MODERN ELECTRIC WATER COMPANY

EIN: 910323430

SPOKANE, WA

Total Revenue
$22,397,520
Total Expenses
$19,325,289
Total Assets
$80,149,153
Net Assets
$78,243,050
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1905
Legal Domicile
WA
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

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

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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%)

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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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Governance

Voting Members
5
Independent Members
5
Employees
37
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
5
$558,961
Total Directors
5
$54,800
Key Employees
1
$199,425
Highest Compensated
5
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
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
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