Modern Electric Water Company Inc
- Assets
- $69.8m
- Revenue
- $21.8m
- Investments
- $0.0
- Employees
- 39
- Location
- Spokane, WA
- Founding
- 08/1921
- Data as of
- 09/2023
- EIN
- 91-0323430
Organization Overview
Modern Electric Water Company Inc is located in Spokane, WA. The organization was established in 1921. 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 09/2023, Modern Electric Water Company Inc employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Modern Electric Water Company 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 09/2023, Modern Electric Water Company Inc generated $21.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 32.3% each year . All expenses for the organization totaled $16.9m during the year ending 09/2023. While expenses have increased by 32.1% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE ELECTRICITY AND WATER SERVICES TO CUSTOMER-OWNERS ON A MUTUAL BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR CUSTOMER-OWNERS. THERE WERE 10,734 ACTIVE SERVICES AT YEAR END.
PROVIDING WATER SERVICES TO OUR CUSTOMER-OWNERS. THERE WERE 5,774 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Baker Vice President | OfficerTrustee | 1.7 | $7,600 |
Chuck Taes Director | Trustee | 2.5 | $8,000 |
Dave Thompson President | OfficerTrustee | 4 | $10,350 |
Sam Waldron Secretary/treasurer | OfficerTrustee | 1.8 | $7,600 |
Scott Hislop Director | Trustee | 1.7 | $7,200 |
Joe Morgan General Manager | Officer | 50 | $285,483 |
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 | $19,574,713 |
| Investment income | $939,061 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $88,833 |
| Net Gain/Loss on Asset Sales | $1,071,853 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,785,165 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $80,000 |
| 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. | $687,550 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,558,481 |
| Pension plan accruals and contributions | $49,713 |
| Other employee benefits | $314,539 |
| Payroll taxes | $153,748 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,940,322 |
| Insurance | $0 |
| All other expenses | $92,191 |
| Total functional expenses | $16,917,202 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,248,134 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,004,271 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $634,866 |
| Prepaid expenses and deferred charges | $219,671 |
| Net Land, buildings, and equipment | $22,986,721 |
| Investments—publicly traded securities | $38,651,246 |
| Investments—other securities | $0 |
| Investments—program-related | $242,630 |
| Intangible assets | $0 |
| Other assets | $1,769,870 |
| Total assets | $69,757,409 |
| Accounts payable and accrued expenses | $1,138,155 |
| Grants payable | $0 |
| Deferred revenue | $583,628 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,721,783 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,775 |
| Paid-in or capital surplus, or land, building, or equipment fund | $2,158,327 |
| Retained earnings, endowment, accumulated income, or other funds | $65,874,524 |
| Total liabilities and net assets/fund balances | $69,757,409 |
Grants Awarded
Over the last fiscal year, Modern Electric Water Company Inc has awarded $80,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PARTNERS INLAND NORTHWEST PURPOSE: 2023 SUPPORT | $65,000 |
NAOMI COMMUNITY PURPOSE: 2023 SUPPORT | $15,000 |