Civic Intelligence

Modern Electric Water Company

990 • Fiscal year 2019 • EIN 91-0323430

Oct 01, 2018 to Sep 30, 2019 • Filed on Feb 18, 2020

Organization ProfileWWW.MEWCO.COM

View Organization Page

PO Box 14008Spokane, WA 99214-0008

(509) 928-4540

Siviq Scores

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

Liabilities / Assets

2nd percentile

0.06x

Higher debt load relative to assets than 2% of similar nonprofits.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

18th percentile

0.74x

Higher debt load relative to revenue than 18% of similar nonprofits.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2019

Net Margin

99th percentile

43%

Higher net margin than 99% of similar nonprofits.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

41st percentile

$232,585

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 4.9% of source-year revenue.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2019

Asset Growth

48th percentile

2.7%

Faster asset growth than 48% of similar nonprofits.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

72nd percentile

3.8%

Faster revenue growth than 72% of similar nonprofits.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets2nd percentile

Assets

Up

$58,792,416

Up $1,550,388 (+2.7%) from 2018

Net Assets

Up

$55,325,911

Up $529,079 (+1.0%) from 2018

Liabilities

Up

$3,466,505

Up $1,021,309 (+42%) from 2018

Revenue And Expenses
Liabilities / Revenue18th percentileNet Margin99th percentile

Revenue

Up

$4,703,126

Up $173,809 (+3.8%) from 2018

Expenses

Up

$2,685,938

Up $163,722 (+6.5%) from 2018

Net Income

Up

$2,017,188

Up $10,087 (+0.5%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth48th percentile

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

$100M$50M$0Assets 2011: $44,937,987Liabilities 2011: $3,328,397Net Assets 2011: $41,609,5902011Assets 2012: $47,880,847Liabilities 2012: $3,458,603Net Assets 2012: $44,422,2442012Assets 2013: $49,833,833Liabilities 2013: $2,442,803Net Assets 2013: $47,391,0302013Assets 2014: $51,226,046Liabilities 2014: $2,803,910Net Assets 2014: $48,422,1362014Assets 2015: $50,594,721Liabilities 2015: $3,052,387Net Assets 2015: $47,542,3342015Assets 2016: $52,266,038Liabilities 2016: $3,285,758Net Assets 2016: $48,980,2802016Assets 2017: $56,613,798Liabilities 2017: $3,722,880Net Assets 2017: $52,890,9182017Assets 2018: $57,242,028Liabilities 2018: $2,445,196Net Assets 2018: $54,796,8322018Assets 2019: $58,792,416Liabilities 2019: $3,466,505Net Assets 2019: $55,325,9112019Assets 2020: $60,057,555Liabilities 2020: $4,149,675Net Assets 2020: $55,907,8802020Assets 2021: $66,775,926Liabilities 2021: $2,883,447Net Assets 2021: $63,892,4792021Assets 2022: $60,070,028Liabilities 2022: $1,745,994Net Assets 2022: $58,324,0342022Assets 2023: $69,757,409Liabilities 2023: $1,721,783Net Assets 2023: $68,035,6262023Assets 2024: $80,149,153Liabilities 2024: $1,906,103Net Assets 2024: $78,243,0502024

Highlighted filing

2019

Assets$58,792,416
Liabilities$3,466,505
Net Assets$55,325,911
Open 2019 Filing

Operations Trend

Revenue Growth72nd percentile

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

$30M$20M$10M$0Expenses 2011: $1,937,7222011Expenses 2012: $2,175,1052012Expenses 2013: $2,250,9162013Revenue 2014: $3,493,823Expenses 2014: $2,152,771Net Income 2014: $1,341,0522014Revenue 2015: $3,728,102Expenses 2015: $2,166,013Net Income 2015: $1,562,0892015Revenue 2016: $3,068,425Expenses 2016: $2,412,844Net Income 2016: $655,5812016Revenue 2017: $3,877,186Expenses 2017: $2,482,942Net Income 2017: $1,394,2442017Revenue 2018: $4,529,317Expenses 2018: $2,522,216Net Income 2018: $2,007,1012018Revenue 2019: $4,703,126Expenses 2019: $2,685,938Net Income 2019: $2,017,1882019Revenue 2020: $2,912,863Expenses 2020: $2,716,611Net Income 2020: $196,2522020Revenue 2021: $4,819,119Expenses 2021: $2,832,501Net Income 2021: $1,986,6182021Revenue 2022: $5,253,543Expenses 2022: $3,093,766Net Income 2022: $2,159,7772022Revenue 2023: $21,785,165Expenses 2023: $16,917,202Net Income 2023: $4,867,9632023Revenue 2024: $22,397,520Expenses 2024: $19,325,289Net Income 2024: $3,072,2312024

Highlighted filing

2019

Revenue$4,703,126
Expenses$2,685,938
Net Income$2,017,188
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2018 to Sep 30, 2019
Signed
Feb 18, 2020
Return Version
2018v3.2
Gross Receipts
$19,024,459
Mission and Program Overview

Mission

To provide electricity and water services at the lowest possible price.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$52,635,724$53,164,806▲ $529,082
Investments in Publicly Traded Securities$34,163,537$35,194,917▲ $1,031,380
Land, Buildings, and Equipment, Net$19,215,669$19,235,323▲ $19,654
Pd in Cap Srpls Land Bldg Eqp Fund$2,158,328$2,158,328→ $0
Accounts Receivable$1,576,885$1,760,470▲ $183,585
Cash and Non-Interest-Bearing Accounts$780,943$1,009,592▲ $228,649
Savings and Temporary Cash Investments$845,311$847,107▲ $1,796
Inventories for Sale or Use$376,456$419,900▲ $43,444
Prepaid Expenses and Deferred Charges$88,678$127,831▲ $39,153
Cap Stk Tr Prin Current Funds$2,780$2,777▼ $3
Total Assets$57,242,028$58,792,416▲ $1,550,388
Other Assets Total$194,549$197,276▲ $2,727
Liabilities
Accounts Payable and Accrued Expenses$2,445,196$3,434,166▲ $988,970
Deferred Revenue-$32,339-
Total Liabilities$2,445,196$3,466,505▲ $1,021,309
Net Assets / Fund Balance
Total Net Assets Fund Balance$54,796,832$55,325,911▲ $529,079
Total Liabilities and Net Assets / Fund Balance$57,242,028$58,792,416▲ $1,550,388

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$8,828,586$17,552,491$26,381,077
Equipment$4,437,984$8,312,422$12,750,406
Leasehold Improvements$2,846,183$3,467,262$6,313,445
Buildings$2,074,073$2,080,159$4,154,232
Land$1,048,497-$1,048,497
Compensation and Service Providers
Top Officer Pay41st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joe MorganGeneral ManaFT$232,585-$232,585
Joe MorganGeneral Manager-$198,748$33,837$232,585
Sam WaldronBoard Secr./-$9,900-$9,900
Dave ThompsonBoard Presid-$9,600-$9,600
Chuck TaesBoard Direct-$8,850-$8,850
Scott HislopBoard Direct-$8,100-$8,100
Barry BakerBoard Vice P-$5,250-$5,250
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$1,743,155
Other Revenue
$2,959,971
Change in Net Assets
$2,017,188

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,703,126
Total Revenue per Audited Statements
$4,703,126
Total Revenue per Form 990
$4,703,126
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,394,874
Salaries, Compensation, and Employee Benefits$1,291,064
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$631,026-$631,026
Current Officers, Directors, Trustees, and Key Employees-$274,285-$274,285
Office Expenses-$236,512-$236,512
Fees for Service Investment Mgmnt Fees-$192,340-$192,340
Pension Plan Contributions-$172,698-$172,698
Depreciation Depletion-$169,196-$169,196
Other Employee Benefits-$142,844-$142,844
All Other Expenses-$94,931-$94,931
Payroll Taxes-$70,211-$70,211
Other Expenses-$60,370-$60,370
Insurance-$54,003-$54,003
Fees for Services Accounting-$49,715-$49,715
Fees for Services Legal-$22,124-$22,124
Total Functional Expenses$0$2,685,938$0$2,685,938

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,685,938
Total Expenses per Audited Statements$2,685,938
Total Expenses per Form 990$2,685,938
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The property owners within the service district of modern electric water company are the legal owners of the company. Ownership of the company is vested in the deeds to the property. These records are the basis for the company's allocation of shares of common stock.”

Form 990, Page 6, Part VI, Line 7A

“Members of the board of directors are elected to three-year terms. The terms are staggered such that each year either one or two members of the board are up for election. The election occurs at the annual shareholder's meeting.”

Form 990, Page 6, Part VI, Line 11B

“The general manager and the comptroller review the 990 before filing. Each member of the board was provided a copy of form 990 for review prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“All board members, the general manager, the operations manager and the comptroller are required to disclose annually, in writing, any conflicts of interest.”

Form 990, Page 6, Part VI, Line 15A

“Each year, the board reviews the northwest utilities salary, wage & benefit survey to determine the salary of the general manager.”

Form 990, Page 6, Part VI, Line 15B

“Each year, the board reviews and approves the salaries of other officers and key employees. While those whose salaries are being discussed officers and key employees are excused from the board meeting.”

Form 990, Page 6, Part VI, Line 19

“The company's governing documents, conflict of interest policy and financial statements are available at 904 n. Pines, spokane valley, wa 99206, monday through friday, between the hours of 7:30 a.m. And 4:30 p.m. Upon request.”

Filing and Contact Details

Filer

Filer Name
Modern Electric Water Company
EIN
91-0323430
Phone
5099284540
Address
PO BOX 14008, SPOKANE, WA 99214-0008

Signing Officer

Name
Joe Morgan
Title
General Manager
Phone
5099284540
Signed
2020-02-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joe Morgan
Voting Board Members
5
Independent Board Members
5
Employees
28

Preparer

Firm
Anderson Peretti & Co Cpas Ps
Address
PO BOX 14139, SPOKANE, WA 99214-0139
Preparer
Robert P Sanders
Phone
5099266221
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Change in capital stock -3”

Raw XML Appendix374 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/EquipmentGrp/DepreciationAmt08312422
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE PROPERTY OWNERS WITHIN THE SERVICE DISTRICT OF MODERN ELECTRIC WATER COMPANY ARE THE LEGAL OWNERS OF THE COMPANY. OWNERSHIP OF THE COMPANY IS VESTED IN THE DEEDS TO THE PROPERTY. THESE RECORDS ARE THE BASIS FOR THE COMPANY'S ALLOCATION OF SHARES OF COMMON STOCK.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED TO THREE-YEAR TERMS. THE TERMS ARE STAGGERED SUCH THAT EACH YEAR EITHER ONE OR TWO MEMBERS OF THE BOARD ARE UP FOR ELECTION. THE ELECTION OCCURS AT THE ANNUAL SHAREHOLDER'S MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GENERAL MANAGER AND THE COMPTROLLER REVIEW THE 990 BEFORE FILING. EACH MEMBER OF THE BOARD WAS PROVIDED A COPY OF FORM 990 FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL BOARD MEMBERS, THE GENERAL MANAGER, THE OPERATIONS MANAGER AND THE COMPTROLLER ARE REQUIRED TO DISCLOSE ANNUALLY, IN WRITING, ANY CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4EACH YEAR, THE BOARD REVIEWS THE NORTHWEST UTILITIES SALARY, WAGE & BENEFIT SURVEY TO DETERMINE THE SALARY OF THE GENERAL MANAGER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5EACH YEAR, THE BOARD REVIEWS AND APPROVES THE SALARIES OF OTHER OFFICERS AND KEY EMPLOYEES. WHILE THOSE WHOSE SALARIES ARE BEING DISCUSSED OFFICERS AND KEY EMPLOYEES ARE EXCUSED FROM THE BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE COMPANY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE AT 904 N. PINES, SPOKANE VALLEY, WA 99206, MONDAY THROUGH FRIDAY, BETWEEN THE HOURS OF 7:30 A.M. AND 4:30 P.M. UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7CHANGE IN CAPITAL STOCK -3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XI, LINE 9
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IRS990/TaxablePartyNotificationInd0false
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0904 N PINE RD
IRS990/USAddress/CityNm0SPOKANE VALLEY
IRS990/USAddress/StateAbbreviationCd0WA
IRS990/USAddress/ZIPCd099206
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IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.MEWCO.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02020-11-19 02:30:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOE MORGAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0GENERAL MANAGER
ReturnHeader/BusinessOfficerGrp/PhoneNum05099284540
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-02-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MODERN ELECTRIC WATER COMPANY
ReturnHeader/Filer/BusinessNameControlTxt0MODE
ReturnHeader/Filer/EIN0910323430
ReturnHeader/Filer/PhoneNum05099284540
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 14008
ReturnHeader/Filer/USAddress/CityNm0SPOKANE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WA
ReturnHeader/Filer/USAddress/ZIPCd0992140008
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ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt096.74.29.235
ReturnHeader/FilingSecurityInformation/IPDt02020-02-18
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm017:05:52
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0910867103
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ANDERSON PERETTI & CO CPAS PS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 14139
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SPOKANE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0992140139
ReturnHeader/PreparerPersonGrp/PhoneNum05099266221
ReturnHeader/PreparerPersonGrp/PreparationDt02020-02-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBERT P SANDERS
ReturnHeader/ReturnTs02020-02-18T17:05:52-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-10-01
ReturnHeader/TaxPeriodEndDt02019-09-30
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$58,792,416
Liabilities
$3,466,505
Net assets
$55,325,911
Revenue
$4,703,126
Expenses
$2,685,938
Net income
$2,017,188
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$80.1$1.91$78.2$22.4$19.3$3.07
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$69.8$1.72$68.0$21.8$16.9$4.87
2022Detailed filing. Detailed filing data is available for this year.$60.1$1.75$58.3$5.25$3.09$2.16
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$66.8$2.88$63.9$4.82$2.83$1.99
2020Detailed filing. Detailed filing data is available for this year.$60.1$4.15$55.9$2.91$2.72$0.20
2019Detailed filing. Detailed filing data is available for this year.$58.8$3.47$55.3$4.70$2.69$2.02
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$57.2$2.45$54.8$4.53$2.52$2.01
2017Summary only. Only limited summary data is available for this year.$56.6$3.72$52.9$3.88$2.48$1.39
2016Detailed filing. Detailed filing data is available for this year.$52.3$3.29$49.0$3.07$2.41$0.66
2015Detailed filing. Detailed filing data is available for this year.$50.6$3.05$47.5$3.73$2.17$1.56
2014Detailed filing. Detailed filing data is available for this year.$51.2$2.80$48.4$3.49$2.15$1.34
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$49.8$2.44$47.4$2.25
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$47.9$3.46$44.4$2.18
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$44.9$3.33$41.6$1.94