Deep Run Water Corp
- Assets
- $6.9m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 8
- Location
- Deep Run, NC
- Founding
- 11/1969
- Data as of
- 12/2023
- EIN
- 56-0933167
Organization Overview
Deep Run Water Corp is located in Deep Run, NC. The organization was established in 1969. 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, Deep Run Water Corp employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Deep Run Water Corp 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, Deep Run Water Corp generated $2.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $2.5m during the year ending 12/2023. While expenses have increased by 0.8% 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
PROVIDE CLEAN WATER TO 5,513 RESIDENT MEMBERS OF SOUTHERN LENOIR COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED CLEAN WATER TO 5,513 RESIDENT MEMBERS OF SOUTHERN LENOIR COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andy Heath President | OfficerTrustee | 2 | $3,600 |
Randy R Byrd Jr Director | Trustee | 0 | $0 |
Mark J Rouse III Director | Trustee | 0 | $0 |
Donald E Taylor Director | Trustee | 0 | $0 |
John A Rouse Director | Trustee | 0 | $0 |
James Robinson Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,320 |
| 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 | $2,320 |
| Total Program Service Revenue | $2,303,568 |
| Investment income | $51,265 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,365,653 |
| 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. | $3,600 |
| Compensation of current officers, directors, key employees. | $3,600 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $351,495 |
| Pension plan accruals and contributions | $17,575 |
| Other employee benefits | $87,513 |
| Payroll taxes | $27,300 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $300 |
| Fees for services: Accounting | $13,952 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,862 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $50,047 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $45,691 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,246 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $340,244 |
| Insurance | $37,893 |
| All other expenses | $1,469,664 |
| Total functional expenses | $2,464,382 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300 |
| Savings and temporary cash investments | $481,080 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $349,077 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $37,132 |
| Prepaid expenses and deferred charges | $12,259 |
| Net Land, buildings, and equipment | $5,036,371 |
| Investments—publicly traded securities | $1,030,351 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,946,570 |
| Accounts payable and accrued expenses | $41,600 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $369,882 |
| Total liabilities | $411,482 |
| Net assets without donor restrictions | $6,535,088 |
| 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 | $6,946,570 |