Canaan Utilities Corporation
- Assets
- $5.0m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 4
- Location
- Canaan, IN
- Founding
- 05/1970
- Data as of
- 12/2023
- EIN
- 35-1163038
Organization Overview
Canaan Utilities Corporation is located in Canaan, IN. The organization was established in 1970. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Canaan Utilities Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Canaan Utilities Corporation is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2023, Canaan Utilities Corporation generated $1.1m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $822.2k during the year ending 12/2023. While expenses have increased by 4.0% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING WATER TO RURAL CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING WATER TO 1,730 RURAL CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Vickers President | OfficerTrustee | 2 | $1,900 |
Terry Rowlett Secretarytreasurer | OfficerTrustee | 2 | $1,820 |
Jimmy Colen Director | Trustee | 1 | $1,625 |
Megan Lengerich Director | Trustee | 1 | $1,500 |
Gary Copeland Director | Trustee | 1 | $1,500 |
Steve Lee Vice President | OfficerTrustee | 1 | $1,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,185 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,685 |
| Total Program Service Revenue | $1,076,405 |
| Investment income | $11,859 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,150 |
| Net Gain/Loss on Asset Sales | -$1,850 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,106,249 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $14,045 |
| Compensation of current officers, directors, key employees. | $14,045 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $163,309 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,313 |
| Payroll taxes | $12,826 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $600 |
| Fees for services: Accounting | $8,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $19,050 |
| Advertising and promotion | $0 |
| Office expenses | $31,442 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,402 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $149 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $126,426 |
| Insurance | $13,130 |
| All other expenses | $34,610 |
| Total functional expenses | $822,249 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,090 |
| Savings and temporary cash investments | $737,383 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $319,128 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,523 |
| Prepaid expenses and deferred charges | $9,229 |
| Net Land, buildings, and equipment | $3,884,178 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,970,531 |
| Accounts payable and accrued expenses | $81,680 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $173,651 |
| Total liabilities | $255,331 |
| Net assets without donor restrictions | $3,977,817 |
| Net assets with donor restrictions | $737,383 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,970,531 |