Palma Promotions Incorporated in Shelbyville, Kentucky (KY)

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Palma Promotions Incorporated
Employer Identification Number (EIN)541697206
Name of OrganizationPalma Promotions Incorporated
In Care of NameDavid E Fiehtner
Address5609 Orphan Ln, Shelbyville, KY 40065
ActivitiesFundraising athletic or sports event
SubsectionCharitable Organization
Ruling Date07/1995
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period02/2014
Assets$25,000 to $99,999
Income$25,000 to $99,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$35,786
Amount of Income$79,404
Form 990 Revenue Amount$79,404
National Taxonomy of Exempt Entities (NTEE)Recreation, Sports, Leisure, Athletics: Olympics Committees and Related International Competitions


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Amount of income in 2014: $79,404 (it was $24,486 in 2013)
Palma Promotions Incorporated: 

 $79,404
Other organizations performing similar types of work: 

 $79,404

Assets in 2014: $35,786 (it was $10,853 in 2013)
Palma Promotions Incorporated: 

 $35,786
Other organizations performing similar types of work: 

 $35,786

Expenses in 2014: $54,811
This organization: 

 $54,811
Other organizations performing similar types of work: 

 $54,811

Income to expenses ratio in 2014: 1.4
This organization: 

 1.4
Other organizations performing similar types of work: 

 1.4

Grants share in income in 2014: 100.0%
This organization: 

 100.0%
Other organizations performing similar types of work: 

 100.0%

Financial snapshot ($)

Support schedule

Revenue, Expenses, and Changes in Net Assets or Fund Balances
201220132014
Total revenue$130,401$24,486$79,404
Contributions, gifts, grants, and similar amounts received$130,243$24,486$79,404
Program service revenue including government fees and contracts$0$0$0
Membership dues and assessments$0$0$0
Investment income$0$0$0
Gain/Loss from sale of assets other than inventory$0$0$0
Net income/loss from gaming and fundraising events$0$0$0
Gross profit/loss from sales of inventory$0$0$0
Other revenue$158$0$0
Total expenses$216,965$18,732$54,811
Total net assets$5,099$10,853$35,446
Excess/Deficit for the year$-86,564$5,754$24,593
Net assets or fund balances at beginning of year$91,663$5,099$10,853
Other changes in net assets or fund balances$0$0$0
Net assets or fund balances at end of year$10,853$35,446
Balance Sheets
201220132014
Total assets$6,130$10,853$35,786
Total liabilities$1,031$0$340
Net assets or fund balances$5,099$10,853$35,446
Other Information
201220132014
Did the organization engage in any significant activity not previously reported to the IRS?NoNo
Were any significant changes made to the organizing or governing documents?NoNo
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNoNoNo
Has the organization filed a Form 990-T for the year?NoNo
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?NoNo
Amount of political expenditures, direct or indirect$0$0
Did the organization file Form 1120-POL for this year?NoNo
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?NoNo
Total amount involved$0$0
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities$0$0$0
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ?NoNo
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?NoNo
Reason for Public Charity Status (for 2014)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2010 - 2014)
2010 - 2014 Total
Public Support$455,278
Subtotal Support$455,278
Gifts, grants, contributions, and membership fees received$455,278
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$0
Total Support$473,375
Public Support$455,278
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$18,097
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income. Do not include gain or loss from the sale of capital assets$0
Gross receipts from related activities, etc.$0
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