Civic Intelligence

Flat Water Supply Corporation

EIN 74-1679412 • 501(c)12 • Flat, TX

Profile

Flat WSC's mission is to furnish potable water to members.

159 Cr 334Flat, TX 76526

www.flatwsc.com

Siviq Scores

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

Liabilities / Assets

17th percentile

0.02x

Higher debt load relative to assets than 17% of similar nonprofits.

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

Liabilities / Revenue

26th percentile

0.12x

Higher debt load relative to revenue than 26% of similar nonprofits.

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

Net Margin

73rd percentile

20%

Higher net margin than 73% 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

59th percentile

2.7%

Faster asset growth than 59% of similar nonprofits.

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

Revenue Growth

70th percentile

13%

Faster revenue growth than 70% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets17th percentile

Assets

Up

$1,500,508

Up $30,557 (+2.1%) from 2023

Liabilities

Up

$23,100

Up $200 (+0.9%) from 2023

Net Assets

Up

$1,477,408

Up $30,357 (+2.1%) from 2023

Operations
Liabilities / Revenue26th percentileNet Margin73rd percentile

Revenue

Down

$175,883

Down $8,338 (-4.5%) from 2023

Expenses

Down

$145,526

Down $1,491 (-1.0%) from 2023

Net Income

Down

$30,357

Down $6,847 (-18%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth59th percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2020: $1,402,363Liabilities 2020: $0Net Assets 2020: $1,402,3632020Assets 2021: $1,411,788Liabilities 2021: $21,800Net Assets 2021: $1,389,9882021Assets 2022: $1,431,947Liabilities 2022: $22,100Net Assets 2022: $1,409,8472022Assets 2023: $1,469,951Liabilities 2023: $22,900Net Assets 2023: $1,447,0512023Assets 2024: $1,500,508Liabilities 2024: $23,100Net Assets 2024: $1,477,4082024

Highlighted filing

2024

Assets$1,500,508
Liabilities$23,100
Net Assets$1,477,408
Open 2024 Filing

Operations Trend

Revenue Growth70th percentile

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

$200K$100K$0-$100KRevenue 2020: $117,415Expenses 2020: $153,148Net Income 2020: -$35,7332020Revenue 2021: $123,981Expenses 2021: $143,373Net Income 2021: -$19,3922021Revenue 2022: $163,180Expenses 2022: $143,321Net Income 2022: $19,8592022Revenue 2023: $184,221Expenses 2023: $147,017Net Income 2023: $37,2042023Revenue 2024: $175,883Expenses 2024: $145,526Net Income 2024: $30,3572024

Highlighted filing

2024

Revenue$175,883
Expenses$145,526
Net Income$30,357
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$1,500,508
Liabilities
$23,100
Net assets
$1,477,408
Revenue
$175,883
Expenses
$145,526
Net income
$30,357
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.50$0.02$1.48$0.18$0.15$0.03
2023Detailed filing. Detailed filing data is available for this year.$1.47$0.02$1.45$0.18$0.15$0.04
2022Detailed filing. Detailed filing data is available for this year.$1.43$0.02$1.41$0.16$0.14$0.02
2021Detailed filing. Detailed filing data is available for this year.$1.41$0.02$1.39$0.12$0.14$0.02
2020Detailed filing. Detailed filing data is available for this year.$1.40$0.00$1.40$0.12$0.15$0.04
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Apr 30, 2025
Return Version
2024v5.1
Gross Receipts
$175,883
Mission and Program Overview

Mission

Flat WSC's mission is to furnish potable water to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,252,910$1,300,525▲ $47,615
Cash and Non-Interest-Bearing Accounts$203,460$184,012▼ $19,448
Accounts Receivable$13,581$15,971▲ $2,390
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$1,469,951$1,500,508▲ $30,557
Other Assets Total-$0-
Liabilities
Other Liabilities$22,900$23,100▲ $200
Total Liabilities$22,900$23,100▲ $200
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,447,051$1,477,408▲ $30,357
Total Net Assets Fund Balance$1,447,051$1,477,408▲ $30,357
Total Liabilities and Net Assets / Fund Balance$1,469,951$1,500,508▲ $30,557

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,296,025$58,467$1,354,492
Land$4,500-$4,500
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Justin TatumPresident
Walter WebbVice President
Steven MitchellDirector
William BertelsenDirector
Aspen WattsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$174,047
Investment Income
$1,836
Other Revenue
$0
Change in Net Assets
$30,357
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$145,526
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$42,900--$42,900
Depreciation Depletion$16,276--$16,276
Fees for Services Other-$5,155-$5,155
Insurance-$1,246-$1,246
Fees for Services Accounting-$995-$995
Occupancy$964--$964
Office Expenses$751--$751
Other Expenses$1,328$307-$307
All Other Expenses$138$107-$245
Total Functional Expenses$137,716$7,810$0$145,526
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Deposits$23,100
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The Organization has hired Veazey Corp under contract to manage the day to day operations of the system.”

Form 990, Part VI, Section A, Line 6

“Members of the Organization are members/users of the water supply system and have paid the membership fee.”

Form 990, Part VI, Section B, Line 11B

“A copy of form 990 is provided to the governing body before filing.”

Form 990, Part VI, Section B, Line 12C

“The conflict of interest policy is provided to all directors and management and will be updated as needed.”

Form 990, Part VI, Section B, Line 15A

“Management contracts are determined by comparison to similar services provided at other water supply systems.”

Form 990, Part VI, Section C, Line 19

“Governing documents, policies, and financial information is available upon request.”

Filing and Contact Details

Filer

Filer Name
Flat Water Supply Corporation
EIN
74-1679412
Phone
2542232493
Address
159 CR 334, Flat, TX 76526

Signing Officer

Name
Justin Tatum
Title
President
Signed
2025-04-30
Discuss with paid preparer
Yes

Organization Details

Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Shawnee Miller CPA PC
Address
3413 E Main St, Gatesville, TX 76528
Preparer
Shawnee Miller CPA
Phone
2548658966
Raw XML Appendix342 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A copy of form 990 is provided to the governing body before filing.
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IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt07810
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0137716
IRS990/TotalFunctionalExpensesGrp/TotalAmt0145526
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt022900
IRS990/TotalLiabilitiesEOYAmt023100
IRS990/TotalLiabilitiesGrp/BOYAmt022900
IRS990/TotalLiabilitiesGrp/EOYAmt023100
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01447051
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01477408
IRS990/TotalProgramServiceExpensesAmt0137716
IRS990/TotalProgramServiceRevenueAmt0174047
IRS990/TotalRevenueGrp/ExclusionAmt01836
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0174047
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0175883
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01469951
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01500508
IRS990/TravelGrp/TotalAmt00
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0501 CR 327
IRS990/USAddress/CityNm0Gatesville
IRS990/USAddress/StateAbbreviationCd0TX
IRS990/USAddress/ZIPCd076528
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.FLATWSC.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Justin Tatum
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-04-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Flat Water Supply Corporation
ReturnHeader/Filer/BusinessNameControlTxt0FLAT
ReturnHeader/Filer/EIN0741679412
ReturnHeader/Filer/PhoneNum02542232493
ReturnHeader/Filer/USAddress/AddressLine1Txt0159 CR 334
ReturnHeader/Filer/USAddress/CityNm0Flat
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TX
ReturnHeader/Filer/USAddress/ZIPCd076526
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0873495774
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Shawnee Miller CPA PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03413 E Main St
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Gatesville
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd076528
ReturnHeader/PreparerPersonGrp/PhoneNum02548658966
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Shawnee Miller CPA
ReturnHeader/ReturnTs02025-04-30T06:17:27-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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