Clarkdale Water Association Inc
- Assets
- $5.6m
- Revenue
- $790.4k
- Investments
- $0.0
- Employees
- 7
- Location
- Meridian, MS
- Founding
- 10/1995
- Data as of
- 06/2022
- EIN
- 64-0433589
Organization Overview
Clarkdale Water Association Inc is located in Meridian, MS. The organization was established in 1995. 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, Clarkdale Water Association Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Clarkdale 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, Clarkdale Water Association Inc generated $790.4k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $928.0k during the year ending 06/2022. 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
PROVIDING WATER TO CUSTOMERS (APPROX. 1,734) IN A RURAL AREA IN LAUDERDALE COUNTY, MISSISSIPPI.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEPRECIATION EXPENSE - DEPRECIATION IS CLAIMED ON THE WATER DISTRIBUTION SYSTEM AND ALL EQUIPMENT REQUIRED TO MAINTAIN AND SERVICE THE WELL, DISTRIBUTION SYSTEM, AND TREATMENT FACILITY. DEPRECIATION IS CLAIMED UTILIZING THE STRAIGHT LINE METHOD OF DEPRECIATION.
SALARIES & WAGES - ALL EMPLOYEES OF THE ASSOCIATION WORK FOR THE BETTERMENT OF THE ASSOCIATION TO KEEP THE WELLS RUNNING AND SERVICE ALL CUSTOMERS.
INTEREST EXPENSE - CLARKDALE WATER ASSOCIATION, INC. RECENTLY COMPLETED A LARGE EXPANSION AND UPGRADE OF THE WATER SYSTEM. A LARGE PORTION OF THE REVENUE IS USED TO SERVICE THE DEBT TO THIS PROJECT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Truhett Vice President | Officer | 5 | $588 |
Wayne Morgan President | Officer | 10 | $588 |
Tyrone Wilkins Secretary | Officer | 2 | $588 |
Rusty Bonner Past Director | Trustee | 5 | $588 |
Greg Chatham Director | Trustee | 5 | $441 |
Joe Banes Past Vice President | Trustee | 5 | $147 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $802,831 |
| Investment income | -$15,198 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $790,440 |
| 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 | $229,759 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $21,887 |
| Payroll taxes | $17,945 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,033 |
| Advertising and promotion | $0 |
| Office expenses | $15,159 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $58,589 |
| Travel | $2,829 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $114,827 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $230,583 |
| Insurance | $57,375 |
| All other expenses | $41,628 |
| Total functional expenses | $927,975 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $200 |
| Savings and temporary cash investments | $323,989 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $84,406 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $65,693 |
| Prepaid expenses and deferred charges | $5,400 |
| Net Land, buildings, and equipment | $4,594,648 |
| Investments—publicly traded securities | $238,479 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $297,445 |
| Total assets | $5,610,260 |
| Accounts payable and accrued expenses | $16,098 |
| 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 | $2,941,910 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $79,686 |
| Total liabilities | $3,037,694 |
| Net assets without donor restrictions | $2,572,566 |
| 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 | $5,610,260 |
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