Civic Intelligence

Fleming County Water Assoc Inc

EIN 61-0716354 • 501(c)12 • Flemingsburg, KY

View Organization Page

Profile

Providing water service to fleming county kentucky

PO Box 327Flemingsburg, KY 41041-0327
Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

49th percentile

0.25x

Higher debt load relative to assets than 49% of similar nonprofits.

501(c)12 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

47th percentile

0.85x

Higher debt load relative to revenue than 47% of similar nonprofits.

501(c)12 • $5M-$10M nonprofits • Source year 2025

Net Margin

32nd percentile

3.2%

Higher net margin than 32% of similar nonprofits.

501(c)12 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

76th percentile

$77,942

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

501(c)12 • $5M-$10M nonprofits • Source year 2025

Asset Growth

31st percentile

0.1%

Faster asset growth than 31% of similar nonprofits.

501(c)12 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

17th percentile

-4.5%

Faster revenue growth than 17% of similar nonprofits.

501(c)12 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets49th percentile

Assets

Up

$9,148,758

Up $298,266 (+3.4%) from 2023

Liabilities

Down

$2,354,367

Down $86,441 (-3.5%) from 2023

Net Assets

Up

$6,794,391

Up $384,707 (+6.0%) from 2023

Operations
Liabilities / Revenue47th percentileNet Margin32nd percentile

Revenue

Up

$2,817,028

Up $572,492 (+26%) from 2023

Expenses

Up

$2,432,321

Up $107,467 (+4.6%) from 2023

Net Income

Up

$384,707

Up $465,025 (+579%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth31st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2010: $9,233,560Liabilities 2010: $3,254,424Net Assets 2010: $5,979,1362010Assets 2011: $9,558,823Liabilities 2011: $3,209,482Net Assets 2011: $6,349,3412011Assets 2012: $9,537,563Liabilities 2012: $3,150,878Net Assets 2012: $6,386,6852012Assets 2013: $9,423,371Liabilities 2013: $2,971,526Net Assets 2013: $6,451,8452013Assets 2014: $10,000,907Liabilities 2014: $3,496,786Net Assets 2014: $6,504,1212014Assets 2015: $10,485,055Liabilities 2015: $3,624,797Net Assets 2015: $6,860,2582015Assets 2016: $10,130,364Liabilities 2016: $3,214,363Net Assets 2016: $6,916,0012016Assets 2017: $10,127,686Liabilities 2017: $3,224,805Net Assets 2017: $6,902,8812017Assets 2018: $10,484,854Liabilities 2018: $3,151,843Net Assets 2018: $7,333,0112018Assets 2019: $10,001,450Liabilities 2019: $2,675,093Net Assets 2019: $7,326,3572019Assets 2020: $9,869,053Liabilities 2020: $2,610,068Net Assets 2020: $7,258,9852020Assets 2021: $9,505,538Liabilities 2021: $2,812,172Net Assets 2021: $6,693,3662021Assets 2022: $9,062,297Liabilities 2022: $2,572,298Net Assets 2022: $6,489,9992022Assets 2023: $8,850,492Liabilities 2023: $2,440,808Net Assets 2023: $6,409,6842023Assets 2024: $9,148,758Liabilities 2024: $2,354,367Net Assets 2024: $6,794,3912024

Highlighted filing

2024

Assets$9,148,758
Liabilities$2,354,367
Net Assets$6,794,391
Open 2024 Filing

Operations Trend

Revenue Growth17th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $1,639,9782010Revenue 2011: $1,754,993Expenses 2011: $1,762,673Net Income 2011: -$7,6802011Revenue 2012: $1,823,179Expenses 2012: $1,770,933Net Income 2012: $52,2462012Revenue 2013: $1,909,930Expenses 2013: $1,844,770Net Income 2013: $65,1602013Revenue 2014: $1,860,926Expenses 2014: $1,808,650Net Income 2014: $52,2762014Revenue 2015: $2,215,499Expenses 2015: $1,859,362Net Income 2015: $356,1372015Revenue 2016: $1,917,300Expenses 2016: $1,861,557Net Income 2016: $55,7432016Revenue 2017: $1,923,920Expenses 2017: $1,941,924Net Income 2017: -$18,0042017Revenue 2018: $1,942,334Expenses 2018: $1,953,357Net Income 2018: -$11,0232018Revenue 2019: $2,026,902Expenses 2019: $2,033,556Net Income 2019: -$6,6542019Revenue 2020: $2,034,958Expenses 2020: $2,101,546Net Income 2020: -$66,5882020Revenue 2021: $2,075,724Expenses 2021: $2,131,164Net Income 2021: -$55,4402021Revenue 2022: $2,184,611Expenses 2022: $2,387,978Net Income 2022: -$203,3672022Revenue 2023: $2,244,536Expenses 2023: $2,324,854Net Income 2023: -$80,3182023Revenue 2024: $2,817,028Expenses 2024: $2,432,321Net Income 2024: $384,7072024

Highlighted filing

2024

Revenue$2,817,028
Expenses$2,432,321
Net Income$384,707
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,148,758
Liabilities
$2,354,367
Net assets
$6,794,391
Revenue
$2,817,028
Expenses
$2,432,321
Net income
$384,707
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.15$2.35$6.79$2.82$2.43$0.38
2023Detailed filing. Detailed filing data is available for this year.$8.85$2.44$6.41$2.24$2.32$0.08
2022Detailed filing. Detailed filing data is available for this year.$9.06$2.57$6.49$2.18$2.39$0.20
2021Detailed filing. Detailed filing data is available for this year.$9.51$2.81$6.69$2.08$2.13$0.06
2020Detailed filing. Detailed filing data is available for this year.$9.87$2.61$7.26$2.03$2.10$0.07
2019Detailed filing. Detailed filing data is available for this year.$10.0$2.68$7.33$2.03$2.03$0.01
2018Detailed filing. Detailed filing data is available for this year.$10.5$3.15$7.33$1.94$1.95$0.01
2017Detailed filing. Detailed filing data is available for this year.$10.1$3.22$6.90$1.92$1.94$0.02
2016Detailed filing. Detailed filing data is available for this year.$10.1$3.21$6.92$1.92$1.86$0.06
2015Detailed filing. Detailed filing data is available for this year.$10.5$3.62$6.86$2.22$1.86$0.36
2014Detailed filing. Detailed filing data is available for this year.$10.0$3.50$6.50$1.86$1.81$0.05
2013Detailed filing. Detailed filing data is available for this year.$9.42$2.97$6.45$1.91$1.84$0.07
2012Summary only. Only limited summary data is available for this year.$9.54$3.15$6.39$1.82$1.77$0.05
2011Summary only. Only limited summary data is available for this year.$9.56$3.21$6.35$1.75$1.76$0.01
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.23$3.25$5.98$1.64
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Apr 21, 2025
Return Version
2024v5.0
Gross Receipts
$2,817,028
Mission and Program Overview

Mission

Providing water service to fleming county kentucky

Providing water service for fleming county kentucky

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,341,291$7,540,391▲ $199,100
Cash and Non-Interest-Bearing Accounts$623,893$640,033▲ $16,140
Savings and Temporary Cash Investments$499,355$521,754▲ $22,399
Accounts Receivable$247,387$261,919▲ $14,532
Inventories for Sale or Use$109,152$174,696▲ $65,544
Intangible Assets$19,449--
Prepaid Expenses and Deferred Charges$9,965$9,965→ $0
Total Assets$8,850,492$9,148,758▲ $298,266
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,009,155$1,911,740▼ $97,415
Accounts Payable and Accrued Expenses$239,931$237,229▼ $2,702
Other Liabilities$166,249$179,925▲ $13,676
Deferred Revenue$25,473$25,473→ $0
Total Liabilities$2,440,808$2,354,367▼ $86,441
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,909,828$6,272,637▲ $362,809
Net Assets With Donor Restrictions$499,856$521,754▲ $21,898
Total Net Assets Fund Balance$6,409,684$6,794,391▲ $384,707
Total Liabilities and Net Assets / Fund Balance$8,850,492$9,148,758▲ $298,266

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$7,145,649$5,875,764$13,021,413
Buildings$159,524$182,311$341,835
Equipment$105,395$189,972$295,367
Land$129,823-$129,823
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleFull / Part TimeBaseTotal
K CornetteSuperintendentFT$102,970$102,970

Board Members and Trustees

NameTitle
Stephen MillerPresident
P WagonerDirector
Rhonda HawkinsDirector
Wayne CraftSecretary
C MarshallTreasurer
Connie CrainVP
Revenue and Support

Revenue Composition

Contributions and Grants
$436,326
Program Service Revenue
$2,330,896
Investment Income
$49,806
Other Revenue
$0
Change in Net Assets
$384,707

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,817,028
Total Revenue per Audited Statements
$2,817,028
Total Revenue per Form 990
$2,817,028
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,684,456
Salaries, Compensation, and Employee Benefits$747,865
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$839,758$41,893-$881,651
Depreciation Depletion$411,777--$411,777
Other Salaries and Wages$229,685$175,572-$405,257
Other Employee Benefits$69,200$71,739-$140,939
Current Officers, Directors, Trustees, and Key Employees-$121,054-$121,054
Interest-$73,654-$73,654
Pension Plan Contributions-$41,007-$41,007
Payroll Taxes$30,499$9,109-$39,608
Insurance$13,924$17,018-$30,942
Other Expenses$8,374$10,235-$18,609
Advertising$615$754-$1,369
Total Functional Expenses$1,723,736$708,585$0$2,432,321

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,432,321
Total Expenses per Audited Statements$2,432,321
Total Expenses per Form 990$2,432,321
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Customer Deposits$179,925
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI Section B Line 12C

“The board meets monthly and any conclicts of interest issues are discussed and handled according to policy”

Part VI Section C Line 19

“Governing documents, policies and financial statements are made available upon request of the superintendent”

Filing and Contact Details

Filer

Filer Name
Fleming County Water Assoc Inc
EIN
61-0716354
Phone
6068452067
Address
PO BOX 327, FLEMINGSBURG, KY 41041-0327

Signing Officer

Name
Stehpen H Miller
Title
President
Signed
2025-04-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Cornette
Voting Board Members
6
Independent Board Members
6
Employees
13

Preparer

Firm
Morgan and Associates LLC
Address
749 BROADWAY STREET, WEST LIBERTY, KY 41472
Preparer
Brenda K Morgan CPA
Phone
6067431884
Supplemental Narrative

Additional Explanations

Part IV Section B Line 11B

“A copy of the completed 990 is given to the superintendent for approval and dissemination to the board prior to filing”

Raw XML Appendix364 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/OtherExpensesGrp/ProgramServicesAmt24509
IRS990/OtherExpensesGrp/ProgramServicesAmt38374
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IRS990/OtherExpensesGrp/TotalAmt1129440
IRS990/OtherExpensesGrp/TotalAmt210020
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IRS990/OtherLiabilitiesGrp/EOYAmt0179925
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0175572
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IRS990/OtherSalariesAndWagesGrp/TotalAmt0405257
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt09109
IRS990/PayrollTaxesGrp/ProgramServicesAmt030499
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IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt041007
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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt09965
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IRS990/PrincipalOfficerNm0KEVIN CORNETTE
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IRS990/ProgramServiceRevenueGrp/BusinessCd0221000
IRS990/ProgramServiceRevenueGrp/BusinessCd1221000
IRS990/ProgramServiceRevenueGrp/BusinessCd2221000
IRS990/ProgramServiceRevenueGrp/Desc0METERED WATER SALES
IRS990/ProgramServiceRevenueGrp/Desc1PENALTIES
IRS990/ProgramServiceRevenueGrp/Desc2OTHER REVENUE
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt127158
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2174783
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt127158
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2174783
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IRS990ScheduleD/LandGrp/BookValueAmt0129823
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0129823
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt07145649
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt05875764
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt013021413
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IRS990ScheduleD/TotalRevenuePerForm990Amt02817028
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF THE COMPLETED 990 IS GIVEN TO THE SUPERINTENDENT FOR APPROVAL AND DISSEMINATION TO THE BOARD PRIOR TO FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD MEETS MONTHLY AND ANY CONCLICTS OF INTEREST ISSUES ARE DISCUSSED AND HANDLED ACCORDING TO POLICY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST OF THE SUPERINTENDENT
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV SECTION B LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1PART VI SECTION B LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2PART VI SECTION C LINE 19
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IRS990/SignificantChangeInd0false
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
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IRS990/TotalEmployeeCnt013
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01723736
IRS990/TotalFunctionalExpensesGrp/TotalAmt02432321
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02440808
IRS990/TotalLiabilitiesEOYAmt02354367
IRS990/TotalLiabilitiesGrp/BOYAmt02440808
IRS990/TotalLiabilitiesGrp/EOYAmt02354367
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt06409684
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt06794391
IRS990/TotalProgramServiceExpensesAmt01723736
IRS990/TotalProgramServiceRevenueAmt02330896
IRS990/TotalReportableCompFromOrgAmt0102970
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02380702
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02817028
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt08850492
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt09148758
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt0PO BOX 327
IRS990/USAddress/CityNm0FLEMINGSBURG
IRS990/USAddress/StateAbbreviationCd0KY
IRS990/USAddress/ZIPCd041041
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0STEHPEN H MILLER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-04-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FLEMING COUNTY WATER ASSOC INC
ReturnHeader/Filer/BusinessNameControlTxt0FLEM
ReturnHeader/Filer/EIN0610716354
ReturnHeader/Filer/PhoneNum06068452067
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 327
ReturnHeader/Filer/USAddress/CityNm0FLEMINGSBURG
ReturnHeader/Filer/USAddress/StateAbbreviationCd0KY
ReturnHeader/Filer/USAddress/ZIPCd0410410327
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0320034770
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MORGAN AND ASSOCIATES LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0749 BROADWAY STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WEST LIBERTY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd041472
ReturnHeader/PreparerPersonGrp/PhoneNum06067431884
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0BRENDA K MORGAN CPA
ReturnHeader/ReturnTs02025-04-22T14:25:26-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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