Rathbun Regional Water Association Inc
- Assets
- $143.5m
- Revenue
- $19.5m
- Investments
- $0.0
- Employees
- 73
- Location
- Centerville, IA
- Founding
- 10/1976
- Data as of
- 12/2021
- 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 12/2021, Rathbun Regional Water Association Inc employed 73 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 12/2021, Rathbun Regional Water Association Inc generated $19.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $17.3m during the year ending 12/2021. While expenses have increased by 2.7% per year over the past 7 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
2021
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; 21,020 AVERAGE ACTIVE MEMBERS/CUSTOMERS AT 12-31-2021; 3,032,950,000 GALLONS OF WATER BILLED IN 2021.
COLLECTION AND TREATMENT OF WASTEWATER: 715 AVERAGE ACTIVE CUSTOMERS AT 12 -31-2021 AND 24,800,000 GALLONS BILLED IN 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Glenn CEO | Officer | 40 | $172,703 |
Rod Glosser CFO | Officer | 40 | $135,857 |
Curt Frank Director | Trustee | 3 | $5,135 |
Garry Schiller Director | Trustee | 3 | $5,072 |
Charles Warner Director | Trustee | 3 | $4,812 |
Doug Goben Secretary/tr | OfficerTrustee | 3 | $3,683 |
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 |
Eatherly Contractors Construction | 12/30/15 | $502,722 |
Morris & Company Construction | 12/30/15 | $466,100 |
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 | $19,011,426 |
| Investment income | $424,986 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $88,505 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,524,917 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $750 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $370,040 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,596,067 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,383,985 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $347,076 |
| Advertising and promotion | $0 |
| Office expenses | $292,956 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,043,630 |
| Travel | $68,069 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,383,539 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,965,912 |
| Insurance | $129,567 |
| All other expenses | -$746,900 |
| Total functional expenses | $17,272,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $175 |
| Savings and temporary cash investments | $19,649,790 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,708,445 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $866,745 |
| Prepaid expenses and deferred charges | $319,399 |
| Net Land, buildings, and equipment | $119,021,523 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,969,432 |
| Total assets | $143,535,509 |
| Accounts payable and accrued expenses | $1,975,553 |
| 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 | $38,211,357 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $40,186,910 |
| Net assets without donor restrictions | $103,348,599 |
| 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 | $143,535,509 |
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