Corbet Water Supply Corporation
- Assets
- $904.9k
- Revenue
- $701.0k
- Investments
- $0.0
- Employees
- 4
- Location
- Corsicana, TX
- Founding
- 10/1996
- Data as of
- 12/2021
- 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 12/2021, Corbet Water Supply Corporation employed 4 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 12/2021, Corbet Water Supply Corporation generated $701.0k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $858.5k during the year ending 12/2021. 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
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 | $58,980 | |
DE Renda Phillips Board Member | Trustee | 2 | $0 |
Jackie Farmer President | Trustee | 10 | $0 |
David Matthews Board Member | Trustee | 2 | $0 |
Oran Howell Board Memeber | 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 | $700,363 |
| Investment income | $667 |
| 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 | $701,030 |
| 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. | $58,980 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $139,075 |
| Pension plan accruals and contributions | $4,750 |
| Other employee benefits | $0 |
| Payroll taxes | $15,551 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,212 |
| 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 | $16,362 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $46,359 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $325 |
| Interest | $960 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $79,081 |
| Insurance | $25,342 |
| All other expenses | $31,096 |
| Total functional expenses | $858,540 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,621 |
| Savings and temporary cash investments | $143,375 |
| 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 | $758,856 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $904,852 |
| 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 | $208,607 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,447 |
| Total liabilities | $216,054 |
| 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 | $438,798 |
| Total liabilities and net assets/fund balances | $904,852 |
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