Garden Valley Telephone Company
- Assets
- $119.5m
- Revenue
- $44.3m
- Investments
- $2.8m
- Employees
- 114
- Location
- Erskine, MN
- Founding
- 07/1958
- Data as of
- 12/2023
- EIN
- 41-0271520
Organization Overview
Garden Valley Telephone Company is located in Erskine, MN. The organization was established in 1958. 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, Garden Valley Telephone Company employed 114 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Garden Valley Telephone Company 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, Garden Valley Telephone Company generated $44.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.5% each year. All expenses for the organization totaled $42.9m during the year ending 12/2023. While expenses have increased by 9.0% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE COMMUNICATION SERVICES TO ITS MEMBERS ON A NON-PROFIT COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GARDEN VALLEY TELEPHONE COMPANY PROVIDES COMMUNICATION SERVICES TO ITS MEMBERS ON A NON-PROFIT COOPERATIVE BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allen Paulson Secretary | OfficerTrustee | 1 | $13,322 |
James Ferden Vice President | OfficerTrustee | 1 | $13,823 |
Arlene Novak President | OfficerTrustee | 1 | $13,369 |
James Devries Director | Trustee | 1 | $12,742 |
Leland Hoaas Treasurer | OfficerTrustee | 1 | $12,088 |
Byron Ness Director | Trustee | 1 | $11,912 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mp Nexlevel Llc Buried Fiber Optic Cable Installation | 12/30/23 | $1,560,420 |
Hanson Construction Store-remodel Construction | 12/30/23 | $602,301 |
Innovative Systems Software Maintenance And Support | 12/30/23 | $493,908 |
Jcs Inc Internet/video Installations | 12/30/23 | $196,926 |
Stellar Association Llc Internet Transport | 12/30/23 | $195,791 |
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 | $42,575,697 |
| Investment income | $284,642 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,239 |
| Net Gain/Loss on Asset Sales | $1,473,642 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $44,341,220 |
| 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 | $7,995,623 |
| Compensation of current officers, directors, key employees. | $775,386 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,525,698 |
| Pension plan accruals and contributions | $2,391,183 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $31,766 |
| Fees for services: Accounting | $47,973 |
| 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 | $638,878 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,721,419 |
| Insurance | $0 |
| All other expenses | $197,875 |
| Total functional expenses | $42,862,223 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,528,300 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,370,959 |
| Accounts receivable, net | $3,619,080 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,854,273 |
| Prepaid expenses and deferred charges | $121,756 |
| Net Land, buildings, and equipment | $84,486,367 |
| Investments—publicly traded securities | $3,904,210 |
| Investments—other securities | $2,766,250 |
| Investments—program-related | $0 |
| Intangible assets | $989 |
| Other assets | $11,802,242 |
| Total assets | $119,454,426 |
| Accounts payable and accrued expenses | $2,262,453 |
| 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 | $29,418,439 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,755,130 |
| Total liabilities | $34,436,022 |
| 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 | $76,956,635 |
| Retained earnings, endowment, accumulated income, or other funds | $8,061,769 |
| Total liabilities and net assets/fund balances | $119,454,426 |