North Lenoir Water Corporation
- Assets
- $22.6m
- Revenue
- $4.0m
- Investments
- $338.3k
- Employees
- 13
- Location
- Kinston, NC
- Founding
- 01/1971
- Data as of
- 12/2023
- EIN
- 56-0946914
Organization Overview
North Lenoir Water Corporation is located in Kinston, NC. 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, North Lenoir Water Corporation employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Lenoir 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, North Lenoir Water Corporation generated $4.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $4.0m during the year ending 12/2023. While expenses have increased by 2.4% per year over the past 8 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 WATER TO RESIDENTS OF NORTHERN LENOIR COUNTY, NC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE CLEAN WATER SUPPLY TO APPROXIMATELY 5,900 RESIDENTS & BUSINESSES IN NORTHERN LENOIR COUNTY, NORTH CAROLINA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wade Davenport Secretary | OfficerTrustee | 1 | $0 |
Seth Dawson Vice Pres | OfficerTrustee | 1 | $0 |
Jesse Ray Farmer Director | Trustee | 1 | $0 |
Harold Jones Director | Trustee | 1 | $0 |
Danny Smith Jr Director | Trustee | 1 | $0 |
Jimmy Parks President | OfficerTrustee | 1 | $0 |
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 | $3,739,219 |
| Investment income | $144,710 |
| 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 | $3,951,251 |
| 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. | $32,700 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $668,932 |
| Pension plan accruals and contributions | $15,884 |
| Other employee benefits | $1,133 |
| Payroll taxes | $51,449 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,145 |
| Fees for services: Accounting | $13,060 |
| 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 | $42,837 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $113,017 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $246,332 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $711,209 |
| Insurance | $226,974 |
| All other expenses | $101,702 |
| Total functional expenses | $4,000,999 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,000 |
| Savings and temporary cash investments | $2,043,619 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $489,882 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $101,561 |
| Prepaid expenses and deferred charges | $36,861 |
| Net Land, buildings, and equipment | $17,718,866 |
| Investments—publicly traded securities | $1,838,808 |
| Investments—other securities | $338,288 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,136 |
| Total assets | $22,571,021 |
| Accounts payable and accrued expenses | $193,397 |
| 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 | $8,086,112 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $477,608 |
| Total liabilities | $8,757,117 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $13,813,904 |
| Total liabilities and net assets/fund balances | $22,571,021 |