MODERN ELECTRIC WATER COMPANY

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1905

Legal Domicile

Principal Officer

JOE MORGAN

Phone

5099284540

Tax Period

2023-10-01 to 2024-09-30

MODERN ELECTRIC WATER COMPANY, founded in 1905, is a mid-sized nonprofit that reported $22.4M in total revenue in fiscal year 2023. Expenses of $19.3M left a modest 14% surplus.

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.

Program Service Accomplishments

Program 1

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

Program 2

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

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $19,243,236

Investment Income $2,893,463

Other Revenue $260,821

TOTAL REVENUE $22,397,520

Expense Breakdown

Grants Paid $1,687,505

Salaries & Benefits $3,421,962

Fundraising Expenses $0

Other Expenses $14,215,822

TOTAL EXPENSES $19,325,289

Year-over-Year Comparison

	2023	2022	Change
Revenue	$22,397,520	$21,785,165	+0.0%
Expenses	$19,325,289	$16,917,202	+0.1%
Net Income	$3,072,231	$4,867,963	-0.4%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$558,961

Total Directors

$54,800

Key Employees

$199,425

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVE THOMPSON	PRESIDENT	2.50	Officer Director	$11,800	$0	$11,800
BARRY BAKER	VICE PRESIDENT	1.70	Officer Director	$8,900	$0	$8,900
SAM WALDRON	SECRETARY/TREASURER	2.00	Officer Director	$9,700	$0	$9,700
CHUCK TAES	DIRECTOR	2.50	Director	$11,300	$0	$11,300
SCOTT HISLOP	DIRECTOR	1.50	Director	$13,100	$0	$13,100
JOE MORGAN	CEO	50.00	Officer	$311,700	$54,565	$366,265
YELENA LAZANIS	CFO	50.00	Officer	$149,706	$12,590	$162,296
JOHN MCFEELY	ENGINEERING MANAGER	42.00	Key Emp	$171,462	$27,963	$199,425
WARD FREDERICKSON	LINE CREW FOREMAN	43.00	Highest	$152,160	$31,923	$184,083
ROBERT MCDANIEL	JOURNEYMAN LINEMAN	43.00	Highest	$143,832	$10,132	$153,964
ERIC GUSTAFSON	JOURNEYMAN LINEMAN	41.00	Highest	$136,368	$10,169	$146,537
ZACHARY WALKER	JOURNEYMAN LINEMAN	42.00	Highest	$118,162	$2,893	$121,055
LANCE YOPPINI	EQUIPMENT OPERATOR/INSTALLER	42.00	Highest	$108,937	$24,849	$133,786

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	$22,397,520	$19,325,289	$80,149,153	$3,072,231
2023	$21,785,165	$16,917,202	$69,757,409	$4,867,963
2022	$5,253,543	$3,093,766	$60,070,028	$2,159,777
2021	$4,819,119	$2,832,501	$66,775,926	$1,986,618
2020	$2,912,863	$2,716,611	$60,057,555	$196,252
2019	$4,703,126	$2,685,938	$58,792,416	$2,017,188
2018	$4,529,317	$2,522,216	$57,242,028	$2,007,101