Destin Water Users Inc
- Assets
- $133.7m
- Revenue
- $20.5m
- Investments
- $1.4m
- Employees
- 62
- Location
- Destin, FL
- Founding
- 09/1969
- Data as of
- 12/2023
- EIN
- 59-1082116
Organization Overview
Destin Water Users Inc is located in Destin, FL. The organization was established in 1969. 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, Destin Water Users Inc employed 62 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Destin Water Users 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, Destin Water Users Inc generated $20.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $17.1m during the year ending 12/2023. While expenses have increased by 4.8% 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
WE LIVE AND WORK IN A LITTLE PIECE OF PARADISE, AND DWU IS INTENT ON DOING OUR PART TO KEEP IT THAT WAY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WATER AND SEWER OPERATIONS MEMBERS FURNISHED WITH WATER AND SEWER SERVICE - 19,484WATER, WASTE WATER AND RECLAIMED WATER PROGRAM RATES ARE LOWER BECAUSE OF EXEMPTION. THE EXEMPTION ALLOWS THE COMPANY TO KEEP INFRASTRUCTURE IN FIRST CLASS CONDITION, THEREBY IMPROVING SAFETY AND RELIABILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Weidenhamer President | OfficerTrustee | 1 | $0 |
Jimmy Neilson Vice-President | OfficerTrustee | 1 | $0 |
Jim Wood Secretary/treasurer | OfficerTrustee | 1 | $0 |
Sandy Trammell Director | Trustee | 1 | $0 |
Ames Hudson Director | Trustee | 1 | $0 |
James Foreman Director | Trustee | 1 | $0 |
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 | $850,564 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $850,564 |
| Total Program Service Revenue | $19,330,957 |
| Investment income | $312,923 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$103,161 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,505,757 |
| 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 | $4,262,876 |
| Pension plan accruals and contributions | $294,652 |
| Other employee benefits | $1,279,695 |
| Payroll taxes | $302,790 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,068 |
| Fees for services: Accounting | $46,901 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $476,853 |
| Advertising and promotion | $25,390 |
| Office expenses | $92,296 |
| Information technology | $343,902 |
| 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 | $1,368,292 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,604,922 |
| Insurance | $362,841 |
| All other expenses | $438,798 |
| Total functional expenses | $17,075,980 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,107,080 |
| Savings and temporary cash investments | $9,448,388 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,155,365 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $722,118 |
| Prepaid expenses and deferred charges | $3,566 |
| Net Land, buildings, and equipment | $107,790,477 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,406,050 |
| Investments—program-related | $0 |
| Intangible assets | $797,306 |
| Other assets | $8,304,644 |
| Total assets | $133,734,994 |
| Accounts payable and accrued expenses | $3,276,627 |
| Grants payable | $0 |
| Deferred revenue | $250,334 |
| 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 | $38,160,015 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $874,204 |
| Total liabilities | $42,561,180 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $384,162 |
| Paid-in or capital surplus, or land, building, or equipment fund | $24,666,296 |
| Retained earnings, endowment, accumulated income, or other funds | $66,123,356 |
| Total liabilities and net assets/fund balances | $133,734,994 |