Civic Intelligence

Hillsdale Water Corporation

EIN 35-1326518 • 501(c)12 • Hillsdale, IN

Profile

The corporation has 262 members and the corporation provides water to the member users.

PO Box 96Hillsdale, IN 47854
Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

94th percentile

0.73x

Higher debt load relative to assets than 94% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

8.00x

Higher debt load relative to revenue than 97% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2024

Net Margin

47th percentile

4.9%

Higher net margin than 47% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

69th percentile

$315

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

501(c)12 • $1M-$5M nonprofits • Source year 2024

Asset Growth

41st percentile

-0.2%

Faster asset growth than 41% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

42nd percentile

2.7%

Faster revenue growth than 42% of similar nonprofits.

501(c)12 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$1,487,357

Down $3,369 (-0.2%) from 2023

Liabilities

Down

$1,088,704

Down $11,980 (-1.1%) from 2023

Net Assets

Up

$398,653

Up $8,611 (+2.2%) from 2023

Operations
Liabilities / Revenue97th percentileNet Margin47th percentile

Revenue

Up

$136,164

Up $3,602 (+2.7%) from 2023

Expenses

Up

$129,479

Up $6,100 (+4.9%) from 2023

Net Income

Down

$6,685

Down $2,498 (-27%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth41st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0M$1.5M$1.0M$500K$0Assets 2010: $456,244Liabilities 2010: $1,527Net Assets 2010: $454,7172010Assets 2011: $425,482Liabilities 2011: $1,790Net Assets 2011: $423,6922011Assets 2012: $423,782Liabilities 2012: $1,598Net Assets 2012: $422,1842012Assets 2013: $421,208Liabilities 2013: $1,500Net Assets 2013: $419,7082013Assets 2014: $451,488Liabilities 2014: $58,207Net Assets 2014: $393,2812014Assets 2015: $452,607Liabilities 2015: $57,826Net Assets 2015: $394,7812015Assets 2016: $564,845Liabilities 2016: $175,059Net Assets 2016: $389,7862016Assets 2017: $1,688,846Liabilities 2017: $388,380Net Assets 2017: $1,300,4662017Assets 2019: $1,527,173Liabilities 2019: $1,162,110Net Assets 2019: $365,0632019Assets 2020: $1,513,211Liabilities 2020: $1,147,933Net Assets 2020: $365,2782020Assets 2021: $1,506,289Liabilities 2021: $1,131,561Net Assets 2021: $374,7282021Assets 2022: $1,496,360Liabilities 2022: $1,115,625Net Assets 2022: $380,7352022Assets 2023: $1,490,726Liabilities 2023: $1,100,684Net Assets 2023: $390,0422023Assets 2024: $1,487,357Liabilities 2024: $1,088,704Net Assets 2024: $398,6532024

Highlighted filing

2024

Assets$1,487,357
Liabilities$1,088,704
Net Assets$398,653
Open 2024 Filing

Operations Trend

Revenue Growth42nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$150K$100K$50K$0-$50KExpenses 2010: $66,0492010Expenses 2011: $104,5802011Expenses 2012: $77,0292012Revenue 2013: $69,215Expenses 2013: $73,125Net Income 2013: -$3,9102013Revenue 2014: $56,249Expenses 2014: $82,676Net Income 2014: -$26,4272014Revenue 2015: $71,874Expenses 2015: $79,349Net Income 2015: -$7,4752015Revenue 2016: $65,585Expenses 2016: $69,599Net Income 2016: -$4,0142016Revenue 2017: $61,148Expenses 2017: $62,468Net Income 2017: -$1,3202017Revenue 2019: $86,400Expenses 2019: $98,600Net Income 2019: -$12,2002019Revenue 2020: $105,725Expenses 2020: $105,510Net Income 2020: $2152020Revenue 2021: $110,815Expenses 2021: $101,364Net Income 2021: $9,4512021Revenue 2022: $123,579Expenses 2022: $117,573Net Income 2022: $6,0062022Revenue 2023: $132,562Expenses 2023: $123,379Net Income 2023: $9,1832023Revenue 2024: $136,164Expenses 2024: $129,479Net Income 2024: $6,6852024

Highlighted filing

2024

Revenue$136,164
Expenses$129,479
Net Income$6,685
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,487,357
Liabilities
$1,088,704
Net assets
$398,653
Revenue
$136,164
Expenses
$129,479
Net income
$6,685
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.49$1.09$0.40$0.14$0.13$0.01
2023Detailed filing. Detailed filing data is available for this year.$1.49$1.10$0.39$0.13$0.12$0.01
2022Detailed filing. Detailed filing data is available for this year.$1.50$1.12$0.38$0.12$0.12$0.01
2021Detailed filing. Detailed filing data is available for this year.$1.51$1.13$0.37$0.11$0.10$0.01
2020Detailed filing. Detailed filing data is available for this year.$1.51$1.15$0.37$0.11$0.11$0.00
2019Detailed filing. Detailed filing data is available for this year.$1.53$1.16$0.37$0.09$0.10$0.01
2017Detailed filing. Detailed filing data is available for this year.$1.69$0.39$1.30$0.06$0.06$0.00
2016Detailed filing. Detailed filing data is available for this year.$0.56$0.18$0.39$0.07$0.07$0.00
2015Detailed filing. Detailed filing data is available for this year.$0.45$0.06$0.39$0.07$0.08$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.45$0.06$0.39$0.06$0.08$0.03
2013Detailed filing. Detailed filing data is available for this year.$0.42$0.00$0.42$0.07$0.07$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.42$0.00$0.42$0.08
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.43$0.00$0.42$0.10
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.46$0.00$0.45$0.07
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Aug 7, 2025
Return Version
2024v5.2
Gross Receipts
$158,898
Mission and Program Overview

Mission

PUBLIC WATER UTILITY

The corporation has 262 members and the corporation provides water to the member users.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,320,781$1,289,433▼ $31,348
Pd in Cap Srpls Land Bldg Eqp Fund$280,423$280,423→ $0
Rtn Earn Endowment Incm Other Fnds$109,619$118,230▲ $8,611
Cash and Non-Interest-Bearing Accounts$72,430$87,139▲ $14,709
Savings and Temporary Cash Investments$39,130$39,130→ $0
Accounts Receivable$22,924$35,364▲ $12,440
Inventories for Sale or Use$15,007$15,837▲ $830
Total Assets$1,490,726$1,487,357▼ $3,369
Other Assets Total$20,454$20,454→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,045,600$1,029,800▼ $15,800
Unsecured Notes Loans Payable$51,000$51,000→ $0
Accounts Payable and Accrued Expenses$4,084$7,904▲ $3,820
Total Liabilities$1,100,684$1,088,704▼ $11,980
Net Assets / Fund Balance
Total Net Assets Fund Balance$390,042$398,653▲ $8,611
Total Liabilities and Net Assets / Fund Balance$1,490,726$1,487,357▼ $3,369

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,289,270$683,206$1,972,476
Land$163-$163
Compensation and Service Providers
Top Officer Pay69th percentile

Employees

NameTitleBaseTotal
Cindy SouthardDirector$315$315
Kim WehrSectreas$280$280
Larry SouthardPresident$280$280
Stephanie FarringtonDirector$280$280
Cindy VanlandinghamDirector$280$280
Donna StevensonDirector$280$280
John GriffinDirector$210$210
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$47
Other Revenue
$136,117
Change in Net Assets
$6,685
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$106,547
Salaries, Compensation, and Employee Benefits$21,007
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other---$37,952
Depreciation Depletion---$36,298
Other Salaries and Wages---$18,668
Office Expenses---$17,479
Insurance---$7,928
Interest---$4,852
Payroll Taxes---$2,339
Benefits to Members---$1,925
Other Expenses$788--$788
Total Functional Expenses$0$0$0$129,479
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Members or stockholder classes and rights Part VI line 6

“The corporation is organized so that the member user is also a member of the corporation. The member has a voting right in the operation of the corporation.”

Member election for additional members Part VI line 7A

“All member user have a voting right to elect members of the board.”

Form 990 governing body review Part VI line 11

“The form 990 is reviewed by the signing officer and then the return will be presented to the full board of directors at the next regular monthly meeting.”

Governing documents etc available to public Part VI line 19

“The board of directors meet each month and the meetings are advertised to all members. The corporation office hours tuesday and thursday from 5:00 pm to 8:00 pm. The financial statements and a copy of the tax return are available upon request during office hours.”

Filing and Contact Details

Filer

Filer Name
Hillsdale Water Corporation
EIN
35-1326518
In Care Of
% STEPHANIE FARRINGTON
Phone
7652455145
Address
PO BOX 96, HILLSDALE, IN 47854

Signing Officer

Name
Stephanie Farrington
Title
Director
Phone
7652455145
Signed
2025-08-07
Discuss with paid preparer
Yes

Organization Details

Formed
1970
Legal Domicile
In
Voting Board Members
262
Independent Board Members
262
Employees
2

Preparer

Firm
Russell & Durr Cpas Inc
Address
201 N MARKET, ROCKVILLE, IN 47872
Preparer
Mark D Russell
Phone
7655692054
Supplemental Narrative

Additional Explanations

Explanation of other changes in net assets or fund balances Part XI line 9

“Increase in membership fee $1925. Adjustment for rounding ($1).”

List of other fees for services expenses Part IX line 11G

“The $37,952. Other fees represents fees paid to contractors to maintain the water system for the utility.”

Raw XML Appendix321 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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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0683206
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01972476
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01289433
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION IS ORGANIZED SO THAT THE MEMBER USER IS ALSO A MEMBER OF THE CORPORATION. THE MEMBER HAS A VOTING RIGHT IN THE OPERATION OF THE CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL MEMBER USER HAVE A VOTING RIGHT TO ELECT MEMBERS OF THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 IS REVIEWED BY THE SIGNING OFFICER AND THEN THE RETURN WILL BE PRESENTED TO THE FULL BOARD OF DIRECTORS AT THE NEXT REGULAR MONTHLY MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF DIRECTORS MEET EACH MONTH AND THE MEETINGS ARE ADVERTISED TO ALL MEMBERS. THE CORPORATION OFFICE HOURS TUESDAY AND THURSDAY FROM 5:00 PM TO 8:00 PM. THE FINANCIAL STATEMENTS AND A COPY OF THE TAX RETURN ARE AVAILABLE UPON REQUEST DURING OFFICE HOURS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4INCREASE IN MEMBERSHIP FEE $1925. ADJUSTMENT FOR ROUNDING ($1).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE $37,952. OTHER FEES REPRESENTS FEES PAID TO CONTRACTORS TO MAINTAIN THE WATER SYSTEM FOR THE UTILITY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Members or stockholder classes and rights Part VI line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Member election for additional members Part VI line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Explanation of other changes in net assets or fund balances Part XI line 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5List of other fees for services expenses Part IX line 11g
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01490726
IRS990/TotalAssetsEOYAmt01487357
IRS990/TotalAssetsGrp/BOYAmt01490726
IRS990/TotalAssetsGrp/EOYAmt01487357
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0129479
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01100684
IRS990/TotalLiabilitiesEOYAmt01088704
IRS990/TotalLiabilitiesGrp/BOYAmt01100684
IRS990/TotalLiabilitiesGrp/EOYAmt01088704
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0390042
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0398653
IRS990/TotalOtherCompensationAmt00
IRS990/TotalReportableCompFromOrgAmt01925
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0136164
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0136164
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01490726
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01487357
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt051000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt051000
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt0262
IRS990/VotingMembersIndependentCnt0262
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0STEPHANIE FARRINGTON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum07652455145
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-08-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HILLSDALE WATER CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0HILL
ReturnHeader/Filer/EIN0351326518
ReturnHeader/Filer/InCareOfNm0% STEPHANIE FARRINGTON
ReturnHeader/Filer/PhoneNum07652455145
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 96
ReturnHeader/Filer/USAddress/CityNm0HILLSDALE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IN
ReturnHeader/Filer/USAddress/ZIPCd047854
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0205614955
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RUSSELL & DURR CPAS INC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0201 N MARKET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ROCKVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd047872
ReturnHeader/PreparerPersonGrp/PhoneNum07655692054
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARK D RUSSELL
ReturnHeader/ReturnTs02025-08-25T09:36:07-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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