Pascoag Utility District
- Assets
- $19.8m
- Revenue
- $10.1m
- Investments
- $0.0
- Employees
- 19
- Location
- Pascoag, RI
- Founding
- 02/2002
- Data as of
- 12/2022
- EIN
- 05-0517079
Organization Overview
Pascoag Utility District is located in Pascoag, RI. The organization was established in 2002. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, Pascoag Utility District employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pascoag Utility District 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 12/2022, Pascoag Utility District generated $10.1m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $9.9m during the year ending 12/2022. 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
PASCOAG UTILITY DISTRICT PROVIDES WATER AND ELECTRIC UTILITY SERVICES WITHIN THE VILLAGES OF PASCOAG AND HARRISVILLE, RI
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICES TO THE VILLAGES OF PASCOAG AND HARRISVILLE, RI AND WATER SERVICES TO THE VILLAGE OF PASCOAG, RI
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albert G Palmisciano Chairman | OfficerTrustee | 1 | $0 |
Doug Lees Member | Trustee | 1 | $3,000 |
John Blodgett Member | Trustee | 1 | $3,000 |
John Demelim Member | Trustee | 1 | $3,000 |
Michael Kogut Vice Chairman | OfficerTrustee | 1 | $3,000 |
Linda Laporte Treasurer | OfficerTrustee | 1 | $1,560 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $65,898 |
| All other contributions, gifts, grants, and similar amounts not included above | $54,089 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $119,987 |
| Total Program Service Revenue | $9,801,206 |
| Investment income | $54,391 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $22,522 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,094,239 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $74,064 |
| 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 | $904,346 |
| Pension plan accruals and contributions | $111,384 |
| Other employee benefits | $263,739 |
| Payroll taxes | $115,361 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,270 |
| Fees for services: Accounting | $46,639 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $166,885 |
| Advertising and promotion | $0 |
| Office expenses | $94,798 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $28,752 |
| Travel | $21,697 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $91,838 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $588,239 |
| Insurance | $105,057 |
| All other expenses | $337,704 |
| Total functional expenses | $9,946,092 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,011,385 |
| Savings and temporary cash investments | $2,759,260 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $499,174 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $199,463 |
| Prepaid expenses and deferred charges | $442,951 |
| Net Land, buildings, and equipment | $8,525,662 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,343,874 |
| Total assets | $19,781,769 |
| Accounts payable and accrued expenses | $682,723 |
| 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 | $4,909,620 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,466,657 |
| Total liabilities | $7,059,000 |
| Net assets without donor restrictions | $12,722,769 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $19,781,769 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pascoag Utility District Pascoag, RI | $19,781,769 | $10,094,239 |
Wwt Inc Norwood, MA | $725,658 | $198,079 |
Pleasant Water Inc Attn William J Corcoran South Yarmouth, MA | $194,901 | $0 |
Vineyard Power Cooperative Inc Vineyard Haven, MA | $6,489 | $0 |
Sippican Community Solar Garden Cooperative East Falmouth, MA | $18,266 | $0 |