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Freeny Water Association FY2021 filing

Not tax-deductible

Carthage, MSMutual-benefit / member-servingSince 1968Mutual / membership EIN 62-1373723Revenue $660K in FY2021Latest return filed May 13, 2026

On file with the IRS1411 Highway 35 S, 39051-6070 · Carthage, MSTax-exempt since Jan 1998

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Provides Water to approximately two thousand members.

$5K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $120K a year · 17% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$5K
to officers and key staff · 0.8% of spending
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
18 mo
of spending, in cash
Looks good: 17.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$919K
32% of total assets
Looks good: liabilities are 32% of assets; 50% or less.
Pt X · Ln 26
Independent board members
2001
of 2001 voting members
Looks good: 2001 of 2001 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$660K
-0.06% vs prior year
Spent
$571K
To programs
0%
Net assets
$2.0M
By yearFY2020–FY2025
Revenue
$660K
FY2021-0.06%
Tap a bar for its year
Revenue by fiscal year
FY2020$660K
FY2021$660K
FY2022$662K
FY2023$761K
FY2024$768K
FY2025$839K
Expenses
$571K
FY2021▼ -3%
Tap a bar for its year
Expenses by fiscal year
FY2020$587K
FY2021$571K
FY2022$594K
FY2023$610K
FY2024$607K
FY2025$662K
Net assets
$2.0M
FY2021▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.9M
FY2021$2.0M
FY2022$2.1M
FY2023$2.2M
FY2024$2.4M
FY2025$2.5M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 1998.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

5 people listed on the 990; $5K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$960Pt VII · Sec A
Philip Crosby
Vice Preside
$960Pt VII · Sec A
Leran Ealy
Director
$960Pt VII · Sec A
H V Neal
President
$960Pt VII · Sec A
Linda Terrell
Secretary
$960Pt VII · Sec A

Compensation history total reportable pay by year · 6 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Kenneth Clayton$1,300$1,200$1,200$960$960$720
Philip Crosby$1,300$1,200$1,200$960$960$720
Leran Ealy$1,300$1,200$1,200$960$960$720
H V Neal$1,300$1,200$1,200$960$960$720
Linda Terrell$650$1,200$1,200$960$960$720
Jamey Johnson$650—————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Freeny Water Association executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Supplies clean water to about two thousand people.

Questions for Freeny Water Association

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1 program · $571K · in their own filed words · FY2020
01

Revenue from water service furnished to members enables the association to maintain the system and retire debt.

$571Kprogram expense

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$660K
Ln 12
Fees for servicesLn 2g$657K
Investment incomeLn 3$3K
Money outPt IX
$571K
Ln 25
Owns and owesPt X
$2.0M
net assets · Ln 32
Cash and savingsLn 1–2$846K
Total assetsLn 16$2.9M
LiabilitiesLn 26$919K
PeoplePt VI, VII
5
listed · VII A
PaidVII A5
Voting boardVI 1a2,001
IndependentVI 1b2,001
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$657K
Investment incomeLn 3$3K
Total revenueLn 12$660K
Assets in detailPt X, end of year
CashLn 1$277K
SavingsLn 2$570K
Cash and savings togetherLn 1–2$846K
Land, buildings, equipmentLn 10c$1.9M
Total assetsLn 16$2.9M
LiabilitiesLn 26$919K
Net assetsLn 32$2.0M
OperationsPt I, VI
EmployeesI 54
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$798K$846K
Land, buildings, equipmentLn 10c$2.1M$1.9M
Total assetsLn 16$3.0M$2.9M
LiabilitiesLn 26$1.1M$919K
Net assetsLn 32$1.9M$2.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$142K
Payroll taxesLn 10$11K
Legal feesLn 11b$1K
Accounting feesLn 11c$7K
Advertising and promotionLn 12$393
Office expensesLn 13$8K
OccupancyLn 16$77K
InterestLn 20$37K
Depreciation, depletion and amortizationLn 22$130K
InsuranceLn 23$22K
Other expenses (24a–d)Ln 24$119K
All other expensesLn 24e$16K
Total functional expensesLn 25$571K$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS May 13, 2026 $839K$662K$177K$2.5M 990 PDF
FY2024Filed with the IRS May 15, 2025 $768K$607K$160K$2.4M 990 PDF
FY2023Filed with the IRS May 15, 2024 $761K$610K$151K$2.2M 990 PDF
FY2022Filed with the IRS May 15, 2023 $662K$594K$67K$2.1M 990 PDF
FY2021 ViewingFiled with the IRS Jan 27, 2022 $660K$571K$89K$2.0M 990 PDF
FY2020Filed with the IRS May 16, 2021 $660K$587K$74K$1.9M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $660,065 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $655,333$656,711
I-10 Investment incomePrior year $5,109$3,354
I-11 Other revenue$0
I-12 Total revenuePrior year $660,442$660,065
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $144,635$153,165
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $441,884$417,429
I-18 Total expensesPrior year $586,519$570,594
I-19 Revenue less expensesPrior year $73,923$89,471
Part VI · Governance 2,001 of 2,001 board members independent, 4 to look at
VI-1a Voting members of the governing body2,001
VI-1b Independent voting members2,001
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $660,065 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $656,711$656,711
VIII-3 Investment incomeExcluded from tax $3,354$3,354
VIII-12 Total revenueRelated to mission $656,711 · Excluded from tax $3,354$660,065
Part IX · Statement of functional expenses $570,594 across 12 lines filed
IX-7 Other salaries and wages$142,085
IX-10 Payroll taxes$11,080
IX-11b Legal fees$1,200
IX-11c Accounting fees$6,580
IX-12 Advertising and promotion$393
IX-13 Office expenses$8,001
IX-16 Occupancy$76,801
IX-20 Interest$37,454
IX-22 Depreciation, depletion and amortization$129,941
IX-23 Insurance$22,078
IX-24 Other expenses (24a–d)$119,444
IX-24e All other expenses$15,537
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$570,594
Part X · Balance sheet $2,910,710 assets, 14 lines filed
X-1 Cash, non-interest-bearing$276,785
X-2 Savings and temporary cash investmentsStart of year $797,711$569,567
X-4 Accounts receivableStart of year $80,361$86,715
X-8 Inventories for sale or useStart of year $30,434$30,434
X-9 Prepaid expenses and deferred chargesStart of year $13,292$12,521
X-10c Land, buildings and equipment, netStart of year $2,060,840$1,934,688
X-16 Total assetsStart of year $2,982,638$2,910,710
X-17 Accounts payable and accrued expensesStart of year $28,702$29,072
X-25 Other liabilitiesStart of year $70,775$69,876
X-26 Total liabilitiesStart of year $1,080,474$919,075
X-27 Net assets without donor restrictionsStart of year $266,147$357,342
X-28 Net assets with donor restrictionsStart of year $1,636,017$1,634,293
X-32 Total net assets or fund balancesStart of year $1,902,164$1,991,635
X-33 Total liabilities and net assetsStart of year $2,982,638$2,910,710
Part XI · Reconciliation of net assets $1,991,635 net assets at year end
XI-1 Total revenue$660,065
XI-2 Total expenses$570,594
XI-3 Revenue less expenses$89,471
XI-4 Net assets at start of year$1,902,164
XI-10 Net assets at end of year$1,991,635

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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