Southern Oklahoma Water Corporation
- Assets
- $17.9m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Ardmore, OK
- Founding
- 09/1975
- Data as of
- 12/2023
- EIN
- 73-0790077
Organization Overview
Southern Oklahoma Water Corporation is located in Ardmore, OK. The organization was established in 1975. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Oklahoma Water Corporation 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 12/2023, Southern Oklahoma Water Corporation generated $5.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $4.9m during the year ending 12/2023. While expenses have increased by 10.5% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SOUTHERN OKLAHOMA WATER CORPORATION WAS FOUNDED AS AN EXEMPT ORGANIZATION FOR THE SOLE PURPOSE OF PROVIDING A PUBLIC DISTRIBUTION SYSTEM OF SAFE CLEAN DRINKING WATER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRODUCTION AND DISTRIBUTION OF SAFE DRINKING WATER TO OVER 4000 RURAL MEMBERS IN SOUTH CENTRAL OKLAHOMA.
N/A
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glen Jones Chairman | OfficerTrustee | 0 | $0 |
Lewis Hope Vice Chairman | OfficerTrustee | 0 | $0 |
Lonnie Stewart Member | Trustee | 0 | $0 |
Jacob Tynes Member At Large | Trustee | 0 | $0 |
Troy Duke Secretary/ Treasurer | OfficerTrustee | 0 | $0 |
Denice Halstied Member | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Core & Main Supplier | 12/30/19 | $373,456 |
M & T Septic Construction | 12/30/19 | $781,749 |
Lone Hickory Cattle Construction | 12/30/19 | $322,978 |
Blue Cross Blue Sheild Health Insurance | 12/30/19 | $177,477 |
S & S Telemetry Construction | 12/30/19 | $133,646 |
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 | $5,309,040 |
| Investment income | $149,777 |
| 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 | $5,481,534 |
| 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. | $128,123 |
| Compensation of current officers, directors, key employees. | $12,812 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,107,269 |
| Pension plan accruals and contributions | $49,308 |
| Other employee benefits | $0 |
| Payroll taxes | $78,173 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $59,223 |
| Fees for services: Accounting | $15,575 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $409,619 |
| Advertising and promotion | $0 |
| Office expenses | $787,940 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $426 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $512,633 |
| Insurance | $113,289 |
| All other expenses | $0 |
| Total functional expenses | $4,873,411 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,640,493 |
| Savings and temporary cash investments | $576,679 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $514,845 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $412,371 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $12,745,032 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $17,889,420 |
| Accounts payable and accrued expenses | $742,909 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $742,909 |
| Net assets without donor restrictions | $17,146,511 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $17,889,420 |