Davidson Water Inc
- Assets
- $156.1m
- Revenue
- $18.5m
- Investments
- $169.4k
- Employees
- 89
- Location
- Welcome, NC
- Founding
- 05/1975
- Data as of
- 09/2022
- EIN
- 56-1057522
Organization Overview
Davidson Water Inc is located in Welcome, NC. The organization was established in 1975. 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 09/2022, Davidson Water Inc employed 89 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Davidson Water Inc 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 09/2022, Davidson Water Inc generated $18.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $17.0m during the year ending 09/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE WATER SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING WATER SERVICE TO ITS MEMBERS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald B Sink CEO And General Manager | Officer | 40 | $205,965 |
Robert J Walters Vice President Of Construc | Officer | 40 | $170,247 |
Eric Hege Cio | Officer | 40 | $132,540 |
Alison Brinkley-Michael CFO | Officer | 40 | $82,019 |
F Lee Comer Board President | Trustee | 2.3 | $9,000 |
Ben Hege Board Vice-President | Trustee | 2.1 | $8,100 |
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 | $19,977,834 |
| Investment income | $672,721 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $126,185 |
| Net Gain/Loss on Asset Sales | -$2,314,358 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,462,382 |
| 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 | $5,082,418 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $366,643 |
| Other employee benefits | $932,474 |
| Payroll taxes | $375,353 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,729 |
| Fees for services: Accounting | $20,911 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $64,771 |
| Fees for services: Other | $21,759 |
| Advertising and promotion | $0 |
| Office expenses | $561,193 |
| Information technology | $48,087 |
| 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 | $77,570 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,618,130 |
| Insurance | $0 |
| All other expenses | $1,014,296 |
| Total functional expenses | $16,959,717 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $642,531 |
| Savings and temporary cash investments | $7,962,095 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,967,577 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $90,326 |
| Inventories for sale or use | $2,288,511 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $120,414,865 |
| Investments—publicly traded securities | $22,525,842 |
| Investments—other securities | $169,409 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $54,810 |
| Total assets | $156,115,966 |
| Accounts payable and accrued expenses | $789,411 |
| 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 | $732,816 |
| Total liabilities | $1,522,227 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $51,409,659 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $103,184,080 |
| Total liabilities and net assets/fund balances | $156,115,966 |
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