Davidson Water Inc
- Assets
- $162.8m
- Revenue
- $21.9m
- Investments
- $151.7k
- Employees
- 88
- Location
- Welcome, NC
- Founding
- 05/1975
- Data as of
- 09/2023
- EIN
- 56-1057522
Organization Overview
Davidson Water Inc is located in Welcome, NC. The organization was established in 1975. 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 09/2023, Davidson Water Inc employed 88 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Davidson Water Inc 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 09/2023, Davidson Water Inc generated $21.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $18.7m during the year ending 09/2023. While expenses have increased by 4.3% 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 SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING WATER SERVICE TO ITS MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
F Lee Comer Board President | Trustee | 2.3 | $8,700 |
Christopher Fitzgerald Director | Trustee | 2.1 | $4,500 |
Ben Hege Board Vice-President | Trustee | 2.1 | $9,600 |
Theresa L Matthews Board Treasurer | Trustee | 2.2 | $6,600 |
Jason Gallimore Director | Trustee | 1.3 | $3,900 |
Howard Craver Director | Trustee | 1.2 | $4,500 |
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 | $20,903,973 |
| Investment income | $782,932 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $113,759 |
| Net Gain/Loss on Asset Sales | $146,170 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,946,834 |
| 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 | $5,763,825 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $374,338 |
| Other employee benefits | $1,130,165 |
| Payroll taxes | $416,787 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,040 |
| Fees for services: Accounting | $17,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $60,571 |
| Fees for services: Other | $36,977 |
| Advertising and promotion | $0 |
| Office expenses | $466,840 |
| Information technology | $44,946 |
| 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 | $108,801 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,782,705 |
| Insurance | $0 |
| All other expenses | $1,137,361 |
| Total functional expenses | $18,702,022 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $959,058 |
| Savings and temporary cash investments | $6,019,018 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,008,022 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $80,453 |
| Inventories for sale or use | $2,557,288 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $121,134,470 |
| Investments—publicly traded securities | $29,700,687 |
| Investments—other securities | $151,683 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $153,466 |
| Total assets | $162,764,145 |
| Accounts payable and accrued expenses | $822,796 |
| 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 | $1,051,836 |
| Total liabilities | $1,874,632 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $54,971,653 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $105,917,860 |
| Total liabilities and net assets/fund balances | $162,764,145 |