Watson Rural Water Company
- Assets
- $23.6m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 9
- Location
- Jeffersonville, IN
- Founding
- 06/1968
- Data as of
- 12/2022
- EIN
- 35-1125595
Organization Overview
Watson Rural Water Company is located in Jeffersonville, IN. The organization was established in 1968. 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 12/2022, Watson Rural Water Company employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Watson Rural Water Company 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, Watson Rural Water Company generated $4.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $2.7m during the year ending 12/2022. While expenses have increased by 6.1% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE CLEAN, POTABLE WATER TO THE MEMBERS OF THE CORPORATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION SOLD APPROXIMATELY 441,457,300 GALLONS OF WATER TO OVER 7,276 CUSTOMERS.
TO PROVIDE CLEAN, POTABLE WATER TO THE MEMBERS OF THE CORPORATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Hill Treasurer | Officer | 1 | $5,700 |
Len Ashack Secretary | Officer | 1 | $5,340 |
Mark Foster Vice Preside | Officer | 1 | $5,340 |
Andrew Settle President | Officer | 1 | $5,340 |
Eric Goodman Director | Trustee | 1 | $5,100 |
Tom King Director | Trustee | 1 | $5,100 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Currens Construction Services Llc Tank Painting | 12/30/21 | $414,500 |
Dave O'mara Construction | 12/30/21 | $181,761 |
Striegel Design Construction | 12/30/21 | $166,177 |
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 | $4,429,527 |
| Investment income | $12,502 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,386 |
| Net Gain/Loss on Asset Sales | $16,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,477,415 |
| 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. | $44,670 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $543,777 |
| Pension plan accruals and contributions | $21,687 |
| Other employee benefits | $229,729 |
| Payroll taxes | $40,144 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $52,045 |
| Fees for services: Accounting | $35,415 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $925 |
| Advertising and promotion | $0 |
| Office expenses | $45,777 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $23,119 |
| Travel | $47,087 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $648 |
| Interest | $204,119 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $655,164 |
| Insurance | $31,295 |
| All other expenses | $39,126 |
| Total functional expenses | $2,654,776 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,289 |
| Savings and temporary cash investments | $7,293,465 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $36,931 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $83,543 |
| Prepaid expenses and deferred charges | $32,168 |
| Net Land, buildings, and equipment | $16,149,824 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,850 |
| Total assets | $23,644,070 |
| Accounts payable and accrued expenses | $130,464 |
| 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 | $7,465,658 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $442,858 |
| Total liabilities | $8,038,980 |
| 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 | $9,618,722 |
| Retained earnings, endowment, accumulated income, or other funds | $5,986,368 |
| Total liabilities and net assets/fund balances | $23,644,070 |