Iredell Water Corporation
- Assets
- $19.2m
- Revenue
- $4.8m
- Investments
- $1.0m
- Employees
- 16
- Location
- Statesville, NC
- Founding
- 05/1967
- Data as of
- 12/2021
- EIN
- 56-0883544
Organization Overview
Iredell Water Corporation is located in Statesville, NC. The organization was established in 1967. 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 12/2021, Iredell Water Corporation employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iredell Water 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 12/2021, Iredell Water Corporation generated $4.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $3.0m during the year ending 12/2021. While expenses have increased by 2.3% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A CLEAN, SAFE , HEALTHY RURAL WATER SUPPLY TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED CLEAN, SAFE, HEALTHY WATER SUPPLY TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lowell E Harmon Sec/treas. | OfficerTrustee | 5 | $1,425 |
M Scotty Harris Director | Trustee | 1 | $1,425 |
Bobby Davidson V. Pres. | OfficerTrustee | 1 | $1,350 |
Alan Lorne Cook Director | Trustee | 1 | $1,350 |
Edward Bissell President | OfficerTrustee | 5 | $1,275 |
Robert Lackey Director | Trustee | 1 | $1,275 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,788,130 |
| Investment income | $56,794 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,847,104 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $971,141 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $81,160 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $113,146 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $97,411 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $71,699 |
| All other expenses | $347,812 |
| Total functional expenses | $2,981,787 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,944,792 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $260,475 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $253,769 |
| Prepaid expenses and deferred charges | $1,799 |
| Net Land, buildings, and equipment | $9,572,344 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,028,538 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,118,987 |
| Total assets | $19,180,704 |
| Accounts payable and accrued expenses | $71,983 |
| 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 | $4,714,866 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $254,714 |
| Total liabilities | $5,041,563 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $94,540 |
| Retained earnings, endowment, accumulated income, or other funds | $14,044,601 |
| Total liabilities and net assets/fund balances | $19,180,704 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Middle Georgia Electric Membership Corporation Vienna, GA | $60,693,839 | $19,174,900 |
Davidson Water Inc Welcome, NC | $156,115,966 | $18,462,382 |
Upson Electric Membership Corporation Thomaston, GA | $38,150,316 | $15,452,555 |
Craig-Botetourt Electric Co-Operative New Castle, VA | $37,707,997 | $13,868,268 |
St Johns Water Company Inc Johns Island, SC | $62,033,929 | $16,064,888 |
Electric Cooperatives Of South Carolina Cayce, SC | $5,304,727 | $13,048,925 |
Chickasaw Electric Cooperative Inc Somerville, TN | $53,475,417 | $11,540,498 |
Blue Ridge Rural Water Company Inc Greer, SC | $33,266,224 | $12,364,390 |
Little River Water & Sewerage Co Inc Little River, SC | $83,724,429 | $7,728,699 |
Virginia Maryland Delaware Association Of Electric Cooperativ Glen Allen, VA | $4,896,321 | $7,911,064 |
Tennessee One-Call System Inc Nashville, TN | $15,040,368 | $8,322,679 |
Chesterfield County Rural Water Co Inc Chesterfield, SC | $24,541,515 | $7,004,107 |