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Nonprofiteer
← MODERN ELECTRIC WATER COMPANY INC

Form 990 for tax year 2023

Filed by MODERN ELECTRIC WATER COMPANY INC.

Totals

Total revenue
$22,397,520
Total expenses
$19,325,289
Contributions and grants received
$0
Grants paid
$1,687,505
Program service revenue
$19,243,236
Investment income
$2,893,463
Other revenue
$260,821
Total assets, end of year
$80,149,153
Total liabilities, end of year
$1,906,103
Net assets or fund balances, end of year
$78,243,050
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $15,633,427 · related or exempt $15,633,427

  • 2b · Program service revenue: SALES OF WATER

    total $2,455,161 · related or exempt $2,455,161

  • 2c · Program service revenue: CONSUMER CONTRIBUTIONS

    total $641,205 · related or exempt $641,205

  • 2d · Program service revenue: SERVICE FEES

    total $452,799 · related or exempt $452,799

  • 2e · Program service revenue: PATRONAGE DIVIDENDS

    total $17,744 · related or exempt $17,744

  • 2f · All other program service revenue

    total $42,900 · related or exempt $42,900

  • 3 · Investment income

    total $1,222,171 · excluded $1,222,171

  • 6a · Gross rents

    real property $112,014

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $112,014

  • 6d · Net rental income or loss

    total $112,014 · excluded $112,014

  • 7a · Gross sales of assets other than inventory

    securities $1,151,272 · other assets $1,871,444

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $1,351,424

  • 7c · Gain or loss

    securities $1,151,272 · other assets $520,020

  • 7d · Net gain or loss

    total $1,671,292 · related or exempt $1,671,292

  • 11a · Other revenue: POLE ATTACHMENT

    total $120,965 · excluded $120,965

  • 11b · Other revenue: MISCELLANEOUS NON-OPERATING REVEN

    total $27,842 · excluded $27,842

  • 11e · Other revenue, total

    $148,807

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,687,505

  • 5 · Compensation of officers, directors and key employees

    total $782,786

  • 7 · Other salaries and wages

    total $1,911,553

  • 8 · Pension plan contributions

    total $55,160

  • 9 · Other employee benefits

    total $494,443

  • 10 · Payroll taxes

    total $178,020

  • 22 · Depreciation, depletion and amortization

    total $1,972,563

  • 24a · Other expenses: PURCHASED POWER & WATER

    total $9,232,267

  • 24b · Other expenses: ADMIN & GENERAL

    total $1,428,404

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $836,693

  • 24d · Other expenses: TAXES

    total $745,895

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,248,134 · end of year $2,639,896

  • 4 · Accounts receivable

    beginning of year $1,004,271 · end of year $957,218

  • 8 · Inventories for sale or use

    beginning of year $634,866 · end of year $629,435

  • 9 · Prepaid expenses and deferred charges

    beginning of year $219,671 · end of year $195,359

  • 10a · Land, buildings and equipment: cost or other basis

    $61,024,771

  • 10b · Land, buildings and equipment: accumulated depreciation

    $38,754,175

  • 10c · Land, buildings and equipment, net

    beginning of year $22,986,721 · end of year $22,270,596

  • 11 · Investments: publicly traded securities

    beginning of year $38,651,246 · end of year $51,262,293

  • 13 · Investments: program-related

    beginning of year $242,630 · end of year $257,255

  • 15 · Other assets

    beginning of year $1,769,870 · end of year $1,937,101

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,138,155 · end of year $1,445,798

  • 19 · Deferred revenue

    beginning of year $583,628 · end of year $460,305

  • 29 · Capital stock, trust principal or current funds

    beginning of year $2,775 · end of year $2,773

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $2,158,327 · end of year $2,158,327

  • 31 · Retained earnings, endowment or other funds

    beginning of year $65,874,524 · end of year $76,081,950

Mission and programs · 2023

Mission

MODERN ELECTRIC WATER COMPANY, A CUSTOMER-OWNED UTILITY, STRIVES TO PROVIDE SAFE, RELIABLE, AND AFFORDABLE ELECTRIC AND WATER SERVICES AS WELL AS ENHANCE AND ENRICH THE LIVES OF THE COMMUNITY WE SERVE.

Activities or mission (Part I)

TO PROVIDE AFFORDABLE ELECTRICITY AND WATER SERVICES TO CUSTOMER-OWNERS ON A MUTUAL BASIS.

  • PROVIDING ELECTRIC ENERGY TO OUR CUSTOMER-OWNERS. THERE WERE 10,937 ACTIVE SERVICES AT YEAR END.

  • PROVIDING WATER SERVICES TO OUR CUSTOMER-OWNERS. THERE WERE 5,779 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Dave Thompson

    PRESIDENT

    Total calculated
    $11,800
    From this org
    $11,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Barry Baker

    VICE PRESIDENT

    Total calculated
    $8,900
    From this org
    $8,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.7

  • Sam Waldron

    SECRETARY/TREASURER

    Total calculated
    $9,700
    From this org
    $9,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Chuck Taes

    DIRECTOR

    Total calculated
    $11,300
    From this org
    $11,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Scott Hislop

    DIRECTOR

    Total calculated
    $13,100
    From this org
    $13,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Joe Morgan

    CEO

    Total calculated
    $366,265
    From this org
    $311,700
    From related orgs
    $0
    Other
    $54,565
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $306,526
    Bonus
    $0
    Other
    $5,174
    Deferred
    $51,809
    Nontaxable benefits
    $2,756
    Filer's total
    $366,265

  • Yelena Lazanis

    CFO

    Total calculated
    $162,296
    From this org
    $149,706
    From related orgs
    $0
    Other
    $12,590
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $149,536
    Bonus
    $0
    Other
    $170
    Deferred
    $9,835
    Nontaxable benefits
    $2,755
    Filer's total
    $162,296

  • John McFeely

    ENGINEERING MANAGER

    Total calculated
    $199,425
    From this org
    $171,462
    From related orgs
    $0
    Other
    $27,963
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $170,666
    Bonus
    $0
    Other
    $796
    Deferred
    $24,091
    Nontaxable benefits
    $3,872
    Filer's total
    $199,425

  • Ward Frederickson

    LINE CREW FOREMAN

    Total calculated
    $184,083
    From this org
    $152,160
    From related orgs
    $0
    Other
    $31,923
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $151,038
    Bonus
    $0
    Other
    $1,122
    Deferred
    $28,057
    Nontaxable benefits
    $3,866
    Filer's total
    $184,083

  • Robert McDaniel

    JOURNEYMAN LINEMAN

    Total calculated
    $153,964
    From this org
    $143,832
    From related orgs
    $0
    Other
    $10,132
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $143,630
    Bonus
    $0
    Other
    $202
    Deferred
    $6,278
    Nontaxable benefits
    $3,854
    Filer's total
    $153,964

  • Eric Gustafson

    JOURNEYMAN LINEMAN

    Total calculated
    $146,537
    From this org
    $136,368
    From related orgs
    $0
    Other
    $10,169
    Hours/week
    41

  • Zachary Walker

    JOURNEYMAN LINEMAN

    Total calculated
    $121,055
    From this org
    $118,162
    From related orgs
    $0
    Other
    $2,893
    Hours/week
    42

  • Lance Yoppini

    EQUIPMENT OPERATOR/INSTALLER

    Total calculated
    $133,786
    From this org
    $108,937
    From related orgs
    $0
    Other
    $24,849
    Hours/week
    42

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
15 August 2025
IRS schema version
2023v6.0
Source object
202532279349303983

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