Modern Electric Water Company Inc
- Assets
- $60.1m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 39
- Location
- Spokane, WA
- Founding
- 08/1921
- Data as of
- 09/2022
- 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 09/2022, 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 09/2022, Modern Electric Water Company Inc generated $5.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $3.1m during the year ending 09/2022. While expenses have increased by 3.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRICITY AND WATER SERVICES AT THE LOWEST POSSIBLE PRICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELECTRICITY AND WATER SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Morgan General Mana | Officer | 40 | $285,483 |
John Mcfeely Engineering | 40 | $158,276 | |
Dave Thompson Board Presid | Trustee | 1 | $10,350 |
Chuck Taes Board Member | Trustee | 1 | $8,000 |
Sam Waldron Board Secr./ | Trustee | 1 | $7,600 |
Barry Baker Board Vice P | Trustee | 1 | $7,600 |
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 | $0 |
| Investment income | $892,330 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $11,384 |
| Net Gain/Loss on Asset Sales | $1,036,561 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,268,568 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,253,543 |
| 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. | $326,233 |
| Compensation of current officers, directors, key employees. | $326,233 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $803,974 |
| Pension plan accruals and contributions | $242,978 |
| Other employee benefits | $176,476 |
| Payroll taxes | $82,641 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $27,033 |
| Fees for services: Accounting | $49,075 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $208,126 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $315,553 |
| 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 | $213,415 |
| Insurance | $57,588 |
| All other expenses | $62,101 |
| Total functional expenses | $3,093,766 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,167,439 |
| Savings and temporary cash investments | $931,322 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,798,697 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $526,354 |
| Prepaid expenses and deferred charges | $140,144 |
| Net Land, buildings, and equipment | $21,462,680 |
| Investments—publicly traded securities | $33,765,951 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $277,441 |
| Total assets | $60,070,028 |
| Accounts payable and accrued expenses | $1,720,675 |
| Grants payable | $0 |
| Deferred revenue | $25,319 |
| 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 | $1,745,994 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,776 |
| Paid-in or capital surplus, or land, building, or equipment fund | $2,158,328 |
| Retained earnings, endowment, accumulated income, or other funds | $56,162,930 |
| Total liabilities and net assets/fund balances | $60,070,028 |
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|---|---|---|
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Elmhurst Mutual Power And Light Co Tacoma, WA | $32,294,963 | $19,833,230 |
Douglas Electric Cooperative Inc Roseburg, OR | $72,257,465 | $22,631,556 |
Lakeview Light & Power Lakewood, WA | $50,109,948 | $24,172,277 |
Harney Electric Cooperative Inc Hines, OR | $32,154,008 | $16,091,631 |
Blachly-Lane County Cooperative Electric Association Eugene, OR | $33,526,638 | $15,080,085 |
Parkland Light & Water Company Tacoma, WA | $42,709,754 | $15,177,864 |
Tanner Electric North Bend, WA | $38,780,092 | $13,296,092 |
Wasco Electric Cooperative Inc The Dalles, OR | $33,431,100 | $13,089,823 |
Columbia Basin Electric Cooperative Inc Heppner, OR | $26,244,275 | $10,397,548 |
Hood River Electric Cooperative Odell, OR | $17,097,516 | $11,050,044 |
Naknek Electric Association Inc Naknek, AK | $48,960,735 | $11,351,355 |