Lake Keowee Utility Systems Inc
- Assets
- $9.4m
- Revenue
- $2.2m
- Investments
- $230.3k
- Employees
- 19
- Location
- Salem, SC
- Founding
- 01/1995
- Data as of
- 12/2022
- EIN
- 57-0980098
Organization Overview
Lake Keowee Utility Systems Inc is located in Salem, SC. The organization was established in 1995. 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, Lake Keowee Utility Systems Inc employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Keowee Utility Systems 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, Lake Keowee Utility Systems Inc generated $2.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.0% each year. All expenses for the organization totaled $2.1m during the year ending 12/2022. While expenses have increased by 1.9% 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
PROVIDE WATER AND SEWER SERVICE TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
KEOWEE KEY UTILITY SYSTEMS, INC. PROVIDES WATER AND SEWER SERVICES FOR APPROXIMATELY 1,600 MEMBERS WITHIN THE KEOWEE KEY COMMUNITY. EMPLOYEES ARE ON CALL 24/7 TO RESPOND TO WATER LINE BREAKAGES OR SEWER-RELATED PROBLEMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Drummond President | OfficerTrustee | 2 | $0 |
Richard Johnson Secretary/treasurer | OfficerTrustee | 2 | $0 |
Barry Cole VP | OfficerTrustee | 2 | $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 | $2,187,067 |
| Investment income | $66,549 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,699 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,249,986 |
| 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 | $355,180 |
| Pension plan accruals and contributions | $1,795 |
| Other employee benefits | $0 |
| Payroll taxes | $25,040 |
| Fees for services: Management | $60,979 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,200 |
| 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 | $11,881 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,526 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $307,838 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $470,995 |
| Insurance | $91,361 |
| All other expenses | $139,911 |
| Total functional expenses | $2,084,023 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,500,779 |
| Savings and temporary cash investments | $773,391 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $167,570 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,559 |
| Net Land, buildings, and equipment | $6,751,397 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $230,280 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,425,976 |
| Accounts payable and accrued expenses | $143,112 |
| 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 | $3,699,342 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $19,548 |
| Total liabilities | $3,862,002 |
| Net assets without donor restrictions | $5,563,974 |
| 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 | $9,425,976 |