Civic Intelligence

Panacea Area Water System Inc

990 • Fiscal year 2023 • EIN 23-7050589

Jul 01, 2022 to Jun 30, 2023 • Filed on Jan 31, 2024

Organization ProfileN/A
PO Box 215Panacea, FL 32346

(850) 984-5301

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

76th percentile

0.46x

Higher debt load relative to assets than 76% of similar nonprofits.

2023 filings • 501(c)12 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

82nd percentile

2.82x

Higher debt load relative to revenue than 82% of similar nonprofits.

2023 filings • 501(c)12 • $1M-$5M nonprofits • Source year 2023

Net Margin

12th percentile

-19%

Higher net margin than 12% of similar nonprofits.

2023 filings • 501(c)12 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

78th percentile

$3,600

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2023 filings • 501(c)12 • $1M-$5M nonprofits • Source year 2023

Asset Growth

19th percentile

-3.5%

Faster asset growth than 19% of similar nonprofits.

2023 filings • 501(c)12 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

57th percentile

7.2%

Faster revenue growth than 57% of similar nonprofits.

2023 filings • 501(c)12 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$3,321,690

Down $120,993 (-3.5%) from 2022

Net Assets

Down

$1,788,103

Down $100,623 (-5.3%) from 2022

Liabilities

Down

$1,533,587

Down $20,370 (-1.3%) from 2022

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin12th percentile

Revenue

Up

$543,470

Up $36,585 (+7.2%) from 2022

Expenses

Up

$644,093

Up $59,647 (+10%) from 2022

Net Income

Down

-$100,623

Down $23,062 (-30%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2023

Assets$3,321,690
Liabilities$1,533,587
Net Assets$1,788,103
Open 2023 Filing

Operations Trend

Revenue Growth57th percentile

Revenue, expenses, and net income across loaded years, with this 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

2023

Revenue$543,470
Expenses$644,093
Net Income-$100,623
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Jan 31, 2024
Return Version
2022v5.0
Gross Receipts
$543,470
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$2,492,964$2,366,028▼ $126,936
Savings and Temporary Cash Investments$97,771$97,771→ $0
Accounts Receivable$37,082$36,449▼ $633
Cash and Non-Interest-Bearing Accounts$55,399$23,630▼ $31,769
Prepaid Expenses and Deferred Charges$1,736$1,736→ $0
Pledges and Grants Receivable$0--
Total Assets$3,442,683$3,321,690▼ $120,993
Other Assets Total$757,731$796,076▲ $38,345
Liabilities
Unsecured Notes Loans Payable$1,321,559$1,282,420▼ $39,139
Other Liabilities$174,523$182,423▲ $7,900
Accounts Payable and Accrued Expenses$57,875$68,744▲ $10,869
Total Liabilities$1,553,957$1,533,587▼ $20,370
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,888,726$1,788,103▼ $100,623
Total Net Assets Fund Balance$1,888,726$1,788,103▼ $100,623
Total Liabilities and Net Assets / Fund Balance$3,442,683$3,321,690▼ $120,993

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$148,387--
Other Land Buildings$4,954,055--
Land$140,718--
Equipment$117,441--
Other Assets Org$599,623--
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Dan HincheeVice PresidentPT$3,600$3,600
Tim JordanPresidentPT$3,600$3,600
Walter DicksonTreasurerPT$3,600$3,600
William RussellSecretaryPT$3,600$3,600
Noah PoseyDirectorPT$3,000$3,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$540,054
Investment Income
$3,416
Other Revenue
$0
Change in Net Assets
$-100,623

Audited Revenue Reconciliation

Revenue per Audited Statements
$543,470
Total Revenue per Audited Statements
$543,470
Total Revenue per Form 990
$543,470
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$405,930
Salaries, Compensation, and Employee Benefits$238,163
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$163,936
Depreciation Depletion$129,639$0$0$129,639
All Other Expenses$0$0$0$59,442
Interest$0$0$0$58,632
Other Employee Benefits$0$0$0$38,658
Insurance$0$0$0$18,416
Current Officers, Directors, Trustees, and Key Employees$0$0$0$17,400
Payroll Taxes$0$0$0$13,589
Fees for Services Accounting$0$0$0$11,250
Information Technology$0$0$0$8,247
Office Expenses$0$0$0$5,656
Pension Plan Contributions$0$0$0$4,580
Travel$0$0$0$3,772
Other Expenses$0$0$0$2,397
Conferences and Meetings$0$0$0$1,870
Fees for Services Legal$0$0$0$360
Total Functional Expenses$129,639$0$0$644,093

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$644,093
Total Expenses per Audited Statements$644,093
Total Expenses per Form 990$644,093
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$180,077
Accrued Leave$2,346
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
2024-01-31
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
5
Volunteers
0

Preparer

Firm
J Randall Graham CPA
Address
1616 METROPOLITAN CIR STE A, 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”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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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/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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0FL
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03442683
IRS990/TotalAssetsEOYAmt03321690
IRS990/TotalAssetsGrp/BOYAmt03442683
IRS990/TotalAssetsGrp/EOYAmt03321690
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0129639
IRS990/TotalFunctionalExpensesGrp/TotalAmt0644093
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01553957
IRS990/TotalLiabilitiesEOYAmt01533587
IRS990/TotalLiabilitiesGrp/BOYAmt01553957
IRS990/TotalLiabilitiesGrp/EOYAmt01533587
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01888726
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01788103
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt0540054
IRS990/TotalReportableCompFromOrgAmt017400
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0543470
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0543470
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03442683
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03321690
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/FundraisingAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt00
IRS990/TravelGrp/ProgramServicesAmt00
IRS990/TravelGrp/TotalAmt03772
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt01321559
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt01282420
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/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Tim Jordan
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum08509845301
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-01-31
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
ReturnHeader/Filer/USAddress/ZIPCd032346
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0593420992
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0J RANDALL GRAHAM CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01616 METROPOLITAN CIR STE A
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TALLAHASSEE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd032308
ReturnHeader/PreparerPersonGrp/PhoneNum08503853711
ReturnHeader/PreparerPersonGrp/PreparationDt02024-01-31
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0J Randall Graham CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02024-01-31T10:36:49-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Tim
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Jordan
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,321,690
Liabilities
$1,533,587
Net assets
$1,788,103
Revenue
$543,470
Expenses
$644,093
Net income
-$100,623
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