Mount Olive Water Association
- Assets
- $15.2m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 9
- Location
- Elkins, AR
- Founding
- 11/1983
- Data as of
- 02/2024
- EIN
- 71-0567766
Organization Overview
Mount Olive Water Association is located in Elkins, AR. The organization was established in 1983. 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 02/2024, Mount Olive Water Association employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mount Olive 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 02/2024, Mount Olive Water Association generated $5.2m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 15.0% each year . All expenses for the organization totaled $2.1m during the year ending 02/2024. While expenses have increased by 3.4% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE CLEAN WATER TO RURAL AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FRESH WATER TO OVER 2,400 MEMBERS IN RURAL AREAS OF WASHINGTON AND MADISON COUNTIES IN ARKANSAS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brandon Gabbard Secretary | OfficerTrustee | 1 | $0 |
Greg Wheeler President | OfficerTrustee | 1 | $0 |
Marla Walker Treasurer | OfficerTrustee | 1 | $0 |
Todd Socia Vice Preside | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,092,255 |
| 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 | $3,092,255 |
| Total Program Service Revenue | $2,064,350 |
| Investment income | $35,085 |
| 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 | $5,191,690 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $362,230 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $132,284 |
| Payroll taxes | $27,154 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $30,321 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $111,099 |
| Travel | $45,387 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $107,660 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $278,053 |
| Insurance | $35,001 |
| All other expenses | $28,359 |
| Total functional expenses | $2,109,019 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $830,760 |
| Savings and temporary cash investments | $1,082,862 |
| Pledges and grants receivable | $186,554 |
| Accounts receivable, net | $175,935 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $146,014 |
| Prepaid expenses and deferred charges | $12,520 |
| Net Land, buildings, and equipment | $4,141,522 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,590,855 |
| Total assets | $15,167,022 |
| Accounts payable and accrued expenses | $329,838 |
| 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 | $3,483,040 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $283,709 |
| Total liabilities | $4,096,587 |
| Net assets without donor restrictions | $10,995,435 |
| Net assets with donor restrictions | $75,000 |
| 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 | $15,167,022 |