Iredell Water Corporation
- Assets
- $23.8m
- Revenue
- $5.4m
- Investments
- $1.8m
- Employees
- 16
- Location
- Statesville, NC
- Founding
- 05/1967
- Data as of
- 12/2022
- EIN
- 56-0883544
Organization Overview
Iredell Water Corporation is located in Statesville, NC. The organization was established in 1967. 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, Iredell Water Corporation employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iredell 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 12/2022, Iredell Water Corporation generated $5.4m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 10.2% each year . All expenses for the organization totaled $4.2m during the year ending 12/2022. While expenses have increased by 12.6% per year over the past 4 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 A CLEAN, SAFE, HEALTHY RURAL WATER SUPPLY TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED CLEAN, SAFE, HEALTHY WATER SUPPLY TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith A Snoddy Former Manager | 0 | $154,769 | |
Gary D Sloan Manager | Officer | 0 | $125,974 |
Alan L Cook Secretarytreasurer | OfficerTrustee | 1 | $1,650 |
Edward Bissell President | OfficerTrustee | 5 | $1,575 |
Scotty Harris Director | Trustee | 1 | $1,500 |
Bobby Davidson Vice President | OfficerTrustee | 1 | $1,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $114,603 |
| 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 | $114,603 |
| Total Program Service Revenue | $5,249,155 |
| Investment income | $82,078 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $5,447,247 |
| 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 | $1,125,570 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $92,618 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $420,679 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $209,612 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $67,987 |
| All other expenses | $497,714 |
| Total functional expenses | $4,184,718 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,631,724 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $273,779 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $400,379 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $17,559,260 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,792,913 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $168,963 |
| Total assets | $23,827,018 |
| Accounts payable and accrued expenses | $101,077 |
| 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 | $8,056,828 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $267,292 |
| Total liabilities | $8,425,197 |
| 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 | $95,951 |
| Retained earnings, endowment, accumulated income, or other funds | $15,305,870 |
| Total liabilities and net assets/fund balances | $23,827,018 |