Civic Intelligence

Inlet Beach Water System Inc

990 • Fiscal year 2018 • EIN 59-1222680

Jul 01, 2017 to Jun 30, 2018 • Filed on Aug 20, 2018

Organization ProfileINLETBEACHWATER.COM
95 N Wall StPanama City Beach, FL 32461-7258

(850) 231-4498

Siviq Scores

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

Liabilities / Assets

30th percentile

0.12x

Higher debt load relative to assets than 30% of similar nonprofits.

2018 filings • 501(c)12 • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

34th percentile

0.67x

Higher debt load relative to revenue than 34% of similar nonprofits.

2018 filings • 501(c)12 • $5M-$10M nonprofits • Source year 2018

Net Margin

69th percentile

14%

Higher net margin than 69% of similar nonprofits.

2018 filings • 501(c)12 • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

46th percentile

$0

Higher top officer pay than 46% of similar nonprofits.

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

2018 filings • 501(c)12 • $5M-$10M nonprofits • Source year 2018

Asset Growth

78th percentile

5.9%

Faster asset growth than 78% of similar nonprofits.

2018 filings • 501(c)12 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Revenue Growth

13th percentile

-7.8%

Faster revenue growth than 13% of similar nonprofits.

2018 filings • 501(c)12 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets30th percentile

Assets

Up

$5,523,519

Up $310,057 (+5.9%) from 2017

Net Assets

Down

$4,877,823

Down $101,358 (-2.0%) from 2017

Liabilities

Up

$645,696

Up $411,415 (+176%) from 2017

Revenue And Expenses
Liabilities / Revenue34th percentileNet Margin69th percentile

Revenue

Down

$964,098

Down $81,903 (-7.8%) from 2017

Expenses

Up

$824,568

Up $138,719 (+20%) from 2017

Net Income

Down

$139,530

Down $220,622 (-61%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth78th 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

2018

Assets$5,523,519
Liabilities$645,696
Net Assets$4,877,823
Open 2018 Filing

Operations Trend

Revenue Growth13th 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

2018

Revenue$964,098
Expenses$824,568
Net Income$139,530
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Aug 20, 2018
Return Version
2017v2.3
Gross Receipts
$964,098
Mission and Program Overview

Mission

Provide water & sewer service to rural households

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$4,728,581$4,627,223▼ $101,358
Land, Buildings, and Equipment, Net$3,584,900$3,488,476▼ $96,424
Cash and Non-Interest-Bearing Accounts$1,171,926$1,545,668▲ $373,742
Savings and Temporary Cash Investments$360,184$360,478▲ $294
Pd in Cap Srpls Land Bldg Eqp Fund$250,600$250,600→ $0
Accounts Receivable$62,522$67,307▲ $4,785
Inventories for Sale or Use$33,930$31,590▼ $2,340
Total Assets$5,213,462$5,523,519▲ $310,057
Other Assets Total-$30,000-
Liabilities
Other Liabilities$140,000$570,434▲ $430,434
Accounts Payable and Accrued Expenses$56,281$45,799▼ $10,482
Mortgage Notes Payable Secured by Investment Property$38,000$29,463▼ $8,537
Total Liabilities$234,281$645,696▲ $411,415
Net Assets / Fund Balance
Total Net Assets Fund Balance$4,979,181$4,877,823▼ $101,358
Total Liabilities and Net Assets / Fund Balance$5,213,462$5,523,519▲ $310,057

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$2,949,594$1,249,033$4,198,627
Buildings$486,389$47,876$534,265
Equipment$35,493$293,436$328,929
Land$17,000-$17,000
Compensation and Service Providers
Top Officer Pay46th percentile

Board Members and Trustees

NameTitle
Jim KellyPresident
Laurence BrocatoDirector
Richard BryanDirector
Steadman S Shealy JrDirector
William R AndersonVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$915,250
Investment Income
$1,548
Other Revenue
$47,300
Change in Net Assets
$139,530
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$663,360
Salaries, Compensation, and Employee Benefits$161,208
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$156,135
Other Salaries and Wages---$146,714
All Other Expenses---$132,063
Fees for Services Legal---$87,341
Other Expenses---$44,136
Payroll Taxes---$14,494
Travel---$8,400
Fees for Services Accounting---$4,850
Interest---$3,571
Total Functional Expenses$0$0$0$824,568
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
Other Liabilities - Sewer$236,034
Customer Sewer Deposits$194,400
Other Liabilities$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, Page 6, Part VI, Line 6

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

Form 990, Page 6, Part VI, Line 7A

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

Form 990, Page 6, Part VI, Line 11B

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

Form 990, Page 6, Part VI, Line 15A

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

Form 990, Page 6, Part VI, 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
95 N WALL ST, PANAMA CITY BEACH, FL 32461-7258

Signing Officer

Name
Jim Kelly
Title
President
Phone
0085023144
Signed
2018-08-20

Organization Details

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

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, Page 2, Part III, Line 4D

“Provide water service to approximately 805 rural households. Provied sewer service to approximately 540 rural households.”

Form 990, Part IX, Line 24E

“Insurance 31,516 0 0 supplies 28,107 0 0 electricity 20,743 0 0 professional fees - chemi 12,000 0 0 office 8,533 0 0 gas, oil & fuel 7,966 0 0 telephone 6,911 0 0 postage 4,475 0 0 water analysis 4,385 0 0 computer services 2,280 0 0 licenses & permits 1,140 0 0 pest control 815 0 0 bank charges 812 0 0 contract labor 800 0 0 miscellaneous 462 0 0 other taxes 421 0 0 dues & publications 418 0 0 internet and web cost 279 0 0 total 132,063 0 0”

Raw XML Appendix327 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PROVIDE WATER SERVICE TO APPROXIMATELY 805 RURAL HOUSEHOLDS. PROVIED SEWER SERVICE TO APPROXIMATELY 540 RURAL HOUSEHOLDS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION IS A UTILITY COMPANY AND THE UTILITY USERS ARE MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE MEMBERS OF THE CORPORATION ELECT THE BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3COMPLETED TAX RETURN IS REVIEWED BY THE PRESIDENT OF THE BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4BOARD OF DIRECTORS REVIEWS/EVALUATES ALL EMPLOYEES AND APPROVES RATES OF PAY AS RECORDED IN THE BOARD OF DIRECTORS' MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DOCUMENTS CAN BE REQUESTED AT THE COMPANY'S OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6INSURANCE 31,516 0 0 SUPPLIES 28,107 0 0 ELECTRICITY 20,743 0 0 PROFESSIONAL FEES - CHEMI 12,000 0 0 OFFICE 8,533 0 0 GAS, OIL & FUEL 7,966 0 0 TELEPHONE 6,911 0 0 POSTAGE 4,475 0 0 WATER ANALYSIS 4,385 0 0 COMPUTER SERVICES 2,280 0 0 LICENSES & PERMITS 1,140 0 0 PEST CONTROL 815 0 0 BANK CHARGES 812 0 0 CONTRACT LABOR 800 0 0 MISCELLANEOUS 462 0 0 OTHER TAXES 421 0 0 DUES & PUBLICATIONS 418 0 0 INTERNET AND WEB COST 279 0 0 TOTAL 132,063 0 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART IX, LINE 24E
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt05213462
IRS990/TotalAssetsEOYAmt05523519
IRS990/TotalAssetsGrp/BOYAmt05213462
IRS990/TotalAssetsGrp/EOYAmt05523519
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0824568
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0234281
IRS990/TotalLiabilitiesEOYAmt0645696
IRS990/TotalLiabilitiesGrp/BOYAmt0234281
IRS990/TotalLiabilitiesGrp/EOYAmt0645696
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04979181
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04877823
IRS990/TotalProgramServiceRevenueAmt0915250
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0964098
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0964098
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt05213462
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt05523519
IRS990/TravelGrp/TotalAmt08400
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt095 N WALL STREET
IRS990/USAddress/CityNm0PANAMA CITY BEACH
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd0324617258
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0INLETBEACHWATER.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/PersonNm0JIM KELLY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum00085023144
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-08-20
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0INLET BEACH WATER SYSTEM INC
ReturnHeader/Filer/BusinessNameControlTxt0INLE
ReturnHeader/Filer/EIN0591222680
ReturnHeader/Filer/PhoneNum08502314498
ReturnHeader/Filer/USAddress/AddressLine1Txt095 N WALL ST
ReturnHeader/Filer/USAddress/CityNm0PANAMA CITY BEACH
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd0324617258
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0179431B4600AAB869BED76D039B630164F578D67
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0029961B97905C73EA0FD47C03C43DCD72600DDEB
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt096.94.27.129
ReturnHeader/FilingSecurityInformation/IPDt02018-09-17
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm015:27:52
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/PreparationDt02018-08-20
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CURTIS L CHASTAIN CPA
ReturnHeader/ReturnTs02018-09-17T15:27:52-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-07-01
ReturnHeader/TaxPeriodEndDt02018-06-30
ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,523,519
Liabilities
$645,696
Net assets
$4,877,823
Revenue
$964,098
Expenses
$824,568
Net income
$139,530
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
2018Detailed filing. Detailed filing data is available for this year.$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