South Eastern Water Assoc Inc is located in Somerset, KY. The organization was established in 1996. 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, South Eastern Water Assoc Inc employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Eastern Water Assoc 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, South Eastern Water Assoc Inc generated $5.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.2% each year . All expenses for the organization totaled $4.7m during the year ending 12/2021. While expenses have increased by 9.4% 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
TO PROVIDE WATER SUPPLY AND SERVICES TO THE MEMBERS OF THE ASSOCIATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
WATER SERVICE AND SALES TO MEMBERS OF THE ASSOCIATION
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Morris Vaughn Manager | 40 | $85,284 | |
Grant Treado Director | Trustee | 5 | $6,000 |
Dwight Faulkner Director | Trustee | 5 | $6,000 |
Dennis R Faulkner Director | Trustee | 5 | $6,000 |
Bobby Crow Director | Trustee | 5 | $6,000 |
Wade Bumgardner Director | Trustee | 5 | $6,000 |
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 | $5,599,318 |
Investment income | $63,979 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $5,722,292 |
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. | $43,000 |
Compensation of current officers, directors, key employees. | $43,000 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $556,742 |
Pension plan accruals and contributions | $39,555 |
Other employee benefits | $104,412 |
Payroll taxes | $47,189 |
Fees for services: Management | $0 |
Fees for services: Legal | $74,059 |
Fees for services: Accounting | $50,200 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $2,668 |
Office expenses | $31,384 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $0 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $291,730 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $1,130,581 |
Insurance | $75,648 |
All other expenses | $2,018,363 |
Total functional expenses | $4,656,360 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $202,573 |
Savings and temporary cash investments | $4,511,829 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $358,819 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $189,431 |
Prepaid expenses and deferred charges | $65,957 |
Net Land, buildings, and equipment | $25,822,160 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $32,608 |
Other assets | $0 |
Total assets | $31,183,377 |
Accounts payable and accrued expenses | $896,401 |
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 | $11,590,863 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $12,487,264 |
Net assets without donor restrictions | $16,179,680 |
Net assets with donor restrictions | $2,516,433 |
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 | $31,183,377 |
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