Runestone Telephone Association
- Assets
- $37.0m
- Revenue
- $12.4m
- Investments
- $996.5k
- Employees
- 28
- Location
- Hoffman, MN
- Founding
- 03/1963
- Data as of
- 12/2023
- EIN
- 41-0733426
Organization Overview
Runestone Telephone Association is located in Hoffman, MN. The organization was established in 1963. 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, Runestone Telephone Association employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Runestone Telephone Association 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, Runestone Telephone Association generated $12.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $10.5m during the year ending 12/2023. While expenses have increased by 5.5% per year over the past 9 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 RELIABLE TELECOMMUNICATION SERVICES TO COOPERATIVE MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF TELEPHONE, INTERNET AND CABLE TELEVISION SERVICES TO COOPERATIVE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Leegaard President | OfficerTrustee | 1 | $13,680 |
Tory Belgum Vice President | OfficerTrustee | 1 | $12,780 |
John Kapphahn Secretary/treasurer | OfficerTrustee | 1 | $13,230 |
Richard Staples Director | Trustee | 1 | $12,780 |
Jolene Vipond Director | Trustee | 1 | $12,780 |
Kent Hedstrom General Manager/ceo | Officer | 40 | $268,580 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Arvig Communication Systems Underground Boring | 12/30/23 | $2,756,773 |
Ramstad Technologies Inc Fiber Splicing | 12/30/23 | $919,555 |
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 | $12,113,973 |
| Investment income | $122,202 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $80,169 |
| 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 | $12,390,032 |
| 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 | $2,912,971 |
| Compensation of current officers, directors, key employees. | $420,161 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $330,530 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,750 |
| Fees for services: Accounting | $211,325 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $47,509 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,457,533 |
| Insurance | $0 |
| All other expenses | $1,332,540 |
| Total functional expenses | $10,466,406 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $489,060 |
| Savings and temporary cash investments | $4,039,611 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,151,195 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $198,671 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $126,032 |
| Net Land, buildings, and equipment | $19,308,123 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $996,511 |
| Investments—program-related | $0 |
| Intangible assets | $49,538 |
| Other assets | $9,669,530 |
| Total assets | $37,028,271 |
| Accounts payable and accrued expenses | $962,379 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $779,452 |
| Total liabilities | $1,741,831 |
| 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 | $15,287,022 |
| Retained earnings, endowment, accumulated income, or other funds | $19,999,418 |
| Total liabilities and net assets/fund balances | $37,028,271 |