Possum Kingdom Water Supply Corporation
- Assets
- $24.6m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 10
- Location
- Graford, TX
- Founding
- 09/2002
- Data as of
- 12/2022
- EIN
- 75-2429778
Organization Overview
Possum Kingdom Water Supply Corporation is located in Graford, TX. The organization was established in 2002. According to its NTEE Classification (K20) the organization is classified as: Agricultural Programs, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 12/2022, Possum Kingdom Water Supply Corporation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Possum Kingdom Water Supply Corporation 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 12/2022, Possum Kingdom Water Supply Corporation generated $4.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $3.3m during the year ending 12/2022. While expenses have increased by 3.2% per year over the past 8 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
TO PROVIDE LOW COST WATER SERVICE TO THE RESIDENTS OF THE POSSUM KINGDOM LAKE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE ORGANIZATION IS TO PROVIDE RESIDENTS OF THE LAKE POSSUM KINGDOM AREA WITH A LOW COST WATER SUPPLY SYSTEM WHERE MUNICIPAL WATER IS NOT AVAILABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Patton Secretary/tr | OfficerTrustee | 2 | $0 |
Jay Naylor Vice Preside | OfficerTrustee | 2 | $0 |
Sue Cathey President | OfficerTrustee | 2 | $0 |
Jo Lynn Miller Board Member | Trustee | 2 | $0 |
Stacy Fulford Board Member | Trustee | 2 | $0 |
Monty Jasper Board Member | Trustee | 2 | $0 |
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 | $3,080,856 |
| Investment income | $68,386 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $22,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,323,156 |
| 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 | $472,970 |
| Pension plan accruals and contributions | $50,220 |
| Other employee benefits | $0 |
| Payroll taxes | $40,203 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,907 |
| Fees for services: Accounting | $34,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,580 |
| Advertising and promotion | $1,109 |
| Office expenses | $38,408 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $267,677 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $166,124 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,124,576 |
| Insurance | $132,931 |
| All other expenses | $67,198 |
| Total functional expenses | $3,265,036 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $149,052 |
| Savings and temporary cash investments | $4,279,737 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $265,324 |
| 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 | $0 |
| Net Land, buildings, and equipment | $19,800,598 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $137,427 |
| Total assets | $24,632,138 |
| Accounts payable and accrued expenses | $278,091 |
| Grants payable | $0 |
| Deferred revenue | $32,555 |
| 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 | $4,795,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $78,324 |
| Total liabilities | $5,183,970 |
| Net assets without donor restrictions | $18,789,439 |
| Net assets with donor restrictions | $658,729 |
| 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 | $24,632,138 |
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