Civic Intelligence

Lake Fork Water Supply Corporation

EIN 75-1666068 • 501(c)12 • Yantis, TX

Profile

To provide water services to the rural areas near the city of yantis, texas and lake fork texas

PO Box 275Yantis, TX 75497

www.lakeforkwsc.com

Siviq Scores

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

Liabilities / Assets

90th percentile

0.66x

Higher debt load relative to assets than 90% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

80th percentile

2.28x

Higher debt load relative to revenue than 80% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2019

Net Margin

23rd percentile

-6.2%

Higher net margin than 23% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

68th percentile

$0

Higher top officer pay than 68% of similar nonprofits.

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

501(c)12 • $1M-$5M nonprofits • Source year 2019

Asset Growth

9th percentile

-6.6%

Faster asset growth than 9% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

23rd percentile

-2.3%

Faster revenue growth than 23% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets90th percentile

Assets

Down

$3,586,501

Down $253,823 (-6.6%) from 2018

Liabilities

Up

$2,364,557

Up $6,330 (+0.3%) from 2018

Net Assets

Down

$1,221,944

Down $260,153 (-18%) from 2018

Operations
Liabilities / Revenue80th percentileNet Margin23rd percentile

Revenue

Down

$1,035,133

Down $24,109 (-2.3%) from 2018

Expenses

Up

$1,099,665

Up $91,667 (+9.1%) from 2018

Net Income

Down

-$64,532

Down $115,776 (-226%) from 2018

Trend Graphs

Balance Sheet Trend

Asset Growth9th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $3,750,739Liabilities 2011: $1,696,202Net Assets 2011: $2,054,5372011Assets 2012: $3,624,414Liabilities 2012: $1,639,766Net Assets 2012: $1,984,6482012Assets 2013: $3,477,847Liabilities 2013: $1,602,965Net Assets 2013: $1,874,8822013Assets 2014: $3,301,027Liabilities 2014: $1,583,337Net Assets 2014: $1,717,6902014Assets 2015: $3,171,856Liabilities 2015: $1,555,293Net Assets 2015: $1,616,5632015Assets 2016: $3,890,626Liabilities 2016: $2,292,109Net Assets 2016: $1,598,5172016Assets 2017: $3,844,127Liabilities 2017: $2,256,329Net Assets 2017: $1,587,7982017Assets 2018: $3,840,324Liabilities 2018: $2,358,227Net Assets 2018: $1,482,0972018Assets 2019: $3,586,501Liabilities 2019: $2,364,557Net Assets 2019: $1,221,9442019

Highlighted filing

2019

Assets$3,586,501
Liabilities$2,364,557
Net Assets$1,221,944
Open 2019 Filing

Operations Trend

Revenue Growth23rd percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2011: $772,539Expenses 2011: $679,699Net Income 2011: $92,8402011Revenue 2012: $654,829Expenses 2012: $727,621Net Income 2012: -$72,7922012Revenue 2013: $664,652Expenses 2013: $776,956Net Income 2013: -$112,3042013Revenue 2014: $674,982Expenses 2014: $837,649Net Income 2014: -$162,6672014Revenue 2015: $793,032Expenses 2015: $892,656Net Income 2015: -$99,6242015Revenue 2016: $964,640Expenses 2016: $978,097Net Income 2016: -$13,4572016Revenue 2017: $949,540Expenses 2017: $965,266Net Income 2017: -$15,7262017Revenue 2018: $1,059,242Expenses 2018: $1,007,998Net Income 2018: $51,2442018Revenue 2019: $1,035,133Expenses 2019: $1,099,665Net Income 2019: -$64,5322019

Highlighted filing

2019

Revenue$1,035,133
Expenses$1,099,665
Net Income-$64,532
Open 2019 Filing

Filings

Most recent year

2019 • Form 990Summary only. Only limited summary data is available for this year.

Open filing
Assets
$3,586,501
Liabilities
$2,364,557
Net assets
$1,221,944
Revenue
$1,035,133
Expenses
$1,099,665
Net income
-$64,532
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2019Summary only. Only limited summary data is available for this year.$3.59$2.36$1.22$1.04$1.10$0.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.84$2.36$1.48$1.06$1.01$0.05
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.84$2.26$1.59$0.95$0.97$0.02
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.89$2.29$1.60$0.96$0.98$0.01
2015Detailed filing. Detailed filing data is available for this year.$3.17$1.56$1.62$0.79$0.89$0.10
2014Detailed filing. Detailed filing data is available for this year.$3.30$1.58$1.72$0.67$0.84$0.16
2013Summary only. Only limited summary data is available for this year.$3.48$1.60$1.87$0.66$0.78$0.11
2012Summary only. Only limited summary data is available for this year.$3.62$1.64$1.98$0.65$0.73$0.07
2011Summary only. Only limited summary data is available for this year.$3.75$1.70$2.05$0.77$0.68$0.09
Latest Detailed Filing

The latest 2019 filing currently has summary financial data only. Showing the latest detailed filing from 2016 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 24, 2017
Return Version
2016v3.0
Gross Receipts
$964,640
Mission and Program Overview

Mission

To provide water services to the rural areas near the city of yantis, texas and lake fork texas

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,585,096$2,884,753▲ $299,657
Rtn Earn Endowment Incm Other Fnds$1,460,037$1,446,579▼ $13,458
Cash and Non-Interest-Bearing Accounts$85,719$462,943▲ $377,224
Savings and Temporary Cash Investments$409,557$401,629▼ $7,928
Cap Stk Tr Prin Current Funds$156,526$151,938▼ $4,588
Accounts Receivable$54,629$103,400▲ $48,771
Inventories for Sale or Use$36,855$37,901▲ $1,046
Total Assets$3,171,856$3,890,626▲ $718,770
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,512,233$2,277,403▲ $765,170
Accounts Payable and Accrued Expenses$43,060$14,706▼ $28,354
Total Liabilities$1,555,293$2,292,109▲ $736,816
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,616,563$1,598,517▼ $18,046
Total Liabilities and Net Assets / Fund Balance$3,171,856$3,890,626▲ $718,770

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,387,944$2,288,186$4,676,130
Buildings$325,312$67,260$392,572
Land$171,497-$171,497
Compensation and Service Providers
Top Officer Pay68th percentile

Board Members and Trustees

NameTitle
Keith GilbreathPresident
Mickey DelamarVice President
Billy Don DeverellDirector
Jerry MccordDirector
Nelson EatonDirector
Quin H Martson JrAsst Sec/treas
Gary WatsonSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$960,652
Investment Income
$3,988
Other Revenue
$0
Change in Net Assets
$-13,457
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$589,012
Salaries, Compensation, and Employee Benefits$389,085
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$300,746--$300,746
Depreciation Depletion$197,249--$197,249
Interest$81,397--$81,397
Other Employee Benefits$56,256--$56,256
Office Expenses$52,120--$52,120
All Other Expenses$44,425--$44,425
Insurance$30,791--$30,791
Payroll Taxes$24,405--$24,405
Fees for Services Legal$21,200--$21,200
Other Expenses$19,907--$19,907
Fees for Services Accounting$11,399--$11,399
Pension Plan Contributions$7,678--$7,678
Total Functional Expenses$978,097$0$0$978,097
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
Federal income taxes-
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 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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6,7A,8A-B

“Each water customer is required to purchase a refundable stock membership in the corporation. The stock serves as a refundable deposit which the customer may redeem when the customer loeaves the system. The stock allows the customer.stockholder tovote in the election of the corporations directors. An annumal meeting is held to elect members of the corporations board of directors. The board is respponsible for the decision making processes of the business. At the annual meeting, the members ratify or reject the actions taken by the board of directors. This doard of directors meets monthly to review the monthly operstions of the corporation and conduct any other business needed to direct the affairs of the business. Minutes of all meetings by the board of directors and committees are recorded and are open to the public inspection.”

Form 990, Part VI, Section B, Line 12

“The corporation has a conflict of interest policy that requires board members and offiecers to disclose relationships with prospective employees, contractors, and other entities doing business with or proposing to do business with the corporation. This policy is monitored on a monthly basis by the corporations management and the board of directors.”

Filing and Contact Details

Filer

Filer Name
Lake Fork Water Supply Corporation
EIN
75-1666068
Phone
9033837643
Address
PO BOX 275, YANTIS, TX 75497

Signing Officer

Name
Gary Watson
Title
Treasurer
Signed
2017-05-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Keith Gilbreath
Formed
1976
Legal Domicile
TX
Voting Board Members
7
Independent Board Members
7
Employees
8

Preparer

Firm
Thomas R Smith CPA
Address
2461 FM 778, MINEOLA, TX 75773
Preparer
Thomas R Smith
Phone
9039673819
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 9

“Other changes in net assets - membership refunds 4,588”

Raw XML Appendix373 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.

Path#Value
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt229962
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt326358
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt426153
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt06801
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0566962
IRS990/PYProgramServiceRevenueAmt0786231
IRS990/PYRevenuesLessExpensesAmt0-99624
IRS990/PYSalariesCompEmpBnftPaidAmt0325694
IRS990/PYTotalExpensesAmt0892656
IRS990/PYTotalRevenueAmt0793032
IRS990/QuidProQuoContributionsInd0false
IRS990/QuidProQuoContriDisclInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-13457
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0960652
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt01460037
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01446579
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0409557
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0401629
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0325312
IRS990ScheduleD/BuildingsGrp/DepreciationAmt067260
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0392572
IRS990ScheduleD/EquipmentGrp/BookValueAmt02387944
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02288186
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt04676130
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt0171497
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0171497
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02884753
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0false
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EACH WATER CUSTOMER IS REQUIRED TO PURCHASE A REFUNDABLE STOCK MEMBERSHIP IN THE CORPORATION. THE STOCK SERVES AS A REFUNDABLE DEPOSIT WHICH THE CUSTOMER MAY REDEEM WHEN THE CUSTOMER LOEAVES THE SYSTEM. THE STOCK ALLOWS THE CUSTOMER.STOCKHOLDER TOVOTE IN THE ELECTION OF THE CORPORATIONS DIRECTORS. AN ANNUMAL MEETING IS HELD TO ELECT MEMBERS OF THE CORPORATIONS BOARD OF DIRECTORS. THE BOARD IS RESPPONSIBLE FOR THE DECISION MAKING PROCESSES OF THE BUSINESS. AT THE ANNUAL MEETING, THE MEMBERS RATIFY OR REJECT THE ACTIONS TAKEN BY THE BOARD OF DIRECTORS. THIS DOARD OF DIRECTORS MEETS MONTHLY TO REVIEW THE MONTHLY OPERSTIONS OF THE CORPORATION AND CONDUCT ANY OTHER BUSINESS NEEDED TO DIRECT THE AFFAIRS OF THE BUSINESS. MINUTES OF ALL MEETINGS BY THE BOARD OF DIRECTORS AND COMMITTEES ARE RECORDED AND ARE OPEN TO THE PUBLIC INSPECTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CORPORATION HAS A CONFLICT OF INTEREST POLICY THAT REQUIRES BOARD MEMBERS AND OFFIECERS TO DISCLOSE RELATIONSHIPS WITH PROSPECTIVE EMPLOYEES, CONTRACTORS, AND OTHER ENTITIES DOING BUSINESS WITH OR PROPOSING TO DO BUSINESS WITH THE CORPORATION. THIS POLICY IS MONITORED ON A MONTHLY BASIS BY THE CORPORATIONS MANAGEMENT AND THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2OTHER CHANGES IN NET ASSETS - MEMBERSHIP REFUNDS 4,588
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 6,7A,8A-B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part IX, Line 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03171856
IRS990/TotalAssetsEOYAmt03890626
IRS990/TotalAssetsGrp/BOYAmt03171856
IRS990/TotalAssetsGrp/EOYAmt03890626
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt08
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0978097
IRS990/TotalFunctionalExpensesGrp/TotalAmt0978097
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01555293
IRS990/TotalLiabilitiesEOYAmt02292109
IRS990/TotalLiabilitiesGrp/BOYAmt01555293
IRS990/TotalLiabilitiesGrp/EOYAmt02292109
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01616563
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01598517
IRS990/TotalProgramServiceExpensesAmt0978097
IRS990/TotalProgramServiceRevenueAmt0960652
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0964640
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0964640
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03171856
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03890626
IRS990/TravelGrp/TotalAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0P O BOX 275
IRS990/USAddress/CityNm0YANTIS
IRS990/USAddress/StateAbbreviationCd0TX
IRS990/USAddress/ZIPCd075497
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0www.lakeforkwsc.com/
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0GARY WATSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-05-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LAKE FORK WATER SUPPLY CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0LAKE
ReturnHeader/Filer/EIN0751666068
ReturnHeader/Filer/PhoneNum09033837643
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 275
ReturnHeader/Filer/USAddress/CityNm0YANTIS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TX
ReturnHeader/Filer/USAddress/ZIPCd075497
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0CCC96BE60E1A49E48417293C3B143E13F6A7DA09
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0CCC96BE60E1A49E48417293C3B143E13F6A7DA09
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt068.168.197.155
ReturnHeader/FilingSecurityInformation/IPDt02017-05-24
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm018:01:54
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0THOMAS R SMITH CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02461 FM 778
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MINEOLA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd075773
ReturnHeader/PreparerPersonGrp/PhoneNum09039673819
ReturnHeader/PreparerPersonGrp/PreparationDt02017-05-24
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0THOMAS R SMITH
ReturnHeader/ReturnTs02017-05-24T01:50:17-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

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