Rural Water System No 1
- Assets
- $34.6m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 8
- Location
- Hospers, IA
- Founding
- 00/0000
- Data as of
- 12/2023
- EIN
- 42-0946161
Organization Overview
Rural Water System No 1 is located in Hospers, IA. The organization was established in 0000. 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, Rural Water System No 1 employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rural Water System No 1 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, Rural Water System No 1 generated $3.4m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $3.0m during the year ending 12/2023. While expenses have increased by 2.6% per year over the past 5 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
WATER SALES
Describe the Organization's Program Activity:
Part 3 - Line 4a
RURAL WATER SYSTEM 1 PROVIDES QUALITY WATER IN PROPER QUANTITIES TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Iedema Manager | Officer | 50 | $166,570 |
Micah Schouten Secretary | OfficerTrustee | 5 | $1,750 |
Craig Hoftyzer President | OfficerTrustee | 5 | $1,500 |
Dan Buyert Director | Trustee | 5 | $1,125 |
Aaron Sneller Director | Trustee | 5 | $1,000 |
Paul Stoll Director | Trustee | 5 | $1,000 |
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 | $271,496 |
| Investment income | $49,876 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $86,577 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,950,554 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,358,503 |
| 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. | $176,320 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $72,640 |
| Pension plan accruals and contributions | $32,022 |
| Other employee benefits | $101,463 |
| Payroll taxes | $50,427 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,175 |
| Fees for services: Accounting | $12,620 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,000 |
| Office expenses | $30,590 |
| 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 | $938,512 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $70,672 |
| All other expenses | $0 |
| Total functional expenses | $2,954,503 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,231 |
| Savings and temporary cash investments | $1,411,039 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,879 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $186,317 |
| Prepaid expenses and deferred charges | $20,429 |
| Net Land, buildings, and equipment | $31,632,201 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,241,679 |
| Total assets | $34,553,775 |
| Accounts payable and accrued expenses | $342,823 |
| 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 | $20,240,227 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $20,583,050 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $251,537 |
| Paid-in or capital surplus, or land, building, or equipment fund | $1,959,774 |
| Retained earnings, endowment, accumulated income, or other funds | $11,759,414 |
| Total liabilities and net assets/fund balances | $34,553,775 |