Civic Intelligence

Panacea Area Water System Inc

EIN 23-7050589 • 501(c)12 • Panacea, FL

Profile

Operate local member owned rural water system located in Panacea,Florida.

PO Box 215Panacea, FL 32346

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

81st percentile

0.49x

Higher debt load relative to assets than 81% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

85th percentile

2.95x

Higher debt load relative to revenue than 85% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2024

Net Margin

11th percentile

-21%

Higher net margin than 11% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

26th percentile

-2.1%

Faster asset growth than 26% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Annualized from 2022 to 2024

Revenue Growth

47th percentile

4.2%

Faster revenue growth than 47% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Annualized from 2022 to 2024

Balance Sheet
Liabilities / Assets81st percentile

Assets

Down

$3,153,896

Down $144,037 (-4.4%) from 2024

Liabilities

Down

$1,595,180

Down $28,932 (-1.8%) from 2024

Net Assets

Down

$1,558,716

Down $115,105 (-6.9%) from 2024

Operations
Liabilities / Revenue85th percentileNet Margin11th percentile

Revenue

Up

$570,817

Up $20,592 (+3.7%) from 2024

Expenses

Up

$685,922

Up $21,415 (+3.2%) from 2024

Net Income

Down

-$115,105

Down $823 (-0.7%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth26th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$3.0M$2.0M$1.0M$0Assets 2021: $3,546,897Liabilities 2021: $1,580,610Net Assets 2021: $1,966,2872021Assets 2022: $3,442,683Liabilities 2022: $1,553,957Net Assets 2022: $1,888,7262022Assets 2023: $3,321,690Liabilities 2023: $1,533,587Net Assets 2023: $1,788,1032023Assets 2024: $3,297,933Liabilities 2024: $1,624,112Net Assets 2024: $1,673,8212024Assets 2025: $3,153,896Liabilities 2025: $1,595,180Net Assets 2025: $1,558,7162025

Highlighted filing

2025

Assets$3,153,896
Liabilities$1,595,180
Net Assets$1,558,716
Open 2025 Filing

Operations Trend

Revenue Growth47th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KRevenue 2021: $553,425Expenses 2021: $584,826Net Income 2021: -$31,4012021Revenue 2022: $506,885Expenses 2022: $584,446Net Income 2022: -$77,5612022Revenue 2023: $543,470Expenses 2023: $644,093Net Income 2023: -$100,6232023Revenue 2024: $550,225Expenses 2024: $664,507Net Income 2024: -$114,2822024Revenue 2025: $570,817Expenses 2025: $685,922Net Income 2025: -$115,1052025

Highlighted filing

2025

Revenue$570,817
Expenses$685,922
Net Income-$115,105
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,153,896
Liabilities
$1,595,180
Net assets
$1,558,716
Revenue
$570,817
Expenses
$685,922
Net income
-$115,105
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$3.15$1.60$1.56$0.57$0.69$0.12
2024Detailed filing. Detailed filing data is available for this year.$3.30$1.62$1.67$0.55$0.66$0.11
2023Detailed filing. Detailed filing data is available for this year.$3.32$1.53$1.79$0.54$0.64$0.10
2022Detailed filing. Detailed filing data is available for this year.$3.44$1.55$1.89$0.51$0.58$0.08
2021Detailed filing. Detailed filing data is available for this year.$3.55$1.58$1.97$0.55$0.58$0.03
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Feb 19, 2026
Return Version
2024v5.2
Gross Receipts
$570,817
Mission and Program Overview

Mission

Operate local member owned rural water system located in Panacea,Florida.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,316,240$2,223,958▼ $92,282
Cash and Non-Interest-Bearing Accounts$100,322$48,799▼ $51,523
Accounts Receivable$41,707$37,101▼ $4,606
Pledges and Grants Receivable$27,400$30,000▲ $2,600
Prepaid Expenses and Deferred Charges$3,510$3,352▼ $158
Total Assets$3,325,333$3,153,896▼ $171,437
Other Assets Total$836,154$810,686▼ $25,468
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,316,858$1,273,980▼ $42,878
Other Liabilities$187,933$195,483▲ $7,550
Accounts Payable and Accrued Expenses$146,721$125,717▼ $21,004
Total Liabilities$1,651,512$1,595,180▼ $56,332
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,673,821$1,558,716▼ $115,105
Total Net Assets Fund Balance$1,673,821$1,558,716▼ $115,105
Total Liabilities and Net Assets / Fund Balance$3,325,333$3,153,896▼ $171,437

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,748,789$3,232,481$4,981,270
Land$207,094-$207,094
Buildings$148,387-$148,387
Equipment$119,688-$119,688
Other Assets Org$97,771--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Dan HincheeVice PresidentPT$4,700$4,700
Joshua BrownDirectorPT$4,700$4,700
Noah PoseyDirectorPT$4,700$4,700
Tim JordanPresidentPT$4,700$4,700
Walter DicksonTreasurerPT$4,700$4,700

Board Members and Trustees

NameTitle
Kinsey Hall MillerDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$2,600
Program Service Revenue
$553,936
Investment Income
$14,281
Other Revenue
$0
Change in Net Assets
$-115,105

Audited Revenue Reconciliation

Revenue per Audited Statements
$570,817
Total Revenue per Audited Statements
$570,817
Total Revenue per Form 990
$570,817
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$405,856
Salaries, Compensation, and Employee Benefits$280,066
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$0$0$0$204,353
Depreciation Depletion$0$0$0$114,070
All Other Expenses$0$0$0$79,620
Interest$0$0$0$58,342
Other Employee Benefits$0$0$0$31,725
Current Officers, Directors, Trustees, and Key Employees$0$0$0$23,500
Insurance$0$0$0$22,607
Payroll Taxes$0$0$0$15,555
Fees for Services Accounting$0$0$0$9,000
Fees for Services Legal$0$0$0$8,155
Office Expenses$0$0$0$7,694
Travel$0$0$0$5,180
Pension Plan Contributions$0$0$0$4,933
Other Expenses$0$0$0$2,693
Conferences and Meetings$0$0$0$2,424
Total Functional Expenses$0$0$0$685,922

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$685,922
Total Expenses per Audited Statements$685,922
Total Expenses per Form 990$685,922
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Customer Deposits$191,367
Accrued Leave$4,116
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Panacea Area Water System Inc
EIN
23-7050589
Phone
8509845301
Address
PO Box 215, Panacea, FL 32346

Signing Officer

Name
Tim Jordan
Title
President
Phone
8509845301
Signed
2026-02-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tim Jordan
Formed
1964
Legal Domicile
Fl
Voting Board Members
5
Independent Board Members
5
Employees
4
Volunteers
0

Preparer

Firm
J Randall Graham CPA
Address
1616-A METROPOLITAN CIR, TALLAHASSEE, FL 32308
Preparer
J Randall Graham CPA
Phone
8503853711
Supplemental Narrative

Additional Explanations

Pt VI, Line 6

“The nonprofit is a rural water service (cooperative)”

Pt VI, Line 7A

“Members vote annually on appointments to the governing board”

Pt VI, Line 7B

“Decisions of the board are subject to membership override”

Pt VI, Line 8B

“The secretary takes minutes during the Board Meetings”

Pt VI, Line 19

“Upon request”

Pt VI, Line 11B

“Board reviews and checks for errors”

Form 990, Part IX, Line 24E

“Postage and Shipping 7327.”

Form 990, Part IX, Line 24E

“Dues and Subscriptions 5598.”

Form 990, Part IX, Line 24E

“Building Repairs 4425.”

Form 990, Part IX, Line 24E

“Telephone 7440.”

Form 990, Part IX, Line 24E

“Truck Fuel and Repairs 11050.”

Form 990, Part IX, Line 24E

“Utilities 20852.”

Form 990, Part IX, Line 24E

“Water Treatment Expenses 15105.”

Form 990, Part IX, Line 24E

“Computer Maintenance 7823.”

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IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0148387
IRS990ScheduleD/EquipmentGrp/BookValueAmt0119688
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0119688
IRS990ScheduleD/ExpensesSubtotalAmt0685922
IRS990ScheduleD/LandGrp/BookValueAmt0207094
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0207094
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt016478
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1350
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt2191367
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3144441
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt460279
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt5300000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt697771
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Unbilled Water Revenue
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Deposits
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Cash Restricted for Customer Deposits
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3Cash Resticted for Future System Improvements
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4CD Restricted for Future System Improvements
IRS990ScheduleD/OtherAssetsOrgGrp/Desc5Cash Restricted for Line of Credit
IRS990ScheduleD/OtherAssetsOrgGrp/Desc6Cash Restricted by USDA
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01748789
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt03232481
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt04981270
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt04116
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1191367
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Accrued Leave
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Customer Deposits
IRS990ScheduleD/RevenueSubtotalAmt0570817
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02223958
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0810686
IRS990ScheduleD/TotalExpensesPerForm990Amt0685922
IRS990ScheduleD/TotalLiabilityAmt0195483
IRS990ScheduleD/TotalRevenuePerForm990Amt0570817
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0570817
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0685922
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The nonprofit is a rural water service (cooperative)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Members vote annually on appointments to the governing board
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Decisions of the board are subject to membership override
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The secretary takes minutes during the Board Meetings
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Upon request
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Board reviews and checks for errors
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Postage and Shipping 7327.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Dues and Subscriptions 5598.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Building Repairs 4425.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9Telephone 7440.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10Truck Fuel and Repairs 11050.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11Utilities 20852.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12Water Treatment Expenses 15105.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt13Computer Maintenance 7823.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Pt VI, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc11Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc12Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc13Form 990, Part IX, Line 24e
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0FL
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03325333
IRS990/TotalAssetsEOYAmt03153896
IRS990/TotalAssetsGrp/BOYAmt03325333
IRS990/TotalAssetsGrp/EOYAmt03153896
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt02600
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0685922
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01651512
IRS990/TotalLiabilitiesEOYAmt01595180
IRS990/TotalLiabilitiesGrp/BOYAmt01651512
IRS990/TotalLiabilitiesGrp/EOYAmt01595180
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01673821
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01558716
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt0553936
IRS990/TotalReportableCompFromOrgAmt023500
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0568217
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0570817
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03325333
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03153896
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/FundraisingAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt00
IRS990/TravelGrp/ProgramServicesAmt00
IRS990/TravelGrp/TotalAmt05180
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO Box 215
IRS990/USAddress/CityNm0Panacea
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd032346
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Tim Jordan
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum08509845301
ReturnHeader/BusinessOfficerGrp/SignatureDt02026-02-19
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Panacea Area Water System Inc
ReturnHeader/Filer/BusinessNameControlTxt0PANA
ReturnHeader/Filer/EIN0237050589
ReturnHeader/Filer/PhoneNum08509845301
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO Box 215
ReturnHeader/Filer/USAddress/CityNm0Panacea
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL

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