Civic Intelligence

Fairpoint Regional Utility System Inc

990 • Fiscal year 2023 • EIN 59-3602680

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 22, 2024

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

34th percentile

0.22x

Higher debt load relative to assets than 34% of similar nonprofits.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

50th percentile

1.29x

Higher debt load relative to revenue than 50% of similar nonprofits.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2023

Net Margin

91st percentile

41%

Higher net margin than 91% of similar nonprofits.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

29th percentile

$0

Higher top officer pay than 29% of similar nonprofits.

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

2023 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2023

Asset Growth

42nd percentile

1.7%

Faster asset growth than 42% of similar nonprofits.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

30th percentile

1.1%

Faster revenue growth than 30% of similar nonprofits.

2023 filings • 501(c)12 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets34th percentile

Assets

Up

$23,087,653

Up $381,127 (+1.7%) from 2022

Net Assets

Up

$18,066,881

Up $1,574,644 (+9.5%) from 2022

Liabilities

Down

$5,020,772

Down $1,193,517 (-19%) from 2022

Revenue And Expenses
Liabilities / Revenue50th percentileNet Margin91st percentile

Revenue

Up

$3,879,888

Up $43,320 (+1.1%) from 2022

Expenses

Up

$2,305,244

Up $126,246 (+5.8%) from 2022

Net Income

Down

$1,574,644

Down $82,926 (-5.0%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth42nd 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

2023

Assets$23,087,653
Liabilities$5,020,772
Net Assets$18,066,881
Open 2023 Filing

Operations Trend

Revenue Growth30th 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

2023

Revenue$3,879,888
Expenses$2,305,244
Net Income$1,574,644
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 22, 2024
Return Version
2023v5.1
Gross Receipts
$3,879,888
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$18,051,974$17,778,722▼ $273,252
Rtn Earn Endowment Incm Other Fnds$13,127,318$14,701,962▲ $1,574,644
Cash and Non-Interest-Bearing Accounts$3,958,486$4,662,673▲ $704,187
Pd in Cap Srpls Land Bldg Eqp Fund$3,364,919$3,364,919→ $0
Savings and Temporary Cash Investments$378,591$310,630▼ $67,961
Accounts Receivable$310,694$304,098▼ $6,596
Prepaid Expenses and Deferred Charges$6,781$31,530▲ $24,749
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$22,706,526$23,087,653▲ $381,127
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,262,796$3,897,892▼ $1,364,904
Other Liabilities$782,100$1,034,250▲ $252,150
Accounts Payable and Accrued Expenses$169,393$88,630▼ $80,763
Total Liabilities$6,214,289$5,020,772▼ $1,193,517
Net Assets / Fund Balance
Total Net Assets Fund Balance$16,492,237$18,066,881▲ $1,574,644
Total Liabilities and Net Assets / Fund Balance$22,706,526$23,087,653▲ $381,127

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,389,077$9,819,994$23,209,071
Other Land Buildings$3,048,178-$3,048,178
Land$1,292,060-$1,292,060
Equipment$49,407$433,439$482,846
Compensation and Service Providers
Top Officer Pay29th percentile

Board Members and Trustees

NameTitle
John L GrantPresident
David CrumbleyVice President
Al GarzaDirector
Brenda AgricolaDirector
Daryl LynchardDirector
Mark MillerDirector
Mike MatthewsDirector
Samantha AbellDirector
Tom NaileSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,746,862
Investment Income
$133,026
Other Revenue
$0
Change in Net Assets
$1,574,644

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,879,888
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,879,888
Total Revenue per Form 990
$3,879,888
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,305,244
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---$679,952
Occupancy---$422,250
Interest---$192,555
Other Expenses---$88,762
All Other Expenses---$72,831
Insurance---$36,329
Fees for Services Legal---$33,976
Fees for Services Accounting---$18,275
Office Expenses---$207
Advertising---$71
Total Functional Expenses$0$0$0$2,305,244

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,305,244
Total Expenses per Audited Statements$2,305,244
Total Expenses per Form 990$2,305,244
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
Contracts Payable$226,935
Retainage Payable$25,215
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
2024-10-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John L Grant
Formed
1999
Legal Domicile
Fl
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0

Preparer

Firm
Warren Averett LLC
Address
350 W CEDAR STREET SUITE 400, PENSACOLA, FL 32502
Preparer
Claire C Duren CPA
Phone
8504357400
Supplemental Narrative

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 Appendix357 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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IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
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IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt013389077
IRS990ScheduleD/BuildingsGrp/DepreciationAmt09819994
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt023209071
IRS990ScheduleD/EquipmentGrp/BookValueAmt049407
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0433439
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0482846
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02305244
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt01292060
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01292060
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt03048178
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt03048178
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0782100
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1226935
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt225215
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ADVANCES FROM MEMBERS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1CONTRACTS PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2RETAINAGE PAYABLE
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03879888
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/TotalBookValueLandBuildingsAmt017778722
IRS990ScheduleD/TotalExpensesPerForm990Amt02305244
IRS990ScheduleD/TotalLiabilityAmt01034250
IRS990ScheduleD/TotalRevenuePerForm990Amt03879888
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03879888
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02305244
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/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
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt022706526
IRS990/TotalAssetsEOYAmt023087653
IRS990/TotalAssetsGrp/BOYAmt022706526
IRS990/TotalAssetsGrp/EOYAmt023087653
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt02305244
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt06214289
IRS990/TotalLiabilitiesEOYAmt05020772
IRS990/TotalLiabilitiesGrp/BOYAmt06214289
IRS990/TotalLiabilitiesGrp/EOYAmt05020772
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt016492237
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt018066881
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt03746862
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0133026
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03746862
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03879888
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt022706526
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt023087653
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01070 SHORELINE DRIVE
IRS990/USAddress/CityNm0GULF BREEZE
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd032566
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JOHN L GRANT
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08509345115
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-10-22
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/IRSResponsiblePrtyInfoCurrInd01
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/PreparationDt02024-10-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CLAIRE C DUREN CPA
ReturnHeader/ReturnTs02024-10-23T08:17:36-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$23,087,653
Liabilities
$5,020,772
Net assets
$18,066,881
Revenue
$3,879,888
Expenses
$2,305,244
Net income
$1,574,644
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
2023Detailed filing. Detailed filing data is available for this year.$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
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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