Rowan Water Inc
- Assets
- $12.5m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 14
- Location
- Morehead, KY
- Founding
- 06/1971
- Data as of
- 12/2021
- EIN
- 61-0701413
Organization Overview
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 12/2021, Rowan Water Inc employed 14 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 12/2021, Rowan Water Inc generated $3.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $3.7m during the year ending 12/2021. While expenses have increased by 2.4% per year over the past 7 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
2021
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
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerry Patrick General Manager | Officer | 40 | $67,104 |
Enoch Blair Secretarytreasurer | Officer | 3 | $5,652 |
Larry Johnson President | Officer | 3 | $5,401 |
Danny Stevens Vice President | Officer | 3 | $4,649 |
Mike Collins Director | Trustee | 3 | $4,649 |
Randy Cox Director | Trustee | 3 | $4,649 |
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 | $3,160,608 |
| Investment income | $49,236 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$29,233 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,336,690 |
| 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. | $92,104 |
| Compensation of current officers, directors, key employees. | $92,104 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $446,893 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $309,950 |
| Payroll taxes | $38,698 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $705 |
| Fees for services: Accounting | $19,054 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,148 |
| Advertising and promotion | $0 |
| Office expenses | $16,023 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $135,397 |
| Travel | $30,310 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $200,064 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $639,685 |
| Insurance | $45,236 |
| All other expenses | $42,952 |
| Total functional expenses | $3,698,435 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $580,359 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $352,667 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $184,624 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $11,170,659 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $227,913 |
| Total assets | $12,516,222 |
| Accounts payable and accrued expenses | $458,025 |
| 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 | $6,129,285 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $121,320 |
| Total liabilities | $6,708,630 |
| Net assets without donor restrictions | $5,807,592 |
| 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 | $12,516,222 |
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