West Carteret Water Corporation Inc
- Assets
- $31.4m
- Revenue
- $6.6m
- Investments
- $0.0
- Employees
- 29
- Location
- Newport, NC
- Founding
- 04/1986
- Data as of
- 12/2023
- EIN
- 56-1432125
Organization Overview
West Carteret Water Corporation Inc is located in Newport, NC. The organization was established in 1986. 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, West Carteret Water Corporation Inc employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. West Carteret Water Corporation 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 12/2023, West Carteret Water Corporation Inc generated $6.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $5.9m during the year ending 12/2023. While expenses have increased by 5.8% per year over the past 9 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
THE ORGANIZATION'S MISSION IS TO PROVIDE TREATED WATER SERVICE TO ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE TREATED WATER TO ITS 8,042 MEMBERS OF THE CORPORATION IN CERTAIN COMMUNITIES AND RURAL AREAS OF CARTERET COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dan Fortin Director | Trustee | 0.5 | $600 |
Samuel Gibson Director | Trustee | 0.5 | $800 |
Dr Steven Pridgen Director | Trustee | 0.5 | $400 |
Clinton E Salter Director | Trustee | 0.5 | $800 |
S Wilson Venters Director | Trustee | 0.5 | $300 |
Pam Rose Director | Trustee | 0.5 | $700 |
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 | $6,516,774 |
| Investment income | $41,143 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $30,166 |
| Net Gain/Loss on Asset Sales | -$14,977 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,588,066 |
| 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 | $1,357,507 |
| Pension plan accruals and contributions | $51,760 |
| Other employee benefits | $305,100 |
| Payroll taxes | $104,491 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $35,188 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $17,783 |
| Office expenses | $102,586 |
| Information technology | $48,786 |
| Royalties | $0 |
| Occupancy | $399,299 |
| Travel | $23,317 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,148 |
| Interest | $826,902 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,109,671 |
| Insurance | $161,049 |
| All other expenses | $109,121 |
| Total functional expenses | $5,934,204 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $762,189 |
| Savings and temporary cash investments | $1,987,151 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $769,754 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $536,938 |
| Prepaid expenses and deferred charges | $226,938 |
| Net Land, buildings, and equipment | $27,070,384 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,926 |
| Total assets | $31,368,280 |
| Accounts payable and accrued expenses | $540,881 |
| 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 | $19,547,198 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $78,597 |
| Total liabilities | $20,166,676 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $11,201,604 |
| Total liabilities and net assets/fund balances | $31,368,280 |