Civic Intelligence

Palmetto Water System Inc

EIN 64-0535898 • 501(c)4 • Tupelo, MS

Profile

Provide community water to a specified area in lee and pontotoc counties, mississippi, granted by the mississippi public service commission.

536 Palmetto RdTupelo, MS 38801

n/A

Siviq Scores

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

Liabilities / Assets

60th percentile

0.10x

Higher debt load relative to assets than 60% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2025

Liabilities / Revenue

67th percentile

0.22x

Higher debt load relative to revenue than 67% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2025

Net Margin

95th percentile

76%

Higher net margin than 95% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Source year 2025

Top Officer Pay

85th percentile

$37,902

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 12.5% of source-year revenue.

501(c)4 • $1M-$5M nonprofits • Source year 2023

Asset Growth

95th percentile

68%

Faster asset growth than 95% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Revenue Growth

97th percentile

300%

Faster revenue growth than 97% of similar nonprofits.

501(c)4 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets60th percentile

Assets

Up

$2,870,384

Up $1,163,603 (+68%) from 2024

Liabilities

Up

$273,157

Up $235,656 (+628%) from 2024

Net Assets

Up

$2,597,227

Up $927,947 (+56%) from 2024

Operations
Liabilities / Revenue67th percentileNet Margin95th percentile

Revenue

Up

$1,227,629

Up $920,592 (+300%) from 2024

Expenses

Up

$292,222

Up $4,962 (+1.7%) from 2024

Net Income

Up

$935,407

Up $915,630 (+4630%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth95th percentile

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

$3.0M$2.0M$1.0M$0Assets 2012: $925,815Liabilities 2012: $151,784Net Assets 2012: $774,0312012Assets 2013: $933,859Liabilities 2013: $99,854Net Assets 2013: $834,0052013Assets 2014: $954,131Liabilities 2014: $45,595Net Assets 2014: $908,5362014Assets 2015: $1,046,869Liabilities 2015: $47,299Net Assets 2015: $999,5702015Assets 2017: $1,211,754Liabilities 2017: $52,105Net Assets 2017: $1,159,6492017Assets 2018: $1,307,815Liabilities 2018: $32,324Net Assets 2018: $1,275,4912018Assets 2019: $1,410,878Liabilities 2019: $31,465Net Assets 2019: $1,379,4132019Assets 2020: $1,494,224Liabilities 2020: $28,106Net Assets 2020: $1,466,1182020Assets 2021: $1,619,791Liabilities 2021: $28,064Net Assets 2021: $1,591,7272021Assets 2022: $1,651,863Liabilities 2022: $27,543Net Assets 2022: $1,624,3202022Assets 2023: $1,675,805Liabilities 2023: $28,109Net Assets 2023: $1,647,6962023Assets 2024: $1,706,781Liabilities 2024: $37,501Net Assets 2024: $1,669,2802024Assets 2025: $2,870,384Liabilities 2025: $273,157Net Assets 2025: $2,597,2272025

Highlighted filing

2025

Assets$2,870,384
Liabilities$273,157
Net Assets$2,597,227
Open 2025 Filing

Operations Trend

Revenue Growth97th percentile

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

$1.5M$1.0M$500K$0Revenue 2012: $228,346Expenses 2012: $171,497Net Income 2012: $56,8492012Revenue 2013: $222,494Expenses 2013: $162,830Net Income 2013: $59,6642013Revenue 2014: $248,111Expenses 2014: $173,950Net Income 2014: $74,1612014Revenue 2015: $262,755Expenses 2015: $172,031Net Income 2015: $90,7242015Revenue 2017: $286,534Expenses 2017: $215,587Net Income 2017: $70,9472017Revenue 2018: $323,973Expenses 2018: $208,493Net Income 2018: $115,4802018Revenue 2019: $295,455Expenses 2019: $191,533Net Income 2019: $103,9222019Revenue 2020: $303,426Expenses 2020: $217,181Net Income 2020: $86,2452020Revenue 2021: $380,123Expenses 2021: $255,174Net Income 2021: $124,9492021Revenue 2022: $311,718Expenses 2022: $279,585Net Income 2022: $32,1332022Revenue 2023: $303,358Expenses 2023: $280,392Net Income 2023: $22,9662023Revenue 2024: $307,037Expenses 2024: $287,260Net Income 2024: $19,7772024Revenue 2025: $1,227,629Expenses 2025: $292,222Net Income 2025: $935,4072025

Highlighted filing

2025

Revenue$1,227,629
Expenses$292,222
Net Income$935,407
Open 2025 Filing

Filings

Most recent year

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

Open filing
Assets
$2,870,384
Liabilities
$273,157
Net assets
$2,597,227
Revenue
$1,227,629
Expenses
$292,222
Net income
$935,407
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.87$0.27$2.60$1.23$0.29$0.94
2024Detailed filing. Detailed filing data is available for this year.$1.71$0.04$1.67$0.31$0.29$0.02
2023Detailed filing. Detailed filing data is available for this year.$1.68$0.03$1.65$0.30$0.28$0.02
2022Detailed filing. Detailed filing data is available for this year.$1.65$0.03$1.62$0.31$0.28$0.03
2021Detailed filing. Detailed filing data is available for this year.$1.62$0.03$1.59$0.38$0.26$0.12
2020Detailed filing. Detailed filing data is available for this year.$1.49$0.03$1.47$0.30$0.22$0.09
2019Detailed filing. Detailed filing data is available for this year.$1.41$0.03$1.38$0.30$0.19$0.10
2018Detailed filing. Detailed filing data is available for this year.$1.31$0.03$1.28$0.32$0.21$0.12
2017Detailed filing. Detailed filing data is available for this year.$1.21$0.05$1.16$0.29$0.22$0.07
2015Summary only. Only limited summary data is available for this year.$1.05$0.05$1.00$0.26$0.17$0.09
2014Summary only. Only limited summary data is available for this year.$0.95$0.05$0.91$0.25$0.17$0.07
2013Summary only. Only limited summary data is available for this year.$0.93$0.10$0.83$0.22$0.16$0.06
2012Summary only. Only limited summary data is available for this year.$0.93$0.15$0.77$0.23$0.17$0.06
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Oct 24, 2025
Return Version
2024v5.0
Gross Receipts
$1,227,629
Mission and Program Overview

Mission

Provide community water to a specified area in lee and pontotoc counties, mississippi, granted by the mississippi public service commission.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,233,702$1,164,466▼ $69,236
Cash and Non-Interest-Bearing Accounts$265,820$274,670▲ $8,850
Pledges and Grants Receivable-$246,113-
Savings and Temporary Cash Investments$155,773$230,810▲ $75,037
Accounts Receivable$25,258$23,761▼ $1,497
Prepaid Expenses and Deferred Charges$5,636$6,034▲ $398
Inventories for Sale or Use$12,592$4,792▼ $7,800
Total Assets$1,706,781$2,870,384▲ $1,163,603
Other Assets Total$8,000$919,738▲ $911,738
Liabilities
Accounts Payable and Accrued Expenses$37,501$273,157▲ $235,656
Total Liabilities$37,501$273,157▲ $235,656
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,669,280$2,597,227▲ $927,947
Total Net Assets Fund Balance$1,669,280$2,597,227▲ $927,947
Total Liabilities and Net Assets / Fund Balance$1,706,781$2,870,384▲ $1,163,603

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$677,721$1,184,643$1,862,364
Buildings$433,505$40,254$473,759
Land$53,240-$53,240
Other Assets Org$919,738--
Compensation and Service Providers
Top Officer Pay85th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Gary WoodDirectorFT$37,835$37,835

Board Members and Trustees

NameTitle
Larry HesterPresident
Kenneth HankinsDirector
Tommy PenningtonSecretary-tr
Jimmy LindleyVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$909,632
Program Service Revenue
$307,399
Investment Income
$10,598
Other Revenue
$0
Change in Net Assets
$935,407

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,227,629
Total Revenue per Audited Statements
$1,227,629
Total Revenue per Form 990
$1,227,629
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$254,387
Salaries, Compensation, and Employee Benefits$37,835
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$51,254$26,637-$77,891
Depreciation Depletion$65,774$3,462-$69,236
Current Officers, Directors, Trustees, and Key Employees$37,835--$37,835
Occupancy$30,444$3,382-$33,826
Office Expenses$6,476$10,254-$16,730
Insurance$7,723$2,575-$10,298
All Other Expenses$5,271--$5,271
Fees for Services Accounting-$4,030-$4,030
Other Expenses$2,703$2,848-$2,703
Travel$2,100--$2,100
Advertising$405--$405
Total Functional Expenses$239,034$53,188$0$292,222

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$292,222
Total Expenses per Audited Statements$292,222
Total Expenses per Form 990$292,222
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“YES”

Form 990, Page 6, Part VI, Line 6

“YES”

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

“YES”

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

“UPON REQUEST”

Form 990, Page 6, Part VI, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the general public upon request.”

Filing and Contact Details

Filer

Filer Name
Palmetto Water System Inc
EIN
64-0535898
Phone
6625668455
Address
536 PALMETTO RD, TUPELO, MS 38801

Signing Officer

Name
Tommy Pennington
Title
Secretary-treasurer
Phone
6625668455
Signed
2025-10-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tommy Pennington
Formed
1967
Legal Domicile
Ms
Voting Board Members
5
Independent Board Members
5
Employees
1

Preparer

Firm
Vance & Company Pa
Address
PO BOX 1280/330 JEFFERSON ST SUITE, TUPELO, MS 38802
Preparer
Laura Spencer
Phone
6628422123
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Repairs and maintenance 32,466 0 0 meter readings and collection 18,788 0 0 bookkeeping services 0 26,637 0 total 51,254 26,637 0”

Form 990, Part XI, Line 9

“MEMBER CONTRIBUTIONS 340”

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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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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt053240
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0919738
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CONSTRUCTION IN PROGRESS
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt0919738
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1YES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2YES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5REPAIRS AND MAINTENANCE 32,466 0 0 METER READINGS AND COLLECTION 18,788 0 0 BOOKKEEPING SERVICES 0 26,637 0 TOTAL 51,254 26,637 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6MEMBER CONTRIBUTIONS 340
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
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 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 9
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IRS990/TotalLiabilitiesEOYAmt0273157
IRS990/TotalLiabilitiesGrp/BOYAmt037501
IRS990/TotalLiabilitiesGrp/EOYAmt0273157
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01669280
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IRS990/TotalProgramServiceRevenueAmt0307399
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01227629
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IRS990/TravelGrp/TotalAmt02100
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IRS990/USAddress/AddressLine1Txt0536 PALMETTO ROAD
IRS990/USAddress/CityNm0TUPELO
IRS990/USAddress/StateAbbreviationCd0MS
IRS990/USAddress/ZIPCd038801
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IRS990/VotingMembersIndependentCnt05
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0TOMMY PENNINGTON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SECRETARY-TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum06625668455
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-10-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PALMETTO WATER SYSTEM INC
ReturnHeader/Filer/BusinessNameControlTxt0PALM
ReturnHeader/Filer/EIN0640535898
ReturnHeader/Filer/PhoneNum06625668455
ReturnHeader/Filer/USAddress/AddressLine1Txt0536 PALMETTO RD
ReturnHeader/Filer/USAddress/CityNm0TUPELO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MS
ReturnHeader/Filer/USAddress/ZIPCd038801
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0640789840
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0VANCE & COMPANY PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 1280/330 JEFFERSON ST SUITE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TUPELO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd038802
ReturnHeader/PreparerPersonGrp/PhoneNum06628422123
ReturnHeader/PreparerPersonGrp/PreparationDt02025-10-24
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LAURA SPENCER
ReturnHeader/ReturnTs02025-10-24T09:50:56-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-07-01
ReturnHeader/TaxPeriodEndDt02025-06-30
ReturnHeader/TaxYr02024

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