Civic Intelligence

Gum Springs Water Supply Corporation

EIN 75-1728048 • 501(c)12 • Hallsville, TX

Profile

The organization provides a rural water supply on a cooperative basis to residents and businesses in portions of western harrison county, texas.

PO Box 750Hallsville, TX 75650-0750

gswsc.com

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.36x

Higher debt load relative to assets than 52% of similar nonprofits.

501(c)12 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

60th percentile

1.58x

Higher debt load relative to revenue than 60% of similar nonprofits.

501(c)12 • $10M-$25M nonprofits • Source year 2024

Net Margin

22nd percentile

0.3%

Higher net margin than 22% of similar nonprofits.

501(c)12 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

52nd percentile

$86,307

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 3.1% of source-year revenue.

501(c)12 • $10M-$25M nonprofits • Source year 2024

Asset Growth

70th percentile

8.4%

Faster asset growth than 70% of similar nonprofits.

501(c)12 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

32nd percentile

0.5%

Faster revenue growth than 32% of similar nonprofits.

501(c)12 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Up

$12,220,996

Up $952,189 (+8.4%) from 2023

Liabilities

Up

$4,397,752

Up $921,248 (+26%) from 2023

Net Assets

Up

$7,823,244

Up $30,941 (+0.4%) from 2023

Operations
Liabilities / Revenue60th percentileNet Margin22nd percentile

Revenue

Up

$2,782,336

Up $14,731 (+0.5%) from 2023

Expenses

Up

$2,773,680

Up $471,533 (+20%) from 2023

Net Income

Down

$8,656

Down $456,802 (-98%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth70th percentile

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

$15M$10M$5.0M$0Assets 2010: $4,110,146Liabilities 2010: $244,535Net Assets 2010: $3,865,6112010Assets 2011: $4,287,962Liabilities 2011: $236,490Net Assets 2011: $4,051,4722011Assets 2012: $4,664,408Liabilities 2012: $278,184Net Assets 2012: $4,386,2242012Assets 2013: $4,416,948Liabilities 2013: $224,136Net Assets 2013: $4,192,8122013Assets 2014: $4,815,009Liabilities 2014: $346,511Net Assets 2014: $4,468,4982014Assets 2015: $5,522,207Liabilities 2015: $548,520Net Assets 2015: $4,973,6872015Assets 2016: $5,766,681Liabilities 2016: $414,591Net Assets 2016: $5,352,0902016Assets 2017: $6,273,979Liabilities 2017: $372,196Net Assets 2017: $5,901,7832017Assets 2018: $6,725,173Liabilities 2018: $429,561Net Assets 2018: $6,295,6122018Assets 2019: $7,778,334Liabilities 2019: $1,382,227Net Assets 2019: $6,396,1072019Assets 2020: $8,461,906Liabilities 2020: $2,038,373Net Assets 2020: $6,423,5332020Assets 2021: $9,205,890Liabilities 2021: $2,695,570Net Assets 2021: $6,510,3202021Assets 2022: $10,248,486Liabilities 2022: $2,965,586Net Assets 2022: $7,282,9002022Assets 2023: $11,268,807Liabilities 2023: $3,476,504Net Assets 2023: $7,792,3032023Assets 2024: $12,220,996Liabilities 2024: $4,397,752Net Assets 2024: $7,823,2442024

Highlighted filing

2024

Assets$12,220,996
Liabilities$4,397,752
Net Assets$7,823,244
Open 2024 Filing

Operations Trend

Revenue Growth32nd percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2010: $1,633,805Expenses 2010: $1,397,733Net Income 2010: $236,0722010Revenue 2011: $1,892,025Expenses 2011: $1,706,164Net Income 2011: $185,8612011Revenue 2012: $1,688,988Expenses 2012: $1,354,236Net Income 2012: $334,7522012Revenue 2013: $1,769,821Expenses 2013: $1,963,233Net Income 2013: -$193,4122013Revenue 2014: $2,021,570Expenses 2014: $1,745,884Net Income 2014: $275,6862014Revenue 2015: $2,116,678Expenses 2015: $1,833,236Net Income 2015: $283,4422015Revenue 2016: $2,134,188Expenses 2016: $1,816,129Net Income 2016: $318,0592016Revenue 2017: $2,173,066Expenses 2017: $1,603,510Net Income 2017: $569,5562017Revenue 2018: $2,363,292Expenses 2018: $1,962,225Net Income 2018: $401,0672018Revenue 2019: $2,268,183Expenses 2019: $1,850,844Net Income 2019: $417,3392019Revenue 2020: $2,251,637Expenses 2020: $2,278,493Net Income 2020: -$26,8562020Revenue 2021: $2,251,961Expenses 2021: $2,264,418Net Income 2021: -$12,4572021Revenue 2022: $3,020,223Expenses 2022: $2,507,551Net Income 2022: $512,6722022Revenue 2023: $2,767,605Expenses 2023: $2,302,147Net Income 2023: $465,4582023Revenue 2024: $2,782,336Expenses 2024: $2,773,680Net Income 2024: $8,6562024

Highlighted filing

2024

Revenue$2,782,336
Expenses$2,773,680
Net Income$8,656
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$12,220,996
Liabilities
$4,397,752
Net assets
$7,823,244
Revenue
$2,782,336
Expenses
$2,773,680
Net income
$8,656
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$12.2$4.40$7.82$2.78$2.77$0.01
2023Detailed filing. Detailed filing data is available for this year.$11.3$3.48$7.79$2.77$2.30$0.47
2022Detailed filing. Detailed filing data is available for this year.$10.2$2.97$7.28$3.02$2.51$0.51
2021Detailed filing. Detailed filing data is available for this year.$9.21$2.70$6.51$2.25$2.26$0.01
2020Detailed filing. Detailed filing data is available for this year.$8.46$2.04$6.42$2.25$2.28$0.03
2019Detailed filing. Detailed filing data is available for this year.$7.78$1.38$6.40$2.27$1.85$0.42
2018Detailed filing. Detailed filing data is available for this year.$6.73$0.43$6.30$2.36$1.96$0.40
2017Detailed filing. Detailed filing data is available for this year.$6.27$0.37$5.90$2.17$1.60$0.57
2016Detailed filing. Detailed filing data is available for this year.$5.77$0.41$5.35$2.13$1.82$0.32
2015Detailed filing. Detailed filing data is available for this year.$5.52$0.55$4.97$2.12$1.83$0.28
2014Detailed filing. Detailed filing data is available for this year.$4.82$0.35$4.47$2.02$1.75$0.28
2013Summary only. Only limited summary data is available for this year.$4.42$0.22$4.19$1.77$1.96$0.19
2012Summary only. Only limited summary data is available for this year.$4.66$0.28$4.39$1.69$1.35$0.33
2011Summary only. Only limited summary data is available for this year.$4.29$0.24$4.05$1.89$1.71$0.19
2010Summary only. Only limited summary data is available for this year.$4.11$0.24$3.87$1.63$1.40$0.24
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
$2,782,336
Mission and Program Overview

Mission

The organization provides a rural water supply on a cooperative basis to residents and businesses in portions of western Harrison County, Texas.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,446,759$9,615,219▲ $1,168,460
Rtn Earn Endowment Incm Other Fnds$6,579,962$6,588,618▲ $8,656
Savings and Temporary Cash Investments$672,234$1,594,109▲ $921,875
Pd in Cap Srpls Land Bldg Eqp Fund$970,173$981,458▲ $11,285
Cash and Non-Interest-Bearing Accounts$862,533$579,079▼ $283,454
Accounts Receivable$310,074$292,199▼ $17,875
Cap Stk Tr Prin Current Funds$242,168$253,168▲ $11,000
Prepaid Expenses and Deferred Charges$69,195$80,432▲ $11,237
Inventories for Sale or Use$82,357$59,958▼ $22,399
Total Assets$11,268,807$12,220,996▲ $952,189
Other Assets Total$825,655$0▼ $825,655
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,676,930$3,597,719▲ $920,789
Other Liabilities$787,200$777,048▼ $10,152
Accounts Payable and Accrued Expenses$12,374$22,985▲ $10,611
Total Liabilities$3,476,504$4,397,752▲ $921,248
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,792,303$7,823,244▲ $30,941
Total Liabilities and Net Assets / Fund Balance$11,268,807$12,220,996▲ $952,189

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$8,207,465$4,551,952$12,759,417
Equipment$369,339$699,918$1,069,257
Buildings$550,728$128,453$679,181
Land$487,687-$487,687
Compensation and Service Providers
Top Officer Pay52nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Derrick L ToddManagerFT$86,307$86,307

Board Members and Trustees

NameTitle
Kelly ThompsonPresident
Eddie AbbottVice President
Bill RobertsMember
Eddie StenceMember
Glenda GrammerMember
Linnie CrumpMember
Ray JacksonSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Hill Electric Co LLCElectrical ServicesPOBOX471, Gilmer, TX 75644$205,818
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,768,586
Investment Income
$13,750
Other Revenue
$0
Change in Net Assets
$8,656

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,782,336
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,782,336
Total Revenue per Form 990
$2,782,336
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,057,706
Salaries, Compensation, and Employee Benefits$715,974
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$530,829
Depreciation Depletion---$348,187
Interest---$195,627
All Other Expenses---$187,302
Other Employee Benefits---$98,838
Current Officers, Directors, Trustees, and Key Employees---$86,307
Other Expenses---$69,101
Insurance---$61,090
Office Expenses---$59,751
Fees for Services Accounting---$37,797
Fees for Services Legal---$8,903
Fees for Services Other---$8,876
Total Functional Expenses$0$0$0$2,773,680

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,773,680
Total Expenses per Audited Statements$2,773,680
Total Expenses per Form 990$2,773,680
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Contract Liabilities$741,519
Accrued Expenses$35,529
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Line 6 explanation - gum springs water supply has 3,704 members as of the end of the tax year living in the rural community of gum springs, texas serviced by the water supply.”

Form 990, Part VI, Section A, Line 7A

“Line 7a explanation - members of gum springs water supply elect the directors who oversee the corporation. Directiors are elected annually. Regulary scheduled meetings are held each month.”

Form 990, Part VI, Section A, Line 7B

“Line 7b explanation - the secretary records the minutes of each meeting.”

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

“Line 11b explanation - this return is reviewed at a monthly meeting before filing.”

Form 990, Part VI, Section C, Line 19

“Gum springs water supply is subject to open records; it provides its governing body documents, policies, and financial statements to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Gum Springs Water Supply Corporation
EIN
75-1728048
Phone
9036603420
Address
PO BOX 750, HALLSVILLE, TX 75650-0750

Signing Officer

Name
Derrick Todd
Title
General Manager
Phone
9036603420
Signed
2025-04-30
Discuss with paid preparer
Yes

Organization Details

Formed
1966
Legal Domicile
TX
Voting Board Members
8
Independent Board Members
7
Employees
10
Volunteers
7

Preparer

Firm
Heard Mcelroy & Vestal LLC
Address
2403 JUDSON ROAD, LONGVIEW, TX 75605
Preparer
Rebecca Vannattan CPA
Phone
9037580734
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Aid to construction received 46,200. Amortization of aid to construction -34,914. Memberships issued/refunded net 11,000. Rounding -1.”

Financial Statement Notes

PART X, LINE 2:

“"accounting for uncertainty in income taxes contained in fasc topic 740 'income taxes', requires the use of a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax retrun and disclosures regarding uncertainties in income tax positions. The first step is recognition: we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appopriate taxing authority that has full knowledge of all relevant information. The second step is measurement: a tax position that meets the more-likely-than-not recognition theshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amount recognized in the financials statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction on an income tax refund receivable, a reduction in a deferred tax asset, or an increase in a deferred tax liability. We have not identified any uncertain tax positions requiring recognition in our financial statements and we believe that the positions taken would not require settlement at an amount less than full recognition. We file income tax returns in the u.s. Federal jurisdiction. We are generally no longer subject to u.s. Federal income tax examinations by tax authorities for the years before 2021."”

Raw XML Appendix384 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/LandBldgEquipBasisNetGrp/EOYAmt09615219
IRS990/LandBldgEquipCostOrOtherBssAmt014995542
IRS990/LegalDomicileStateCd0TX
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersAndShrGrossIncomeAmt02768586
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE ORGANIZATION PROVIDES A RURAL WATER SUPPLY ON A COOPERATIVE BASIS TO RESIDENTS AND BUSINESSES IN PORTIONS OF WESTERN HARRISON COUNTY, TEXAS.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt02676930
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt03597719
IRS990/NetAssetsOrFundBalancesBOYAmt07792303
IRS990/NetAssetsOrFundBalancesEOYAmt07823244
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/TotalAmt059751
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0825655
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt022285
IRS990/OtherEmployeeBenefitsGrp/TotalAmt098838
IRS990/OtherExpensesGrp/Desc0WATER PURCHASED
IRS990/OtherExpensesGrp/Desc1REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/Desc2UTILITIES
IRS990/OtherExpensesGrp/Desc3REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/TotalAmt0818144
IRS990/OtherExpensesGrp/TotalAmt1143443
IRS990/OtherExpensesGrp/TotalAmt2119485
IRS990/OtherExpensesGrp/TotalAmt369101
IRS990/OtherLiabilitiesGrp/BOYAmt0787200
IRS990/OtherLiabilitiesGrp/EOYAmt0777048
IRS990/OtherSalariesAndWagesGrp/TotalAmt0530829
IRS990/OtherSourcesGrossIncomeAmt013750
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt0970173
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt0981458
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt069195
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt080432
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0221000
IRS990/ProgramServiceRevenueGrp/BusinessCd1221000
IRS990/ProgramServiceRevenueGrp/BusinessCd2221000
IRS990/ProgramServiceRevenueGrp/BusinessCd3221000
IRS990/ProgramServiceRevenueGrp/BusinessCd4221000
IRS990/ProgramServiceRevenueGrp/Desc0WATER REVENUE
IRS990/ProgramServiceRevenueGrp/Desc1NEW SERVICE FEES
IRS990/ProgramServiceRevenueGrp/Desc2PENALTIES
IRS990/ProgramServiceRevenueGrp/Desc3APP/EASEMENT/MISC FEES
IRS990/ProgramServiceRevenueGrp/Desc4RECONNECT/TRANSFER FEE
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt02591615
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt188039
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt235626
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt329556
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt423750
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt02591615
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt188039
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt235626
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt329556
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt423750
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt012673
IRS990/PYOtherExpensesAmt01652702
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt02754932
IRS990/PYRevenuesLessExpensesAmt0465458
IRS990/PYSalariesCompEmpBnftPaidAmt0649445
IRS990/PYTotalExpensesAmt02302147
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02767605
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt08656
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt06579962
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt06588618
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0672234
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01594109
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0550728
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0128453
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0679181
IRS990ScheduleD/EquipmentGrp/BookValueAmt0369339
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0699918
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01069257
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02773680
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0487687
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0487687
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt08207465
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt04551952
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt012759417
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt035529
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1741519
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED EXPENSES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1CONTRACT LIABILITIES
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02782336
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0"ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES CONTAINED IN FASC TOPIC 740 'INCOME TAXES', REQUIRES THE USE OF A TWO-STEP APPROACH FOR RECOGNIZING AND MEASURING TAX BENEFITS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETRUN AND DISCLOSURES REGARDING UNCERTAINTIES IN INCOME TAX POSITIONS. THE FIRST STEP IS RECOGNITION: WE DETERMINE WHETHER IT IS MORE-LIKELY-THAN-NOT THAT A TAX POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING RESOLUTION OF ANY RELATED APPEALS OR LITIGATION PROCESSES, BASED ON THE TECHNICAL MERITS OF THE POSITION. IN EVALUATING WHETHER A TAX POSITION HAS MET THE MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD, WE PRESUME THAT THE POSITION WILL BE EXAMINED BY THE APPOPRIATE TAXING AUTHORITY THAT HAS FULL KNOWLEDGE OF ALL RELEVANT INFORMATION. THE SECOND STEP IS MEASUREMENT: A TAX POSITION THAT MEETS THE MORE-LIKELY-THAN-NOT RECOGNITION THESHOLD IS MEASURED TO DETERMINE THE AMOUNT OF BENEFIT TO RECOGNIZE IN THE FINANCIAL STATEMENTS. THE TAX POSITION IS MEASURED AT THE LARGEST AMOUNT OF BENEFIT THAT IS GREATER THAN 50 PERCENT LIKELY OF BEING REALIZED UPON ULTIMATE SETTLEMENT. DIFFERENCES BETWEEN TAX POSITIONS TAKEN IN A TAX RETURN AND AMOUNT RECOGNIZED IN THE FINANCIALS STATEMENTS WILL GENERALLY RESULT IN ONE OR MORE OF THE FOLLOWING: AN INCREASE IN A LIABILITY FOR INCOME TAXES PAYABLE, A REDUCTION ON AN INCOME TAX REFUND RECEIVABLE, A REDUCTION IN A DEFERRED TAX ASSET, OR AN INCREASE IN A DEFERRED TAX LIABILITY. WE HAVE NOT IDENTIFIED ANY UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN OUR FINANCIAL STATEMENTS AND WE BELIEVE THAT THE POSITIONS TAKEN WOULD NOT REQUIRE SETTLEMENT AT AN AMOUNT LESS THAN FULL RECOGNITION. WE FILE INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. WE ARE GENERALLY NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR THE YEARS BEFORE 2021."
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt09615219
IRS990ScheduleD/TotalExpensesPerForm990Amt02773680
IRS990ScheduleD/TotalLiabilityAmt0777048
IRS990ScheduleD/TotalRevenuePerForm990Amt02782336
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02782336
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02773680
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0LINE 6 EXPLANATION - GUM SPRINGS WATER SUPPLY HAS 3,704 MEMBERS AS OF THE END OF THE TAX YEAR LIVING IN THE RURAL COMMUNITY OF GUM SPRINGS, TEXAS SERVICED BY THE WATER SUPPLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1LINE 7A EXPLANATION - MEMBERS OF GUM SPRINGS WATER SUPPLY ELECT THE DIRECTORS WHO OVERSEE THE CORPORATION. DIRECTIORS ARE ELECTED ANNUALLY. REGULARY SCHEDULED MEETINGS ARE HELD EACH MONTH.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2LINE 7B EXPLANATION - THE SECRETARY RECORDS THE MINUTES OF EACH MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3LINE 11B EXPLANATION - THIS RETURN IS REVIEWED AT A MONTHLY MEETING BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GUM SPRINGS WATER SUPPLY IS SUBJECT TO OPEN RECORDS; IT PROVIDES ITS GOVERNING BODY DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5AID TO CONSTRUCTION RECEIVED 46,200. AMORTIZATION OF AID TO CONSTRUCTION -34,914. MEMBERSHIPS ISSUED/REFUNDED NET 11,000. ROUNDING -1.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt011268807
IRS990/TotalAssetsEOYAmt012220996
IRS990/TotalAssetsGrp/BOYAmt011268807
IRS990/TotalAssetsGrp/EOYAmt012220996
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt010
IRS990/TotalFunctionalExpensesGrp/TotalAmt02773680
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt03476504
IRS990/TotalLiabilitiesEOYAmt04397752
IRS990/TotalLiabilitiesGrp/BOYAmt03476504
IRS990/TotalLiabilitiesGrp/EOYAmt04397752
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07792303
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07823244
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt02773680
IRS990/TotalProgramServiceRevenueAmt02768586
IRS990/TotalReportableCompFromOrgAmt086307
IRS990/TotalRevenueGrp/ExclusionAmt013750
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02768586
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02782336
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt011268807
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt012220996
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 750
IRS990/USAddress/CityNm0HALLSVILLE
IRS990/USAddress/StateAbbreviationCd0TX
IRS990/USAddress/ZIPCd0756500750
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0GSWSC.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0DERRICK TODD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0GENERAL MANAGER
ReturnHeader/BusinessOfficerGrp/PhoneNum09036603420
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-04-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GUM SPRINGS WATER SUPPLY CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0GUMS
ReturnHeader/Filer/EIN0751728048
ReturnHeader/Filer/PhoneNum09036603420
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 750
ReturnHeader/Filer/USAddress/CityNm0HALLSVILLE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TX
ReturnHeader/Filer/USAddress/ZIPCd0756500750
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0720398470
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HEARD MCELROY & VESTAL LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02403 JUDSON ROAD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LONGVIEW
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd075605
ReturnHeader/PreparerPersonGrp/PhoneNum09037580734
ReturnHeader/PreparerPersonGrp/PreparationDt02025-04-30
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0REBECCA VANNATTAN CPA
ReturnHeader/ReturnTs02025-05-08T00:46:43-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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