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Marshall County Water Coproration FY2023 filing

Madill, OKUnknown exempt organization EIN 73-0939020Revenue $5.7M in FY2023

On file with the IRSPo Box 688 · Madill, OK

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The corporation provides a waterworks distribution system for its members.

Mission: Form 990 Part I, line 1

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $566K a year · 15% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
7 mo
of spending, in cash
Looks good: 7.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$8.7M
37% of total assets
Looks good: liabilities are 37% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$5.7M
+10% vs prior year
Spent
$4.8M
To programs
0%
Net assets
$14.5M
By yearFY2020–FY2024
Revenue
$5.7M
FY2023▲ +10%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.7M
FY2021$4.4M
FY2022$5.2M
FY2023$5.7M
FY2024$0
Expenses
$4.8M
FY2023▲ +16%
Tap a bar for its year
Expenses by fiscal year
FY2020$3.4M
FY2021$4.0M
FY2022$4.1M
FY2023$4.8M
FY2024$0
Net assets
$14.5M
FY2023▲ +7%
Tap a bar for its year
Net assets by fiscal year
FY2020$12.0M
FY2021$12.5M
FY2022$13.6M
FY2023$14.5M
FY2024$0

From the FY2023 Form 990 (year ending June 2023) · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

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

Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
Thomas Herndon
Vice Chairma
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Jay Porter
Chairman
$0Pt VII · Sec A
Chris Webb
Secretary/Tr
$0Pt VII · Sec A
See Marshall County Water Coproration executive salaries →

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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 15aYes

Programs and updates

Distributes waterworks systems to members.

Questions for Marshall County Water Coproration

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Provided by the organization

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1 program · in their own filed words · FY2022
01

To provide water services to its members.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$5.7M
Ln 12
Fees for servicesLn 2g$5.3M
Gifts and grantsLn 1h$423K
Investment incomeLn 3$51K
Money outPt IX
$4.8M
Ln 25
Owns and owesPt X
$14.5M
net assets · Ln 32
Cash and savingsLn 1–2$3.0M
Total assetsLn 16$23.2M
LiabilitiesLn 26$8.7M
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$423K
Fees for servicesLn 2g$5.3M
Investment incomeLn 3$51K
Total revenueLn 12$5.7M
Assets in detailPt X, end of year
CashLn 1$3.0M
Cash and savings togetherLn 1–2$3.0M
InvestmentsLn 11–13$5K
Land, buildings, equipmentLn 10c$19.4M
Total assetsLn 16$23.2M
LiabilitiesLn 26$8.7M
Net assetsLn 32$14.5M
OperationsPt I, VI
EmployeesI 50
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 FY23End FY23
Cash and savingsLn 1–2$2.7M$3.0M
InvestmentsLn 11–13$5K$5K
Land, buildings, equipmentLn 10c$19.7M$19.4M
Total assetsLn 16$23.4M$23.2M
LiabilitiesLn 26$9.8M$8.7M
Net assetsLn 32$13.6M$14.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$749K
Pension plan contributionsLn 8$33K
Other employee benefitsLn 9$136K
Payroll taxesLn 10$61K
Legal feesLn 11b$27K
Accounting feesLn 11c$14K
Other fees for servicesLn 11g$102K
Advertising and promotionLn 12$606
Office expensesLn 13$77K
Information technologyLn 14$143K
OccupancyLn 16$253K
TravelLn 17$539
InterestLn 20$266K
InsuranceLn 23$92K
Other expenses (24a–d)Ln 24$2.5M
All other expensesLn 24e$337K
Total functional expensesLn 25$4.8M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $0$0$0$0 990 PDF
FY2023 Viewing $5.7M$4.8M$933K$14.5M 990 PDF
FY2022 $5.2M$4.1M$1.1M$13.6M 990 PDF
FY2021 $4.4M$4.0M$465K$12.5M 990 PDF
FY2020 $3.7M$3.4M$357K$12.0M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $5,732,631 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $663,298$423,260
I-9 Program service revenuePrior year $4,553,066$5,258,009
I-10 Investment incomePrior year $4,854$51,362
I-11 Other revenue$0
I-12 Total revenuePrior year $5,221,218$5,732,631
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $912,201$979,216
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $3,236,111$3,820,088
I-18 Total expensesPrior year $4,148,312$4,799,304
I-19 Revenue less expensesPrior year $1,072,906$933,327
Part VI · Governance 7 of 7 board members independent, 3 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $5,732,631 across 5 lines filed
VIII-1b Membership dues$423,260
VIII-1h Total contributions, gifts and grants$423,260
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $5,258,009$5,258,009
VIII-3 Investment incomeExcluded from tax $51,362$51,362
VIII-12 Total revenueRelated to mission $5,258,009 · Excluded from tax $51,362$5,732,631
Part IX · Statement of functional expenses $4,799,304 across 16 lines filed
IX-7 Other salaries and wages$749,128
IX-8 Pension plan contributions$33,275
IX-9 Other employee benefits$135,586
IX-10 Payroll taxes$61,227
IX-11b Legal fees$26,931
IX-11c Accounting fees$14,360
IX-11g Other fees for services$101,956
IX-12 Advertising and promotion$606
IX-13 Office expenses$77,055
IX-14 Information technology$143,330
IX-16 Occupancy$252,845
IX-17 Travel$539
IX-20 Interest$266,139
IX-23 Insurance$91,710
IX-24 Other expenses (24a–d)$2,507,986
IX-24e All other expenses$336,631
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$4,799,304
Part X · Balance sheet $23,194,936 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $2,710,440$2,973,628
X-4 Accounts receivableStart of year $430,239$460,063
X-8 Inventories for sale or useStart of year $133,725$282,900
X-9 Prepaid expenses and deferred chargesStart of year $82,760$86,972
X-10c Land, buildings and equipment, netStart of year $19,692,543$19,386,153
X-11 Publicly traded securitiesStart of year $5,220$5,220
X-16 Total assetsStart of year $23,354,926$23,194,936
X-17 Accounts payable and accrued expensesStart of year $207,943$228,488
X-19 Deferred revenueStart of year $25,586$25,586
X-26 Total liabilitiesStart of year $9,774,847$8,681,530
X-27 Net assets without donor restrictionsStart of year $13,580,079$14,513,406
X-32 Total net assets or fund balancesStart of year $13,580,079$14,513,406
X-33 Total liabilities and net assetsStart of year $23,354,926$23,194,936
Part XI · Reconciliation of net assets $14,513,406 net assets at year end
XI-1 Total revenue$5,732,631
XI-2 Total expenses$4,799,304
XI-3 Revenue less expenses$933,327
XI-4 Net assets at start of year$13,580,079
XI-10 Net assets at end of year$14,513,406

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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