Lake Village Water Association Inc
- Assets
- $5.3m
- Revenue
- $987.5k
- Investments
- $0.0
- Employees
- 9
- Location
- Burgin, KY
- Founding
- 11/1973
- Data as of
- 12/2021
- EIN
- 61-0716901
Organization Overview
Lake Village Water Association Inc is located in Burgin, KY. The organization was established in 1973. 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 12/2021, Lake Village Water Association Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Village Water Association 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 12/2021, Lake Village Water Association Inc generated $987.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 0.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S SOLE MISSION IS THE SALE OF WATER TO RURAL CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF WATER TO RURAL COMMUNITIES IN MERCER AND BOYLE COUNTIES OF KENTUCKY. APPROXIMATELY 2,250 CUSTOMERS
SALE OF WATER TO RURAL COMMUNITIES IN MERCER AND BOYLE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrea Gross Sec/treas | OfficerTrustee | 2 | $5,400 |
Kenny Carey Vice Chair | OfficerTrustee | 2 | $5,400 |
James Boyd Chairman | OfficerTrustee | 2 | $5,400 |
Jeff Hughes Director | Trustee | 2 | $5,400 |
Thomas Hager Director | Trustee | 2 | $5,400 |
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 | $37,500 |
| Investment income | $20 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,700 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $947,296 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $987,516 |
| 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. | $27,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $370,248 |
| Pension plan accruals and contributions | $28,175 |
| Other employee benefits | $37,533 |
| Payroll taxes | $27,687 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,783 |
| Fees for services: Accounting | $6,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,060 |
| Advertising and promotion | $0 |
| Office expenses | $19,578 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $62,107 |
| Travel | $16,514 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $130,222 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $305,813 |
| Insurance | $32,193 |
| All other expenses | $0 |
| Total functional expenses | $1,143,427 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,707 |
| Savings and temporary cash investments | $173,308 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $112,495 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $34,824 |
| Prepaid expenses and deferred charges | $12,451 |
| Net Land, buildings, and equipment | $4,755,969 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $212,910 |
| Total assets | $5,315,664 |
| Accounts payable and accrued expenses | $278,979 |
| 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 | $3,815,398 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,094,377 |
| Net assets without donor restrictions | $0 |
| 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 | $1,221,287 |
| Total liabilities and net assets/fund balances | $5,315,664 |
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