Multi-County Water Supply

Not tax-deductible

Gatesville, TXMutual-benefit / member-servingEIN 74-2146767Revenue $1.5M in FY2024

On file with the IRSPo Box 1006, 76528-6006 · Gatesville, TXTax-exempt since Feb 1984

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The Corporation provides water to rural water users. They had approx. 1300 active customers at year end.

98¢ of each $1 spent went to programs.
$215K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · 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
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 $239K a year · 20% 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
98%
of spending
Looks good: 98% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$215K
to officers and key staff · 18% of spending
Fine: pay to officers and key staff is 18% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
19 mo
of spending, in cash
Looks good: 19.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.5M
26% of total assets
Looks good: liabilities are 26% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 9 voting members
Concern: none of 9 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.5M
+18% vs prior year
Spent
$1.2M
To programs
98%
Net assets
$4.4M
By yearFY2020–FY2024
Revenue
$1.5M
FY2024▲ +18%
Tap a bar for its year
Revenue by fiscal year
FY2020$996K
FY2021$1.1M
FY2022$1.1M
FY2023$1.3M
FY2024$1.5M
Expenses
$1.2M
FY2024▲ +18%
Tap a bar for its year
Expenses by fiscal year
FY2020$847K
FY2021$872K
FY2022$950K
FY2023$994K
FY2024$1.2M
Net assets
$4.4M
FY2024▲ +9%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.2M
FY2021$3.4M
FY2022$3.6M
FY2023$4.0M
FY2024$4.4M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 1984.

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

Where the money goes

98 cents of each dollar spent went to programs.

Program services 98% · $1.1M Management & general 2% · $29K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

13 people listed on the 990; $215K paid to officers and key staff.

Part VII, Section A · reportable compensation
$77,084Pt VII · Sec A
$58,001Pt VII · Sec A
$46,376Pt VII · Sec A
$33,872Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
President
$0Pt VII · Sec A

Compensation history total reportable pay by year · 5 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Denton S Dick$77,084$68,608$70,461$69,086$66,667
Jacob a Tombaugh$58,001$53,853$12,430——
Katherine M Timmons$46,376$45,040$41,741$40,539$39,339
Crystal Scott$33,872$32,900$30,500$25,500$22,460
William Forman JR—$3,000$7,200$7,200$7,200

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.

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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

Supplies water to approximately 1300 rural customers.

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Provided by the organization

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1 program · $1.1M · in their own filed words · FY2024
01

The Corporation provides water to rural water users. They had approximately 1300 active customers at year end.

$1.1Mprogram expense

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$1.5M
Ln 12
Other incomeLn 4–11$1.3M
Gifts and grantsLn 1h$163K
Investment incomeLn 3$66K
Money outPt IX
$1.2M
Ln 25
Programscol B$1.1M
Managementcol C$29K
Owns and owesPt X
$4.4M
net assets · Ln 32
Cash and savingsLn 1–2$1.9M
Total assetsLn 16$5.9M
LiabilitiesLn 26$1.5M
PeoplePt VI, VII
13
listed · VII A
PaidVII A4
Voting boardVI 1a9
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$163K
Government grantsLn 1e$158K
Investment incomeLn 3$66K
Other incomeLn 4–11$1.3M
Gains on assetsLn 7$0
Total revenueLn 12$1.5M
Assets in detailPt X, end of year
CashLn 1$1.4M
SavingsLn 2$416K
Cash and savings togetherLn 1–2$1.9M
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$3.2M
Other assetsLn 15$535K
Total assetsLn 16$5.9M
LiabilitiesLn 26$1.5M
Net assetsLn 32$4.4M
OperationsPt I, VI
EmployeesI 54
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.9M$1.9M
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$2.9M$3.2M
Total assetsLn 16$5.2M$5.9M
LiabilitiesLn 26$1.2M$1.5M
Net assetsLn 32$4.0M$4.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$123K$123K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$92K$75K$17K
Pension plan contributionsLn 8$5K$5K
Other employee benefitsLn 9$0
Payroll taxesLn 10$17K$15K$2K
Management feesLn 11a$0
Legal feesLn 11b$0
Accounting feesLn 11c$21K$21K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$466$466
Office expensesLn 13$7K$3K$3K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$47K$47K
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$288K$287K$845
InsuranceLn 23$43K$43K
Other expenses (24a–d)Ln 24$444K$444K
All other expensesLn 24e$85K$80K$5K
Total functional expensesLn 25$1.2M$1.1M$29K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $1.5M$1.2M$357K$4.4M 990 PDF
FY2023 $1.3M$994K$298K$4.0M 990 PDF
FY2022 $1.1M$950K$197K$3.6M 990 PDF
FY2021 $1.1M$872K$193K$3.4M 990 PDF
FY2020 $996K$847K$149K$3.2M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $1,528,367 revenue, 12 lines filed
I-8 Contributions and grants$163,047
I-9 Program service revenue$0
I-10 Investment incomePrior year $29,353$65,668
I-11 Other revenuePrior year $1,263,139$1,299,652
I-12 Total revenuePrior year $1,292,492$1,528,367
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $223,633$236,784
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $770,488$934,705
I-18 Total expensesPrior year $994,121$1,171,489
I-19 Revenue less expensesPrior year $298,371$356,878
Part VI · Governance 0 of 9 board members independent, 2 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members0
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,528,367 across 9 lines filed
Lines not itemized here account for $1,299,652 of total revenue; see the IRS return.
VIII-1e Government grants$157,847
VIII-1f All other contributions, gifts and grants$5,200
VIII-1h Total contributions, gifts and grants$163,047
VIII-3 Investment incomeRelated to mission $65,668$65,668
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising events$0
VIII-12 Total revenueRelated to mission $1,365,320$1,528,367
Part IX · Statement of functional expenses $1,171,489 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staffPrograms $123,460$123,460
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wagesPrograms $74,573 · Management $17,300$91,873
IX-8 Pension plan contributionsPrograms $4,720$4,720
IX-9 Other employee benefits$0
IX-10 Payroll taxesPrograms $14,862 · Management $1,869$16,731
IX-11a Management fees$0
IX-11b Legal fees$0
IX-11c Accounting feesPrograms $20,744$20,744
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotionPrograms $466$466
IX-13 Office expensesPrograms $3,427 · Management $3,427$6,854
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 InterestPrograms $46,721$46,721
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $286,777 · Management $845$287,622
IX-23 InsurancePrograms $43,366$43,366
IX-24 Other expenses (24a–d)Programs $443,586$443,586
IX-24e All other expensesPrograms $79,913 · Management $5,433$85,346
IX-25 Total functional expensesPrograms $1,142,615 · Management $28,874 · Fundraising $0$1,171,489
Part X · Balance sheet $5,900,040 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $1,550,996$1,443,449
X-2 Savings and temporary cash investmentsStart of year $396,028$416,122
X-3 Pledges and grants receivable$0
X-4 Accounts receivableStart of year $198,157$161,124
X-8 Inventories for sale or useStart of year $121,708$134,642
X-9 Prepaid expenses and deferred chargesStart of year $5,357$5,911
X-10c Land, buildings and equipment, netStart of year $2,863,301$3,204,137
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assetsStart of year $98,320$534,655
X-16 Total assetsStart of year $5,233,867$5,900,040
X-17 Accounts payable and accrued expensesStart of year $172,046$523,648
X-25 Other liabilitiesStart of year $8,300$11,853
X-26 Total liabilitiesStart of year $1,243,389$1,547,234
X-32 Total net assets or fund balancesStart of year $3,990,478$4,352,806
X-33 Total liabilities and net assetsStart of year $5,233,867$5,900,040
Part XI · Reconciliation of net assets $4,352,806 net assets at year end
XI-1 Total revenue$1,528,367
XI-2 Total expenses$1,171,489
XI-3 Revenue less expenses$356,878
XI-4 Net assets at start of year$3,990,478
XI-9 Other changes in net assets$5,450
XI-10 Net assets at end of year$4,352,806

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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