Rathbun Regional Water Association Inc
- Assets
- $150.1m
- Revenue
- $22.9m
- Investments
- $0.0
- Employees
- 71
- Location
- Centerville, IA
- Founding
- 10/1976
- Data as of
- 12/2023
- EIN
- 23-7189705
Organization Overview
Rathbun Regional Water Association Inc is located in Centerville, IA. The organization was established in 1976. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Rathbun Regional Water Association Inc employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rathbun Regional Water Association Inc is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2023, Rathbun Regional Water Association Inc generated $22.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $19.9m during the year ending 12/2023. While expenses have increased by 3.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE WATER TO RESIDENTS AND COMMUNITIES IN SOUTH CENTRAL AND SOUTHEAST IOWA AS WELL AS TO PUBLIC WATER SUPPLY DISTRICTS AND COMMUNITIES IN NORTHERN MISSOURI.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PURIFICATION AND DISTRIBUTION OF WATER TO MEMBERS/CUSTOMERS; 21,596 AVERAGE ACTIVE MEMBERS/CUSTOMERS AT 12-31-2023; 3,374,134,000 GALLONS OF WATER BILLED IN 2023.
COLLECTION AND TREATMENT OF WASTEWATER: 739 AVERAGE ACTIVE CUSTOMERS AT 12 -31-2023 AND 26,523,000 GALLONS BILLED IN 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rod Glosser CEO | Officer | 40 | $175,565 |
Garry Schiller Director | Trustee | 3 | $5,244 |
Charles Warner Director | Trustee | 3 | $4,912 |
Curt Frank Director | Trustee | 3 | $4,725 |
Doug Goben Secretary/tr | OfficerTrustee | 3 | $4,096 |
Ken Wuthrich Director | Trustee | 3 | $3,672 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Caldwell Tanks Construction | 12/30/15 | $710,800 |
Vessco Construction | 12/30/15 | $543,810 |
C & M Contractors Construction | 12/30/15 | $522,798 |
Morris & Company Construction | 12/30/15 | $466,100 |
Eatherly Contractors Construction | 12/30/15 | $502,722 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $21,708,931 |
| Investment income | $894,242 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $249,894 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,853,067 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $220,690 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,208,146 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,756,933 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,530 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $260,767 |
| Advertising and promotion | $0 |
| Office expenses | $336,360 |
| Information technology | $55,306 |
| Royalties | $0 |
| Occupancy | $1,193,074 |
| Travel | $100,488 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,302,506 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,191,945 |
| Insurance | $157,828 |
| All other expenses | -$1,176,517 |
| Total functional expenses | $19,860,499 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $175 |
| Savings and temporary cash investments | $27,833,963 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,924,277 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,541,480 |
| Prepaid expenses and deferred charges | $248,139 |
| Net Land, buildings, and equipment | $116,873,344 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,724,403 |
| Total assets | $150,145,781 |
| Accounts payable and accrued expenses | $1,681,104 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $33,864,735 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $35,545,839 |
| Net assets without donor restrictions | $114,599,942 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $150,145,781 |