Southwest Milam Water Supply Corp
- Assets
- $10.0m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 21
- Location
- Rockdale, TX
- Founding
- 09/1976
- Data as of
- 12/2021
- EIN
- 74-1667030
Organization Overview
Southwest Milam Water Supply Corp is located in Rockdale, TX. The organization was established in 1976. 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, Southwest Milam Water Supply Corp employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southwest Milam 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 12/2021, Southwest Milam Water Supply Corp generated $4.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.0% each year . All expenses for the organization totaled $3.7m during the year ending 12/2021. While expenses have increased by 9.3% 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
PROVIDE POTABLE WATER TO ABOUT 3,000 RURAL MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE TREATED WELL WATER TO ABOUT 3,000 RURAL MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Nelson Vice-President | OfficerTrustee | 1 | $0 |
Ricky Stewart Secretary/treasurer | OfficerTrustee | 1 | $0 |
Kit Worley President | OfficerTrustee | 1 | $0 |
Gary Oslick Director | Trustee | 1 | $0 |
Lee Pelzel Director | Trustee | 1 | $0 |
James Cargill Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $53,950 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $111,325 |
| 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 | $165,275 |
| Total Program Service Revenue | $4,297,538 |
| Investment income | $3,790 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $25,695 |
| Net Gain/Loss on Asset Sales | $46,801 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,580,525 |
| 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 | $880,173 |
| Pension plan accruals and contributions | $45,771 |
| Other employee benefits | $175,330 |
| Payroll taxes | $63,818 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,974 |
| Fees for services: Accounting | $15,200 |
| 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 | $242,426 |
| Information technology | $40,448 |
| Royalties | $0 |
| Occupancy | $6,674 |
| Travel | $216 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,747 |
| Interest | $150,017 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $733,061 |
| Insurance | $47,052 |
| All other expenses | $0 |
| Total functional expenses | $3,728,055 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $709,147 |
| Savings and temporary cash investments | $500,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $301,369 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $71,002 |
| Prepaid expenses and deferred charges | $35,635 |
| Net Land, buildings, and equipment | $7,657,949 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $771,198 |
| Total assets | $10,046,300 |
| Accounts payable and accrued expenses | $187,629 |
| 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 | $3,263,461 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,451,090 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $545,246 |
| Paid-in or capital surplus, or land, building, or equipment fund | $2,657,848 |
| Retained earnings, endowment, accumulated income, or other funds | $3,392,116 |
| Total liabilities and net assets/fund balances | $10,046,300 |
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|---|---|---|
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Mora-San Miguel Electric Cooperative Inc Mora, NM | $28,478,652 | $12,852,709 |
Ashley-Chicot Electric Cooperative Inc Hamburg, AR | $39,523,502 | $11,933,884 |
J-A-C Electric Cooperative Inc Henrietta, TX | $27,594,358 | $11,304,543 |
Sharyland Water Supply Corporation Alton, TX | $110,187,216 | $13,299,506 |
Farmers Electric Cooperative Corporation Newport, AR | $38,614,201 | $11,561,082 |