Fairpoint Regional Utility System Inc
- Assets
- $22.3m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Navarre, FL
- Founding
- 06/2002
- Data as of
- 12/2021
- EIN
- 59-3602680
Organization Overview
Fairpoint Regional Utility System Inc is located in Navarre, FL. The organization was established in 2002. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairpoint Regional Utility System 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, Fairpoint Regional Utility System Inc generated $3.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $2.0m during the year ending 12/2021. While expenses have increased by 2.8% 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
FAIRPOINT REGIONAL UTILITY SYSTEM, INC. PROVIDES WATER SERVICE FOR UTILITY CUSTOMERS IN THE SOUTH SANTA ROSA COUNTY AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SUPPLY WATER SERVICES TO THREE WATER UTILITY SYSTEM MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Naile Secretary/treasurer | OfficerTrustee | 1 | $0 |
John L Grant President | OfficerTrustee | 1 | $0 |
Mark Miller Vice President | OfficerTrustee | 1 | $0 |
Al Garza Director | Trustee | 1 | $0 |
Samantha Abell Director | Trustee | 1 | $0 |
Daryl Lynchard Director | Trustee | 1 | $0 |
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 | $3,690,890 |
| Investment income | $1,571 |
| 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 | $3,692,461 |
| 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. | $0 |
| 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 | $41,903 |
| Fees for services: Accounting | $21,840 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,544 |
| Office expenses | $236 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $324,969 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $158,886 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $650,597 |
| Insurance | $25,784 |
| All other expenses | $54,908 |
| Total functional expenses | $1,950,720 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,435,436 |
| Savings and temporary cash investments | $375,420 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $301,257 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $74,133 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,487 |
| Net Land, buildings, and equipment | $18,080,764 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $22,276,497 |
| Accounts payable and accrued expenses | $165,871 |
| 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 | $6,493,859 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $782,100 |
| Total liabilities | $7,441,830 |
| 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 | $3,364,919 |
| Retained earnings, endowment, accumulated income, or other funds | $11,469,748 |
| Total liabilities and net assets/fund balances | $22,276,497 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Talquin Water And Wastewater Inc Quincy, FL | $78,166,911 | $14,825,048 |
North Georgia Network Cooperative Inc Cornelia, GA | $3,041,928 | $3,287,743 |
Fairpoint Regional Utility System Inc Navarre, FL | $22,276,497 | $3,692,461 |
Mossy Head Water Works Defuniak Springs, FL | $7,679,548 | $1,340,525 |
Wrp Inc Destin, FL | $26,355,410 | $327,755 |
Sterrett-Vandiver Water System Inc Sterrett, AL | $2,343,775 | $716,706 |
Mcvay Water System Inc Jackson, AL | $239,190 | $332,298 |
St Stephens Water System St Stephens, AL | $1,644,729 | $203,264 |
Mountain Lakes Water & Sewer Authority Inc Dawsonville, GA | $798,351 | $107,095 |
Indiantown Citrus Growers Association Inc Boca Raton, FL | $1,336,949 | $64,829 |
South Dunnellon Water Association Inc Dunnellon, FL | $202,861 | $0 |