Civic Intelligence

Sturdivant-Progress Water Supply Corp

990 • Fiscal year 2023 • EIN 75-1220118

Jan 01, 2023 to Dec 31, 2023 • Filed on May 06, 2024

Organization ProfileSTURDIVANTPROGRESSWSC.COM

View Organization Page

241 Village Bend RdMineral Wells, TX 76067

(940) 325-6020

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

28th percentile

0.05x

Higher debt load relative to assets than 28% of similar nonprofits.

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

Liabilities / Revenue

17th percentile

0.06x

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

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

Net Margin

82nd percentile

26%

Higher net margin than 82% of similar nonprofits.

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

Top Officer Pay

69th percentile

$0

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

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

Asset Growth

94th percentile

32%

Faster asset growth than 94% of similar nonprofits.

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

Revenue Growth

91st percentile

41%

Faster revenue growth than 91% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets28th percentile

Assets

Up

$2,276,092

Up $546,001 (+32%) from 2022

Net Assets

Up

$2,155,919

Up $503,099 (+30%) from 2022

Liabilities

Up

$120,173

Up $42,902 (+56%) from 2022

Revenue And Expenses
Liabilities / Revenue17th percentileNet Margin82nd percentile

Revenue

Up

$1,928,156

Up $560,117 (+41%) from 2022

Expenses

Up

$1,425,057

Up $245,311 (+21%) from 2022

Net Income

Up

$503,099

Up $314,806 (+167%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth94th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2010: $478,418Liabilities 2010: $54,733Net Assets 2010: $423,6852010Assets 2011: $554,195Liabilities 2011: $76,767Net Assets 2011: $477,4282011Assets 2012: $542,718Liabilities 2012: $50,175Net Assets 2012: $492,5432012Assets 2013: $707,672Liabilities 2013: $42,919Net Assets 2013: $664,7532013Assets 2014: $788,522Liabilities 2014: $35,907Net Assets 2014: $752,6152014Assets 2015: $955,707Liabilities 2015: $35,567Net Assets 2015: $920,1402015Assets 2016: $1,165,235Liabilities 2016: $34,360Net Assets 2016: $1,130,8752016Assets 2017: $1,273,617Liabilities 2017: $34,177Net Assets 2017: $1,239,4402017Assets 2018: $1,368,513Liabilities 2018: $33,576Net Assets 2018: $1,334,9372018Assets 2019: $1,396,363Liabilities 2019: $36,610Net Assets 2019: $1,359,7532019Assets 2020: $1,459,673Liabilities 2020: $66,073Net Assets 2020: $1,393,6002020Assets 2021: $1,546,915Liabilities 2021: $82,388Net Assets 2021: $1,464,5272021Assets 2022: $1,730,091Liabilities 2022: $77,271Net Assets 2022: $1,652,8202022Assets 2023: $2,276,092Liabilities 2023: $120,173Net Assets 2023: $2,155,9192023Assets 2024: $2,475,603Liabilities 2024: $25,688Net Assets 2024: $2,449,9152024

Highlighted filing

2023

Assets$2,276,092
Liabilities$120,173
Net Assets$2,155,919
Open 2023 Filing

Operations Trend

Revenue Growth91st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0Expenses 2010: $469,4272010Expenses 2011: $470,7372011Expenses 2012: $517,0552012Revenue 2013: $601,780Expenses 2013: $429,570Net Income 2013: $172,2102013Revenue 2014: $821,188Expenses 2014: $733,326Net Income 2014: $87,8622014Revenue 2015: $1,021,315Expenses 2015: $853,790Net Income 2015: $167,5252015Revenue 2016: $894,049Expenses 2016: $683,314Net Income 2016: $210,7352016Revenue 2017: $916,022Expenses 2017: $807,457Net Income 2017: $108,5652017Revenue 2018: $965,554Expenses 2018: $870,057Net Income 2018: $95,4972018Revenue 2019: $944,201Expenses 2019: $919,385Net Income 2019: $24,8162019Revenue 2020: $1,086,053Expenses 2020: $1,052,206Net Income 2020: $33,8472020Revenue 2021: $1,142,433Expenses 2021: $1,071,506Net Income 2021: $70,9272021Revenue 2022: $1,368,039Expenses 2022: $1,179,746Net Income 2022: $188,2932022Revenue 2023: $1,928,156Expenses 2023: $1,425,057Net Income 2023: $503,0992023Revenue 2024: $2,092,835Expenses 2024: $1,798,836Net Income 2024: $293,9992024

Highlighted filing

2023

Revenue$1,928,156
Expenses$1,425,057
Net Income$503,099
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 6, 2024
Return Version
2023v5.0
Gross Receipts
$2,215,204
Mission and Program Overview

Mission

To provide safe, potable water and sewage services to residents served by the sturdivant-progress water system.

Provide safe, potable water and sewage services to residents served by sturdivant-progress water system.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$1,238,200$1,717,210▲ $479,010
Savings and Temporary Cash Investments$141,825$956,982▲ $815,157
Land, Buildings, and Equipment, Net$1,139,465$913,534▼ $225,931
Pd in Cap Srpls Land Bldg Eqp Fund$414,620$438,709▲ $24,089
Accounts Receivable$117,288$184,626▲ $67,338
Inventories for Sale or Use$152,581$151,375▼ $1,206
Cash and Non-Interest-Bearing Accounts$163,659$51,025▼ $112,634
Prepaid Expenses and Deferred Charges$15,273$18,550▲ $3,277
Total Assets$1,730,091$2,276,092▲ $546,001
Liabilities
Accounts Payable and Accrued Expenses$59,825$109,706▲ $49,881
Unsecured Notes Loans Payable$17,446$10,467▼ $6,979
Total Liabilities$77,271$120,173▲ $42,902
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,652,820$2,155,919▲ $503,099
Total Liabilities and Net Assets / Fund Balance$1,730,091$2,276,092▲ $546,001

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$631,392$1,466,698$2,098,090
Land$213,329-$213,329
Buildings$68,813$140,010$208,823
Compensation and Service Providers
Top Officer Pay69th percentile

Board Members and Trustees

NameTitle
Scott RoyalPresident
James SlatteryDirector
Jeff StowDirector
Mike JohnsonDirector
Sarah HahsDirector
Steve ByromDirector
Jb WatkinsAsst Sec-tre
Penny SnowSecretary-tr
Jeff SmithVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,479,404
Investment Income
$448,752
Other Revenue
$0
Change in Net Assets
$503,099
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$996,084
Salaries, Compensation, and Employee Benefits$428,973
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$329,876
All Other Expenses---$69,370
Other Employee Benefits---$59,032
Depreciation Depletion---$45,793
Occupancy---$26,592
Payroll Taxes---$24,996
Other Expenses---$20,344
Office Expenses---$19,374
Insurance---$18,081
Pension Plan Contributions---$15,069
Fees for Services Accounting---$8,505
Travel---$7,533
Fees for Services Legal---$6,267
Fees for Services Other---$4,383
Conferences and Meetings---$2,044
Total Functional Expenses$0$0$0$1,425,057
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
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 6

“The corporation has one class of members. All customers of the corporation must hold a membership.”

Form 990, Page 6, Part VI, Line 7A

“Directors of the corporation are elected by its members at the annual meeting.”

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

“Form 990 is prepared by the corporation's cpa firm and is reviewed by the president before submission. A copy is provided to directors at the next monthly meeting.”

Form 990, Page 6, Part VI, Line 15A

“A sub-committee of the board serves as a personnel committee. The personnel committee reviews staff salaries and benefits annually, including comparing to industry-wide and local compensation. Following their review, the personnel committee makes recommendations to the board.”

Form 990, Page 6, Part VI, Line 19

“Tax returns and financial statements are presented at board meetings which are open to all members, as well as to the public. Additionally, copies of these documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Sturdivant-progress Water Supply
EIN
75-1220118
Phone
9403256020
Address
241 VILLAGE BEND RD, MINERAL WELLS, TX 76067

Signing Officer

Name
Scott Royal
Title
President
Phone
9403256020
Signed
2024-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Scott Royal
Formed
1965
Legal Domicile
TX
Voting Board Members
9
Independent Board Members
9
Employees
5
Volunteers
9

Preparer

Firm
Crawford Carter & Durbin LLC
Address
PO BOX 87, MINERAL WELLS, TX 76068-0087
Preparer
Martin R Durbin
Phone
9403281167
Supplemental Narrative

Additional Explanations

Form 990, Part XII

“Line 2c. The organization's board is responsible for hiring the organization's cpa and providing oversight of the compilation of its financial statements. The cpa's report states that it is not independent with regard to the organization.”

Raw XML Appendix343 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/ExplanationTxt0THE CORPORATION HAS ONE CLASS OF MEMBERS. ALL CUSTOMERS OF THE CORPORATION MUST HOLD A MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DIRECTORS OF THE CORPORATION ARE ELECTED BY ITS MEMBERS AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 IS PREPARED BY THE CORPORATION'S CPA FIRM AND IS REVIEWED BY THE PRESIDENT BEFORE SUBMISSION. A COPY IS PROVIDED TO DIRECTORS AT THE NEXT MONTHLY MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A SUB-COMMITTEE OF THE BOARD SERVES AS A PERSONNEL COMMITTEE. THE PERSONNEL COMMITTEE REVIEWS STAFF SALARIES AND BENEFITS ANNUALLY, INCLUDING COMPARING TO INDUSTRY-WIDE AND LOCAL COMPENSATION. FOLLOWING THEIR REVIEW, THE PERSONNEL COMMITTEE MAKES RECOMMENDATIONS TO THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4TAX RETURNS AND FINANCIAL STATEMENTS ARE PRESENTED AT BOARD MEETINGS WHICH ARE OPEN TO ALL MEMBERS, AS WELL AS TO THE PUBLIC. ADDITIONALLY, COPIES OF THESE DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5LINE 2C. THE ORGANIZATION'S BOARD IS RESPONSIBLE FOR HIRING THE ORGANIZATION'S CPA AND PROVIDING OVERSIGHT OF THE COMPILATION OF ITS FINANCIAL STATEMENTS. THE CPA'S REPORT STATES THAT IT IS NOT INDEPENDENT WITH REGARD TO THE ORGANIZATION.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII
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IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt07550
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ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$2,276,092
Liabilities
$120,173
Net assets
$2,155,919
Revenue
$1,928,156
Expenses
$1,425,057
Net income
$503,099
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.48$0.03$2.45$2.09$1.80$0.29
2023Detailed filing. Detailed filing data is available for this year.$2.28$0.12$2.16$1.93$1.43$0.50
2022Detailed filing. Detailed filing data is available for this year.$1.73$0.08$1.65$1.37$1.18$0.19
2021Detailed filing. Detailed filing data is available for this year.$1.55$0.08$1.46$1.14$1.07$0.07
2020Detailed filing. Detailed filing data is available for this year.$1.46$0.07$1.39$1.09$1.05$0.03
2019Detailed filing. Detailed filing data is available for this year.$1.40$0.04$1.36$0.94$0.92$0.02
2018Detailed filing. Detailed filing data is available for this year.$1.37$0.03$1.33$0.97$0.87$0.10
2017Detailed filing. Detailed filing data is available for this year.$1.27$0.03$1.24$0.92$0.81$0.11
2016Detailed filing. Detailed filing data is available for this year.$1.17$0.03$1.13$0.89$0.68$0.21
2015Detailed filing. Detailed filing data is available for this year.$0.96$0.04$0.92$1.02$0.85$0.17
2014Detailed filing. Detailed filing data is available for this year.$0.79$0.04$0.75$0.82$0.73$0.09
2013Detailed filing. Detailed filing data is available for this year.$0.71$0.04$0.66$0.60$0.43$0.17
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.54$0.05$0.49$0.52
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.55$0.08$0.48$0.47
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.48$0.05$0.42$0.47