Pascoag Utility District
- Assets
- $20.0m
- Revenue
- $9.8m
- Investments
- $0.0
- Employees
- 22
- Location
- Pascoag, RI
- Founding
- 02/2002
- Data as of
- 12/2021
- 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 12/2021, Pascoag Utility District employed 22 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 12/2021, Pascoag Utility District generated $9.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $9.3m during the year ending 12/2021. 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
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 |
|---|---|---|---|
Michael Kirkwood General Manager | Officer | 40 | $151,647 |
William Guertin Assistant General Manager | 40 | $117,665 | |
Christopher Piccardi Employee | 40 | $108,714 | |
Harle Young Manager Of Finance & Customer Service | 40 | $105,036 | |
Craig Koprusak Employee | 40 | $103,909 | |
Douglas Menard Employee | 40 | $101,685 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $186,233 |
| All other contributions, gifts, grants, and similar amounts not included above | $42,239 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $228,472 |
| Total Program Service Revenue | $9,073,794 |
| Investment income | $14,796 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $59,648 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,825,059 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $123,652 |
| 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 | $878,613 |
| Pension plan accruals and contributions | -$121,667 |
| Other employee benefits | $261,439 |
| Payroll taxes | $111,468 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,717 |
| Fees for services: Accounting | $51,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $152,460 |
| Advertising and promotion | $1,428 |
| Office expenses | $77,886 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $27,900 |
| Travel | $3,909 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $93,589 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $586,632 |
| Insurance | $99,379 |
| All other expenses | $346,602 |
| Total functional expenses | $9,306,423 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,995,612 |
| Savings and temporary cash investments | $2,920,378 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $494,777 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $193,084 |
| Prepaid expenses and deferred charges | $460,962 |
| Net Land, buildings, and equipment | $8,709,279 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,205,609 |
| Total assets | $19,979,701 |
| Accounts payable and accrued expenses | $619,054 |
| 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 | $5,108,777 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,677,248 |
| Total liabilities | $7,405,079 |
| Net assets without donor restrictions | $12,574,622 |
| 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 | $19,979,701 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pascoag Utility District Pascoag, RI | $19,979,701 | $9,825,059 |
Wwt Inc Walpole, MA | $699,011 | $193,737 |
Pleasant Water Inc Attn William J Corcoran South Yarmouth, MA | $216,793 | $0 |
Vineyard Power Cooperative Inc Vineyard Haven, MA | $6,489 | $0 |
Sippican Community Solar Garden Cooperative East Falmouth, MA | $19,069 | $0 |