Rowan Water Inc is located in Morehead, KY. 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, Rowan Water Inc employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rowan 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 12/2023, Rowan Water Inc generated $4.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $4.0m during the year ending 12/2023. While expenses have increased by 2.8% 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 WATER SERVICE TO RESIDENTS IN THE ROWAN COUNTY AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE WATER SERVICE TO RESIDENTS IN THE ROWAN COUNTY AREA
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Jerry Patrick General Manager | Officer | 40 | $72,084 |
Larry Johnson President | OfficerTrustee | 3 | $6,535 |
Mike Collins Secretary Treasurer | Officer | 3 | $6,535 |
Randy Cox Member | Trustee | 3 | $5,365 |
Enoch Blair Vice President | Officer | 3 | $5,365 |
Duane Dehart Member | Trustee | 3 | $5,007 |
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 | $3,798,419 |
Investment income | $54,040 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $156,596 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $4,181,121 |
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. | $100,450 |
Compensation of current officers, directors, key employees. | $100,450 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $487,913 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $314,964 |
Payroll taxes | $44,137 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $54,284 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $49,682 |
Advertising and promotion | $0 |
Office expenses | $12,689 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $163,128 |
Travel | $55,129 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $165,804 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $638,483 |
Insurance | $53,010 |
All other expenses | $0 |
Total functional expenses | $4,038,198 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $712,502 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $417,185 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $204,820 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $10,318,030 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $255,293 |
Total assets | $11,907,830 |
Accounts payable and accrued expenses | $481,003 |
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 | $5,659,574 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $122,230 |
Total liabilities | $6,262,807 |
Net assets without donor restrictions | $5,645,023 |
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 | $11,907,830 |