Lake Village Water Association Inc
- Assets
- $7.1m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 8
- Location
- Burgin, KY
- Founding
- 11/1973
- Data as of
- 12/2023
- EIN
- 61-0716901
Organization Overview
Lake Village Water Association Inc is located in Burgin, KY. The organization was established in 1973. 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 12/2023, Lake Village Water Association Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Village 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 12/2023, Lake Village Water Association Inc generated $1.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. While expenses have increased by 1.3% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S SOLE MISSION IS THE SALE OF WATER TO RURAL CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF WATER TO RURAL COMMUNITIES IN MERCER AND BOYLE COUNTIES OF KENTUCKY. APPROXIMATELY 2,250 CUSTOMERS
SALE OF WATER TO RURAL COMMUNITIES IN MERCER AND BOYLE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenny Carey Vice Chair | OfficerTrustee | 2 | $5,400 |
Andrea Gross Sec/treas | OfficerTrustee | 2 | $5,400 |
James Boyd Chairman | OfficerTrustee | 2 | $5,400 |
Jeff Hughes Director | Trustee | 2 | $5,400 |
Thomas Hager Director | Trustee | 2 | $5,400 |
Mike Sanford Executive Director | 40 | $120,680 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $332,500 |
| 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 | $332,500 |
| Total Program Service Revenue | $40,350 |
| Investment income | $7,051 |
| 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 | $1,140,929 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,533,131 |
| 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. | $27,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $448,324 |
| Pension plan accruals and contributions | $2,384 |
| Other employee benefits | $75,644 |
| Payroll taxes | $34,110 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,743 |
| Fees for services: Accounting | $8,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,550 |
| Advertising and promotion | $0 |
| Office expenses | $15,525 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $67,573 |
| Travel | $17,578 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $123,165 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $287,681 |
| Insurance | $40,800 |
| All other expenses | $0 |
| Total functional expenses | $1,225,707 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $82,134 |
| Savings and temporary cash investments | $255,007 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $470,780 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $51,329 |
| Prepaid expenses and deferred charges | $9,212 |
| Net Land, buildings, and equipment | $4,214,143 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,010,778 |
| Total assets | $7,093,383 |
| Accounts payable and accrued expenses | $891,931 |
| 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 | $4,786,505 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,678,436 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,414,947 |
| Total liabilities and net assets/fund balances | $7,093,383 |