Fort Gates Water Supply Corp
- Assets
- $1.6m
- Revenue
- $713.9k
- Investments
- $0.0
- Employees
- 4
- Location
- Gatesville, TX
- Founding
- 08/1968
- Data as of
- 09/2023
- EIN
- 74-1600312
Organization Overview
Fort Gates Water Supply Corp is located in Gatesville, TX. The organization was established in 1968. 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 09/2023, Fort Gates Water Supply Corp employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fort Gates Water Supply Corp 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 09/2023, Fort Gates Water Supply Corp generated $713.9k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $725.4k during the year ending 09/2023. While expenses have increased by 7.1% per year over the past 5 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
DISTRIBUTION OF WATER TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING WATER TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dwaine Lee Director | Trustee | 40 | $117,385 |
Justin Veazey President | OfficerTrustee | 40 | $83,870 |
Cathy Truss Treasurer | OfficerTrustee | 1 | $300 |
Jerry Barton Director | Trustee | 1 | $300 |
Cecil Strickland Vice President | OfficerTrustee | 1 | $300 |
Richard Shelton Director | Trustee | 1 | $300 |
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 | $705,050 |
| Investment income | $5,200 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,679 |
| 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 | $713,929 |
| 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. | $202,955 |
| Compensation of current officers, directors, key employees. | $2,100 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $75,470 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $28,538 |
| Payroll taxes | $9,846 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,195 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,480 |
| Advertising and promotion | $0 |
| Office expenses | $8,782 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,795 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $71,958 |
| Insurance | $15,175 |
| All other expenses | $2,286 |
| Total functional expenses | $725,407 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $478,131 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $135,919 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $17,000 |
| Prepaid expenses and deferred charges | $4,307 |
| Net Land, buildings, and equipment | $937,768 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,573,125 |
| Accounts payable and accrued expenses | $37,766 |
| 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 | $24,140 |
| Total liabilities | $61,906 |
| Net assets without donor restrictions | $1,511,219 |
| 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 | $1,573,125 |