Southwest Milam Water Supply Corp
- Assets
- $13.8m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 20
- Location
- Rockdale, TX
- Founding
- 09/1976
- Data as of
- 12/2022
- 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 12/2022, Southwest Milam Water Supply Corp employed 20 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 12/2022, Southwest Milam Water Supply Corp generated $5.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.6% each year . All expenses for the organization totaled $3.7m during the year ending 12/2022. While expenses have increased by 8.0% 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
2022
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 |
|---|---|---|---|
Kit Worley President | OfficerTrustee | 1 | $0 |
Thomas Nelson Vice-President | OfficerTrustee | 1 | $0 |
Ricky Stewart Secretary/treasurer | OfficerTrustee | 1 | $0 |
Larry Gilbreath Director | Trustee | 1 | $0 |
Mike Offield Director | Trustee | 1 | $0 |
James Pesl Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $29,075 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $311,439 |
| 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 | $340,514 |
| Total Program Service Revenue | $4,797,821 |
| Investment income | $13,610 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $25,679 |
| Net Gain/Loss on Asset Sales | $30,012 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,247,255 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,000 |
| 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 | $1,053,829 |
| Pension plan accruals and contributions | $55,967 |
| Other employee benefits | $193,080 |
| Payroll taxes | $77,397 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,373 |
| Fees for services: Accounting | $15,550 |
| 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 | $321,079 |
| Information technology | $39,734 |
| Royalties | $0 |
| Occupancy | $8,210 |
| Travel | $1,048 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,232 |
| Interest | $209,280 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $792,416 |
| Insurance | $57,893 |
| All other expenses | $2,324 |
| Total functional expenses | $3,710,004 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,476,865 |
| Savings and temporary cash investments | $608,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $600,611 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $117,060 |
| Prepaid expenses and deferred charges | $42,294 |
| Net Land, buildings, and equipment | $8,798,104 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,179,973 |
| Total assets | $13,822,907 |
| Accounts payable and accrued expenses | $251,727 |
| 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 | $4,996,036 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,247,763 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $574,321 |
| Paid-in or capital surplus, or land, building, or equipment fund | $3,287,489 |
| Retained earnings, endowment, accumulated income, or other funds | $4,713,334 |
| Total liabilities and net assets/fund balances | $13,822,907 |