Seven Lakes Water Assoc
- Assets
- $7.1m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 5
- Location
- Stanwood, WA
- Founding
- 06/1992
- Data as of
- 08/2021
- EIN
- 91-0829530
Organization Overview
Seven Lakes Water Assoc is located in Stanwood, WA. The organization was established in 1992. 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 08/2021, Seven Lakes Water Assoc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seven Lakes Water Assoc 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 08/2021, Seven Lakes Water Assoc generated $1.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $901.2k during the year ending 08/2021. While expenses have increased by 7.7% per year over the past 6 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 TO RURAL AREAS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION PROVIDES WATER AND RELATED SERVICES TO APPROXIMATELY 2,200 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Lucas General Manager | 40 | $144,730 | |
Bruce Black President | OfficerTrustee | 0.25 | $0 |
Keith Leonard Secretary/treas | OfficerTrustee | 0.25 | $0 |
Craig Thompson Vice President | OfficerTrustee | 0.25 | $0 |
Kim Gudgel Director | Trustee | 0.25 | $0 |
Lisa Welty Director | Trustee | 0.25 | $0 |
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 | $1,084,472 |
| Investment income | $2,568 |
| 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 | $1,087,040 |
| 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. | $144,730 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $181,034 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,058 |
| Payroll taxes | $26,482 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,759 |
| Fees for services: Accounting | $14,700 |
| 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 | $11,651 |
| 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 | $25,970 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $204,895 |
| Insurance | $23,410 |
| All other expenses | $42,476 |
| Total functional expenses | $901,211 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $532,889 |
| Savings and temporary cash investments | $1,415,601 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $185,881 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $20,990 |
| Net Land, buildings, and equipment | $4,810,570 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $129,152 |
| Total assets | $7,095,083 |
| Accounts payable and accrued expenses | $49,248 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,430 |
| Total liabilities | $62,678 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $574,500 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $6,457,905 |
| Total liabilities and net assets/fund balances | $7,095,083 |
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