Corbet Water Supply Corporation
- Assets
- $1.1m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 10
- Location
- Corsicana, TX
- Founding
- 10/1996
- Data as of
- 12/2022
- EIN
- 75-1986004
Organization Overview
Corbet Water Supply Corporation is located in Corsicana, TX. The organization was established in 1996. 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, Corbet Water Supply Corporation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Corbet Water Supply 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 12/2022, Corbet Water Supply Corporation generated $1.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. While expenses have increased by 6.1% 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
TO PROVIDE WATER SERVICE TO RURAL COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED WATER TO RURAL COMMUNITIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Weinkauf Manager | 40 | $70,740 | |
DE Renda Phillips Board Member | Trustee | 2 | $0 |
Jackie Farmer President | Trustee | 10 | $0 |
George Satsky Board Member | Trustee | 2 | $0 |
David Matthews Board Member | Trustee | 2 | $0 |
Virginia Reed Board Member | Trustee | 2 | $0 |
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 | $1,499,344 |
| Investment income | $261 |
| 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 | $1,499,605 |
| 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. | $70,740 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $194,191 |
| Pension plan accruals and contributions | $5,442 |
| Other employee benefits | $0 |
| Payroll taxes | $25,480 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,820 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,855 |
| Advertising and promotion | $0 |
| Office expenses | $25,665 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $60,001 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $114 |
| Interest | $2,442 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $93,307 |
| Insurance | $36,103 |
| All other expenses | $23,496 |
| Total functional expenses | $1,236,587 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $196,747 |
| Savings and temporary cash investments | $143,636 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $734,681 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,075,064 |
| Accounts payable and accrued expenses | $0 |
| 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 | $119,142 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,106 |
| Total liabilities | $123,248 |
| Net assets without donor restrictions | $0 |
| 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 | $250,000 |
| Retained earnings, endowment, accumulated income, or other funds | $701,816 |
| Total liabilities and net assets/fund balances | $1,075,064 |