LAKE PANASOFFKEE WATER ASSOCIATION INC (EIN 591236062) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1965

Legal Domicile

Principal Officer

JOEL MERRITT

Phone

3527934236

Tax Period

2024-07-01 to 2025-06-30

LAKE PANASOFFKEE WATER ASSOCIATION INC, founded in 1965, is a small nonprofit that reported $675K in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion. Net assets of $1.9M represent 34 months of operating reserves.

Mission

TO MAINTAIN A RURAL WATER UTILITY

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $644,899

Investment Income $30,436

Other Revenue $0

TOTAL REVENUE $675,335

Expense Breakdown

Grants Paid $0

Salaries & Benefits $373,309

Fundraising Expenses $0

Program Expenses $698,150

Other Expenses $324,841

TOTAL EXPENSES $698,150

Year-over-Year Comparison

	2024	2023	Change
Revenue	$675,335	$603,443	+0.1%
Expenses	$698,150	$726,399	0.0%
Net Income	$-22,815	$-122,956	-0.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✗ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,800

Total Directors

$3,500

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOEL MERRITT	PRESIDENT	1.00	Officer Director	$600	$0	$600
MARK WEBER	VICE-PRESIDENT	0.50	Officer Director	$600	$0	$600
ALBERT BAKER	DIRECTOR	0.50	Director	$600	$0	$600
ROBERT NORRIS	SECRETARY/TREASURER	0.50	Officer Director	$600	$0	$600
TERRY DICKERSON	DIRECTOR	0.50	Director	$200	$0	$200
MARGARET SUE HACKETT	DIRECTOR	0.50	Director	$600	$0	$600
JACQUELYN COOK	DIRECTOR	0.50	Director	$300	$0	$300

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$675,335	$698,150	$2,028,981	$-22,815
2024	$603,443	$726,399	$2,031,661	$-122,956
2023	$617,585	$666,735	$2,152,856	$-49,150
2022	$528,076	$605,035	$2,192,149	$-76,959
2021	$535,249	$573,882	$2,256,964	$-38,633
2020	$538,953	$539,825	$2,281,441	$-872
2019	$514,534	$469,399	$2,285,658	$45,135
2018	$494,676	$496,154	$2,247,512	$-1,478

LAKE PANASOFFKEE WATER ASSOCIATION INC