Civic Intelligence

Lorman Waterworks Association Inc

EIN 64-0438489 • 501(c)12 • Lorman, MS

Profile

The organization is a rural water association providing water to areas of jefferson and claiborne counties in southwest mississippi.

PO Box 347Lorman, MS 39096

n/A

Siviq Scores

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

Liabilities / Assets

76th percentile

0.45x

Higher debt load relative to assets than 76% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

84th percentile

2.74x

Higher debt load relative to revenue than 84% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2023

Net Margin

12th percentile

-21%

Higher net margin than 12% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

12th percentile

-4.6%

Faster asset growth than 12% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

80th percentile

21%

Faster revenue growth than 80% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$2,415,044

Down $117,399 (-4.6%) from 2022

Liabilities

Down

$1,098,321

Down $34,623 (-3.1%) from 2022

Net Assets

Down

$1,316,723

Down $82,776 (-5.9%) from 2022

Operations
Liabilities / Revenue84th percentileNet Margin12th percentile

Revenue

Up

$400,404

Up $70,236 (+21%) from 2022

Expenses

Down

$483,026

Down $69,573 (-13%) from 2022

Net Income

Up

-$82,622

Up $139,809 (+63%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth12th percentile

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

$3.0M$2.0M$1.0M$0Assets 2011: $2,129,796Liabilities 2011: $845,145Net Assets 2011: $1,284,6512011Assets 2012: $2,147,493Liabilities 2012: $828,209Net Assets 2012: $1,319,2842012Assets 2013: $2,143,755Liabilities 2013: $806,163Net Assets 2013: $1,337,5922013Assets 2014: $2,211,572Liabilities 2014: $807,815Net Assets 2014: $1,403,7572014Assets 2015: $2,171,691Liabilities 2015: $757,427Net Assets 2015: $1,414,2642015Assets 2016: $2,174,487Liabilities 2016: $739,588Net Assets 2016: $1,434,8992016Assets 2017: $2,153,489Liabilities 2017: $676,458Net Assets 2017: $1,477,0312017Assets 2018: $2,544,183Liabilities 2018: $1,092,527Net Assets 2018: $1,451,6562018Assets 2019: $2,598,597Liabilities 2019: $1,163,550Net Assets 2019: $1,435,0472019Assets 2020: $2,488,347Liabilities 2020: $1,136,309Net Assets 2020: $1,352,0382020Assets 2021: $2,380,732Liabilities 2021: $844,550Net Assets 2021: $1,536,1822021Assets 2022: $2,532,443Liabilities 2022: $1,132,944Net Assets 2022: $1,399,4992022Assets 2023: $2,415,044Liabilities 2023: $1,098,321Net Assets 2023: $1,316,7232023

Highlighted filing

2023

Assets$2,415,044
Liabilities$1,098,321
Net Assets$1,316,723
Open 2023 Filing

Operations Trend

Revenue Growth80th percentile

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

$600K$400K$200K$0-$200K-$400KExpenses 2011: $344,9922011Revenue 2012: $386,228Expenses 2012: $351,595Net Income 2012: $34,6332012Expenses 2013: $334,6532013Revenue 2014: $425,251Expenses 2014: $359,086Net Income 2014: $66,1652014Revenue 2015: $386,584Expenses 2015: $376,077Net Income 2015: $10,5072015Revenue 2016: $355,673Expenses 2016: $335,038Net Income 2016: $20,6352016Revenue 2017: $368,236Expenses 2017: $326,104Net Income 2017: $42,1322017Revenue 2018: $367,291Expenses 2018: $396,016Net Income 2018: -$28,7252018Revenue 2019: $351,409Expenses 2019: $372,035Net Income 2019: -$20,6262019Revenue 2020: $338,084Expenses 2020: $421,093Net Income 2020: -$83,0092020Revenue 2021: $351,004Expenses 2021: $517,859Net Income 2021: -$166,8552021Revenue 2022: $330,168Expenses 2022: $552,599Net Income 2022: -$222,4312022Revenue 2023: $400,404Expenses 2023: $483,026Net Income 2023: -$82,6222023

Highlighted filing

2023

Revenue$400,404
Expenses$483,026
Net Income-$82,622
Open 2023 Filing

Filings

Most recent year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,415,044
Liabilities
$1,098,321
Net assets
$1,316,723
Revenue
$400,404
Expenses
$483,026
Net income
-$82,622
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$2.42$1.10$1.32$0.40$0.48$0.08
2022Detailed filing. Detailed filing data is available for this year.$2.53$1.13$1.40$0.33$0.55$0.22
2021Detailed filing. Detailed filing data is available for this year.$2.38$0.84$1.54$0.35$0.52$0.17
2020Detailed filing. Detailed filing data is available for this year.$2.49$1.14$1.35$0.34$0.42$0.08
2019Detailed filing. Detailed filing data is available for this year.$2.60$1.16$1.44$0.35$0.37$0.02
2018Detailed filing. Detailed filing data is available for this year.$2.54$1.09$1.45$0.37$0.40$0.03
2017Detailed filing. Detailed filing data is available for this year.$2.15$0.68$1.48$0.37$0.33$0.04
2016Detailed filing. Detailed filing data is available for this year.$2.17$0.74$1.43$0.36$0.34$0.02
2015Summary only. Only limited summary data is available for this year.$2.17$0.76$1.41$0.39$0.38$0.01
2014Detailed filing. Detailed filing data is available for this year.$2.21$0.81$1.40$0.43$0.36$0.07
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.14$0.81$1.34$0.33
2012Summary only. Only limited summary data is available for this year.$2.15$0.83$1.32$0.39$0.35$0.03
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.13$0.85$1.28$0.34
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$400,404
Mission and Program Overview

Mission

The organization is a rural water association providing water to areas of jefferson and claiborne counties in southwest mississippi.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,867,725$1,723,839▼ $143,886
Savings and Temporary Cash Investments$317,027$299,523▼ $17,504
Cash and Non-Interest-Bearing Accounts$245,160$219,141▼ $26,019
Accounts Receivable$82,295$152,295▲ $70,000
Inventories for Sale or Use$13,967$13,967→ $0
Prepaid Expenses and Deferred Charges$6,088$6,088→ $0
Total Assets$2,532,443$2,415,044▼ $117,399
Other Assets Total$181$191▲ $10
Liabilities
Other Liabilities$1,114,836$1,079,162▼ $35,674
Accounts Payable and Accrued Expenses$18,108$19,159▲ $1,051
Total Liabilities$1,132,944$1,098,321▼ $34,623
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,399,499$1,316,723▼ $82,776
Total Net Assets Fund Balance$1,399,499$1,316,723▼ $82,776
Total Liabilities and Net Assets / Fund Balance$2,532,443$2,415,044▼ $117,399

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,426,470$2,393,229$3,819,699
Equipment$234,475-$234,475
Buildings$54,692-$54,692
Land$8,202-$8,202
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Tracy CollinsPresident
Tommy BassDirector
Warren EllisDirector
Dietra MarshallSecretary
Arthur DavisVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$399,267
Investment Income
$1,132
Other Revenue
$5
Change in Net Assets
$-82,622

Audited Revenue Reconciliation

Revenue per Audited Statements
$400,404
Total Revenue per Audited Statements
$400,404
Total Revenue per Form 990
$400,404
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$363,048
Salaries, Compensation, and Employee Benefits$119,978
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$146,400--$146,400
Other Salaries and Wages$66,245$44,164-$110,409
Other Expenses$26,367--$26,367
Interest$23,855--$23,855
All Other Expenses$22,462$484-$22,946
Insurance$19,076--$19,076
Fees for Services Accounting-$15,350-$15,350
Payroll Taxes$5,741$3,828-$9,569
Office Expenses-$6,359-$6,359
Travel-$1,302-$1,302
Advertising-$1,273-$1,273
Total Functional Expenses$410,266$72,760$0$483,026

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$483,026
Total Expenses per Audited Statements$483,026
Total Expenses per Form 990$483,026
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Note Payable$1,025,142
Customer Deposits$54,020
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The board of directors will review the tax return at their monthly meeting.”

Form 990, Page 6, Part VI, Line 18

“The return will be made available to the public at the board of directors monthly meeting.”

Form 990, Page 6, Part VI, Line 19

“The return will be made available to the public at the board of directors monthly meeting.”

Filing and Contact Details

Filer

Filer Name
Lorman Waterworks Association Inc
EIN
64-0438489
Phone
6014374006
Address
PO BOX 347, LORMAN, MS 39096

Signing Officer

Name
Tracy Collins
Title
President
Phone
6014374302
Signed
2024-05-15

Organization Details

Principal Officer
Tracy Collins
Formed
1963
Legal Domicile
Ms
Voting Board Members
5
Independent Board Members
5
Employees
4

Preparer

Firm
May & Company Llp
Address
110 MONUMENT PL, VICKSBURG, MS 39180
Preparer
Nathaniel J Cummins
Phone
6016364762
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Tax depreciation over book -154”

Financial Statement Notes

Schedule D, Page 3, Part X

“Part x - fin 48 footnote the association has been granted tax exempt status as provided by section 501(c)(12) of the internal revenue code. The association's income tax filings are subject to audit by various taxing authorities. In evaluating the association's tax provisions and accruals, future taxable income, and the reversal of temporary differences, interpretations, and tax planning strategies are considered. The association believes their estimates are appropriate based on the current facts and circumstances.”

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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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PART X - FIN 48 FOOTNOTE THE ASSOCIATION HAS BEEN GRANTED TAX EXEMPT STATUS AS PROVIDED BY SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. THE ASSOCIATION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. IN EVALUATING THE ASSOCIATION'S TAX PROVISIONS AND ACCRUALS, FUTURE TAXABLE INCOME, AND THE REVERSAL OF TEMPORARY DIFFERENCES, INTERPRETATIONS, AND TAX PLANNING STRATEGIES ARE CONSIDERED. THE ASSOCIATION BELIEVES THEIR ESTIMATES ARE APPROPRIATE BASED ON THE CURRENT FACTS AND CIRCUMSTANCES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01723839
IRS990ScheduleD/TotalExpensesPerForm990Amt0483026
IRS990ScheduleD/TotalLiabilityAmt01079162
IRS990ScheduleD/TotalRevenuePerForm990Amt0400404
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0400404
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0483026
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD OF DIRECTORS WILL REVIEW THE TAX RETURN AT THEIR MONTHLY MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE RETURN WILL BE MADE AVAILABLE TO THE PUBLIC AT THE BOARD OF DIRECTORS MONTHLY MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE RETURN WILL BE MADE AVAILABLE TO THE PUBLIC AT THE BOARD OF DIRECTORS MONTHLY MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TAX DEPRECIATION OVER BOOK -154
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt02532443
IRS990/TotalAssetsEOYAmt02415044
IRS990/TotalAssetsGrp/BOYAmt02532443
IRS990/TotalAssetsGrp/EOYAmt02415044
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt072760
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0410266
IRS990/TotalFunctionalExpensesGrp/TotalAmt0483026
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01132944
IRS990/TotalLiabilitiesEOYAmt01098321
IRS990/TotalLiabilitiesGrp/BOYAmt01132944
IRS990/TotalLiabilitiesGrp/EOYAmt01098321
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01399499
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01316723
IRS990/TotalProgramServiceExpensesAmt0410266
IRS990/TotalProgramServiceRevenueAmt0399267
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0400404
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0400404
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02532443
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02415044
IRS990/TravelGrp/ManagementAndGeneralAmt01302
IRS990/TravelGrp/TotalAmt01302
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt031 OAK STREET
IRS990/USAddress/CityNm0LORMAN
IRS990/USAddress/StateAbbreviationCd0MS
IRS990/USAddress/ZIPCd039096
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0TRACY COLLINS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06014374302
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-05-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LORMAN WATERWORKS ASSOCIATION INC
ReturnHeader/Filer/BusinessNameControlTxt0LORM
ReturnHeader/Filer/EIN0640438489
ReturnHeader/Filer/PhoneNum06014374006
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 347
ReturnHeader/Filer/USAddress/CityNm0LORMAN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MS
ReturnHeader/Filer/USAddress/ZIPCd039096
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0640900153
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MAY & COMPANY LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0110 MONUMENT PL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0VICKSBURG
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd039180
ReturnHeader/PreparerPersonGrp/PhoneNum06016364762
ReturnHeader/PreparerPersonGrp/PreparationDt02024-05-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0NATHANIEL J CUMMINS
ReturnHeader/ReturnTs02024-05-14T12:18:00-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0TRACY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0COLLINS
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

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