Forney Lake Water Supply Corp

The information for Forney Lake Water Supply Corp is as of the organization's most recent filing in December '21. This organization is located in Rockwall, TX. It has been in existence for 31 years, following its founding in 1990.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Forney Lake Water Supply Corp is classified with the NTEE code W80, indicating that it falls under the category of Public & Societal Benefit. Specifically, it is classified as a Public Utilities organization. Public Utilities organizations are responsible for providing essential services such as gas, electricity, water, and sanitary services, including the installation, maintenance, and repair of necessary equipment. The Forney Lake Water Supply Corp's mission is to furnish treated water to its members. According to the C Section Code, this organization is classified as a Mutual or Cooperative Telephone Company, Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, or a similar organization.

Program Areas

The organization's general fund focuses on reporting all revenues, support, and functional expenses that are not specifically reported by another fund or program. This includes the provision of treated water to its members residing in the service area.

Organization Staffing

Forney Lake Water Supply Corp has 1 employee, who was not paid more than $100k according to the organization's most recent 990 tax filing. The organization does not have any volunteers supporting the paid staff.

Board Governance

Forney Lake Water Supply Corp is a non-profit organization that appears to be well-governed based on the information provided. The organization has a small board of 5 voting members, all of whom are independent. This ensures that decisions made by the board are objective and not influenced by personal interests or conflicts of interest. The absence of potential conflicts of interest further strengthens the organization's governance structure. The organization has also taken steps to ensure transparency and accountability. Board meetings and committee meetings are documented, allowing for a clear record of discussions and decisions made. This promotes transparency and ensures that all board members are informed and involved in the decision-making process. Forney Lake Water Supply Corp also demonstrates a commitment to ethical practices by having a conflict of interest policy in place. This policy requires disclosure of conflicts and helps prevent any potential misuse of power or resources. However, it is worth noting that the organization does not have a written whistleblower policy or a document retention policy. These policies are important for promoting accountability and protecting the organization against fraud or misconduct. Additionally, the organization substantiates and reviews leadership and officer's salaries, indicating a commitment to fair compensation practices. The fact that the organization provides copies of the 990 to the board prior to filing further supports transparency and accountability. Overall, Forney Lake Water Supply Corp appears to be well-governed, with measures in place to ensure transparency, accountability, and ethical practices. However, the organization could benefit from implementing a written whistleblower policy and a document retention policy to further strengthen its governance structure.

Organization Growth

The Forney Lake Water Supply Corp nonprofit organization has experienced growth over the given time period. Program service revenue increased from $1.7 million in 2014 to $2.7 million in 2021, indicating a positive trend. Similarly, investment income increased from $1.5 thousand in 2014 to $2.6 thousand in 2021. Total revenue also saw an increase from $1.7 million in 2014 to $2.7 million in 2021. Additionally, employee salaries increased from $109.2 thousand in 2014 to $120.1 thousand in 2021. However, total expenses remained the same at $2.1 million over the time period. Despite this, the nonprofit organization's growth is evident through the increase in program service revenue, investment income, total revenue, and employee salaries.