Lakeport Water Association Inc
- Assets
- $5.1m
- Revenue
- $529.2k
- Investments
- $0.0
- Employees
- 8
- Location
- Moore Haven, FL
- Founding
- 09/1980
- Data as of
- 06/2022
- EIN
- 59-1215433
Organization Overview
Lakeport Water Association Inc is located in Moore Haven, FL. The organization was established in 1980. 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 06/2022, Lakeport Water Association Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakeport Water Association Inc 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 06/2022, Lakeport Water Association Inc generated $529.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $588.3k during the year ending 06/2022. While expenses have increased by 5.9% per year over the past 7 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
BUY WATER AND DISTRIBUTE TO MEMBERS, MAINTAIN WATER LINES, AND MONITOR WATER QUALITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUY WATER AND DISTRIBUTE TO MEMBERS, MAINTAIN WATER LINES,AND MONITOR WATER QUALITY.
BAD DEBT EXPENSE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Beck President | OfficerTrustee | 1 | $0 |
Walt Young Secretary/tr | OfficerTrustee | 1 | $0 |
Larry Froeber Trustee/dire | Trustee | 1 | $0 |
Chuck Mercer Trustee/dire | Trustee | 1 | $0 |
Dick Prowant Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $25,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $563 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,563 |
| Total Program Service Revenue | $7,145 |
| Investment income | $178 |
| 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 | $496,326 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $529,212 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $144,703 |
| Pension plan accruals and contributions | $15,724 |
| Other employee benefits | $0 |
| Payroll taxes | $11,713 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,645 |
| Fees for services: Accounting | $9,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $25,000 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $94,852 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $151,601 |
| Insurance | $0 |
| All other expenses | $19,294 |
| Total functional expenses | $588,264 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,287 |
| Savings and temporary cash investments | $782,371 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,377 |
| 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 | $17,759 |
| Net Land, buildings, and equipment | $1,425,532 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $2,825,000 |
| Other assets | $0 |
| Total assets | $5,073,326 |
| Accounts payable and accrued expenses | $19,970 |
| 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 | $2,794,853 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $40,260 |
| Total liabilities | $2,855,083 |
| Net assets without donor restrictions | $2,218,243 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,073,326 |
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