PALMETTO WATER SYSTEM INC (EIN 640535898) - 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

1967

Legal Domicile

Principal Officer

TOMMY PENNINGTON

Phone

6625668455

Tax Period

2023-07-01 to 2024-06-30

PALMETTO WATER SYSTEM INC, founded in 1967, is a small nonprofit that reported $307K in total revenue in fiscal year 2023. Expenses of $287K left a modest 6% surplus.

Mission

PROVIDE COMMUNITY WATER TO A SPECIFIED AREA IN LEE AND PONTOTOC COUNTIES, MISSISSIPPI, GRANTED BY THE MISSISSIPPI PUBLIC SERVICE COMMISSION.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $300,947

Investment Income $6,090

Other Revenue $0

TOTAL REVENUE $307,037

Expense Breakdown

Grants Paid $0

Salaries & Benefits $37,628

Fundraising Expenses $0

Program Expenses $234,271

Other Expenses $249,632

TOTAL EXPENSES $287,260

Year-over-Year Comparison

	2023	2022	Change
Revenue	$307,037	$303,358	+0.0%
Expenses	$287,260	$280,392	+0.0%
Net Income	$19,777	$22,966	-0.1%

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

Total Directors

$37,628

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GARY WOOD	DIRECTOR	40.00	Director	$37,628	$0	$37,628
KENNETH HANKINS	DIRECTOR	N/A	Director	$0	$0	$0
LARRY HESTER	PRESIDENT	N/A	Officer Director	$0	$0	$0
JIMMY LINDLEY	VICE PRESIDE	N/A	Officer Director	$0	$0	$0
TOMMY PENNINGTON	SECRETARY-TR	N/A	Officer Director	$0	$0	$0

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	No data	No data	No data	No data
2024	$307,037	$287,260	$1,706,781	$19,777
2023	$303,358	$280,392	$1,675,805	$22,966
2022	$311,718	$279,585	$1,651,863	$32,133
2021	$380,123	$255,174	$1,619,791	$124,949
2020	$303,426	$217,181	$1,494,224	$86,245
2019	$295,455	$191,533	$1,410,878	$103,922

PALMETTO WATER SYSTEM INC