Palmer Home for Children

The information in this column was provided to MinistryWatch by the ministry itself. It was last updated 9/8/2021. To update the information in this column, please email: info@ministrywatch.com


Summary

For more than 125 years, Palmer Home has empowered children in critical situations to reach their true potential by providing restorative environments that support healthy development and nurture resilience.


Contact information

Mailing address:
Palmer Home for Children
PO Box 746
Columbus, MS 39703

Website: palmerhome.org

Phone: 855-672-5637

Email: palmerhome.org/about/contact/


Organization details

EIN: 640334999

CEO/President: Drake Vassett

Chairman: Trip Hairston

Board size: 15

Founder: William States Jacobs

Year founded: 1946

Tax deductible: Yes

Fiscal year end: 06/30

Member of ECFA: Yes

Member of ECFA since: 1995


Purpose

Our proprietary approach to care provides a trauma informed, holistic, and relationally centered foundation and guides all that we do. We seek to help vulnerable children overcome trauma and position them to thrive in home, school and community life. Whole Child Initiative operates through four core principles:

WHOLE STORY: Children's needs are best understood and met in the context of their history and the impact it has on their life. Taking into account their full story allows us to insightfully respond to the effects of early life adversity.

WHOLE CHILD: Children with a history of trauma have unique physical, emotional, social, educational and spiritual needs. Each of these must be addressed for the healing process to begin.

WHOLE TEAM: A collaborative team of caregivers, staff, community professionals, and the child's family members come together to develop a trauma responsive plan of care.

WHOLE CAREGIVER: Healthy relationships with children require healthy caregivers. We equip our caregivers with regular training, relevant resources, respite and ongoing support.


Mission statement

Palmer Home provides superior care for children while introducing the love of God through our service to each individual child. Palmer Home ensures restorative environments where children feel safe, connected and supported. Whether on campus or off, each child served by Palmer Home has a safe place to call home with trustworthy, supportive adults to guide them as they grow and develop into all that God created them to be. Palmer Home provides holistic care to each child based on their unique physical, emotional, spiritual and educational needs.


Statement of faith

Transparency grade

A

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: Community Development

CategoryRatingOverall rankSector rank
Overall efficiency rating929 of 94058 of 59
Fund acquisition rating833 of 94254 of 59
Resource allocation rating890 of 94256 of 59
Asset utilization rating882 of 94052 of 59

Financial ratios

Funding ratiosSector median20202018201720162015
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
10%17%17%23%20%16%
Fundraising cost ratio Fundraising cost ratio =
Fundraising expense /
Total revenue
6%14%13%17%19%14%
Contributions reliance Contributions reliance =
Total contributions /
Total revenue
77%82%78%75%96%92%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
7%19%17%20%18%19%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
23%18%22%25%4%8%
 
Operating ratiosSector median20202018201720162015
Program expense ratio Program expense ratio =
Program services /
Total expenses
81%60%72%67%67%69%
Spending ratio Spending ratio =
Total expenses /
Total revenue
95%74%78%89%102%77%
Program output ratio Program output ratio =
Program services /
Total revenue
76%44%56%60%69%53%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
5%26%22%11%-2%23%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
5%8%7%4%-1%9%
General and admin ratio General and admin ratio =
Management and general expense /
Total expenses
12%21%11%13%15%13%
 
Investing ratiosSector median20202018201720162015
Total asset turnover Total asset turnover =
Total expenses /
Total assets
0.860.220.250.290.280.27
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
1.724.437.049.664.294.44
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
1.750.981.792.781.221.20
 
Liquidity ratiosSector median20202018201720162015
Current ratio Current ratio =
Total current assets /
Total current liabilities
7.2932.7310.576.5720.1818.57
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.130.030.090.150.050.05
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
4.8211.856.083.659.379.48
 
Solvency ratiosSector median20202018201720162015
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
14%4%3%4%5%7%
Debt ratio Debt ratio =
Debt /
Total assets
3%3%0%0%2%3%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
85%432%382%332%334%346%

Financials

Balance sheet
 
Assets20202018201720162015
Cash$5,836,473$2,679,787$1,379,767$4,116,499$4,027,607
Receivables, inventories, prepaids$175,029$646,927$891,953$851,381$879,706
Short-term investments$0$0$0$0$0
Other current assets$0$0$0$0$0
Total current assets$6,011,502$3,326,714$2,271,720$4,967,880$4,907,313
Long-term investments$11,498,516$10,463,369$9,969,999$8,935,372$9,426,679
Fixed assets$7,174,954$7,774,132$7,853,093$5,586,962$5,552,254
Other long-term assets$1,927,316$1,866,749$1,850,704$1,840,393$1,880,725
Total long-term assets$20,600,786$20,104,250$19,673,796$16,362,727$16,859,658
Total assets$26,612,288$23,430,964$21,945,516$21,330,607$21,766,971
 
Liabilities20202018201720162015
Payables and accrued expenses$183,686$314,619$345,834$246,187$264,213
Other current liabilities$0$0$0$0$0
Total current liabilities$183,686$314,619$345,834$246,187$264,213
Debt$717,600$7,800$109,463$346,641$578,500
Due to (from) affiliates$0$0$0$0$0
Other long-term liabilities$238,136$423,013$503,618$555,101$603,464
Total long-term liabilities$955,736$430,813$613,081$901,742$1,181,964
Total liabilities$1,139,422$745,432$958,915$1,147,929$1,446,177
 
Net assets20202018201720162015
Without donor restrictions$14,238,456$12,288,951$11,493,173$9,606,275$9,806,566
With donor restrictions$11,234,410$10,396,581$9,493,428$10,576,403$10,514,228
Net assets$25,472,866$22,685,532$20,986,601$20,182,678$20,320,794
 
Revenues and expenses
 
Revenue20202018201720162015
Total contributions$6,480,322$5,926,708$5,330,192$5,690,503$7,020,593
Program service revenue$0$0$0$0$0
Membership dues$0$0$0$0$0
Investment income$885,132$70,590$61,277$35,167($13,393)
Other revenue$579,116$1,643,957$1,736,954$181,262$637,865
Total other revenue$1,464,248$1,714,547$1,798,231$216,429$624,472
Total revenue$7,944,570$7,641,255$7,128,423$5,906,932$7,645,065
 
Expenses20202018201720162015
Program services$3,521,070$4,285,933$4,248,351$4,048,962$4,034,407
Management and general$1,263,469$635,008$838,709$885,422$741,624
Fundraising$1,115,416$1,021,383$1,237,440$1,110,664$1,103,678
Total expenses$5,899,955$5,942,324$6,324,500$6,045,048$5,879,709
 
Change in net assets20202018201720162015
Surplus (deficit)$2,044,615$1,698,931$803,923($138,116)$1,765,356
Other changes in net assets$0$0$0$0$0
Total change in net assets$2,044,615$1,698,931$803,923($138,116)$1,765,356

Compensation

NameTitleCompensation
Drake BassettPresident and CEO$197,216
Sarah HollisSVP of Engagement$122,425
Carol WrightVP of Business Affairs$113,002
Robert FarrisVP Rescue$104,952
Jessica L CorleyVP of Development$100,063
Ashley GrayVP of Children Services$93,121
Anna Brooke WarrenVP of Children Services$86,616

Compensation data as of: 6/30/2020


Response from ministry

No response has been provided by this ministry.


The information below was provided to MinistryWatch by the ministry itself. It was last updated 9/8/2021. To update the information below, please email: info@ministrywatch.com


History

Take a look at Palmer Home's history, beginning with a biblical call and hope to communicate the love of Christ to children in need.

1895 - A year after moving to Columbus, Mississippi, to lead the congregation of First Presbyterian Church, William States Jacobs calls on his church to establish a home to care for children in need. Palmer Orphanage is awarded a formal charter.

1899 - Palmer Orphanage officially opens with 20 boys and girls in its care, doubling its numbers and adding more dormitories within five years.

1919 - John Frierson takes his father's place as superintendent of Palmer Home, continuing William Frierson's legacy of investing in each child's spiritual development. The Frierson family embraced the children in their care, transforming the orphanage into a large, loving family.

1950s - After the orphanage and its people withstood some of the country's most difficult times in history, including World Wars I and II and the Great Depression, J.O. "Papa Joe" Davis was named superintendent and transitioned Palmer to cottage-style family housing.

1970s - Palmer Orphanage no longer described the home setting it offered. This was reflected in its name change-it would now be known as Palmer Home.

1981 - Palmer Home voted to become independent of direct church control yet retained its Christ-centered mission and involvement with churches throughout the country.

1990 - Palmer Home purchased land to expand the ministry to Hernando, Mississippi.

1995 - Palmer Home celebrated 100 years of service.

1997 - Palmer Home installed greenhouses on the Columbus campus to help children learn to grow plants and vegetables.

2000s - Palmer Home developed and solidified expansion plans for the Hernando campus, building three cottage-style homes, Hope Chapel, and Grace Home for the campus director.

2012 - Current President and CEO Drake Bassett took the helm of Palmer Home, focusing on expanding the scope of care.

2014 - Palmer Home established the Whole Child Initiative, a model of care designed to address the unique and varying physical, educational, spiritual and emotional needs of each child in Palmer Home's care. This approach helps caregivers guide children through their trauma and into better capacities to thrive at home, in school, and in their communities.

2014 - Palmer Home partnered with Jonah's Journey in Nashville, Tennessee to expand services to children of incarcerated mothers.

2017 - Three new cottage-style homes were constructed and dedicated on the Hernando campus.

2019 - The Palmer Home board of directors vote to close the historic Columbus campus and consolidate all residential Campus Care activities to the Panther Creek Ranch campus in Hernando.

2019 - Palmer Home embraced a new strategic direction by building on its residential history, now termed Campus Care, and introduced three new service lines: Foster Care, Family Care, and Transitional Care.

2019 - Palmer Home broke ground on the Dr. Hugh J. Francis, Jr. Wellness Center with a targeted completion date of 2021.


Program accomplishments


Needs

Palmer Home began as a small orphanage and has grown into a robust ministry impacting the lives of children in need. You can help that legacy continue. Whether it's financial donations or getting involved, you can support Palmer Home's mission to help children in need.