Rowan Water Inc
- Assets
- $11.9m
- Revenue
- $4.2m
- Investments
- $0.0
- Employees
- 10
- Location
- Morehead, KY
- Founding
- 06/1971
- Data as of
- 12/2023
- 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 12/2023, 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
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Board, Officers & Key Employees
| 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 |
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 | $3,798,419 |
| 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 |