Runestone Telephone Association
- Assets
- $32.2m
- Revenue
- $11.5m
- Investments
- $1.0m
- Employees
- 27
- Location
- Hoffman, MN
- Founding
- 03/1963
- Data as of
- 12/2021
- EIN
- 41-0733426
Organization Overview
Runestone Telephone Association is located in Hoffman, MN. The organization was established in 1963. According to its NTEE Classification (W50) the organization is classified as: Telecommunications, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Runestone Telephone Association employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Runestone Telephone Association 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, Runestone Telephone Association generated $11.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $10.6m during the year ending 12/2021. While expenses have increased by 7.4% 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
PROVIDE RELIABLE TELECOMMUNICATION SERVICES TO COOPERATIVE MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF TELEPHONE, INTERNET AND CABLE TELEVISION SERVICES TO COOPERATIVE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kent Hedstrom General Manager/ceo | Officer | 40 | $187,725 |
Jeanne Meidl Office Manager/cfo | 40 | $146,497 | |
Ryan Schonhardt Network Technician | 40 | $111,705 | |
Tory Belgum Vice President | OfficerTrustee | 1 | $11,880 |
Robert Leegaard President | OfficerTrustee | 1 | $11,880 |
John Kapphahn Secretary/treasurer | OfficerTrustee | 1 | $11,880 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Arvig Communication Systems Plowing Cable And Cable Tv Headend Servi | 12/30/21 | $2,804,074 |
J Carlson Services Inc Splicing And Home Entries | 12/30/21 | $126,418 |
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 | $11,310,039 |
| Investment income | $39,442 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $86,100 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,495,965 |
| 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 | $3,746,461 |
| Compensation of current officers, directors, key employees. | $321,965 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $318,690 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,790 |
| Fees for services: Accounting | $344,495 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $29,912 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,945,706 |
| Insurance | $0 |
| All other expenses | $1,169,707 |
| Total functional expenses | $10,585,142 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $900,712 |
| Savings and temporary cash investments | $7,402,295 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,622,149 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $241,699 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $121,702 |
| Net Land, buildings, and equipment | $14,637,695 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,001,621 |
| Investments—program-related | $0 |
| Intangible assets | $148,604 |
| Other assets | $6,138,424 |
| Total assets | $32,214,901 |
| Accounts payable and accrued expenses | $587,850 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $812,509 |
| Total liabilities | $1,400,359 |
| Net assets without donor restrictions | $0 |
| 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 | $17,476,335 |
| Retained earnings, endowment, accumulated income, or other funds | $13,338,207 |
| Total liabilities and net assets/fund balances | $32,214,901 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
South Slope Cooperative Telephone Company Inc North Liberty, IA | $103,327,478 | $39,258,245 |
Vernon Communications Cooperative Inc Westby, WI | $43,756,692 | $18,296,533 |
West Central Telephone Association Sebeka, MN | $34,025,496 | $12,330,279 |
Runestone Telephone Association Hoffman, MN | $32,214,901 | $11,495,965 |
Kalona Cooperative Telephone Company Kalona, IA | $16,733,268 | $7,276,052 |
Nelson Communications Cooperative Durand, WI | $35,266,110 | $8,238,356 |
Richland-Grant Telephone Cooperative Inc Blue River, WI | $18,746,059 | $6,374,669 |
La Valle Telephone Cooperative La Valle, WI | $13,091,792 | $4,810,156 |
On Being Project Minneapolis, MN | $6,237,366 | $6,582,457 |
Emily Cooperative Telephone Company Emily, MN | $11,451,551 | $4,355,246 |
Lehigh Valley Co-Operative Telephone Association Lehigh, IA | $19,306,008 | $3,317,069 |
Cooperative Telephone Company Victor, IA | $13,828,846 | $3,362,885 |