Panacea Area Water System Inc
- Assets
- $3.3m
- Revenue
- $543.5k
- Investments
- $0.0
- Employees
- 5
- Location
- Panacea, FL
- Founding
- 01/1970
- Data as of
- 06/2023
- EIN
- 23-7050589
Organization Overview
Panacea Area Water System Inc is located in Panacea, FL. The organization was established in 1970. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2023, Panacea Area Water System Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Panacea Area Water System Inc is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 06/2023, Panacea Area Water System Inc generated $543.5k in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $644.1k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OPERATE LOCAL MEMBER OWNED RURAL WATER SYSTEM LOCATED IN PANACEA,FLORIDA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATE A LOCAL WATER SUPPLY SYSTEM IN WAKULLA COUNTY FLORIDA SERVING APPROXIMATELY 1056 MEMBERS
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Jordan President | Officer | 10 | $3,600 |
Dan Hinchee Vice President | Officer | 10 | $3,600 |
Walter Dickson Treasurer | Officer | 10 | $3,600 |
William Russell Secretary | Officer | 10 | $3,600 |
Noah Posey Director | Trustee | 10 | $3,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $540,054 |
| Investment income | $3,416 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $543,470 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $17,400 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $163,936 |
| Pension plan accruals and contributions | $4,580 |
| Other employee benefits | $38,658 |
| Payroll taxes | $13,589 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $360 |
| Fees for services: Accounting | $11,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,656 |
| Information technology | $8,247 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,772 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,870 |
| Interest | $58,632 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $129,639 |
| Insurance | $18,416 |
| All other expenses | $59,442 |
| Total functional expenses | $644,093 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,630 |
| Savings and temporary cash investments | $97,771 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $36,449 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,736 |
| Net Land, buildings, and equipment | $2,366,028 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $796,076 |
| Total assets | $3,321,690 |
| Accounts payable and accrued expenses | $68,744 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,282,420 |
| Other liabilities | $182,423 |
| Total liabilities | $1,533,587 |
| Net assets without donor restrictions | $1,788,103 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,321,690 |