Palmetto Water System Inc
- Assets
- $1.7m
- Revenue
- $311.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Tupelo, MS
- Founding
- Data as of
- 06/2022
- EIN
- 64-0535898
Organization Overview
Palmetto Water System Inc is located in Tupelo, MS. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmetto Water System Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, Palmetto Water System Inc generated $311.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $279.6k during the year ending 06/2022. While expenses have increased by 7.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE COMMUNITY WATER TO A SPECIFIED AREA IN LEE AND PONTOTOC COUNTIES, MISSISSIPPI, GRANTED BY THE MISSISSIPPI PUBLIC SERVICE COMMISSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE COMMUNITY WATER TO A SPECIFIED AREA IN LEE AND PONTOTOC COUNTIES, MISSISSIPPI, GRANTED BY THE MISSISSIPPI PUBLIC SERVICE COMMISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Wood Director | Trustee | 40 | $37,173 |
Tommy Pennington Secretary-Tr | OfficerTrustee | $0 | |
Jimmy Lindley Vice Preside | OfficerTrustee | $0 | |
Larry Hester President | OfficerTrustee | $0 | |
Kenneth Hankins Director | Trustee | $0 |
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 | $310,601 |
| Investment income | $116 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,001 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $311,718 |
| 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. | $37,173 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $90,669 |
| Advertising and promotion | $171 |
| Office expenses | $15,446 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $27,755 |
| Travel | $2,100 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $58,014 |
| Insurance | $5,331 |
| All other expenses | $5,533 |
| Total functional expenses | $279,585 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $111,380 |
| Savings and temporary cash investments | $152,178 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,144 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,095 |
| Prepaid expenses and deferred charges | $200 |
| Net Land, buildings, and equipment | $1,351,866 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,651,863 |
| Accounts payable and accrued expenses | $27,543 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $27,543 |
| Net assets without donor restrictions | $1,624,320 |
| 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 | $1,651,863 |
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