Grassy Pond Water Company Inc
- Assets
- $8.1m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 9
- Location
- Gaffney, SC
- Founding
- 09/1970
- Data as of
- 12/2022
- EIN
- 57-0532489
Organization Overview
Grassy Pond Water Company Inc is located in Gaffney, SC. The organization was established in 1970. 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, Grassy Pond Water Company Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grassy Pond Water Company 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 12/2022, Grassy Pond Water Company Inc generated $2.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $2.3m during the year ending 12/2022. While expenses have increased by 7.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
RURAL WATER SUPPLIER
Describe the Organization's Program Activity:
Part 3 - Line 4a
WATER UTILITY PROVIDING OVER 391 MILLION GALLONS OF WATER TO APPROXIMATELY 3660 CUSTOMERS DURING THE TAX YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Bolin Board Member | Trustee | 0 | $0 |
Lee Smith Board Member | Trustee | 0 | $0 |
Randy Carnes Board Member | Trustee | 0 | $0 |
Steve Wood Treasurer | OfficerTrustee | 0 | $0 |
David Stacy President | OfficerTrustee | 0 | $0 |
Mitchell Humphries Vice Chairman | OfficerTrustee | 0 | $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 | $2,550,135 |
| Investment income | $11,722 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,927 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,631,873 |
| 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. | $450,563 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $77,025 |
| Other employee benefits | $89,129 |
| Payroll taxes | $33,279 |
| Fees for services: Management | $4,025 |
| Fees for services: Legal | $3,000 |
| Fees for services: Accounting | $8,927 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $43,639 |
| Advertising and promotion | $7,863 |
| Office expenses | $26,723 |
| Information technology | $14,708 |
| Royalties | $0 |
| Occupancy | $30,267 |
| Travel | $31,912 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,132 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $323,483 |
| Insurance | $35,052 |
| All other expenses | $0 |
| Total functional expenses | $2,303,974 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,121,477 |
| Savings and temporary cash investments | $1,453,585 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $188,741 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $45,930 |
| Prepaid expenses and deferred charges | $14,299 |
| Net Land, buildings, and equipment | $5,076,474 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $151,090 |
| Total assets | $8,051,596 |
| Accounts payable and accrued expenses | $113,544 |
| 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 | $0 |
| Total liabilities | $113,544 |
| Net assets without donor restrictions | $7,255,852 |
| Net assets with donor restrictions | $682,200 |
| 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 | $8,051,596 |