Progressive Rural Telephone Coop Inc
- Assets
- $38.4m
- Revenue
- $13.1m
- Investments
- $0.0
- Employees
- 29
- Location
- Rentz, GA
- Founding
- 11/1962
- Data as of
- 12/2023
- EIN
- 58-0672930
Organization Overview
Progressive Rural Telephone Coop Inc is located in Rentz, GA. The organization was established in 1962. 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 12/2023, Progressive Rural Telephone Coop Inc employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Progressive Rural Telephone Coop 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, Progressive Rural Telephone Coop Inc generated $13.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.0% each year . All expenses for the organization totaled $9.5m during the year ending 12/2023. While expenses have increased by 9.8% per year over the past 8 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
OUR MISSION IS TO BE OUR MEMBERS' TOTAL COMMUNICATIONS PROVIDER BY PROVIDING QUALITY SERVICES AT THE BEST PRICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE PROVIDES TELECOMMUNICATIONS SERVICES TO ITS MEMBER SUBSCRIBERS IN A FIVE COUNTY, 500 SQUARE MILE, UNSERVED, PRIMARILY RURAL AREA IN SOUTHEAST GEORGIA. THE COOPERATIVE IS A RURAL TELEPHONE COOPERATIVE THAT QUALIFIES UNDER IRC SECTION 501(C)(12) THAT HAS AT LEAST 85% OF ITS GROSS INCOME CONSISTING OF AMOUNTS COLLECTED FROM MEMBERS FOR THE SOLE PURPOSE OF MEETING LOSSES AND EXPENSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Sanders Director | OfficerTrustee | 2 | $19,212 |
Kennon Smith Director | OfficerTrustee | 2 | $19,212 |
Shirley Willis Director | Trustee | 2 | $19,212 |
Jimmy D Holland Director | Trustee | 2 | $12,808 |
Larry A Windham Director | OfficerTrustee | 2 | $19,176 |
Emory Anderson Director | Trustee | 2 | $19,176 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jim Young Construction Company Plant Construction | 12/30/22 | $785,982 |
Palmetto Communications Inc Plowing Fiber Cable | 12/30/22 | $139,685 |
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 | $12,020,568 |
| Investment income | $87,374 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $13,053,665 |
| 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. | $299,011 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,610 |
| Fees for services: Accounting | $55,792 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $51,673 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,259 |
| Interest | $110,065 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,932,151 |
| Insurance | $19,765 |
| All other expenses | $730,024 |
| Total functional expenses | $9,503,117 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,181,760 |
| Savings and temporary cash investments | $873,628 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,344,336 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $530,553 |
| Prepaid expenses and deferred charges | $268,278 |
| Net Land, buildings, and equipment | $19,443,158 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,751,345 |
| Total assets | $38,393,058 |
| Accounts payable and accrued expenses | $1,234,534 |
| Grants payable | $0 |
| Deferred revenue | $571,559 |
| 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 | $2,616,567 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,235,776 |
| Total liabilities | $7,658,436 |
| 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 | $23,229 |
| Retained earnings, endowment, accumulated income, or other funds | $30,711,393 |
| Total liabilities and net assets/fund balances | $38,393,058 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bulloch County Rural Telephone Cooperative Inc Statesboro, GA | $84,501,417 | $18,614,322 |
New Hope Telephone Cooperative New Hope, AL | $39,373,996 | $13,040,075 |
Progressive Rural Telephone Coop Inc Rentz, GA | $38,393,058 | $13,053,665 |
Mon-Cre Telephone Cooperative Inc Ramer, AL | $28,502,391 | $7,489,137 |
Georgia Communications Corporation Inc Cornelia, GA | $4,400,237 | $4,279,457 |
National Relief Telecom Inc Jacksonville, FL | $2,048,150 | $3,765,349 |
International Foundation For Online Responsibility West Palm Beach, FL | $525 | $0 |
Society For The Preservation & Appreciation Of Antique Motor Fire North Charleston, SC | $490,435 | $0 |
Stano Inc Wesley Chapel, FL | $117,124 | $0 |
Big Bikes 4 Vets Lexington, NC | $5,973 | $8,348 |