Palmer Home for Children 
The information on this page was last updated 1/31/2023. If you see errors or omissions, please email: [email protected]
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
800 Baldwin Rd S
Lake Cormorant, MS 38641
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
Ruling year: 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
Donor confidence score
Transparency grade
A
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Community Development
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 1104 of 1104 | 122 of 122 |
| Fund acquisition rating | | 1078 of 1105 | 120 of 122 |
| Resource allocation rating | | 1069 of 1105 | 118 of 122 |
| Asset utilization rating | | 1099 of 1104 | 121 of 122 |
Financial ratios
| Funding ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2018 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 8% | 21% | 15% | 18% | 17% | 17% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 5% | 21% | 15% | 16% | 14% | 13% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 92% | 97% | 97% | 91% | 82% | 78% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 6% | 20% | 20% | 22% | 19% | 17% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 8% | 3% | 3% | 9% | 18% | 22% |
| Operating ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2018 |
Program expense ratio Program expense ratio = Program services / Total expenses | 82% | 63% | 62% | 63% | 60% | 72% |
Spending ratio Spending ratio = Total expenses / Total revenue | 97% | 104% | 72% | 74% | 74% | 78% |
Program output ratio Program output ratio = Program services / Total revenue | 75% | 66% | 44% | 47% | 44% | 56% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 3% | -4% | 28% | 26% | 26% | 22% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 4% | -1% | 7% | 6% | 8% | 7% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 11% | 16% | 17% | 15% | 21% | 11% |
| Investing ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2018 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.84 | 0.18 | 0.18 | 0.18 | 0.22 | 0.25 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 1.76 | 15.37 | 12.65 | 4.50 | 4.43 | 7.04 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.77 | 2.80 | 2.26 | 0.79 | 0.98 | 1.79 |
| Liquidity ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2018 |
Current ratio Current ratio = Total current assets / Total current liabilities | 13.67 | 10.01 | 18.80 | 15.47 | 32.73 | 10.57 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.07 | 0.10 | 0.05 | 0.06 | 0.03 | 0.09 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.08 | 3.85 | 5.02 | 14.14 | 11.85 | 6.08 |
| Solvency ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2018 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 10% | 4% | 1% | 4% | 4% | 3% |
Debt ratio Debt ratio = Debt / Total assets | 0% | 0% | 0% | 2% | 3% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 101% | 525% | 553% | 545% | 432% | 382% |
Financials
| Balance sheet | |||||
| Assets | 2023 | 2022 | 2021 | 2020 | 2018 |
| Cash | $1,689,326 | $1,581,393 | $7,095,122 | $5,836,473 | $2,679,787 |
| Receivables, inventories, prepaids | $494,055 | $931,667 | $101,610 | $175,029 | $646,927 |
| Short-term investments | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $2,183,381 | $2,513,060 | $7,196,732 | $6,011,502 | $3,326,714 |
| Long-term investments | $14,495,002 | $13,258,149 | $15,129,421 | $11,498,516 | $10,463,369 |
| Fixed assets | $13,903,281 | $14,020,651 | $8,073,547 | $7,174,954 | $7,774,132 |
| Other long-term assets | $2,983,416 | $2,005,019 | $1,982,554 | $1,927,316 | $1,866,749 |
| Total long-term assets | $31,381,699 | $29,283,819 | $25,185,522 | $20,600,786 | $20,104,250 |
| Total assets | $33,565,080 | $31,796,879 | $32,382,254 | $26,612,288 | $23,430,964 |
| Liabilities | 2023 | 2022 | 2021 | 2020 | 2018 |
| Payables and accrued expenses | $218,057 | $133,682 | $465,189 | $183,686 | $314,619 |
| Other current liabilities | $0 | $0 | $0 | $0 | $0 |
| Total current liabilities | $218,057 | $133,682 | $465,189 | $183,686 | $314,619 |
| Debt | $0 | $0 | $539,300 | $717,600 | $7,800 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1,184,307 | $241,165 | $258,210 | $238,136 | $423,013 |
| Total long-term liabilities | $1,184,307 | $241,165 | $797,510 | $955,736 | $430,813 |
| Total liabilities | $1,402,364 | $374,847 | $1,262,699 | $1,139,422 | $745,432 |
| Net assets | 2023 | 2022 | 2021 | 2020 | 2018 |
| Without donor restrictions | $20,853,429 | $20,594,291 | $16,868,034 | $14,238,456 | $12,288,951 |
| With donor restrictions | $11,309,287 | $10,827,741 | $14,251,521 | $11,234,410 | $10,396,581 |
| Net assets | $32,162,716 | $31,422,032 | $31,119,555 | $25,472,866 | $22,685,532 |
| Revenues and expenses | |||||
| Revenue | 2023 | 2022 | 2021 | 2020 | 2018 |
| Total contributions | $5,720,587 | $7,672,984 | $7,032,802 | $6,480,322 | $5,926,708 |
| Program service revenue | $0 | $0 | $0 | $0 | $0 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $290,942 | $69,207 | $74,879 | $885,132 | $70,590 |
| Other revenue | ($105,343) | $204,361 | $591,367 | $579,116 | $1,643,957 |
| Total other revenue | $185,599 | $273,568 | $666,246 | $1,464,248 | $1,714,547 |
| Total revenue | $5,906,186 | $7,946,552 | $7,699,048 | $7,944,570 | $7,641,255 |
| Expenses | 2023 | 2022 | 2021 | 2020 | 2018 |
| Program services | $3,887,366 | $3,529,009 | $3,593,178 | $3,521,070 | $4,285,933 |
| Management and general | $1,008,730 | $993,843 | $856,872 | $1,263,469 | $635,008 |
| Fundraising | $1,227,076 | $1,160,717 | $1,263,572 | $1,115,416 | $1,021,383 |
| Total expenses | $6,123,172 | $5,683,569 | $5,713,622 | $5,899,955 | $5,942,324 |
| Change in net assets | 2023 | 2022 | 2021 | 2020 | 2018 |
| Surplus (deficit) | ($216,986) | $2,262,983 | $1,985,426 | $2,044,615 | $1,698,931 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | ($216,986) | $2,262,983 | $1,985,426 | $2,044,615 | $1,698,931 |
Compensation
| Name | Title | Compensation |
| Drake Bassett | President | $213,910 |
Compensation data as of: 6/30/2023
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 1/31/2023. To update the information below, please email: [email protected]
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
Interested in supporting Palmer Home's foster families? Get involved in respite care! You'll be offering rest for our caregivers by providing brief care for children in their homes and building positive relationships along the way.