Hancock Rural Telephone Corporation
- Assets
- $147.8m
- Revenue
- $51.2m
- Investments
- $0.0
- Employees
- 25
- Location
- Greenfield, IN
- Founding
- 11/1962
- Data as of
- 12/2019
- EIN
- 35-0914373
Organization Overview
Hancock Rural Telephone Corporation, operating under the name Ninestar Connect, is located in Greenfield, IN. 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 12/2018, Ninestar Connect employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ninestar Connect 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 12/2019, Ninestar Connect generated $51.2m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $47.8m during the year ending 12/2019. While expenses have increased by 2.3% 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING SUPERIOR ELECTRIC AND VARIOUS TELECOMMUNICATION PRODUCTS AND SERVICES TO OUR CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE VARIOUS ELECTRIC, TELECOMMUNICATIONS, WATER, AND SEWER PRODUCTS AND SERVICES TO COOPERATIVE CUSTOMERS IN A 8-COUNTY AREA OF EAST CENTRAL INDIANA. AS OF DECEMBER 31, 2018, THE NUMBER OF ELECTRIC SERVICES TOTALED 15,396, THE NUMBER OF TELECOMMUNICATIONS ACCESS LINES TOTALED 5,410, THE NUMBER OF BROADBAND CUSTOMERS TOTALED 7,858 AND THE NUMBER OF WATER AND SEWER CUSTOMERS TOTALED 171.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Burrow President | Officer | 51 | $277,412 |
Scott Hiatt CFO | Officer | 48 | $189,956 |
Regina Bever VP Of Administration | 45 | $145,054 | |
Jeff Conley VP Of Operations | 49 | $143,142 | |
Ross Ferson Chief Technology Officer | 44 | $139,465 | |
Jamie Bell Operations Director | 52 | $120,007 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hendricks Power Coop Contract Labor - Locates | 12/30/18 | $428,500 |
5 Star Electric Llc Contract Labor And Materials | 12/30/18 | $766,738 |
Yates Engineering Services Engineering Services | 12/30/18 | $196,280 |
Electricom Llc Contract Labor And Materials | 12/30/18 | $1,346,378 |
Indiana Excavating Services Contract Labor | 12/30/18 | $273,690 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $494,126 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,225 |
| 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 | $51,230,558 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $17,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $945,368 |
| Compensation of current officers, directors, key employees. | $1,486,635 |
| 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 | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,293,311 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,302,460 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $47,803,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,138,693 |
| Savings and temporary cash investments | $3,917,579 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,669,911 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $380,215 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $47,084,060 |
| Intangible assets | $0 |
| Other assets | $3,933,154 |
| Total assets | $147,768,424 |
| Accounts payable and accrued expenses | $7,026,048 |
| Grants payable | $0 |
| Deferred revenue | $7,830 |
| 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 | $25,631,374 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,369,531 |
| Total liabilities | $36,034,783 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $111,733,641 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hancock Rural Telephone Corporation Greenfield, IN | $147,768,424 | $51,230,558 |
Foothills Rural Telephone Cooperative Corp Inc Staffordsville, KY | $122,987,128 | $34,205,893 |
Mountain Rural Telephone Cooperative Corporation West Liberty, KY | $142,216,155 | $30,956,573 |
Peoples Rural Telephone Cooperative Corporation Inc Mckee, KY | $99,458,138 | $24,354,512 |
Vernon Communications Cooperative Inc Westby, WI | $43,756,692 | $18,296,533 |
Telecommunication Facilities Corporation St Louis, MO | $37,705,343 | $20,079,070 |
Wabash Telephone Cooperative Inc Louisville, IL | $76,292,242 | $16,908,239 |
Mid Century Telephone Cooperative -Inc- Fairview, IL | $76,982,945 | $10,851,505 |
Daviess-Martin County Rural Telephone Corporation Montgomery, IN | $38,835,355 | $7,744,077 |
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 |
Illnois Fiber Resources Group Nfp Sycamore, IL | $36,396,135 | $3,347,168 |