Civic Intelligence

Palmetto Water System Inc

990 • Fiscal year 2017 • EIN 64-0535898

Jul 01, 2016 to Jun 30, 2017 • Filed on Oct 24, 2017

Organization ProfileN/A
420 Palmetto RdTupelo, MS 38801

(662) 566-8455

Siviq Scores

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

Liabilities / Assets

44th percentile

0.04x

Higher debt load relative to assets than 44% of similar nonprofits.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

58th percentile

0.18x

Higher debt load relative to revenue than 58% of similar nonprofits.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2017

Net Margin

75th percentile

25%

Higher net margin than 75% of similar nonprofits.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

73rd percentile

$35,225

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 12.3% of source-year revenue.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2017

Asset Growth

66th percentile

7.6%

Faster asset growth than 66% of similar nonprofits.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2015 to 2017

Revenue Growth

56th percentile

4.4%

Faster revenue growth than 56% of similar nonprofits.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2015 to 2017

Balance Sheet
Liabilities / Assets44th percentile

Assets

Up

$1,211,754

Up $164,885 (+16%) from 2015

Net Assets

Up

$1,159,649

Up $160,079 (+16%) from 2015

Liabilities

Up

$52,105

Up $4,806 (+10%) from 2015

Revenue And Expenses
Liabilities / Revenue58th percentileNet Margin75th percentile

Revenue

Up

$286,534

Up $23,779 (+9.0%) from 2015

Expenses

Up

$215,587

Up $43,556 (+25%) from 2015

Net Income

Down

$70,947

Down $19,777 (-22%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth66th percentile

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

$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

2017

Assets$1,211,754
Liabilities$52,105
Net Assets$1,159,649
Open 2017 Filing

Operations Trend

Revenue Growth56th percentile

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

2017

Revenue$286,534
Expenses$215,587
Net Income$70,947
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Oct 24, 2017
Return Version
2016v3.0
Gross Receipts
$286,534
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.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$1,069,992$1,140,939▲ $70,947
Land, Buildings, and Equipment, Net$648,045$757,196▲ $109,151
Savings and Temporary Cash Investments$270,414$270,815▲ $401
Cash and Non-Interest-Bearing Accounts$168,551$135,360▼ $33,191
Accounts Receivable$44,735$42,869▼ $1,866
Cap Stk Tr Prin Current Funds$18,200$18,710▲ $510
Inventories for Sale or Use$5,434$5,434→ $0
Prepaid Expenses and Deferred Charges$80$80→ $0
Total Assets$1,137,259$1,211,754▲ $74,495
Liabilities
Accounts Payable and Accrued Expenses$49,067$52,105▲ $3,038
Total Liabilities$49,067$52,105▲ $3,038
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,088,192$1,159,649▲ $71,457
Total Liabilities and Net Assets / Fund Balance$1,137,259$1,211,754▲ $74,495

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$750,731$772,914$1,523,645
Land$3,240-$3,240
Buildings$3,225-$3,225
Compensation and Service Providers
Top Officer Pay73rd percentile

Employees

NameTitleBaseTotal
Gary WoodDirector$35,225$35,225

Board Members and Trustees

NameTitle
Larry HesterPresident
Joe UptonDirector
Tommy PenningtonSecretary-tr
Mark JarrettVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$286,066
Investment Income
$468
Other Revenue
$0
Change in Net Assets
$70,947
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$180,362
Salaries, Compensation, and Employee Benefits$35,225
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$40,946--$40,946
Current Officers, Directors, Trustees, and Key Employees$35,225--$35,225
Other Expenses$17,526--$17,526
All Other Expenses$15,818--$15,818
Insurance$4,517--$4,517
Fees for Services Accounting$3,300--$3,300
Travel$2,190--$2,190
Office Expenses$466--$466
Advertising$175--$175
Total Functional Expenses$215,587$0$0$215,587
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
Yes
Audit committee
No
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
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
420 PALMETTO RD, TUPELO, MS 38801

Signing Officer

Name
Tommy Pennington
Title
Secretary-treasurer
Phone
6625668455
Signed
2017-10-24

Organization Details

Principal Officer
Tommy Pennington
Formed
1967
Legal Domicile
Ms
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Je Vance & Company Pa
Address
PO BOX 1280/825 JEFFERSON ST, TUPELO, MS 38802
Preparer
James E Vance
Phone
6628422123
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“MEMBER CONTRIBUTIONS 510”

Raw XML Appendix301 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/ExplanationTxt3UPON REQUEST
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ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PALMETTO WATER SYSTEM INC
ReturnHeader/Filer/BusinessNameControlTxt0PALM
ReturnHeader/Filer/EIN0640535898
ReturnHeader/Filer/PhoneNum06625668455
ReturnHeader/Filer/USAddress/AddressLine1Txt0420 PALMETTO RD
ReturnHeader/Filer/USAddress/CityNm0TUPELO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MS
ReturnHeader/Filer/USAddress/ZIPCd038801
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId02ECD5F2415C29E6F6C389B7D65DC4ABFDC558C3D
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId03572BEBB2CE418BF6DE9908884FB162166186B54
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0640789840
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0JE VANCE & COMPANY PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 1280/825 JEFFERSON ST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TUPELO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd038802
ReturnHeader/PreparerPersonGrp/PhoneNum06628422123
ReturnHeader/PreparerPersonGrp/PreparationDt02017-10-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAMES E VANCE
ReturnHeader/ReturnTs02017-10-25T11:18:19-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-07-01
ReturnHeader/TaxPeriodEndDt02017-06-30
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,211,754
Liabilities
$52,105
Net assets
$1,159,649
Revenue
$286,534
Expenses
$215,587
Net income
$70,947
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