Civic Intelligence

Palmetto Water System Inc

990 • Fiscal year 2018 • EIN 64-0535898

Jul 01, 2017 to Jun 30, 2018 • Filed on Oct 18, 2018

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

40th percentile

0.02x

Higher debt load relative to assets than 40% of similar nonprofits.

2018 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

50th percentile

0.10x

Higher debt load relative to revenue than 50% of similar nonprofits.

2018 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2018

Net Margin

83rd percentile

36%

Higher net margin than 83% of similar nonprofits.

2018 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

72nd percentile

$35,265

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 10.9% of source-year revenue.

2018 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2018

Asset Growth

73rd percentile

7.9%

Faster asset growth than 73% of similar nonprofits.

2018 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

72nd percentile

13%

Faster revenue growth than 72% of similar nonprofits.

2018 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets40th percentile

Assets

Up

$1,307,815

Up $96,061 (+7.9%) from 2017

Net Assets

Up

$1,275,491

Up $115,842 (+10.0%) from 2017

Liabilities

Down

$32,324

Down $19,781 (-38%) from 2017

Revenue And Expenses
Liabilities / Revenue50th percentileNet Margin83rd percentile

Revenue

Up

$323,973

Up $37,439 (+13%) from 2017

Expenses

Down

$208,493

Down $7,094 (-3.3%) from 2017

Net Income

Up

$115,480

Up $44,533 (+63%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth73rd 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

2018

Assets$1,307,815
Liabilities$32,324
Net Assets$1,275,491
Open 2018 Filing

Operations Trend

Revenue Growth72nd 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

2018

Revenue$323,973
Expenses$208,493
Net Income$115,480
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Oct 18, 2018
Return Version
2017v2.3
Gross Receipts
$323,973
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$1,140,939$1,256,781▲ $115,842
Land, Buildings, and Equipment, Net$757,196$838,571▲ $81,375
Savings and Temporary Cash Investments$270,815$271,232▲ $417
Cash and Non-Interest-Bearing Accounts$135,360$155,733▲ $20,373
Accounts Receivable$42,869$36,730▼ $6,139
Cap Stk Tr Prin Current Funds$18,710$18,710→ $0
Inventories for Sale or Use$5,434$5,469▲ $35
Prepaid Expenses and Deferred Charges$80$80→ $0
Total Assets$1,211,754$1,307,815▲ $96,061
Liabilities
Accounts Payable and Accrued Expenses$52,105$32,324▼ $19,781
Total Liabilities$52,105$32,324▼ $19,781
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,159,649$1,275,491▲ $115,842
Total Liabilities and Net Assets / Fund Balance$1,211,754$1,307,815▲ $96,061

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$835,331$815,254$1,650,585
Land$3,240-$3,240
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleBaseTotal
Gary WoodDirector$35,265$35,265

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$323,493
Investment Income
$480
Other Revenue
$0
Change in Net Assets
$115,480
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$173,228
Salaries, Compensation, and Employee Benefits$35,265
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$42,340--$42,340
All Other Expenses$36,177--$36,177
Current Officers, Directors, Trustees, and Key Employees$35,265--$35,265
Other Expenses$10,192--$10,192
Insurance$4,548--$4,548
Fees for Services Accounting$3,300--$3,300
Travel$2,100--$2,100
Office Expenses$912--$912
Advertising$172--$172
Total Functional Expenses$208,493$0$0$208,493
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
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
6623221970
Signed
2018-10-18
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
0

Preparer

Firm
Alexander Thompson Arnold Pllc
Address
5221 CLIFF GOOKIN BLVD, TUPELO, MS 38801
Preparer
Fred Page
Phone
6628421093
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Supplies 9,723 0 0 bad debts 7,417 0 0 extended warranty 7,369 0 0 bookkeeping services 5,576 0 0 professional services 2,678 0 0 bank charges 1,156 0 0 taxes and licenses 1,018 0 0 telephone 895 0 0 dues and subscriptions 345 0 0 total 36,177 0 0”

Form 990, Part XI, Line 9

“362”

Raw XML Appendix307 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/VotingMembersIndependentCnt05
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0TOMMY PENNINGTON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SECRETARY-TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum06623221970
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-10-18
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/AtSubmissionCreationDeviceId057DA44046E02AE91CBE12B1F07D1FCEC562DFDAD
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId057DA44046E02AE91CBE12B1F07D1FCEC562DFDAD
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt069.167.238.8
ReturnHeader/FilingSecurityInformation/IPDt02018-10-25
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm009:31:41
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0621110839
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ALEXANDER THOMPSON ARNOLD PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05221 CLIFF GOOKIN BLVD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TUPELO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd038801
ReturnHeader/PreparerPersonGrp/PhoneNum06628421093
ReturnHeader/PreparerPersonGrp/PreparationDt02018-10-23
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0FRED PAGE
ReturnHeader/ReturnTs02018-10-25T09:31:41-05:00
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
$1,307,815
Liabilities
$32,324
Net assets
$1,275,491
Revenue
$323,973
Expenses
$208,493
Net income
$115,480
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