2023Annual Report.pdf

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FOR THE
YEAR ENDED 2023

ANNUAL REPORT OF SMALL TELEPHONE COMPANIES TO
THE IDAHO PUBLIC UTILITIES COMMISSION
FOR THE YEAR ENDING December 31,2023
COMPANY INFORMATION
Exact name of utility: Midvale Telephone Company
Address of principal office: PO Box 7 Midvale Idaho 83645
Telephone Number (Area Code-208) 355-2211
Cities or towns served: Midvale, Lakeview, Stanley, Warren, Warm Lake, Yellow Pine, Weiser
Name and title of officer having custody of the general corporate books of account:
Dennis Farrington, CEO
Address of office where corporate books are kept and phone number:
2205 Keithley Creek Rd, Midvale, Idaho 83645 and (208)-355-2211
Organized under the laws of the State of: Idaho
Date of organization: March 19, 1959
Form of organization (proprietorship, association, corporation): S Corporation
If a Subchapter S Corporation, please specify: S Corporation
Name and address of controlling company, if any:
Midvale Telephone Exchange, Inc.
Names of affiliated companies. Give address and description of business:
Syringa Networks, 3795 Development Avenue, Boise ID 83705
OFFICERS
Report below the title, name and office address of each general officer of the utility at the end of the
year. If there were any changes during the year, show the name, title, and address of the previous
officer and the date of change.
Title Name Address
President/CEO John Stuart PO Box 7, Midvale ID 83645
Vice Pres./COO Robert Vowell PO Box 7, Midvale ID 83645
Secretary/Treasure Nick Rynearson PO Box 7, Midvale ID 83645
Chairman Bruce Goslovich 10069 W. Quail Stome St. Boise ID 83709
Vice Chairman Gary Horton 782 E. Cinnabar Dr. Cottonwood, AZ 86326
Director Marsha Smith 9639 W. Carolina Drive Boise Idaho 83709
Director John Stuart PO Box 7, Midvale ID 83645
Director Jason Robinson 1101 N. Camelot Drive Boise Idaho 83704
Rev 3/02 Page 1

DIRECTORS
List the name of each person who was a member of the Board of Directors at any given time during the
year: (Fees related to meetings only.)
Term Expired
or Current Term Meetings Attended Fees Paid
Name Will Expire This year During Year
Bruce Goslovich 2026* 4 Confidential
Marsha Smith 2026 4 Confidential
Jason Robinson 2025 4 Confidential
Gary Horton 2025 4 Confidential
John Stuart Exempt 4 Confidential
Name of Chairman of the Board: Bruce Goslovich
Name of Secretary (or Clerk) of Board: Gary Horton
Number of Meetings of the Board during the year: 4
MANAGERS
List the name of each person who performed management duties for the Company during the year, and
the total wages and bonuses paid to those persons: (Do not include Director fees in these amounts.)
Name Title Wages and Bonuses Paid
John Stuart Chief Executive Officer Confidential
Nick Rynearson Chief Financial Officer Confidential
Dennis Farrington Chief Operations Officer Confidential
Jesse Whitner ID Operations Manager Confidential
Cory Horn AZ Operations Manager Confidential
Diana Holmes HR Manager Confidential
Missy Harrison CSR Manager Confidential
Stacy Morris Tech Support Manager Confidential
Rev 3/02 Page 2

NOTES TO THE FINANCIAL STATEMENTS
Please provide important information such as changes in accounting or depreciation practices,
extensions or additions to the system; disposal of any substantial portion of the property of the utility,-
reorganization, mergers, or consolidations with other companies; leases executed; other contracts
or agreements entered into; changes made in articles of incorporation or amendments; the
occurrence of contingency losses or gains.
Rev 3/02 Page 3

BALANCE SHEET
Assets and Other Debits
Balance Balance Increase
Beginning at End or
Title of Account of Year of Year (Decrease)
Current Assets
1120 Cash and Equivalents 2,334,673 1,482,000 (852,673)
1130 Cash
1140 Special Cash Deposits
1150 Working Cash Advances
1160 Temporary Investments
1180 Telecommunications Accts. Receivable 413,114 449,475 36,361
1181 Accts. Rec. Allow. -Telecommunications -
1190 Other Accounts Receivable 868,699 1,310,541 441,842
1191 Accounts Receivable Allow. -Other -
1200 Notes Receivable
1201 Notes Receivable Allowance -
1210 Interest& Dividends Receivable -
1220 Material and Supplies 768,140 877,409 109,269
1280 Prepayments 367,487 320,147 (47,340)
1290 Prepaid Rents
1300 Prepaid Taxes -
1310 Prepaid Insurance
1320 Prepaid Directory Expenses -
1330 Other Prepayments
1350 Other Current Assets
Noncurrent Assets
1401 Investment in Affiliated Companies 5,449,580 5.498122 48,542
1402 Investment in Nonaffiliated Companies 75,100 3,000 (72,100)
1406 Nonregulated Investments - - -
1407 Unamortized Debt Issuance Expense
1408 Sinking Funds
1410 Other Noncurrent Assets -
1438 Deferred Maintenance & Retirements
1439 Deferred Charges
1500 Other Jurisdiction Assets- Net -
Property, Plant and Equipment
2001 Telecommunications Plants in Service 50,822,108 59,224,754 8,402,646
2002 Prop. Held for Future Telecom. Use 40,991 40,991 -
2003 Telecom. Plant under Constr. -Short Term 3,431,339 1,515,935 (1,915,404)
2004 Telecom. Plant under Constr. - Long Term -
2005 Telecom. Plant Adjustment -
2006 Nonoperating Plant 4,062,753 4,941,752 878,999
2007 Goodwill
Depreciation and Amortization Accounts
3100 Accumulated Depreciated (35,327,839) (37,659,614) (2,331,775)
3200 Accum. Depre. - Held for Future Use (10,863) (12,531) (1,668)
3300 Accumulated Depreciation - Nonoperating (2,461,671) (2,902,782) (441,111)
3400 Accumulated Amortization -Tangible -
3410 Accum. Amort. -Capitalized Leases -
3420 Accum. Amort. - Leasehold Improvements -
3500 Accumulated Amortization - Intangible -
3600 Accumulated Amortization -Other -
TOTAL ASSETS 30,833,611 35,089,199 4,255,588
Rev 3/02 Page 4

BALANCE SHEET
Liabilities &Stockholders' Equity
Balance Balance Increase
Beginning at End or
Title of Account of Year of Year (Decrease)
Current Liabilities
4010 Accounts Payable 563,789 283,614 (280,175)
4020 Notes Payable -
4030 Advance Billings and Payments 313,872 331,848 17,976
4040 Customer Deposits -
4050 Current Maturities- Long -Term Debt 1,371,765 1,576,722 204,957
4060 Current Maturities-Capital leases -
4070 Income Taxes-Accrued -
4080 Other Taxes-Accrued -
4100 Net Current Defer. Oper. Income Taxes -
4110 Net Current Defer. Nonoper. Income Taxes -
4120 Other Accrued Liabilities 224,249 253,785 29,536
4130 Other Current Liabilities -
Long-Term Debt
4210 Funded Debt 10,933,594 14,744,022 3,810,428
4220 Premium on Long-Term Debt -
4230 Discount on Long-Term Debt -
4240 Reacquired Debt -
4250 Obligations Under Capital Leases -
4260 Advances from Affiliated Companies -
4270 Other Long-Term Debt -
Other Liabilities & Deferred Credits -
4310 Other Long-Term Liabilities -
4320 Unamort. Oper. Invest. Tax Credits- Net -
4330 Unamort. Nonoper. Invest. Tax Credits- Net -
4340 Net Noncurrent Defer. Oper. Income Taxes -
4350 Net Noncur. Defer. Nonoper. Income Taxes -
4360 Other Deferred Credits -
4370 Other Juris. Liab. & Def. Credits- Net -
Stockholders' Equity
4510 Capital Stock 32,910 32,910
4520 Additional Paid-In Capital -
4530 Treasury Stock -
4540 Other Capital -
4550 Retained Earnings 17,393,432 17,866,298 472,866
TOTAL LIAB. &OTHER CREDITS 30,833,611 35,089,199 4,255,588
Rev 3/02 Page 5

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INVESTMENTS
Report below the investments in Accounts 1401, 1402 and 1406. Identify each investment as to the
account in which included. Minor amounts in Account 1406 may be grouped by classes.
Book Cost of Book Cost of
Investments Investments
Disposed of Held at
Description Date Acquired This near End of Year
NECA Services, Inc. 1012000 3,000
SYRINGA Cash Investment 9/2000 5,498,122
Totals 5,501,122
RECEIVABLES
Itemize amounts show in Accounts 1180, 1190 and 1200. For notes receivable list each note separately and
include the maturity date and interest rate. Minor amounts in Account 1210 may be combined.
Amount at End of Year
Notes Accounts
Name of Company Receivable Receivable
Subscribers 449,475
Idaho USF 29,232
N ECA 1,027,725 .
Carriers 11,158
Misc Non Reg 242,426
Totals 1,760,016
Rev 3/02 Page 10

NOTES PAYABLE
For Notes Payable, list each note separately and include the maturity date and interest rate.
Interest
Name of Creditor Date of Note Rate Due Date Face Amount
Totals -
ACCOUNTS PAYABLE
Report below all Accounts Payable amounting to more than $100.00
Name of Creditor Amount
See Attached List 283,023
Totals 283,023
Rev 3/02 Page 11

2023 Accounts Payable
Vendor Amount
Grand Total 283,023.50
ALDRICH SERVICES LLP Total 10,000.00
APA BENEFITS INC.Total 8,275.49
ARIZONA PUBLIC SERVICE CO Total 490.69
ARIZONA PUBLIC SERVICE COMPAN Total 4,483.64
ARIZONA UNIVERSAL SERVICE FUN Total 80.44
AVISTA UTILITIES Total 301.85
BANKCARD CENTER-ZIONS Total 35,886.10
BENEFITS 2 ADMINISTRATORS LLC Total 335.00
BLACO-911 TRUST Total 78.75
BENNETT OIL Total 403.91
BONNER COUNTY Total 23.75
BRIAN GRAHAM Total 50.00
CAMBRIDGE LUMBER INC.Total 247.95
CENTURYLINK Total 1.045.06
CITY OF MIDVALE WATER Total 21.86
CITY OF WEISER Total 735.61
CLEAR CREEK DISPOSAL Total 269.01
COMPUTER TECHNOLOGY,INC Total 9,882.84
CORE TELECOM SYSTEMS INC Total 756.95
CORY HORN Total 100.00
COURTNEY CRAVEN Total 50.00
CUSTER COUNTY Total 240.00
DEX MEDIA WEST LLC Total 20.78
DIANE HIGGINS Total 50.00
DIG LINE INC Total 77.80
ERNIE CLINE Total 50.00
FARMER'S SUPPLY COOPERATIVE Total 2,771.47
FEDEX Total 49.04
GRANITE PORTABLES&SEPTIC Total 106.00
HARDIN SANITATION Total 169.28
HATA ELECTRIC Total 764.64
HAWLEY TROXELL ENNIS&HAWLEY Total 1,214.00
ICONECTIV,LLC Total 234.48
IDAHO POWER Total 3,247.82
IDAHO TAX COMMISSION Total 9,584.00
IDAHO USF Total 270.64
INTERMOUNTAIN GAS COMPANY Total 388.68
JUPITER COMMUNICATIONS LLC Total 477.44
KARISSA BUNKER Total 50.00
LES SCHWAB TIRE CENTER Total 91.96
MATRAEX,INC Total 1,449.00
MICHAEL CHRYSLE Total 50.00
MONTE R.LEE&COMPANY Total 3,913.53
MOUNTAIN VILLAGE Total 426.09
NEUSTAR INFORMATION SERVICES Total 88.33
NORCO INC Total 315.19
ONE CALL CONCEPTS,INC Total 2.34
PATRIOT DISPOSAL INC Total 80.25
POMERENE DOMESTIC WATER Total 32.92
POWER AND TELEPHONE SUPPLY CO Total 15,416.05
PV BROADCASTING Total 1.872.72
RUTHERFORD DIVERSIFIED INDUST Total 63,534.48
SALMON RIVER ELECTRIC COOPERA Total 1,288.52
SALMON RIVER PROPANE INC Total 753.87
SOFTCHOICE CORPORATION Total 1.126.39
SOLIX ARIZONA USF Total 80.44
SPARKLETTS Total 115.70
SRP Total 521.49
STANLEY-SAWTOOTH Total 275.00
STUART C IRBY CO Total 2,616.27
SULPHUR SPRINGS VALLEY Total 1,171.35
SUPREME CLEAN LLC Total 325.00
THE BIZ ZONE,LTD Total 940.09
THE HARTFORD Total 135.00
TOLY DIGITAL NETWORKS INC.Total 3,560.70
TOWN OF PRESCOTT VALLEY Total 23.03
U.S.BANK EQUIPMENT FINANCE Total 1,350.81
UNIVERSAL SERVICE ADMINISTRAT Total 40,253.73
UNS GAS,INC.Total 208.38
USIC HOLDINGS,LLC Total 64.19
VALLEY COUNTY Total 116.25
USIC HOLDINGS,LLC Total 3,618.11
VANTAGE POINT SOLUTIONS,INC Total 32,058.00
VERIZON WIRELESS Total 2,529.95
WALKER Total 8,241.50
WASHINGTON COUNTY Total 653.75
WEISER AUTO PARTS Total 83.15
WEISER SIGNAL AMERICAN Total 255.00
WIENHOFF DRUG TESTING Total 100.00

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CAPITAL STOCK
Report below the particulars called for concerning common and preferred stock at end of year,
designating separate series of any general class. Show totals separately for common and
preferred.
For each class of preferred stock, show the dividend rate and whether dividends are cumulative or
noncumulative.
Show details in a footnote of capital stock sold during the year. Include number of shares,
consideration received, premium or discount, and expenses incurred.
Number Outstanding per
of Shares Par Value Balance Sheet
Class &Series of Stock Authorized per Share Shares Amount
COMMON 10,000 N/A 1,000 32,910
Rev 3/02 Page 13

INCOME & RETAINED EARNINGS STATEMENT
Item Total Company Idaho Only
Total Operating Income (from page 16) 11,404,341 4,923,683
Total Operating Expenses (from page 18) (10,414,046) (4,230,426)
7100 Other Operating Income and Expense
7210 Operating Investment Tax Credits-Net
7220 Operating Federal Income Taxes
7230 Operating State and Local Income Taxes
7240 Operating Other Taxes (141,074) (40,022)
7250 Provision for Deferred Operating Income Taxes-Net
7200 Operating Taxes (Total) (141,074) (40,022)
7310 Dividend Income
7320 Interest Income 7,751 7,751
7330 Income from Sinking and Other Funds
7340 Allowance for Funds Used During Construction 77,175 52,542
7350 Gains/Losses from the Disposition of Certain Property
7360 Other Nonoperating Income 588,155 588,155
7370 Special Charges
7300 Nonoperating Income and Expense 673,081 648,448
7410 Nonoperating Investment Tax Credits-Net
7420 Nonoperating Federal Income Taxes (1,061) (20)
7430 Nonoperating State and Local Income Taxes
7440 Nonoperating Other Taxes
7450 Provision for Deferred Nonoperating Income Taxes-Net
7400 Nonoperating Taxes (1,061) (20)
7510 Interest on Funded Debt (419,911) (118,388)
7520 Interest Expense-Capital Leases
7530 Amortization of Debt Issuance Expense
7540 Other Interest Deductions
7500 Interest and Related Items (419,911) (118,388)
7610 Extraordinary Income Credits
7620 Extraordinary Income Charges
7630 Current Income Tax Effect of Extraordinary Items-Net
7640 Provision for Deferred Income Tax Effect of
Extraordinary Items-Net
7600 Extraordinary Items - -
7910 Income Effect of Jurisdictional Ratemaking
Differences-Net
7990 Nonregulated Net Income 326,536 (172,929)
AMOUNT TRANSFERRED TO RETAINED EARNINGS 1,427,866 1,010,346
Rev 3/02 Page 14

OPERATING REVENUES
Item Total Company Idaho Only
Local Network Services Revenues
5001 Basic Area Revenue 501,884 244,681
5002 Optional Extended Area Revenue
5003 Cellular Mobile Revenue
5004 Other Mobile Services Revenue
5010 Public Telephone Revenue
5040 Local Private Line Revenue
5050 Customer Premises Revenue
5060 Other Local Exchange Revenue
5069 Other Local Exchange Settlements
Network Access Services Revenues
5081 End User Revenue (SLC) 176,841 73,804
5082 Switched Access Revenue (Interstate) 7,824,340 3,174,883
5083 Special Access Revenue 2,382,431 1,013,231
5084 State Access Revenue (Intrastate) 397,264 374,883
Long Distance Network Services Revenues 117,171 40,660
5100 Long Distance Message Revenue-All
Miscellaneous Revenues
5230 Directory Revenue 4,929 1,571
5240 Rent Revenue
5250 Corporate Operations Revenue
5261 Special Billing Arrangements Revenue
5262 Customer Operations Revenue
5263 Plant Operations Revenue
5264 Other Incidental Regulated Revenue
5269 Other Revenue Settlements
5270 Carrier Billing & Collection Revenue
Uncollectible Revenues
5301 Uncollectible Revenue-Telecommunications (558) (69)
5302 Uncollectible Revenue-Other 39 39
TOTAL OPERATING REVENUES 11,404,341 4,923,683
Please identify the following revenues:
NECA USF $1,279,818. To what account were they booked? 5082
State USF $350,785. To what account were they booked? 5084
Rev 3/02 Page 15

OPERATING REVENUES
Item Total Company Idaho Only
Plant Specific Operations Expense
6110 Network Support Expenses 10,562 4,101
6112 Motor Vehicle Expense
6113 Aircraft Expense
6114 Special Purpose Vehicles Expense
6115 Garage Work Equipment Expense
6116 Other Work Equipment Expense
6120 General Support Expenses 86,888 62,846
6121 Land and Building Expenses
6122 Furniture and Artworks Expense
6123 Office Equipment Expense
6124 General Purpose Computers Expense 219,469 93,066
6210 Central Office Switching Expenses 234,316 94,121
6211 Analog Electronic Expense
6212 Digital Electronic Expense
6215 Electro-Mechanical Expense
6220 Operators System Expense
6230 Central Office Transmission Expenses 2,837,454 1,027,255
6231 Radio Systems Expense
6232 Circuit Equipment Expense
6310 Information Origination/Termination Expense
6311 Station Apparatus Expense
6341 Large Private Branch Exchange Expense
6351 Public Telephone Terminal Equipment Expense
6362 Other Terminal Equipment Expense
6410 Cable and Wire Facilities Expenses 1,434,651 671,904
6411 Pole Expense
6421 Aerial Cable Expense
6422 Underground Cable Expense
6423 Buried Cable Expense
6424 Submarine Cable Expense
6425 Deep Sea Cable Expense
6426 Intrabuilding Network Cable Expense
6431 Aerial Wire Expense
6441 Conduit Systems Expense
TOTAL PLANT SPECIFIC OPERATIONS EXPENSE 4,823,340 1,953,293
Rev 3/02 Page 16

OPERATING REVENUES
Item Total Company Idaho Only
Plant Nonspecific Operations Expense
6510 Other Property/Plant/Equipment Expenses
6511 Property Held for Future Telecomm. Use Expenses
6512 Provisioning Expense
6530 Network Operations Expense
6531 Power Expense
6532 Network Administration Expense
6533 Testing Expense
6534 Plant Operations Administration Expense 302,085 124,801
6535 Engineering Expense (6,229) (4,792)
6540 Access Expense 285,967 114,064
6560 Depreciation and Amortization Expenses
6561 Depreciation Expense-Telecom. Plant in Service 3,002,922 1,216,646
6562 Depreciation Expense-Property Held for Future Use 1,668 1,668
6563 Amortization Expense-Tangible
6564 Amortization Expense - Intangible
6565 Amortization Expense-Other
Total Plant Nonspecific Operations Expenses 3,586,413 1,452,387
Customer Operations Expense
6610 Marketing 154,096 75,059
6611 Product Management
6612 Sales
6613 Product Advertising
6620 Services
6621 Call Completion Services - -
6622 Number Services 7,393 5,297
6623 Customer Services 258,152 96,093
Total Customer Operations Expense 419,641 176,449
Corporate Operations Expense
6710 Executive and Planning 291,066 113,351
6711 Executive
6712 Planning
6720 General and Administrative
6721 Accounting and Finance 757,896 303,063
6722 External Relations 3,548 3,548
6723 Human Resources
6724 Information Management
6725 Legal 31,757 10,194
6726 Procurement
6727 Research and Development
6728 Other General and Administrative 500,385 218,141
6790 Provision for Uncollectible Notes Receivable
Total Corporate Operations Expense 1,584,652 648,297
TOTAL OPERATING EXPENSES 10,414,046 4,230,426
Rev 3/02 Page 17

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ANNUAL REPORT FOR SMALL TELEPHONE COMPANIES
YEAR ENDED DECEMBER 31, 2023
CUSTOMER RELATIONS RULES COMPLIANCE
Rule IDAPA 31.21.01.603
Rule IDAPA 31.41.01.105
Please provide copies of:
Summary of Customer Relations Rules for Telephone Corporations
Idaho Telephone Solicitation Act Notification
Method of Notification:
Mailed separately to customers Yes X No
Included in directory Yes No—x
Date of notification 4/11/2023
Alternate method of notification Annual Notice was mailed on it's own with the
disablility survey.
Rule IDAPA 31.41.01.403.02
Record of Complaints:
Number received by Company 0
Category of complaints (if known):
Deposit Disputes
Charges on Bill
Denial/Termination
Quality or Availability
of Service
Carrier Selection/Assignment
Miscellaneous
Rev 3102
Page 20

CERTIFICATE
State of Idaho )
ss
County of Washington )
WE, the undersigned Dennis Farrington
and Nick Rynearson
of the Midvale Telephone Company
on our oath do severally say that the foregoing return has been prepared under our direction, from
the original books, papers, and records of said utility; that we have carefully examined same, and
declare the same to be a correct statement of the business affairs of said utility for the period
covered by the return in respect to each and every matter and thing therein set forth, to the best of
our knowledge, information and belief.
(Chief Officer)
(Officer i%- arge of Accounts)
Subscribed and S orn to Before Me this day of A (Year)
` rNotaryP b Ic
JAMIE HASTIE
\ Notary Public-state of Idaho
Commission Number 64425
My Commission Expires Oct 17, 2026
My Commission expires C ( (Year) — .
Rev 3/02
gdk/excel/jnefson/anulrpts/telannualrpt
Page 21

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