Cash Basis 03/02/23

Del Dios Mutual Water Company

Balance Sheet

As of December 31, 2022

   Current Assets
         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

      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

      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


Del Dios Mutual

Water Company



Annual Shareholders Meeting

March 1, 2022

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

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  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


   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

   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
      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

      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

      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

      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

      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