Civic Intelligence

Fairpoint Regional Utility System Inc

990 • Fiscal year 2020 • EIN 59-3602680

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 08, 2021

Organization ProfileN/A
8574 Turkey Bluff RoadNavarre, FL 32566

(850) 939-2427

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

55th percentile

0.40x

Higher debt load relative to assets than 55% of similar nonprofits.

2020 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

70th percentile

2.41x

Higher debt load relative to revenue than 70% of similar nonprofits.

2020 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2020

Net Margin

97th percentile

51%

Higher net margin than 97% of similar nonprofits.

2020 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

24th percentile

$0

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2020

Asset Growth

89th percentile

12%

Faster asset growth than 89% of similar nonprofits.

2020 filings • 501(c)12 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

51st percentile

5.2%

Faster revenue growth than 51% of similar nonprofits.

2020 filings • 501(c)12 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets55th percentile

Assets

Up

$21,872,798

Up $2,417,086 (+12%) from 2019

Net Assets

Up

$13,092,926

Up $1,839,863 (+16%) from 2019

Liabilities

Up

$8,779,872

Up $577,223 (+7.0%) from 2019

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin97th percentile

Revenue

Up

$3,639,846

Up $181,532 (+5.2%) from 2019

Expenses

Down

$1,799,982

Down $25,925 (-1.4%) from 2019

Net Income

Up

$1,839,864

Up $207,457 (+13%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2010: $20,258,473Liabilities 2010: $16,615,308Net Assets 2010: $3,643,1652010Assets 2011: $20,011,536Liabilities 2011: $16,021,312Net Assets 2011: $3,990,2242011Assets 2012: $19,650,951Liabilities 2012: $15,182,282Net Assets 2012: $4,468,6692012Assets 2013: $19,288,498Liabilities 2013: $14,354,405Net Assets 2013: $4,934,0932013Assets 2014: $18,218,149Liabilities 2014: $13,608,292Net Assets 2014: $4,609,8572014Assets 2015: $19,481,588Liabilities 2015: $14,122,075Net Assets 2015: $5,359,5132015Assets 2016: $18,990,524Liabilities 2016: $12,331,805Net Assets 2016: $6,658,7192016Assets 2017: $19,034,878Liabilities 2017: $10,907,384Net Assets 2017: $8,127,4942017Assets 2018: $19,173,183Liabilities 2018: $9,552,527Net Assets 2018: $9,620,6562018Assets 2019: $19,455,712Liabilities 2019: $8,202,649Net Assets 2019: $11,253,0632019Assets 2020: $21,872,798Liabilities 2020: $8,779,872Net Assets 2020: $13,092,9262020Assets 2021: $22,276,497Liabilities 2021: $7,441,830Net Assets 2021: $14,834,6672021Assets 2022: $22,706,526Liabilities 2022: $6,214,289Net Assets 2022: $16,492,2372022Assets 2023: $23,087,653Liabilities 2023: $5,020,772Net Assets 2023: $18,066,8812023Assets 2024: $23,361,298Liabilities 2024: $3,616,767Net Assets 2024: $19,744,5312024

Highlighted filing

2020

Assets$21,872,798
Liabilities$8,779,872
Net Assets$13,092,926
Open 2020 Filing

Operations Trend

Revenue Growth51st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$2.0M$0-$2.0MExpenses 2010: $1,587,5102010Expenses 2011: $1,721,4662011Expenses 2012: $1,643,7672012Revenue 2013: $2,179,750Expenses 2013: $1,714,326Net Income 2013: $465,4242013Revenue 2014: $899,132Expenses 2014: $1,223,368Net Income 2014: -$324,2362014Revenue 2015: $2,293,374Expenses 2015: $1,605,586Net Income 2015: $687,7882015Revenue 2016: $3,017,639Expenses 2016: $1,738,210Net Income 2016: $1,279,4292016Revenue 2017: $3,227,529Expenses 2017: $1,764,613Net Income 2017: $1,462,9162017Revenue 2018: $3,246,759Expenses 2018: $1,753,597Net Income 2018: $1,493,1622018Revenue 2019: $3,458,314Expenses 2019: $1,825,907Net Income 2019: $1,632,4072019Revenue 2020: $3,639,846Expenses 2020: $1,799,982Net Income 2020: $1,839,8642020Revenue 2021: $3,692,461Expenses 2021: $1,950,720Net Income 2021: $1,741,7412021Revenue 2022: $3,836,568Expenses 2022: $2,178,998Net Income 2022: $1,657,5702022Revenue 2023: $3,879,888Expenses 2023: $2,305,244Net Income 2023: $1,574,6442023Revenue 2024: $3,879,043Expenses 2024: $2,201,393Net Income 2024: $1,677,6502024

Highlighted filing

2020

Revenue$3,639,846
Expenses$1,799,982
Net Income$1,839,864
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 8, 2021
Return Version
2020v4.1
Gross Receipts
$3,639,846
Mission and Program Overview

Mission

To create, operate, and maintain a water supply utility system to provide potable water and related services to its members.

Fairpoint regional utility system, inc. Provides water service for utility customers in the south santa rosa county area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$17,566,941$18,066,742▲ $499,801
Rtn Earn Endowment Incm Other Fnds$7,888,144$9,728,007▲ $1,839,863
Pd in Cap Srpls Land Bldg Eqp Fund$3,364,919$3,364,919→ $0
Cash and Non-Interest-Bearing Accounts$1,156,314$2,907,242▲ $1,750,928
Accounts Receivable$275,311$423,215▲ $147,904
Savings and Temporary Cash Investments$452,679$375,421▼ $77,258
Other Notes and Loans Receivable, Net-$85,500-
Prepaid Expenses and Deferred Charges$4,467$14,678▲ $10,211
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$19,455,712$21,872,798▲ $2,417,086
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,289,772$7,664,507▲ $374,735
Other Liabilities$782,100$782,100→ $0
Accounts Payable and Accrued Expenses$130,777$333,265▲ $202,488
Total Liabilities$8,202,649$8,779,872▲ $577,223
Net Assets / Fund Balance
Total Net Assets Fund Balance$11,253,063$13,092,926▲ $1,839,863
Total Liabilities and Net Assets / Fund Balance$19,455,712$21,872,798▲ $2,417,086

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,928,086$8,023,447$22,951,533
Other Land Buildings$1,666,013-$1,666,013
Land$1,292,060-$1,292,060
Equipment$180,583$302,263$482,846
Compensation and Service Providers
Top Officer Pay24th percentile

Board Members and Trustees

NameTitle
John L GrantPresident
Al GarzaDirector
Brenda AgricolaDirector
Mark MillerDirector
Mike KennedyDirector
Samantha AbellDirector
Tom NaileSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,537,759
Investment Income
$12,087
Other Revenue
$90,000
Change in Net Assets
$1,839,864

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,639,846
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,639,846
Total Revenue per Form 990
$3,639,846
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,799,982
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$608,116
Occupancy---$303,947
Interest---$183,451
All Other Expenses---$51,620
Other Expenses---$42,011
Insurance---$24,765
Fees for Services Accounting---$16,250
Fees for Services Legal---$4,288
Office Expenses---$336
Advertising---$315
Total Functional Expenses$0$0$0$1,799,982

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,799,982
Total Expenses per Audited Statements$1,799,982
Total Expenses per Form 990$1,799,982
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advances From Members$782,100
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“This is a water supply utility system. The members include holley-navarre water system, inc., midway water system, inc., and the city of gulf breeze. Members have no right to manage or decide the affairs of the corporation.”

Form 990, Part VI, Section B, Line 11B

“Presents at pre-board meeting and is open for discussion.”

Form 990, Part VI, Section B, Line 15

“Form 990, part vi, section b, line 15: there is no compensation paid by this organization.”

Form 990, Part VI, Section C, Line 19

“Upon written request to the executive director.”

Filing and Contact Details

Filer

Filer Name
Fairpoint Regional Utility System Inc
EIN
59-3602680
Phone
8509392427
Address
8574 TURKEY BLUFF ROAD, NAVARRE, FL 32566

Signing Officer

Name
John L Grant
Title
President
Phone
8509345115
Signed
2021-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John L Grant
Formed
1999
Legal Domicile
Fl
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
0

Preparer

Firm
Warren Averett LLC
Address
350 W CEDAR STREET SUITE 400, PENSACOLA, FL 32502
Preparer
Margaret N Lorren
Phone
8504357400
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“ROUNDING -1.”

Financial Statement Notes

PART X, LINE 2:

“The system is exempt from payment of income taxes under section 501(c) (12) of the internal revenue code and had no uncertain tax positions that qualify for either recognition or disclosure in the financial statements.”

Raw XML Appendix351 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01292060
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01666013
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01666013
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0782100
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ADVANCES FROM MEMBERS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03639846
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE SYSTEM IS EXEMPT FROM PAYMENT OF INCOME TAXES UNDER SECTION 501(C) (12) OF THE INTERNAL REVENUE CODE AND HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt018066742
IRS990ScheduleD/TotalExpensesPerForm990Amt01799982
IRS990ScheduleD/TotalLiabilityAmt0782100
IRS990ScheduleD/TotalRevenuePerForm990Amt03639846
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03639846
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01799982
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THIS IS A WATER SUPPLY UTILITY SYSTEM. THE MEMBERS INCLUDE HOLLEY-NAVARRE WATER SYSTEM, INC., MIDWAY WATER SYSTEM, INC., AND THE CITY OF GULF BREEZE. MEMBERS HAVE NO RIGHT TO MANAGE OR DECIDE THE AFFAIRS OF THE CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PRESENTS AT PRE-BOARD MEETING AND IS OPEN FOR DISCUSSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990, PART VI, SECTION B, LINE 15: THERE IS NO COMPENSATION PAID BY THIS ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3UPON WRITTEN REQUEST TO THE EXECUTIVE DIRECTOR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ROUNDING -1.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt019455712
IRS990/TotalAssetsEOYAmt021872798
IRS990/TotalAssetsGrp/BOYAmt019455712
IRS990/TotalAssetsGrp/EOYAmt021872798
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt01799982
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt08202649
IRS990/TotalLiabilitiesEOYAmt08779872
IRS990/TotalLiabilitiesGrp/BOYAmt08202649
IRS990/TotalLiabilitiesGrp/EOYAmt08779872
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt011253063
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt013092926
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt03537759
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0102087
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03537759
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03639846
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt019455712
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt021872798
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01070 SHORELINE DRIVE
IRS990/USAddress/CityNm0GULF BREEZE
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd032566
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JOHN L GRANT
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08509345115
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FAIRPOINT REGIONAL UTILITY SYSTEM INC
ReturnHeader/Filer/BusinessNameControlTxt0FAIR
ReturnHeader/Filer/EIN0593602680
ReturnHeader/Filer/PhoneNum08509392427
ReturnHeader/Filer/USAddress/AddressLine1Txt08574 TURKEY BLUFF ROAD
ReturnHeader/Filer/USAddress/CityNm0NAVARRE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd032566
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0454084437
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0WARREN AVERETT LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0350 W CEDAR STREET SUITE 400
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PENSACOLA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd032502
ReturnHeader/PreparerPersonGrp/PhoneNum08504357400
ReturnHeader/PreparerPersonGrp/PreparationDt02021-11-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARGARET N LORREN
ReturnHeader/ReturnTs02021-11-15T08:35:29-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JOHN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0GRANT
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$21,872,798
Liabilities
$8,779,872
Net assets
$13,092,926
Revenue
$3,639,846
Expenses
$1,799,982
Net income
$1,839,864
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$23.4$3.62$19.7$3.88$2.20$1.68
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$23.1$5.02$18.1$3.88$2.31$1.57
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.7$6.21$16.5$3.84$2.18$1.66
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.3$7.44$14.8$3.69$1.95$1.74
2020Detailed filing. Detailed filing data is available for this year.$21.9$8.78$13.1$3.64$1.80$1.84
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.5$8.20$11.3$3.46$1.83$1.63
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.2$9.55$9.62$3.25$1.75$1.49
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.0$10.9$8.13$3.23$1.76$1.46
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.0$12.3$6.66$3.02$1.74$1.28
2015Detailed filing. Detailed filing data is available for this year.$19.5$14.1$5.36$2.29$1.61$0.69
2014Detailed filing. Detailed filing data is available for this year.$18.2$13.6$4.61$0.90$1.22$0.32
2013Detailed filing. Detailed filing data is available for this year.$19.3$14.4$4.93$2.18$1.71$0.47
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.7$15.2$4.47$1.64
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.0$16.0$3.99$1.72
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.3$16.6$3.64$1.59