THE COMPANY PROVIDES LOANS TO A SPECIALIZED SMALL BUSINESS LENDER WHICH IN TURN USES THE FUNDS TO PURCHASE LOAN PARTICIPATIONS IN SMALL BUSINESS LOANS THAT WOULD NOT BE MADE THROUGH TRADITIONAL SOURCES. THE COMPANY ALSO MAKES EQUITY INVESTMENTS IN START-UP AND EMERGING BUSINESSES TYPICALLY IN INSTANCES THAT FACILITATE FUNDING FROM OUTSIDE SOURCES.
    Expenses $94,872 · revenue $264,418
  • PALMETTO STATE GROWTH FUND IS A LIMITED PARTNER IN A SBA SMALL BUSINESS INVESTMENT COMPANY (SBIC) WHICH MAKES BUSINESS LOANS AND EQUITY INVESTMENTS IN LOWER MIDDLE MARKET BUSINESSES. THE COMPANY'S INVESTMENT PROVIDED INITIAL CAPITAL FOR THE SBIC WHICH IS THE FIRST SBIC BASED IN SOUTH CAROLINA. THE SBIC WAS LICENSED AND BEGAN OPERATIONS IN 2018. PALMETTO STATE GROWTH FUND ALSO PARTICIPATES IN A SECOND SIBC LIMITED PARTNERSHIP WHICH BEGAN OPERATIONS IN 2023 AND ALSO INVESTS IN LOWER MIDDLE MARKET BUSINESSES
    Expenses $492,247 · revenue $3,334,925
  • THE COMPANY INVESTS FUNDS COMMITTED BUT NOT YET ADVANCED IN SHORT TERM INVESTMENTS.

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
57-0954747
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Supporting organization, Type III functionally integrated
Donations deductible (Pub 78)
Supporting organization, 50% limit
Exempt since
2019
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$24,246,538
Income (IRS master file)
$4,012,576

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$4,012,576$664,027$24,246,538IRS
990December 2023$1,609,068$726,498$21,384,660XML
990December 2022$1,457,759$516,483$20,785,548IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2019–––IRS
990December 2018–––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 57-0954747).

Questions about PALMETTO STATE GROWTH FUND INC

What is the EIN of PALMETTO STATE GROWTH FUND INC?
The employer identification number (EIN) of PALMETTO STATE GROWTH FUND INC is 57-0954747.
Is PALMETTO STATE GROWTH FUND INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2019.
Are donations to PALMETTO STATE GROWTH FUND INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Supporting organization, 50% limit).
Which annual return does PALMETTO STATE GROWTH FUND INC 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 STATE GROWTH FUND INC 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 STATE GROWTH FUND INC 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 STATE GROWTH FUND INC?
The 990 for the year ended December 31, 2024 names KAREN J CALHOUN.
Who are the officers and directors of PALMETTO STATE GROWTH FUND INC?
The 990 for the year ended December 31, 2024 lists 5 people; 0 received compensation from the organization.
How much revenue does PALMETTO STATE GROWTH FUND INC have?
On its 990 for the year ended December 31, 2024 it reported revenue of $4,012,576, expenses of $664,027 and total assets of $24,246,538 at year end.

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