Farmington Water Association
- Assets
- $4.5m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 10
- Location
- Corinth, MS
- Founding
- 05/1989
- Data as of
- 06/2021
- EIN
- 64-0475693
Organization Overview
Farmington Water Association is located in Corinth, MS. The organization was established in 1989. 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 06/2021, Farmington Water Association employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmington Water Association 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 06/2021, Farmington Water Association generated $1.0m 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 $980.1k during the year ending 06/2021. While expenses have increased by 1.8% 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
PROVIDES WATER SERVICES TO APPROXIMATELY 2600 CUSTOMERS IN ALCORN COUNTY, MISSISSIPPI.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED WATER SERVICE TO APPROXIMATELY 2600 CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Danny Bingham Vice-Preside | OfficerTrustee | $0 | |
Clayton Young Secretary/tr | OfficerTrustee | $0 | |
Bobby Simmons President | OfficerTrustee | $0 | |
Jerry Johnson Director | Trustee | $0 | |
Jerry Miller Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $4,177 |
| 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 | $1,023,599 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $244,598 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $48,530 |
| Payroll taxes | $23,160 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,666 |
| Fees for services: Accounting | $9,665 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,141 |
| Advertising and promotion | $1,183 |
| Office expenses | $30,590 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $96,731 |
| Travel | $3,822 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,998 |
| Interest | $85,631 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $210,748 |
| Insurance | $31,070 |
| All other expenses | $0 |
| Total functional expenses | $980,147 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $339,678 |
| Savings and temporary cash investments | $696,888 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $156,379 |
| 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 | $13,149 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,489,313 |
| Accounts payable and accrued expenses | $35,988 |
| 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 | $1,670,741 |
| Other liabilities | $116,253 |
| Total liabilities | $1,822,982 |
| 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 |
| Total liabilities and net assets/fund balances | $2,666,331 |
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