Civic Intelligence

Inlet Beach Water System Inc

990 • Fiscal year 2020 • EIN 59-1222680

Jul 01, 2019 to Jun 30, 2020 • Filed on Oct 20, 2020

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

29th percentile

0.11x

Higher debt load relative to assets than 29% of similar nonprofits.

2020 filings • 501(c)12 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

31st percentile

0.51x

Higher debt load relative to revenue than 31% of similar nonprofits.

2020 filings • 501(c)12 • $5M-$10M nonprofits • Source year 2020

Net Margin

95th percentile

40%

Higher net margin than 95% of similar nonprofits.

2020 filings • 501(c)12 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

45th percentile

$0

Higher top officer pay than 45% of similar nonprofits.

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

2020 filings • 501(c)12 • $5M-$10M nonprofits • Source year 2020

Asset Growth

88th percentile

11%

Faster asset growth than 88% of similar nonprofits.

2020 filings • 501(c)12 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

91st percentile

30%

Faster revenue growth than 91% of similar nonprofits.

2020 filings • 501(c)12 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets29th percentile

Assets

Flat

$6,328,969

Flat from 2020

Net Assets

Flat

$5,615,819

Flat from 2020

Liabilities

Flat

$713,150

Flat from 2020

Revenue And Expenses
Liabilities / Revenue31st percentileNet Margin95th percentile

Revenue

Flat

$1,386,021

Flat from 2020

Expenses

Flat

$827,601

Flat from 2020

Net Income

Flat

$558,420

Flat from 2020

Historical Trend

Balance Sheet Trend

Asset Growth88th 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 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

2020

Assets$6,328,969
Liabilities$713,150
Net Assets$5,615,819
Open 2020 Filing

Operations Trend

Revenue Growth91st 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 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

2020

Revenue$1,386,021
Expenses$827,601
Net Income$558,420
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Oct 20, 2020
Return Version
2019v5.0
Gross Receipts
$1,386,021
Mission and Program Overview

Mission

Provide water & sewer service to rural households

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$4,806,799$5,365,219▲ $558,420
Land, Buildings, and Equipment, Net$3,342,133$3,234,363▼ $107,770
Cash and Non-Interest-Bearing Accounts$1,897,407$2,625,855▲ $728,448
Savings and Temporary Cash Investments$360,772$361,048▲ $276
Pd in Cap Srpls Land Bldg Eqp Fund$250,600$250,600→ $0
Accounts Receivable$68,217$76,197▲ $7,980
Inventories for Sale or Use$31,309$31,506▲ $197
Total Assets$5,699,838$6,328,969▲ $629,131
Liabilities
Other Liabilities$575,456$592,850▲ $17,394
Accounts Payable and Accrued Expenses$48,509$113,374▲ $64,865
Mortgage Notes Payable Secured by Investment Property$18,474$6,926▼ $11,548
Total Liabilities$642,439$713,150▲ $70,711
Net Assets / Fund Balance
Total Net Assets Fund Balance$5,057,399$5,615,819▲ $558,420
Total Liabilities and Net Assets / Fund Balance$5,699,838$6,328,969▲ $629,131

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$2,743,112$1,501,744$4,244,856
Buildings$457,641$76,624$534,265
Equipment$16,610$312,318$328,928
Land$17,000-$17,000
Compensation and Service Providers
Top Officer Pay45th percentile

Board Members and Trustees

NameTitle
Jim KellyPresident
John MazyckDirector
Ray FambroughDirector
Richard BryanDirector
Steadman S Shealy JrDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,343,489
Investment Income
$932
Other Revenue
$41,600
Change in Net Assets
$558,420
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$586,008
Salaries, Compensation, and Employee Benefits$241,593
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$227,233
Depreciation Depletion---$147,548
All Other Expenses---$105,835
Fees for Services Legal---$59,179
Other Expenses---$34,002
Payroll Taxes---$14,360
Travel---$8,400
Fees for Services Accounting---$7,965
Occupancy---$6,558
Interest---$560
Total Functional Expenses$0$0$0$827,601
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$317,250
Other Liabilities$140,000
Customer Sewer Deposits$135,600
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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
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
2020-10-20

Organization Details

Principal Officer
Jim Kelly
Formed
1967
Legal Domicile
Fl
Voting Board Members
5
Independent Board Members
5
Employees
4

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 886 rural households. Provied sewer service to approximately 641 rural households.”

Form 990, Part IX, Line 24E

“Electricity 21,046 0 0 sewer engineering, permit 20,591 0 0 insurance 13,414 0 0 professional fees - chemi 12,000 0 0 office 9,843 0 0 gas, oil & fuel 7,144 0 0 telephone 6,677 0 0 postage 4,330 0 0 water analysis 4,015 0 0 licenses & permits 1,900 0 0 computer services 1,240 0 0 bank charges 1,108 0 0 bad debt expense 820 0 0 contract labor 670 0 0 dues & publications 418 0 0 other taxes 271 0 0 internet and web cost 264 0 0 miscellaneous 84 0 0 total 105,835 0 0”

Raw XML Appendix332 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 886 RURAL HOUSEHOLDS. PROVIED SEWER SERVICE TO APPROXIMATELY 641 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/ExplanationTxt6ELECTRICITY 21,046 0 0 SEWER ENGINEERING, PERMIT 20,591 0 0 INSURANCE 13,414 0 0 PROFESSIONAL FEES - CHEMI 12,000 0 0 OFFICE 9,843 0 0 GAS, OIL & FUEL 7,144 0 0 TELEPHONE 6,677 0 0 POSTAGE 4,330 0 0 WATER ANALYSIS 4,015 0 0 LICENSES & PERMITS 1,900 0 0 COMPUTER SERVICES 1,240 0 0 BANK CHARGES 1,108 0 0 BAD DEBT EXPENSE 820 0 0 CONTRACT LABOR 670 0 0 DUES & PUBLICATIONS 418 0 0 OTHER TAXES 271 0 0 INTERNET AND WEB COST 264 0 0 MISCELLANEOUS 84 0 0 TOTAL 105,835 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/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt05699838
IRS990/TotalAssetsEOYAmt06328969
IRS990/TotalAssetsGrp/BOYAmt05699838
IRS990/TotalAssetsGrp/EOYAmt06328969
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0827601
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0642439
IRS990/TotalLiabilitiesEOYAmt0713150
IRS990/TotalLiabilitiesGrp/BOYAmt0642439
IRS990/TotalLiabilitiesGrp/EOYAmt0713150
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt05057399
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt05615819
IRS990/TotalProgramServiceRevenueAmt01343489
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01386021
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01386021
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt05699838
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06328969
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/BuildTS02021-04-22 16:20:28Z
ReturnHeader/BusinessOfficerGrp/PersonNm0JIM KELLY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum00085023144
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-10-20
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/AtSubmissionCreationDeviceId038C3DAC5D0659F66633BBE78116EF194D9EF3593
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0029961B97905C73EA0FD47C03C43DCD72600DDEB
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt096.94.27.129
ReturnHeader/FilingSecurityInformation/IPDt02020-11-15
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm010:04:25
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/PreparationDt02020-10-20
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CURTIS L CHASTAIN CPA
ReturnHeader/ReturnTs02020-11-15T10:04:25-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,328,969
Liabilities
$713,150
Net assets
$5,615,819
Revenue
$1,386,021
Expenses
$827,601
Net income
$558,420
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
2020Detailed filing. Detailed filing data is available for this year.$6.33$0.71$5.62$1.39$0.83$0.56
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