Cash Basis 03/02/23
Del Dios Mutual Water Company
Balance Sheet
As of December 31, 2022
ASSETS
Current Assets
Checking/Savings
JPMorgan Chase Bank 3,065.36
JPMorgan Chase Savings 175,878.86
Total Checking/Savings 178,944.22
Accounts Receivable
Acct.Recv. -234.55
Total Accounts Receivable -234.55
Other Current Assets
Investment Account
DFA Emerging Markets Instl CL D 16,359.67
Euro Pac Growth Fund 16,638.81
Fundamental Invrs Inc Cl F 8,613.34
Growth Fund Amer Inc Cl F 14,494.87
Ishares Core S&P Small Cap 200 20,096.61
Ishares Russell Mid Cap Growth 19,838.78
JP Morgan Growth Advantage Fund 25,716.89
JP Morgan Mid Cap Value 40,592.07
JP Morgan US Govm Money Mrkt 9,345.29
Pimco Total Return 12,553.73
Principal Equity Income 37,691.92
Virtus Seix Floating Rate High 13,022.28
Total Investment Account 234,964.26
Undeposited Funds 1,981.54
Total Other Current Assets 236,945.80
Total Current Assets 415,655.47
Other Assets
Accum.Amortization -453.60
Accum. Dep. -574,084.12
Chevy Truck 13,500.00
Chlorinator 3,553.17
Computer 3,191.87
Kubota Tractor 21,932.63
Land 93,170.00
Machine Equip. 49,926.44
Mainline Upgrade
Design Phase 1 49,000.01
Permits Phase 1 7,044.62
Pipeline Extension Phase 1 185,104.70
Pipeline Extension, Phase 2
Permits Phase 2 4,536.00
Pipeline Extension, Phase 2 - Other 363,849.00
Total Pipeline Extension, Phase 2 368,385.00
Total Mainline Upgrade 609,534.33
Sand Filter 2,341.80
Water Tank reline/repaint 152,000.00
Well #6 193,978.79
Well pump and motor 10,279.06
Total Other Assets 578,870.37
TOTAL ASSETS 994,525.84
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable -10.20
Total Accounts Payable -10.20
Other Current Liabilities
Payroll-ETT 0.54
Payroll-FICA 524.30
Payroll-FUTA 76.87
Payroll-FWH 118.00
Payroll-MCARE 122.60
Payroll-SDI 47.72
Payroll-SUICA 6.17
Payroll-SWHCA 36.56
Payroll Liabilities
Workmen's Comp 3,310.30
Total Payroll Liabilities 3,310.30
Total Other Current Liabilities 4,243.06
Total Current Liabilities 4,232.86
Total Liabilities 4,232.86
Equity
Opening Bal Equity 108,061.32
Retained Earnings 919,810.52
Net Income -37,578.86
Total Equity 990,292.98
TOTAL LIABILITIES & EQUITY 994,525.84
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Del Dios Mutual
Water Company
DOCUMENTS FROM 2022 ANNUAL SHAREHOLDERS MEETING:
Annual Shareholders Meeting
March 1, 2022
Minutes
The Annual Meeting of Shareholders of the DDMWC took place on March 1, 2022 at 7:00 pm. Due to COVID-19 pandemic restrictions, this meeting was held remotely via Zoom videoconferencing software. Chair was Rich Foster, President.
1. Call to Order, Welcome, current Board Members introduced.
2. Minutes of 2021 Annual Meeting approved.
3. Board of Election appointed. Ballots counted.
The annual election of the Board of Directors was held by U. S. Mail. Shareholders received ballots
and Zoom meeting invitations in early February. 98 votes were cast by March 1, 2022.
3. Activity Report presented: see below.
4. Financial Reports and Budget presented.
5. Water Quality Report: Good.
6. Announcement of Election of Board of Directors for 2022: The following persons were elected to serve on the Board of Directors for the 2022 term:
Richard Foster
Tom Hodges
Roy Dunn
Larry Kluey
Kevin Tackaberry
7. Questions from shareholders and attendees addressed; Solar power, water conservation discussed.
8. Meeting adjourned.
______________________________________________________________________________________________
2021 Annual Activity ReportPresented at the Annual Shareholders Meeting
on March 1, 2022
The mission of the Del Dios Mutual Water Company is “To supply to its members only, for cost and not for profit, water for domestic, irrigation and beneficial use,” according to its Articles of Incorporation. Since its founding in 1934, the Company has provided fresh, clean water to its shareholders in the community of Del Dios, Ca.
The DDMWC is a California nonprofit mutual benefit corporation, with a five-member Board of Directors, elected by shareholders annually in March. The Water Company is fully owned and operated by property owners in Del Dios. Each Company share is appurtenant to a specific parcel within our service area. This means that shares can’t be bought or sold separately from ownership of the land. The number of shares, 173, stays stable: the only way an additional share could ever be issued is by a two-thirds majority vote of all shareholders.
When you bought or inherited your property, your water share came with it. If you sell your land, your share will go to the new owner. Some of you may have vacant lots that do not have a water share. These don’t have water service, and you can’t use your share to get water for an additional lot. This is why if you decide to sell it is important to disclose whether your property has a water share or not to the new owner or agent.
This is one of the reasons the community of Del Dios has been able to maintain its rural character, its open space and natural beauty over the years, in spite of rampant and irresponsible overdevelopment evident throughout Southern California.
The Company’s ten-year Financial and Strategic Plan: 2014-2024 provides for capital projects, regular maintenance, cell tower lease management and a reserve/emergency fund.
Capital projects include the three-phase project to replace the old water main along Lake Drive with new 10” PVC pipe, install additional hydrants and stabilize water pressure throughout town. The contractor is PK Mechanical, Wildomar, CA. Phase one and two, Nutmeg to Tamarack, has been completed. Phase three, Tamarack to Rancho, will be completed in 2024.
A second capital project is the new well, Well # 6, scheduled to come online this Spring. When the Board learned of proposed new California State regional water authority regulations, we decided to drill a new well. DDMWC staff spent much of 2021 preparing the site and equipment to bring the well online, including working with contractors to install electrical equipment, a new chlorination system, pump machinery and housing. Staff also received training to operate the new systems.
New well #6 increases our current capacity and help us plan ahead for future needs. It produces 150 gallons per minute with the pump set at 500 feet. All water tests have been completed and it has passed every test with flying colors: it’s pure, clean water. Even the TDS, total dissolved solids, or minerals from the rock it’s found in, is testing lower than the other three wells. Once this water is mixed with the other wells, it will improve the quality as well as the quantity of Del Dios water available for our customers.
With Well #6, the DDMWC has four active wells: two in the canyon, one behind the firehouse, and the new one on the tank road. Well #1 and #2 at 600’; Well #3 at 200’ and the new well #6 at 1,010’.
Maintenance activities in 2021 included annual water tank inspection and repair performed by Utility Service Company. Company Board and staff repaired and replaced pipes and valves throughout the system as needed. Leaks were repaired within 48 hours.
Water quality was good throughout the year. Superintendent Roy Dunn conducted monthly and annual tests for water quality. The DDMWC met all State and County standards tested for in 2021.
Our community has continued to conserve water in 2021. We ask that all customers continue to comply with the voluntary DDMWC Water Conservation Measures found on our website www.ddmwc.org.
DDMWC provided up to $100. rebate for residents who replaced an old toilet with a new, efficient low-flow toilet in their Del Dios residence. This year, 5 customers took advantage of this program, and the water company issued $600. in rebates for new efficient toilets. Contact Board Member Larry Kluey to participate in this program.
Customers can choose to pay their water bills online. Paper billing is still available for those who prefer to mail a check. Thanks to Bobby McGann for coordinating this program. The Del Dios Mutual Water Company maintains a healthy reserve in investments to secure the future and provide stability and security for any emergency situation that arises. The company has generators in case of power outage, and a connection to our neighboring Rincon Water system in case of fire, earthquake, etc. Staff has emergency procedures in place and are trained in emergency preparedness.
DDMWC water rates continue to be some of the lowest in the State of California. Cell phone tower leases help make this possible by supplementing DDMWC income. President Rich Foster worked hard in 2021 to negotiate profitable multiyear leases with ATT, T-Mobile, American Tower, etc.
2021 Board members were Rich Foster, President; Tom Hodges, Vice President/Treasurer; Roy Dunn, Superintendent; Larry Kluey, Board Member; and Kevin Tackaberry, Board Member. Employees include Bobby McGann, Accountant and Ruth Ketchum, Corporate Secretary.
DDMWC monthly Board meetings are held on the first Tuesday of every month at 7:00 pm at the Old Firehouse, and all shareholders are welcome. For more information, check the company website www.ddmwc.org. To report leaks and repairs call Roy Dunn: 760-644-1997 or Larry Kluey: 760-480-8922. For company questions: call Rich Foster: 760-580-5805.
--Report respectfully submitted by Ruth Ketchum, Corp. Secretary
Del Dios Mutual Water Company
Profit & Loss
January through December 2022
Jan - Dec 22
Ordinary Income/Expense
Income
American Tower #370439 33,110.88
AT&T #10086252 18,293.68
Billings 79,265.28
GT Company #814563 19,996.50
Misc. Income 67.98
Returned Check Charges 64.12
Savings Interest 6.13
T-Mobile #SD06449A 44,555.52
T-Mobile/Sprint #SD34XC62 27,008.59
Water Share 700.00
Total Income 223,068.68
Gross Profit 223,068.68
Expense
Amortization 302.40
Auto Expense
Auto Repair 1,220.54
Gas&Oil 652.04
Registration 440.00
Tractor Maint/Repair 362.54
Total Auto Expense 2,675.12
Bank Charges 29.00
Bank Service Charges 174.00
Board of Directors Compensation 3,000.00
Depreciation 41,205.21
Insurance
Auto 1,475.00
Commercial 10,215.60
Umbrella 9,469.40
Workmen's Comp. 3,006.80
Total Insurance 24,166.80
Investment Service Fee 3,798.41
Legal&Acounting 1,508.00
Office Expense
Annual Meeting 1,865.61
Computer 1,336.52
Dues & Subscrption 314.80
On-Line Payroll Service 596.00
Paper&Envelopes 1,072.49
Postage 699.99
Printing 193.94
Software 728.88
Telephone 300.00
Total Office Expense 7,108.23
Payroll
Comp ETT 24.52
Comp FICA 3,367.84
Comp FUTA 220.68
Comp MCARE 787.64
Comp SUICA 367.80
Gross 54,320.08
Total Payroll 59,088.56
Rent 7,200.00
Repairs&Maintenance
Chlorine 3,684.37
Emergency 2"water meter tie-in 2,529.27
Equipment 53.86
Equipment Rental -14.01
Pipeline Repair 2,499.39
Small Tools 470.95
Testing 12,801.00
Water Tank 10,287.33
Water Treatment 44.33
Well No.2 3,491.53
Total Repairs&Maintenance 35,848.02
Taxes&License
County Health -1,620.50
Property Tax 2,762.38
State Income Tax 4,087.00
Total Taxes&License 5,228.88
Toilet Replacement Rebate 400.00
Utilities
SDG&E 19,561.66
Total Utilities 19,561.66
Total Expense 211,294.29
Net Ordinary Income 11,774.39
Other Income/Expense
Other Income
Capital Gain Distributions 6,039.67
Investment Interest 9.03
PayPal Trans Fee from customer 24.90
Qualified Dividends 4,174.82
Realized Gain on Investment 14,559.86
Refunds & Adjustment 179.63
Savings Interest 7.65
Total Other Income 24,995.56
Total Other Income 24,995.56
Other Expense
Other Expense
Foreign Tax Paid 100.45
Pay Pal Transaction Fee 65.14
Realized Loss on Investment 0.00
Total Other Expense 165.59
Total Other Expense 165.59
Net Other Income 24,829.97
Net Income 36,604.36
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