Civic Intelligence

Inlet Beach Water System Inc

990 • Fiscal year 2015 • EIN 59-1222680

Jul 01, 2014 to Jun 30, 2015 • Filed on Aug 12, 2015

Organization ProfileINLETBEACHWATER.COM
149 Carson LanePanama City Beach, FL 32413-7318

(850) 231-4498

Siviq Scores

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

Liabilities / Assets

25th percentile

0.05x

Higher debt load relative to assets than 25% of similar nonprofits.

2015 filings • 501(c)12 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

28th percentile

0.28x

Higher debt load relative to revenue than 28% of similar nonprofits.

2015 filings • 501(c)12 • $1M-$5M nonprofits • Source year 2015

Net Margin

95th percentile

38%

Higher net margin than 95% of similar nonprofits.

2015 filings • 501(c)12 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

62nd percentile

$0

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • 501(c)12 • $1M-$5M nonprofits • Source year 2015

Asset Growth

77th percentile

4.6%

Faster asset growth than 77% of similar nonprofits.

2015 filings • 501(c)12 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

2nd percentile

-47%

Faster revenue growth than 2% of similar nonprofits.

2015 filings • 501(c)12 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets25th percentile

Assets

Up

$4,293,425

Up $189,799 (+4.6%) from 2014

Net Assets

Up

$4,061,591

Up $309,836 (+8.3%) from 2014

Liabilities

Down

$231,834

Down $120,037 (-34%) from 2014

Revenue And Expenses
Liabilities / Revenue28th percentileNet Margin95th percentile

Revenue

Down

$816,369

Down $732,211 (-47%) from 2014

Expenses

Down

$506,533

Down $347,473 (-41%) from 2014

Net Income

Down

$309,836

Down $384,738 (-55%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth77th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $3,386,210Liabilities 2011: $238,874Net Assets 2011: $3,147,3362011Assets 2012: $3,325,884Liabilities 2012: $227,050Net Assets 2012: $3,098,8342012Assets 2013: $3,292,216Liabilities 2013: $235,035Net Assets 2013: $3,057,1812013Assets 2014: $4,103,626Liabilities 2014: $351,871Net Assets 2014: $3,751,7552014Assets 2015: $4,293,425Liabilities 2015: $231,834Net Assets 2015: $4,061,5912015Assets 2016: $4,878,484Liabilities 2016: $259,455Net Assets 2016: $4,619,0292016Assets 2017: $5,213,462Liabilities 2017: $234,281Net Assets 2017: $4,979,1812017Assets 2018: $5,523,519Liabilities 2018: $645,696Net Assets 2018: $4,877,8232018Assets 2019: $5,699,838Liabilities 2019: $642,439Net Assets 2019: $5,057,3992019Assets 2020: $6,328,969Liabilities 2020: $713,150Net Assets 2020: $5,615,8192020Assets 2021: $6,959,654Liabilities 2021: $708,102Net Assets 2021: $6,251,5522021Assets 2022: $7,144,736Liabilities 2022: $525,003Net Assets 2022: $6,619,7332022Assets 2023: $7,235,347Liabilities 2023: $578,977Net Assets 2023: $6,656,3702023

Highlighted filing

2015

Assets$4,293,425
Liabilities$231,834
Net Assets$4,061,591
Open 2015 Filing

Operations Trend

Revenue Growth2nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.0M$0-$1.0MExpenses 2011: $332,8952011Revenue 2012: $291,024Expenses 2012: $339,526Net Income 2012: -$48,5022012Expenses 2013: $369,0212013Revenue 2014: $1,548,580Expenses 2014: $854,006Net Income 2014: $694,5742014Revenue 2015: $816,369Expenses 2015: $506,533Net Income 2015: $309,8362015Revenue 2016: $1,310,145Expenses 2016: $752,707Net Income 2016: $557,4382016Revenue 2017: $1,046,001Expenses 2017: $685,849Net Income 2017: $360,1522017Revenue 2018: $964,098Expenses 2018: $824,568Net Income 2018: $139,5302018Revenue 2019: $1,065,642Expenses 2019: $886,066Net Income 2019: $179,5762019Revenue 2020: $1,386,021Expenses 2020: $827,601Net Income 2020: $558,4202020Revenue 2021: $1,545,150Expenses 2021: $909,417Net Income 2021: $635,7332021Revenue 2022: $1,963,066Expenses 2022: $1,436,346Net Income 2022: $526,7202022Revenue 2023: $1,595,977Expenses 2023: $1,559,340Net Income 2023: $36,6372023

Highlighted filing

2015

Revenue$816,369
Expenses$506,533
Net Income$309,836
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Aug 12, 2015
Return Version
2014v5.0
Gross Receipts
$816,369
Mission and Program Overview

Mission

Provide water & sewer service to rural households

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$3,501,155$3,810,991▲ $309,836
Land, Buildings, and Equipment, Net$2,550,396$2,609,562▲ $59,166
Cash and Non-Interest-Bearing Accounts$879,881$1,267,295▲ $387,414
Savings and Temporary Cash Investments$609,413$359,595▼ $249,818
Pd in Cap Srpls Land Bldg Eqp Fund$250,600$250,600→ $0
Accounts Receivable$23,448$30,636▲ $7,188
Inventories for Sale or Use$20,935$26,337▲ $5,402
Prepaid Expenses and Deferred Charges$19,553$0▼ $19,553
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$4,103,626$4,293,425▲ $189,799
Liabilities
Other Liabilities$140,000$140,000→ $0
Mortgage Notes Payable Secured by Investment Property$67,571$59,256▼ $8,315
Accounts Payable and Accrued Expenses$144,300$32,578▼ $111,722
Total Liabilities$351,871$231,834▼ $120,037
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,751,755$4,061,591▲ $309,836
Total Liabilities and Net Assets / Fund Balance$4,103,626$4,293,425▲ $189,799

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$2,498,184$908,312$3,406,496
Equipment$46,426$250,543$296,969
Buildings$47,952$5,177$53,129
Land$17,000-$17,000
Compensation and Service Providers
Top Officer Pay62nd percentile

Board Members and Trustees

NameTitle
Jim KellyPresident
Laurence BrocatoVice President
Bob MurfinDirector
Richard BryanDirector
Marc NolenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$815,872
Investment Income
$497
Other Revenue
$0
Change in Net Assets
$309,836
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$324,656
Salaries, Compensation, and Employee Benefits$181,877
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$168,923
Depreciation Depletion---$102,355
All Other Expenses---$74,842
Other Expenses---$17,348
Payroll Taxes---$12,954
Fees for Services Legal---$9,750
Travel---$8,435
Fees for Services Accounting---$4,850
Interest---$3,792
Total Functional Expenses$0$0$0$506,533
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
Due to Developers$140,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The organization is a utility company and the utility users are members.”

Form 990, Part VI, Section A, Line 7A

“The memebers of the corporation elect the board of directors”

Form 990, Part VI, Section B, Line 11

“Completed tax return is reviewed by the president of the board of directors”

Form 990, Part VI, Section B, Line 15A

“Board of directors reviews/evaluates all employees and approves rates of pay as recorded in the board of directors' minutes.”

Form 990, Part VI, Section C, Line 19

“Documents can be requested at the company's office.”

Filing and Contact Details

Filer

Filer Name
Inlet Beach Water System Inc
EIN
59-1222680
Phone
8502314498
Address
149 CARSON LANE, PANAMA CITY BEACH, FL 32413-7318

Signing Officer

Name
Mike Standley
Title
Treasurer
Phone
8502314498
Signed
2015-08-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jim Kelly
Formed
1967
Legal Domicile
Fl
Voting Board Members
5
Independent Board Members
5
Employees
6
Volunteers
0

Preparer

Firm
Tipton Marler Garner & Chastain
Address
P O BOX 1100, PANAMA CITY, FL 32402-1100
Preparer
Curtis L Chastain CPA
Phone
8507699491
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Sewer connection fees 12,690. Professional fees - chemist fees/operator 12,000. Electricity 9,400. Office 8,412. Telephone 7,784. Gas, oil & fuel 6,176. Computer services 5,195. Postage 3,998. Licenses & permits 3,000. Water analysis 2,220. Engineering fees 883. Bank charges 591. Contract labor 585. Dues & publications 457. Miscellaneous 433. Internet and web costs 374. Other taxes 344. Pest control 300.”

Raw XML Appendix320 raw XML fields

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/Desc0PROVIDE WATER SERVICE TO APPROXIMATELY 678 RURAL HOUSEHOLDS. PROVIDE SEWER SERVICE TO APPROXIMATELY 338 RURAL HOUSEHOLDS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS A UTILITY COMPANY AND THE UTILITY USERS ARE MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MEMEBERS OF THE CORPORATION ELECT THE BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPLETED TAX RETURN IS REVIEWED BY THE PRESIDENT OF THE BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOARD OF DIRECTORS REVIEWS/EVALUATES ALL EMPLOYEES AND APPROVES RATES OF PAY AS RECORDED IN THE BOARD OF DIRECTORS' MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DOCUMENTS CAN BE REQUESTED AT THE COMPANY'S OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5SEWER CONNECTION FEES 12,690. PROFESSIONAL FEES - CHEMIST FEES/OPERATOR 12,000. ELECTRICITY 9,400. OFFICE 8,412. TELEPHONE 7,784. GAS, OIL & FUEL 6,176. COMPUTER SERVICES 5,195. POSTAGE 3,998. LICENSES & PERMITS 3,000. WATER ANALYSIS 2,220. ENGINEERING FEES 883. BANK CHARGES 591. CONTRACT LABOR 585. DUES & PUBLICATIONS 457. MISCELLANEOUS 433. INTERNET AND WEB COSTS 374. OTHER TAXES 344. PEST CONTROL 300.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 24E
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IRS990/TotalAssetsBOYAmt04103626
IRS990/TotalAssetsEOYAmt04293425
IRS990/TotalAssetsGrp/BOYAmt04103626
IRS990/TotalAssetsGrp/EOYAmt04293425
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/TotalAmt0506533
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0351871
IRS990/TotalLiabilitiesEOYAmt0231834
IRS990/TotalLiabilitiesGrp/BOYAmt0351871
IRS990/TotalLiabilitiesGrp/EOYAmt0231834
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03751755
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04061591
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt0815872
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0816369
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0816369
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt04103626
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt04293425
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt08435
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0149 CARSON LANE
IRS990/USAddress/CityNm0PANAMA CITY BEACH
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd032413
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0INLETBEACHWATER.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MIKE STANDLEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum08502314498
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-08-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0INLET BEACH WATER SYSTEM INC
ReturnHeader/Filer/BusinessNameControlTxt0INLE
ReturnHeader/Filer/EIN0591222680
ReturnHeader/Filer/PhoneNum08502314498
ReturnHeader/Filer/USAddress/AddressLine1Txt0149 CARSON LANE
ReturnHeader/Filer/USAddress/CityNm0PANAMA CITY BEACH
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd0324137318
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0201217629
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0TIPTON MARLER GARNER & CHASTAIN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0P O BOX 1100
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PANAMA CITY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0324021100
ReturnHeader/PreparerPersonGrp/PhoneNum08507699491
ReturnHeader/PreparerPersonGrp/PreparationDt02015-08-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CURTIS L CHASTAIN CPA
ReturnHeader/ReturnTs02015-08-13T16:05:47-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-07-01
ReturnHeader/TaxPeriodEndDt02015-06-30
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,293,425
Liabilities
$231,834
Net assets
$4,061,591
Revenue
$816,369
Expenses
$506,533
Net income
$309,836
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.24$0.58$6.66$1.60$1.56$0.04
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.14$0.53$6.62$1.96$1.44$0.53
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.96$0.71$6.25$1.55$0.91$0.64
2020Summary only. Only limited summary data is available for this year.$6.33$0.71$5.62$1.39$0.83$0.56
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.70$0.64$5.06$1.07$0.89$0.18
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.52$0.65$4.88$0.96$0.82$0.14
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.21$0.23$4.98$1.05$0.69$0.36
2016Detailed filing. Detailed filing data is available for this year.$4.88$0.26$4.62$1.31$0.75$0.56
2015Detailed filing. Detailed filing data is available for this year.$4.29$0.23$4.06$0.82$0.51$0.31
2014Detailed filing. Detailed filing data is available for this year.$4.10$0.35$3.75$1.55$0.85$0.69
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.29$0.24$3.06$0.37
2012Summary only. Only limited summary data is available for this year.$3.33$0.23$3.10$0.29$0.34$0.05
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.39$0.24$3.15$0.33