Morgan County Rural Water Corporation
- Assets
- $20.9m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 10
- Location
- Martinsville, IN
- Founding
- 06/1971
- Data as of
- 12/2023
- EIN
- 35-1105987
Organization Overview
Morgan County Rural Water Corporation is located in Martinsville, IN. The organization was established in 1971. 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, Morgan County Rural Water Corporation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Morgan County Rural Water Corporation 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, Morgan County Rural Water Corporation generated $2.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $2.2m during the year ending 12/2023. While expenses have increased by 1.3% 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
DELIVERS POTABLE WATER TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO DELIVER POTABLE WATER TO ITS MEMBER BY PUMPING, TREATING, DISTRIBUTING, AND METERING WATER TO ITS MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Clymer Member | Trustee | 2 | $1,950 |
Jordan Gilkerson Member | Trustee | 2 | $1,800 |
Natalie Reese Member | Trustee | 2 | $1,800 |
Rodney Pheifer Member | Trustee | 2 | $2,100 |
Dudley Bonte Member | Trustee | 2 | $1,800 |
James Thacker Member | Trustee | 2 | $2,100 |
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 | $2,510,773 |
| Investment income | $26,174 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $24,334 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,561,281 |
| 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. | $17,700 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $479,271 |
| Pension plan accruals and contributions | $13,471 |
| Other employee benefits | $82,915 |
| Payroll taxes | $34,879 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,478 |
| Fees for services: Accounting | $19,228 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $60,389 |
| Advertising and promotion | $2,976 |
| Office expenses | $28,012 |
| Information technology | $0 |
| 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 | $321,370 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $583,714 |
| Insurance | $46,898 |
| All other expenses | $24,213 |
| Total functional expenses | $2,153,717 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,681,845 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $196,232 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $168,960 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $17,759,531 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,136,866 |
| Total assets | $20,943,434 |
| Accounts payable and accrued expenses | $23,523 |
| 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 | $7,276,893 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $47,450 |
| Total liabilities | $7,347,866 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $768,847 |
| Paid-in or capital surplus, or land, building, or equipment fund | $5,577,480 |
| Retained earnings, endowment, accumulated income, or other funds | $7,249,241 |
| Total liabilities and net assets/fund balances | $20,943,434 |