TOOMSUBA WATER SYSTEM INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1962

Legal Domicile

Principal Officer

WL BARRETT

Phone

6016324366

Tax Period

2023-01-01 to 2023-12-31

TOOMSUBA WATER SYSTEM INC, founded in 1962, is a small nonprofit that reported $768K in total revenue in fiscal year 2023. Revenue surged 29% from the prior year, signaling strong growth momentum. Net assets of $2.6M represent 41 months of operating reserves.

Mission

TOOMSUBA WATER SYSTEM, INC. IS A RURAL WATER ASSOCIATON WHICH PROVIDES WATER TO CUSTOMERS IN A RURAL AREA IN TOOMSUBA, MISSISSIPPI.

Program Service Accomplishments

Program 1

Expenses: $208,401

DEPRECIATION EXPENSE - DEPRECIATION IS CLAIMED ON THE WATER DISTRIBUTION SYSTEM AND ALL EQUIPMENT REQUIRED TO MAINTAIN AND SERVICE THE WELL, DISTRIBUTION SYSTEM, AND TREATMENT FACILITY. DEPRECIATION...

Program 2

Expenses: $138,742

SALARIES EXPENSE - ALL EMPLOYEES OF THE ASSOCIATION WORK FOR THE BETTERMENT OF THE ASSOCIATION TO KEEP THE WELLS RUNNING AND SERVING ALL CUSTOMERS.

Program 3

Expenses: $76,582

INTEREST EXPENSE - TOOMSUBA WATER SYSTEM, INC. RECENTLY COMPLETED A LARGE EXPANSION AND UPGRADE OF THE WATER SYSTEM. A LARGE PORTION OF THE REVENUE IS USED TO SERVICE THE DEBT TO THIS PROJECT.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $755,214

Investment Income $12,671

Other Revenue $0

TOTAL REVENUE $767,885

Expense Breakdown

Grants Paid $0

Salaries & Benefits $282,947

Fundraising Expenses $0

Program Expenses $681,353

Other Expenses $517,898

TOTAL EXPENSES $800,845

Year-over-Year Comparison

	2023	2022	Change
Revenue	$767,885	$597,179	+0.3%
Expenses	$800,845	$745,625	+0.1%
Net Income	$-32,960	$-148,446	-0.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$5,820

Total Directors

$6,900

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WL BARRETT	PRESIDENT	20.00	Officer Director	$4,740	$0	$4,740
BOBBY BARRETT	DIRECTOR	5.00	Director	$540	$0	$540
BRANDON HARPER	SEC/TREASURE	5.00	Officer Director	$540	$0	$540
BILLY STUCKEY	VICE PRESIDE	5.00	Officer Director	$540	$0	$540
TOMMY SWAIN	DIRECTOR	5.00	Director	$540	$0	$540

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$767,885	$800,845	$5,561,903	$-32,960
2022	$597,179	$745,625	$5,673,737	$-148,446
2021	$668,702	$691,664	$5,918,694	$-22,962
2020	$780,783	$715,077	$6,037,047	$65,706
2019	$1,271,301	$629,156	$6,067,079	$642,145
2018	$754,742	$588,379	$5,507,762	$166,363