Civic Intelligence

Floyds Knobs Water Company Inc

990 • Fiscal year 2023 • EIN 35-1103388

Jan 01, 2023 to Dec 31, 2023 • Filed on Sep 24, 2024

744 Highlander Point DriveFloyds Knobs, IN 47119

(812) 923-9040

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

96th percentile

0.70x

Higher debt load relative to assets than 96% of similar nonprofits.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

89th percentile

3.86x

Higher debt load relative to revenue than 89% of similar nonprofits.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2023

Net Margin

54th percentile

12%

Higher net margin than 54% of similar nonprofits.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

49th percentile

$74,709

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 3.9% of source-year revenue.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2023

Asset Growth

74th percentile

7.7%

Faster asset growth than 74% of similar nonprofits.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

16th percentile

-3.3%

Faster revenue growth than 16% of similar nonprofits.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Up

$10,670,009

Up $764,948 (+7.7%) from 2022

Net Assets

Up

$3,204,035

Up $227,821 (+7.7%) from 2022

Liabilities

Up

$7,465,974

Up $537,127 (+7.8%) from 2022

Revenue

Down

$1,934,687

Down $65,201 (-3.3%) from 2022

Expenses

Down

$1,709,666

Down $161,397 (-8.6%) from 2022

Net Income

Up

$225,021

Up $96,196 (+75%) from 2022

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2016: $8,982,728Liabilities 2016: $4,180,625Net Assets 2016: $4,802,1032016Assets 2017: $9,730,041Liabilities 2017: $4,749,013Net Assets 2017: $4,981,0282017Assets 2019: $9,653,178Liabilities 2019: $7,351,625Net Assets 2019: $2,301,5532019Assets 2020: $9,767,818Liabilities 2020: $7,143,766Net Assets 2020: $2,624,0522020Assets 2021: $10,007,023Liabilities 2021: $7,161,734Net Assets 2021: $2,845,2892021Assets 2022: $9,905,061Liabilities 2022: $6,928,847Net Assets 2022: $2,976,2142022Assets 2023: $10,670,009Liabilities 2023: $7,465,974Net Assets 2023: $3,204,0352023Assets 2024: $10,907,342Liabilities 2024: $7,578,952Net Assets 2024: $3,328,3902024

Highlighted filing

2023

Assets$10,670,009
Liabilities$7,465,974
Net Assets$3,204,035

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.5M$1.0M$500K$0Revenue 2016: $1,459,174Expenses 2016: $1,206,661Net Income 2016: $252,5132016Revenue 2017: $1,671,369Expenses 2017: $1,492,444Net Income 2017: $178,9252017Revenue 2019: $1,766,022Expenses 2019: $1,464,995Net Income 2019: $301,0272019Revenue 2020: $1,917,935Expenses 2020: $1,597,136Net Income 2020: $320,7992020Revenue 2021: $1,916,923Expenses 2021: $1,699,186Net Income 2021: $217,7372021Revenue 2022: $1,999,888Expenses 2022: $1,871,063Net Income 2022: $128,8252022Revenue 2023: $1,934,687Expenses 2023: $1,709,666Net Income 2023: $225,0212023Revenue 2024: $1,951,730Expenses 2024: $1,833,875Net Income 2024: $117,8552024

Highlighted filing

2023

Revenue$1,934,687
Expenses$1,709,666
Net Income$225,021
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Sep 24, 2024
Return Version
2023v5.1
Gross Receipts
$1,934,687
Mission and Program Overview

Mission

Distribute water to members

Provides metered water service to approximately 2,500 members on a cooperative basis.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,742,597$9,216,200▲ $473,603
Rtn Earn Endowment Incm Other Fnds$2,769,549$2,994,570▲ $225,021
Savings and Temporary Cash Investments$954,962$1,215,525▲ $260,563
Cap Stk Tr Prin Current Funds$206,665$209,465▲ $2,800
Accounts Receivable$146,099$128,875▼ $17,224
Inventories for Sale or Use$49,060$70,293▲ $21,233
Prepaid Expenses and Deferred Charges$12,143$24,853▲ $12,710
Cash and Non-Interest-Bearing Accounts$200$200→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Total Assets$9,905,061$10,670,009▲ $764,948
Other Assets Total$0$14,063▲ $14,063
Liabilities
Other Liabilities$3,293,732$3,935,239▲ $641,507
Mortgage Notes Payable Secured by Investment Property$3,513,740$3,292,985▼ $220,755
Accounts Payable and Accrued Expenses$121,375$237,750▲ $116,375
Total Liabilities$6,928,847$7,465,974▲ $537,127
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,976,214$3,204,035▲ $227,821
Total Liabilities and Net Assets / Fund Balance$9,905,061$10,670,009▲ $764,948

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$8,055,270$3,172,936$11,228,206
Buildings$746,342$180,549$926,891
Equipment$124,247$468,209$592,456
Land$290,341-$290,341
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Danny StandifordGeneral ManagerFT$74,709$74,709
Rick MorganPresident-$4,200$4,200
Gayle PearlSecretary/treasurer-$1,625$1,625
Mike ShearerVice President-$1,625$1,625
David CullDirector-$1,300$1,300
Kirk ShafferDirector-$1,200$1,200
Mark AmmonsDirector-$1,200$1,200
Ryan PfeiferDirector-$1,200$1,200
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,914,138
Investment Income
$20,549
Other Revenue
$0
Change in Net Assets
$225,021

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,934,687
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,934,687
Total Revenue per Form 990
$1,934,687
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,431,186
Salaries, Compensation, and Employee Benefits$278,480
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$261,925
Other Salaries and Wages---$154,655
Current Officers, Directors, Trustees, and Key Employees---$87,059
Interest---$75,994
All Other Expenses---$65,504
Fees for Services Accounting---$24,815
Office Expenses---$23,303
Other Expenses---$21,109
Other Employee Benefits---$18,831
Payroll Taxes---$17,935
Insurance---$17,143
Fees for Services Legal---$11,192
Conferences and Meetings---$1,676
Total Functional Expenses$0$0$0$1,709,666

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,709,666
Total Expenses per Audited Statements$1,709,666
Total Expenses per Form 990$1,709,666
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Contributions in Aid of Construction$3,921,176
Lease Liability$14,063
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Floyds knobs water corporation, inc is a cooperative owned by approximately 2,500 members

Form 990, Part VI, Section A, Line 7A

All members are entitled to vote for the board of directors at its annual meeting

Form 990, Part VI, Section A, Line 7B

Governance decisions are subject to approval by the governing body

Form 990, Part VI, Section B, Line 11B

Form 990 is reviewed by the board of directors prior to filing with the irs

Form 990, Part VI, Section B, Line 15

A compensation committee sets all salaries for approval by the entire board of directors.

Form 990, Part VI, Section C, Line 19

All governing documents and the annual audited financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Floyds Knobs Water Company Inc
EIN
35-1103388
Phone
8129239040
Address
744 HIGHLANDER POINT DRIVE, FLOYDS KNOBS, IN 47119

Signing Officer

Name
Rick Morgan
Title
President
Phone
8129239040
Signed
2024-09-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rick Morgan
Formed
1961
Legal Domicile
In
Voting Board Members
7
Independent Board Members
7
Employees
5
Volunteers
0

Preparer

Firm
MONROE SHINE & CO INC CPA'S
Address
PO BOX 1407, NEW ALBANY, IN 47151-1407
Preparer
Christopher M Hawkins CPA
Phone
8129452311
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Increase in memberships 2,800.

Form 990, Part XII, Line 2C

No change from the prior year

Financial Statement Notes

PART X, LINE 2:

The utility is exempt from federal income taxes under section 501(c)(12) of the internal revenue code. Accordingly, the financial statements do not include a provision for income taxes. The utility is also exempt from the indiana utility receipts tax under ic 6-2.1-3-33. The utility has adopted asc topic 740, income taxes, as it relates to uncertain tax positions. The utility is not currently being examined by any tax jurisdictions and management believes its tax-exempt status would be upheld under examination. No provision for uncertain tax positions have been recorded at december 31, 2023.

Raw XML Appendix372 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0180549
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0926891
IRS990ScheduleD/EquipmentGrp/BookValueAmt0124247
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0468209
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0592456
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01709666
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0290341
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0290341
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt08055270
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt03172936
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt011228206
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt03921176
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt114063
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CONTRIBUTIONS IN AID OF CONSTRUCTION
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1LEASE LIABILITY
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01934687
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE UTILITY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THE FINANCIAL STATEMENTS DO NOT INCLUDE A PROVISION FOR INCOME TAXES. THE UTILITY IS ALSO EXEMPT FROM THE INDIANA UTILITY RECEIPTS TAX UNDER IC 6-2.1-3-33. THE UTILITY HAS ADOPTED ASC TOPIC 740, INCOME TAXES, AS IT RELATES TO UNCERTAIN TAX POSITIONS. THE UTILITY IS NOT CURRENTLY BEING EXAMINED BY ANY TAX JURISDICTIONS AND MANAGEMENT BELIEVES ITS TAX-EXEMPT STATUS WOULD BE UPHELD UNDER EXAMINATION. NO PROVISION FOR UNCERTAIN TAX POSITIONS HAVE BEEN RECORDED AT DECEMBER 31, 2023.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt09216200
IRS990ScheduleD/TotalExpensesPerForm990Amt01709666
IRS990ScheduleD/TotalLiabilityAmt03935239
IRS990ScheduleD/TotalRevenuePerForm990Amt01934687
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01934687
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01709666
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FLOYDS KNOBS WATER CORPORATION, INC IS A COOPERATIVE OWNED BY APPROXIMATELY 2,500 MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL MEMBERS ARE ENTITLED TO VOTE FOR THE BOARD OF DIRECTORS AT ITS ANNUAL MEETING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNANCE DECISIONS ARE SUBJECT TO APPROVAL BY THE GOVERNING BODY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A COMPENSATION COMMITTEE SETS ALL SALARIES FOR APPROVAL BY THE ENTIRE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL GOVERNING DOCUMENTS AND THE ANNUAL AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6INCREASE IN MEMBERSHIPS 2,800.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7NO CHANGE FROM THE PRIOR YEAR
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XII, LINE 2C
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxableDistributionsInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt09905061
IRS990/TotalAssetsEOYAmt010670009
IRS990/TotalAssetsGrp/BOYAmt09905061
IRS990/TotalAssetsGrp/EOYAmt010670009
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/TotalAmt01709666
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt06928847
IRS990/TotalLiabilitiesEOYAmt07465974
IRS990/TotalLiabilitiesGrp/BOYAmt06928847
IRS990/TotalLiabilitiesGrp/EOYAmt07465974
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02976214
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03204035
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt01914138
IRS990/TotalReportableCompFromOrgAmt087059
IRS990/TotalRevenueGrp/ExclusionAmt020549
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01914138
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01934687
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt09905061
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt010670009
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0744 HIGHLANDER POINT DRIVE
IRS990/USAddress/CityNm0FLOYDS KNOBS
IRS990/USAddress/StateAbbreviationCd0IN
IRS990/USAddress/ZIPCd047119
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.FLOYDSKNOBSWATER.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0RICK MORGAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08129239040
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-09-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FLOYDS KNOBS WATER COMPANY INC
ReturnHeader/Filer/BusinessNameControlTxt0FLOY
ReturnHeader/Filer/EIN0351103388
ReturnHeader/Filer/PhoneNum08129239040
ReturnHeader/Filer/USAddress/AddressLine1Txt0744 HIGHLANDER POINT DRIVE
ReturnHeader/Filer/USAddress/CityNm0FLOYDS KNOBS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IN
ReturnHeader/Filer/USAddress/ZIPCd047119
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0351515068
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MONROE SHINE & CO INC CPA'S
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 1407
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW ALBANY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0471511407
ReturnHeader/PreparerPersonGrp/PhoneNum08129452311
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHRISTOPHER M HAWKINS CPA
ReturnHeader/ReturnTs02024-10-10T10:30:58-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

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