Potosi Water Supply Corporation
- Assets
- $8.1m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 7
- Location
- Abilene, TX
- Founding
- 01/1966
- Data as of
- 12/2021
- EIN
- 75-6021650
Organization Overview
Potosi Water Supply Corporation is located in Abilene, TX. The organization was established in 1966. 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 12/2021, Potosi Water Supply Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Potosi 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 12/2021, Potosi Water Supply Corporation generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.2%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.2%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE TREATED WATER TO ABOUT 2,350 RURAL MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE POTABLE WATER TO ABOUT 2,350 MEMBERS IN THE UNINCORPORATED COMMUNITY OF POTOSI, TEXAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Javier Landeros Jr | 40 | $68,644 | |
Dwain Vinson President | OfficerTrustee | 1 | $0 |
Wayne Whetsel Vice President | OfficerTrustee | 1 | $0 |
Ken Hogan Secretary | OfficerTrustee | 1 | $0 |
Mike Collier Director | Trustee | 1 | $0 |
Lynn Brown Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Starks Construction Co Maintenance; Construction | 12/30/16 | $262,777 |
Landeros Backhoe Maintenance; Construction | 12/30/16 | $139,096 |
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 | $0 |
| Investment income | $8,132 |
| 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 | $912,688 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,104,019 |
| 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. | $68,644 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $187,580 |
| Pension plan accruals and contributions | $5,092 |
| Other employee benefits | $60,133 |
| Payroll taxes | $20,034 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,770 |
| Fees for services: Accounting | $6,456 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,930 |
| Advertising and promotion | $0 |
| Office expenses | $16,912 |
| Information technology | $5,015 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $292,300 |
| Insurance | $19,292 |
| All other expenses | $18,635 |
| Total functional expenses | $1,101,739 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,508,935 |
| Savings and temporary cash investments | $200,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $38,329 |
| 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 | $8,861 |
| Net Land, buildings, and equipment | $5,089,587 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $250,000 |
| Total assets | $8,095,712 |
| Accounts payable and accrued expenses | $169,708 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $169,708 |
| Net assets without donor restrictions | $7,926,004 |
| 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 | $8,095,712 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Aqua Water Supply Corporation Bastrop, TX | $136,381,619 | $28,670,097 |
Roosevelt County Electric Cooperative Incorporated Portales, NM | $65,511,753 | $18,141,245 |
City Corporation Russellville, AR | $192,508,552 | $18,660,828 |
Columbus Electric Cooperative Inc Deming, NM | $51,291,020 | $15,018,624 |
Texas Reliability Entity Inc Austin, TX | $5,509,609 | $14,208,096 |
Coleman County Electric Cooperative Inc Coleman, TX | $33,830,324 | $14,379,363 |
Fort Belknap Electric Cooperative Inc Olney, TX | $40,346,904 | $13,174,182 |
Mora-San Miguel Electric Cooperative Inc Mora, NM | $28,478,652 | $12,852,709 |
Ashley-Chicot Electric Cooperative Inc Hamburg, AR | $39,523,502 | $11,933,884 |
J-A-C Electric Cooperative Inc Henrietta, TX | $27,594,358 | $11,304,543 |
Sharyland Water Supply Corporation Alton, TX | $110,187,216 | $13,299,506 |
Farmers Electric Cooperative Corporation Newport, AR | $38,614,201 | $11,561,082 |