Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Nov. 30, 2021 | Mar. 31, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001069533 | ||
Entity Registrant Name | RGC Resources, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-26591 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1909697 | ||
Entity Address, Address Line One | 519 Kimball Ave., N.E | ||
Entity Address, City or Town | Roanoke | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24016 | ||
City Area Code | 540 | ||
Local Phone Number | 777-4427 | ||
Title of 12(b) Security | Common Stock, $5 Par Value | ||
Trading Symbol | RGCO | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 171,488,915 | ||
Entity Common Stock, Shares Outstanding | 8,386,188 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,518,317 | $ 291,066 |
Accounts receivable, net | 4,949,900 | 3,404,044 |
Materials and supplies | 1,031,666 | 1,027,191 |
Gas in storage | 7,867,470 | 5,708,761 |
Prepaid income taxes | 3,104,950 | 647,623 |
Regulatory assets | 5,656,453 | 2,503,314 |
Other | 1,015,099 | 854,562 |
Total current assets | 25,143,855 | 14,436,561 |
UTILITY PROPERTY: | ||
In service | 272,382,539 | 258,342,372 |
Accumulated depreciation and amortization | (76,038,433) | (71,386,537) |
In service, net | 196,344,106 | 186,955,835 |
Construction work in progress | 15,305,578 | 11,489,258 |
Utility plant, net | 211,649,684 | 198,445,093 |
OTHER ASSETS: | ||
Regulatory assets | 6,769,759 | 10,970,094 |
Investment in unconsolidated affiliates | 64,867,319 | 57,542,805 |
Benefit plan assets | 1,259,639 | 0 |
Other | 418,937 | 284,954 |
Total other assets | 73,315,654 | 68,797,853 |
TOTAL ASSETS | 310,109,193 | 281,679,507 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 7,000,000 | 0 |
Dividends payable | 1,549,841 | 1,428,268 |
Accounts payable | 7,729,707 | 4,442,182 |
Capital contributions payable | 2,140,637 | 2,512,437 |
Customer credit balances | 1,539,680 | 1,587,061 |
Customer deposits | 1,571,342 | 1,611,476 |
Accrued expenses | 3,819,977 | 3,565,210 |
Interest rate swaps | 332,389 | 533,795 |
Regulatory liabilities | 329,959 | 890,313 |
Total current liabilities | 26,013,532 | 16,570,742 |
LONG-TERM DEBT: | ||
Notes payable | 116,110,200 | 114,975,200 |
Line-of-credit | 17,628,897 | 9,143,606 |
Less unamortized debt issuance costs | (267,670) | (299,175) |
Long-term debt, net | 133,471,427 | 123,819,631 |
DEFERRED CREDITS AND OTHER LIABILITIES: | ||
Interest rate swaps | 863,694 | 1,689,761 |
Asset retirement obligations | 7,628,958 | 7,180,982 |
Regulatory cost of retirement obligations | 13,640,567 | 12,678,043 |
Benefit plan liabilities | 949,851 | 6,149,527 |
Deferred income taxes | 14,948,213 | 13,973,762 |
Regulatory liabilities | 12,891,242 | 10,729,082 |
Total deferred credits and other liabilities | 50,922,525 | 52,401,157 |
COMMITMENTS AND CONTINGENCIES (Note 12) | ||
Stockholders’ Equity: | ||
Common Stock, $5 par value; authorized 20,000,000 shares; issued and outstanding 8,375,092 and 8,160,058 shares in 2021 and 2020, respectively | 41,875,460 | 40,800,290 |
Preferred stock, no par; authorized 5,000,000 shares; no shares issued and outstanding in 2021 and 2020 | 0 | 0 |
Capital in excess of par value | 19,705,387 | 15,847,121 |
Retained earnings | 39,656,296 | 35,688,510 |
Accumulated other comprehensive loss | (1,535,434) | (3,447,944) |
Total stockholders’ equity | 99,701,709 | 88,887,977 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 310,109,193 | $ 281,679,507 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2021 | Sep. 30, 2020 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 8,375,092 | 8,160,058 |
Common stock, shares outstanding (in shares) | 8,375,092 | 8,160,058 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING REVENUES: | ||
Operating revenues | $ 75,174,779 | $ 63,075,391 |
OPERATING EXPENSES: | ||
Operations and maintenance | 14,476,355 | 16,180,229 |
General taxes | 2,290,096 | 2,194,789 |
Depreciation and amortization | 8,424,620 | 7,890,725 |
Total operating expenses | 60,396,470 | 50,557,209 |
OPERATING INCOME | 14,778,309 | 12,518,182 |
Equity in earnings of unconsolidated affiliate | 1,667,554 | 4,814,874 |
Other income, net | 912,146 | 636,296 |
Interest expense | 4,051,885 | 4,099,158 |
INCOME BEFORE INCOME TAXES | 13,306,124 | 13,870,194 |
INCOME TAX EXPENSE | 3,204,062 | 3,305,660 |
NET INCOME | $ 10,102,062 | $ 10,564,534 |
EARNINGS PER COMMON SHARE: | ||
Basic (in dollars per share) | $ 1.22 | $ 1.30 |
Diluted (in dollars per share) | $ 1.22 | $ 1.30 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||
Basic (in shares) | 8,251,802 | 8,125,938 |
Diluted (in shares) | 8,264,904 | 8,146,666 |
Gas Utility [Member] | ||
OPERATING REVENUES: | ||
Operating revenues | $ 75,045,103 | $ 62,408,925 |
OPERATING EXPENSES: | ||
Cost of gas and sales | 35,179,842 | 23,949,481 |
Non-utility [Member] | ||
OPERATING REVENUES: | ||
Operating revenues | 129,676 | 666,466 |
OPERATING EXPENSES: | ||
Cost of gas and sales | $ 25,557 | $ 341,985 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 10,102,062 | $ 10,564,534 |
Interest rate swaps | 763,003 | (987,076) |
Defined benefit plans | 1,149,507 | 28,049 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1,912,510 | (959,027) |
COMPREHENSIVE INCOME | $ 12,014,572 | $ 9,605,507 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Sep. 30, 2019 | $ 40,366,320 | $ 14,397,072 | $ 30,821,917 | $ (2,488,917) | $ 83,096,392 |
Net income (loss) | 0 | 0 | 10,564,534 | 0 | 10,564,534 |
Other comprehensive income (loss) | 0 | 0 | 0 | (959,027) | (959,027) |
Exercise of stock options | 149,960 | 289,548 | 0 | 0 | 439,508 |
Stock option grants | 0 | 81,380 | 0 | 0 | 81,380 |
Cash dividends declared | 0 | 0 | (5,697,941) | 0 | (5,697,941) |
Issuance costs | 0 | (147,517) | 0 | 0 | (147,517) |
Issuance of common stock | 284,010 | 1,226,638 | 0 | 0 | 1,510,648 |
Balance at Sep. 30, 2020 | 40,800,290 | 15,847,121 | 35,688,510 | (3,447,944) | 88,887,977 |
Net income (loss) | 0 | 0 | 10,102,062 | 0 | 10,102,062 |
Other comprehensive income (loss) | 0 | 0 | 0 | 1,912,510 | 1,912,510 |
Exercise of stock options | 46,250 | 91,551 | 0 | 0 | 137,801 |
Stock option grants | 0 | 11,100 | 0 | 0 | 11,100 |
Cash dividends declared | 0 | 0 | (6,134,276) | 0 | (6,134,276) |
Issuance costs | 0 | (116,926) | 0 | 0 | (116,926) |
Issuance of common stock | 1,028,920 | 3,872,541 | 0 | 0 | 4,901,461 |
Balance at Sep. 30, 2021 | $ 41,875,460 | $ 19,705,387 | $ 39,656,296 | $ (1,535,434) | $ 99,701,709 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock options exercised (in shares) | 9,250 | 29,992 |
Dividends declared per share (in dollars per share) | $ 0.74 | $ 0.70 |
Common stock issued (in shares) | 205,784 | 56,802 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 10,102,062 | $ 10,564,534 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 8,669,977 | 8,126,427 |
Cost of retirement of utility plant, net | (545,443) | (544,696) |
Stock option grants | 11,100 | 81,380 |
Equity in earnings of unconsolidated affiliate | (1,667,554) | (4,814,874) |
Allowance for funds used during construction | (55,981) | (330,208) |
Deferred income taxes | 106,188 | 1,122,303 |
Other noncash items, net | (243,496) | 1,837,089 |
Changes in assets and liabilities which provided (used) cash: | ||
Accounts receivable and customer deposits, net | (1,124,860) | 53,213 |
Inventories and gas in storage | (2,163,184) | 734,237 |
Regulatory and other assets | (6,190,720) | (677,488) |
Accounts payable, customer credit balances and accrued expenses, net | 2,862,861 | 659,276 |
Regulatory liabilities | 1,807,158 | (3,987,290) |
Total adjustments | 1,466,046 | 2,259,369 |
Net cash provided by operating activities | 11,568,108 | 12,823,903 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Expenditures for utility property | (19,967,567) | (22,916,339) |
Investment in unconsolidated affiliate | (6,028,760) | (7,864,859) |
Proceeds from disposal of utility property | 147,090 | 60,187 |
Net cash used in investing activities | (25,849,237) | (30,721,011) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under line-of-credit | 47,043,566 | 24,341,134 |
Repayments under line-of-credit | (38,558,275) | (23,370,002) |
Proceeds from issuance of unsecured notes | 8,135,000 | 19,463,000 |
Debt issuance expenses | (21,545) | (70,750) |
Proceeds from issuance of stock | (4,922,337) | (1,802,639) |
Cash dividends paid | (6,012,703) | (5,609,195) |
Net cash provided by financing activities | 15,508,380 | 16,556,826 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,227,251 | (1,340,282) |
BEGINNING CASH AND CASH EQUIVALENTS | 291,066 | 1,631,348 |
ENDING CASH AND CASH EQUIVALENTS | 1,518,317 | 291,066 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 3,886,747 | 3,845,382 |
Income taxes | $ 3,063,083 | $ 1,673,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Company follows accounting and reporting standards established by the FASB and the SEC, including certain provisions allowed under the smaller reporting company exceptions. Rate Regulated Basis of Accounting No. 980, Regulated Operations No. 980 no No. 980 no Regulatory assets and liabilities included in the Company’s consolidated balance sheets as of September 30, 2021 2020 September 30 2021 2020 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 8,104 $ — Under-recovery of gas costs 5,048,164 1,733,718 Under-recovery of SAVE Plan revenues 305,502 108,550 Accrued pension and postretirement medical 206,679 576,731 Other deferred expenses 88,004 84,315 Total current 5,656,453 2,503,314 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 386,189 330,208 Other Assets: Regulatory assets: Premium on early retirement of debt 1,484,433 1,598,620 Accrued pension and postretirement medical 5,154,713 9,156,546 Other deferred expenses 130,613 214,928 Total non-current 6,769,759 10,970,094 Total regulatory assets $ 12,824,346 $ 13,815,561 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: WNA $ — $ 601,784 Deferred income taxes 329,959 205,353 Other deferred liabilities — 83,176 Total current 329,959 890,313 Deferred Credits and Other Liabilities: Asset retirement obligations 7,628,958 7,180,982 Regulatory cost of retirement obligations 13,640,567 12,678,043 Regulatory liabilities: Deferred income taxes 12,891,242 10,729,082 Total non-current $ 34,160,767 $ 30,588,107 Total regulatory liabilities $ 34,490,726 $ 31,478,420 Amortization of $84,315 and $1,106,511 of regulatory assets for the years ended September 30, 2021 2020 3 As of September 30, 2021 not Utility Plant and Depreciation one Utility plant is composed of the following major classes of assets: September 30 2021 2020 Distribution and transmission $ 241,493,911 $ 227,753,620 LNG storage 14,966,584 14,798,453 General and miscellaneous 15,922,044 15,790,299 Total utility plant in service $ 272,382,539 $ 258,342,372 Provisions for depreciation are computed principally at composite straight-line rates over a range of periods. Rates are determined by depreciation studies which are required to be performed at least every 5 years on the regulated utility assets of Roanoke Gas. The last depreciation study was completed and approved by the SCC staff in fiscal 2019. no 2024. September 30, 2021 2020 The composite rates are composed of two one one not No. 980. The Company reviews long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not In fiscal 2020, two September 30, 2021 2020, 3 Asset Retirement Obligations No. 410, Asset Retirement and Environmental Obligations The Company’s composite depreciation rates include a component to provide for the cost of retirement of assets. As a result, the Company accrues the estimated cost of retirement of its utility plant through depreciation expense and creates a corresponding regulatory liability. The costs of retirement considered in the development of the depreciation component include those costs associated with the legal liability. Therefore, the ARO is reclassified from the regulatory cost of retirement obligation. If the legal obligations were to exceed the regulatory liability provided for in the depreciation rates, the Company would establish a regulatory asset for such difference with the anticipation of future recovery through rates charged to customers. The following is a summary of the AROs: Years Ended September 30 2021 2020 Beginning balance $ 7,180,982 $ 6,788,683 Liabilities incurred 214,533 165,524 Liabilities settled (160,064 ) (150,345 ) Accretion 393,507 377,120 Ending balance $ 7,628,958 $ 7,180,982 Cash, Cash Equivalents and Short-Term Investments not not September 30, 2021 not three Customer Receivables and Allowance for Doubtful Accounts Due to the impact of COVID- 19 two September 30, 2021. 3 15 A reconciliation of changes in the allowance for doubtful accounts is as follows: Years Ended September 30 2021 2020 Beginning balance $ 703,140 $ 110,743 Provision for doubtful accounts (400,614 ) 556,112 Recoveries of accounts written off 88,893 139,113 Accounts written off (149,409 ) (102,828 ) Ending balance $ 242,010 $ 703,140 Financing Receivables Inventories Unbilled Revenues not not September 30, 2021 2020 Income Taxes not not Debt Expenses Over/Under-Recovery of Natural Gas Costs may Fair Value one three • Level 1 • Level 2 1 not • Level 3 The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1 3 one three 9 13. Use of Estimates Excise and Sales Taxes not Earnings Per Share Years Ended September 30 2021 2020 Net Income $ 10,102,062 $ 10,564,534 Weighted-average common shares 8,251,802 8,125,938 Effect of dilutive securities: Options to purchase common stock 13,102 20,728 Diluted average common shares 8,264,904 8,146,666 Earnings Per Share of Common Stock: Basic $ 1.22 $ 1.30 Diluted $ 1.22 $ 1.30 Business and Credit Concentrations No 5% 5% Roanoke Gas currently holds the only franchises and CPCNs to distribute natural gas in its service area. These franchises are effective through January 1, 2036. Roanoke Gas is served directly by two one Derivative and Hedging Activities No. 815, Derivatives and Hedging The Company’s hedging and derivatives policy allows management to enter into derivatives for the purpose of managing the commodity and financial market risks of its business operations. The Company’s hedging and derivatives policy specifically prohibits the use of derivatives for speculative purposes. The key market risks that the Company may The Company historically has entered into collars, swaps and caps for the purpose of hedging the price of natural gas in order to provide price stability during the winter months. The fair value of these instruments is recorded in the consolidated balance sheets with the offsetting entry to either under- or over-recovery of gas costs. Net income and other comprehensive income are not September 30, 2021 2020 no The Company has five 2021, two not not 2021. two No See Notes 7 13 Non-Cash Activity September 30, 2021 2020 Other Comprehensive Income (Loss) Tax Before Tax (Expense) Net of Tax Amount or Benefit Amount Year Ended September 30, 2021: Interest rate swaps: Unrealized gains $ 473,880 $ (121,978 ) $ 351,902 Transfer of realized losses to interest expense 553,593 (142,492 ) 411,101 Net interest rate swaps 1,027,473 (264,470 ) 763,003 Defined benefit plans: Net gains arising during period $ 1,467,879 $ (377,832 ) $ 1,090,047 Amortization of actuarial losses 80,069 (20,609 ) 59,460 Net defined benefit plans 1,547,948 (398,441 ) 1,149,507 Other comprehensive income $ 2,575,421 $ (662,911 ) $ 1,912,510 Year Ended September 30, 2020: Interest rate swaps: Unrealized losses $ (1,594,126 ) $ 410,328 $ (1,183,798 ) Transfer of realized losses to interest expense 264,911 (68,189 ) 196,722 Net interest rate swaps (1,329,215 ) 342,139 (987,076 ) Defined benefit plans: Net loss arising during period $ (52,669 ) $ 13,557 $ (39,112 ) Amortization of actuarial losses 90,441 (23,280 ) 67,161 Net defined benefit plans 37,772 (9,723 ) 28,049 Other comprehensive loss $ (1,291,443 ) $ 332,416 $ (959,027 ) The amortization of actuarial gains or losses are included as a component of net periodic pension and postretirement benefit costs under other income, net. Composition of AOCI: Interest Rate Swaps Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) Balance September 30, 2019 $ (664,137 ) $ (1,824,780 ) $ (2,488,917 ) Other comprehensive income (loss) (987,076 ) 28,049 (959,027 ) Balance September 30, 2020 (1,651,213 ) (1,796,731 ) (3,447,944 ) Other comprehensive income 763,003 1,149,507 1,912,510 Balance September 30, 2021 $ (888,210 ) $ (647,224 ) $ (1,535,434 ) Recently Adopted Accounting Standards In February 2016, 2016 02, Leases. 12 January 2018, 2018 01, not September 30, 2021 The Company adopted ASU 2016 02 October 1, 2019. one 2021, September 2025. not not In August 2017, 2017 12, Derivatives and Hedging: Targeted Improvements to Accounting For Hedging Activities October 1, 2019. no not In August 2018, 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 1 2 October 1, 2019. not In August 2018, 2018 14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715 20 October 1, 2020. not Recently Issued Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2021 01, December 31, 2022. one one six one June 2023 no may December 31, 2021. one None not 2022. Other accounting standards that have been issued or proposed by the FASB or other standard–setting bodies are not not |
Note 2 - Revenue
Note 2 - Revenue | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. REVENUE The Company assesses new contracts and identifies related performance obligations for promises to transfer distinct goods or services to the customer. Revenue is recognized when performance obligations have been satisfied. In the case of Roanoke Gas, the Company contracts with its customers for the sale and/or delivery of natural gas. The following tables summarize revenue by customer, product and income statement classification for the years ended September 30: 2021 Gas utility Non-utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 43,108,790 $ — $ 43,108,790 Commercial 25,217,030 — 25,217,030 Industrial and Transportation 4,973,885 — 4,973,885 Other 429,397 129,676 559,073 Total contracts with customers 73,729,102 129,676 73,858,778 Alternative Revenue Programs 1,316,001 — 1,316,001 Total operating revenues $ 75,045,103 $ 129,676 $ 75,174,779 2020 Gas utility Non-utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 37,022,219 $ — $ 37,022,219 Commercial 18,387,674 — 18,387,674 Industrial and Transportation 5,188,069 — 5,188,069 Other 489,943 666,466 1,156,409 Total contracts with customers 61,087,905 666,466 61,754,371 Alternative Revenue Programs 1,321,020 — 1,321,020 Total operating revenues $ 62,408,925 $ 666,466 $ 63,075,391 Gas utility revenues Substantially all of Roanoke Gas’ revenues are derived from rates authorized by the SCC through its tariffs. Based on its evaluation, the Company has concluded that these tariff-based revenues fall within the scope of ASC 606. All customers are billed monthly based on consumption as measured by metered usage. Revenue is recognized as bills are issued for natural gas that has been delivered or transported. In addition, the Company utilizes the practical expedient that allows an entity to recognize the invoiced amount as revenue, if that amount corresponds to the value received by the customer. Since customers are billed tariff rates, there is no Unbilled revenue is included in residential and commercial revenues in the preceding table. Natural gas consumption is estimated for the period subsequent to the last billed date and up through the last day of the month. Estimated volumes and approved tariff rates are utilized to calculate unbilled revenue. The following month, the unbilled estimate is reversed, the actual usage is billed and a new unbilled estimate is calculated. The Company obtains metered usage for industrial customers at the end of each month, thereby eliminating any unbilled consideration for these rate classes. Other revenues Other revenues primarily consist of miscellaneous fees and charges, utility-related revenues not no Alternative Revenue Program revenues ARPs, which fall outside the scope of ASC 606, 30 Customer Accounts Receivable Accounts receivable, as reflected in the condensed consolidated balance sheets, includes both billed and unbilled customer revenues, as well as amounts that are not Current Assets Current Liabilities Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits September 30, 2020 $ 2,343,492 $ 1,041,518 $ 1,587,061 $ 1,611,476 September 30, 2021 3,722,916 1,191,227 1,539,680 1,571,342 Increase (decrease) $ 1,379,424 $ 149,709 $ (47,381 ) $ (40,134 ) ( 1 The Company had no not |
Note 3 - Regulatory Matters
Note 3 - Regulatory Matters | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Public Utilities Disclosure [Text Block] | 3. REGULATORY MATTERS The SCC exercises regulatory authority over the natural gas operations of Roanoke Gas. Such regulation encompasses terms, conditions and rates to be charged to customers for natural gas service, safety standards, service extension and depreciation. In May 2021, October 2021 September 2022. 1973 1971 August 25, 2021, $3.25 $1.1 On January 24, 2020, March 2020, The final order did not two January 1, 2019, January 1, 2019 October 1, 2020 2019 1. In 2020, 2020. 2020 The service disconnection moratorium, under which the Company has been operating since March 16, 2020 19, August 30, 2021. In December 2020, The Company applied for ARPA funds to assist its customers with their arrearages. On October 28, 2021, 1 2021 2022. 15 In April 2020, 19 19 2021; 19 fourth 2021. |
Note 4 - Segment Information
Note 4 - Segment Information | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. SEGMENT INFORMATION Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company's chief operating decision maker in deciding how to allocate resources and assess performance. The Company uses operating income and equity in earnings to assess segment performance. Intersegment transactions are recorded at cost. The reportable segments disclosed herein are defined as follows: Gas Utility Investment in Affiliates Parent and Other Information related to the segments of the Company are provided below: Gas Utility Investment in Affiliates Parent and Other Consolidated Total For the Year Ended September 30, 2021: Operating revenues $ 75,045,103 $ — $ 129,676 $ 75,174,779 Depreciation 8,424,620 — — 8,424,620 Operating income (loss) 14,955,375 (267,391 ) 90,325 14,778,309 Equity in earnings — 1,667,554 — 1,667,554 Interest expense 2,812,107 1,239,778 — 4,051,885 Income before income taxes 13,043,470 171,861 90,793 13,306,124 As of September 30, 2021: Total assets $ 231,737,427 $ 65,686,376 $ 12,685,390 $ 310,109,193 Gross additions to utility property 19,967,567 — — 19,967,567 Gross investment in MVP and Southgate — 6,028,760 — 6,028,760 Gas Utility Investment in Affiliates Parent and Other Consolidated Total For the Year Ended September 30, 2020: Operating revenues $ 62,408,925 $ — $ 666,466 $ 63,075,391 Depreciation 7,890,725 — — 7,890,725 Operating income (loss) 12,429,613 (220,194 ) 308,763 12,518,182 Equity in earnings — 4,814,874 — 4,814,874 Interest expense 2,730,822 1,368,336 — 4,099,158 Income before income taxes 10,350,946 3,233,233 286,015 13,870,194 As of September 30, 2020: Total assets $ 211,994,364 $ 57,660,105 $ 12,025,038 $ 281,679,507 Gross additions to utility property 22,916,339 — — 22,916,339 Gross investment in MVP and Southgate — 7,864,859 — 7,864,859 |
Note 5 - Other Investments
Note 5 - Other Investments | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. OTHER INVESTMENTS Midstream is an approximately 1% equity investment owner of the LLC constructing the MVP. Due to various legal and regulatory delays, the LLC changed its approach in seeking authorization to cross all remaining streams and wetlands on the project route. It requested individual permits from the U.S. Army Corps of Engineers to cross certain streams and wetlands utilizing open cut techniques and has applied to amend the MVP project's CPCN to seek FERC authority to cross certain streams and wetlands utilizing alternative trenchless construction methods. The LLC is targeting a full in-service date for the MVP project in summer 2022 $65 The LLC temporarily suspended accruing AFUDC on the project beginning January 1, 2021 March 31, 2021 April 1, 2021 Roanoke Gas will continue to suspend accruing AFUDC on its two first December 31, 2020. In April 2018, 2022 2023. Funding for Midstream's investments in the LLC for both the MVP and Southgate projects is being provided through two December 2022, two June 2019. 7 The Company will participate in the earnings generated from the transportation of natural gas through both pipelines proportionate to its level of investment once the pipelines are placed in service. Midstream utilized a third 323, Investments - Equity Method and Joint Ventures. not September 30, 2021. September 30, 2021. may The investments in the LLC are included in the consolidated financial statements as follows: September 30 Balance Sheet location: 2021 2020 Other Assets: MVP $ 64,462,194 $ 57,183,063 Southgate 405,125 359,742 Investment in unconsolidated affiliates $ 64,867,319 $ 57,542,805 Current Liabilities: MVP $ 2,139,696 $ 2,501,883 Southgate 941 10,554 Capital contributions payable $ 2,140,637 $ 2,512,437 Years Ended September 30 Income Statement location: 2021 2020 Equity in earnings of unconsolidated affiliate $ 1,667,554 $ 4,814,874 September 30 2021 2020 Undistributed earnings, net of income taxes, of MVP in retained earnings $ 8,081,027 $ 6,842,702 The change in the investment in unconsolidated affiliates is provided below: September 30 2021 2020 Cash investment $ 6,028,760 $ 7,864,859 Change in accrued capital calls (371,800 ) (2,512,387 ) Equity in earnings of unconsolidated affiliate 1,667,554 4,814,874 Change in investment in unconsolidated affiliates $ 7,324,514 $ 10,167,346 Summary unaudited financial statements of MVP are presented below. Southgate financial statements, which are accounted for under the cost method, are not Income Statements Years Ended September 30 2021 2020 AFUDC $ 165,048,237 $ 479,586,911 Net other income (expense) (388,436 ) 714,128 Net income $ 164,659,801 $ 480,301,039 Balance Sheets September 30 2021 2020 Assets: Current assets $ 208,961,113 $ 513,713,429 Construction work in progress 6,281,991,035 5,536,248,668 Other assets 980,410 4,597,441 Total assets $ 6,491,932,558 $ 6,054,559,538 Liabilities and Equity: Current liabilities $ 200,441,027 $ 187,581,804 Noncurrent liabilities 13,000 245,000 Capital 6,291,478,531 5,866,732,734 Total liabilities and equity $ 6,491,932,558 $ 6,054,559,538 |
Note 6 - Line-of-credit
Note 6 - Line-of-credit | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. LINE-OF-CREDIT On March 25, 2021, two March 31, 2023 not 12 30 The Company's total available borrowing limits for the remaining term are as follows: Available As of Line-of-Credit September 30, 2021 $ 32,000,000 March 1, 2022 25,000,000 July 20, 2022 32,000,000 October 19, 2022 40,000,000 March 1, 2023 34,000,000 A summary of the line-of-credit follows: September 30 2021 2020 Available line-of-credit at year-end $ 32,000,000 $ 19,000,000 Outstanding balance at year-end 17,628,897 9,143,606 Highest month-end balance outstanding 17,628,897 12,983,210 Average daily balance 10,042,073 3,286,033 Average rate of interest during year on outstanding balances 1.12 % 2.16 % Interest rate at year-end 1.08 % 1.15 % Interest rate on unused line-of-credit 0.15 % 0.15 % Associated with the line-of-credit is a credit agreement that contains various representations, warranties and covenants including a requirement that the Company maintain an interest coverage ratio of not 1 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. LONG-TERM DEBT On October 29, 2021 30 December 1, 2027. 2023. On September 24, 2021, first April 1, 2022 $5 October 1, 2022. 30 October 1, 2028. September 24, 2021, On August 20, 2021, 1.20% 30 August 20, 2026. March 31, 2016 August 20, 2021, 2.00%. October 1, 2021. Roanoke Gas also has other unsecured notes at varying fixed interest rates as well as a variable-rate note with interest based on 30 90 Midstream has two Long-term debt consists of the following: September 30 2021 2020 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior notes payable, at 4.26 $ 30,500,000 $ 125,502 $ 30,500,000 $ 135,157 Unsecured term note payable, at 30-day LIBOR plus 0.90 7,000,000 278 7,000,000 3,613 Unsecured term notes payable, at 3.58 8,000,000 28,896 8,000,000 33,712 Unsecured term notes payable at 4.41 10,000,000 29,760 10,000,000 32,892 Unsecured term notes payable at 3.60 10,000,000 29,062 10,000,000 32,585 Unsecured delayed draw notes payable — 21,545 — — Midstream: Unsecured term notes payable, at 30-day LIBOR plus 1.35 33,610,200 14,904 25,475,200 38,728 Unsecured term note payable, at 30-day LIBOR plus 1.15 14,000,000 11,437 14,000,000 13,844 Unsecured term note payable, at 30-day LIBOR plus 1.20 10,000,000 6,286 10,000,000 8,644 Total notes payable, current and noncurrent $ 123,110,200 $ 267,670 $ 114,975,200 $ 299,175 Line-of-credit, at 30-day LIBOR plus 1.00 17,628,897 — 9,143,606 — Total long-term debt $ 140,739,097 $ 267,670 $ 124,118,806 $ 299,175 Less: current maturities of long-term debt (7,000,000 ) — — — Total long-term debt, net current maturities $ 133,739,097 $ 267,670 $ 124,118,806 $ 299,175 Debt issuance costs are amortized over the life of the related debt. As of September 30, 2021 2020 All of the debt agreements set forth certain representations, warranties and covenants to which the Company is subject, including financial covenants that require the ratio of long-term debt to long-term capitalization to not not September 30, 2021 2020. The aggregate annual maturities of long-term debt for the next five September 30, 2021 Year Ending September 30 Maturities 2022 $ 7,000,000 2023 51,239,097 2024 10,000,000 2025 — 2026 14,000,000 Thereafter 58,500,000 Total $ 140,739,097 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES Under the provisions of ASC 740 Income Taxes 2018 five During fiscal 2021, 26 41 - Credit for increasing research activities 2017, 2018 2019 2020 2017, 2018 2019 The Company also applied for a Virginia State tax credit related to the R&D study. The amount to be awarded has not not The current year tax expense includes the recognition of a federal solar tax credit and Virginia Neighborhood Assistance Tax Credits. The details of income tax expense are as follows: Years Ended September 30 2021 2020 Current income taxes: Federal $ 2,527,997 $ 1,841,124 State 569,877 342,233 Total current income taxes 3,097,874 2,183,357 Deferred income taxes: Federal (137,159 ) 644,682 State 243,347 477,621 Total deferred income taxes 106,188 1,122,303 Total income tax expense $ 3,204,062 $ 3,305,660 Income tax expense for the years ended September 30, 2021 2020 Years Ended September 30 2021 2020 Income before income taxes $ 13,306,124 $ 13,870,194 Corporate federal income tax rate 21 % 21 % Income tax expense computed at the federal statutory rate $ 2,794,286 $ 2,912,741 State income taxes, net of federal income tax benefit 642,447 647,685 Net amortization of excess deferred taxes on regulated operations (162,228 ) (162,228 ) Tax benefit recognized on stock compensation (4,099 ) (114,984 ) Tax credits (86,839 ) — Other, net 20,495 22,446 Total income tax expense $ 3,204,062 $ 3,305,660 The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are as follows: September 30 2021 2020 Deferred tax assets: Allowance for uncollectibles $ 62,292 $ 180,986 Accrued pension and postretirement medical benefits 195,044 651,356 Regulatory effect of change in federal income tax rate 2,761,667 2,814,525 Accrued paid time off 137,175 140,635 Cost of gas held in storage 753,344 604,962 Deferred compensation 915,749 992,605 Interest rate swaps 307,873 572,343 Accrued gas cost 289,801 — Other 98,642 97,564 Total gross deferred tax assets $ 5,521,587 $ 6,054,976 Deferred tax liabilities: Utility plant $ 18,643,863 $ 18,310,474 MVP investment 1,825,937 1,693,075 Other — 25,189 Total gross deferred tax liabilities $ 20,469,800 $ 20,028,738 Net deferred tax liability $ 14,948,213 $ 13,973,762 FASB ASC No. 740 Income Taxes not The Company files a consolidated federal income tax return and state income tax returns in Virginia and West Virginia. With the amendment of the federal returns for fiscal 2017, 2018 2019, three September 30, 2017 no September 30, 2018 no |
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 9. EMPLOYEE BENEFIT PLANS The Company sponsors both a noncontributory pension plan and a postretirement plan. The pension plan covers all employees hired prior to January 2017 January 1, 2017, no 401 401 January 1, 2017. 401 The postretirement plan provides certain health care, supplemental retirement and life insurance benefits to retired employees who meet specific age and service requirements. Employees hired prior to January 1, 2000 Employers who sponsor defined benefit plans must recognize the funded status of defined benefit pension and other postretirement plans as an asset or liability in their statements of financial position and recognize changes in that funded status in the year in which the changes occur through comprehensive income. For pension plans, the benefit obligation is the projected benefit obligation, and for other postretirement plans, the benefit obligation is the accumulated benefit obligation. The Company established a regulatory asset for the portion of the obligation expected to be recovered through rates in future periods. The regulatory asset is adjusted for the recognition of actuarial gains and losses. The portion of the obligation attributable to the unregulated operations of the holding company is recognized in other comprehensive income, with actuarial gains and losses recognized using the corridor method. The following tables set forth the benefit obligation, fair value of plan assets, the funded status of the plans, amounts recognized in the Company’s consolidated financial statements and the assumptions used: Pension Plan Postretirement Plan 2021 2020 2021 2020 Accumulated benefit obligation $ 33,341,841 $ 34,821,069 $ 16,796,849 $ 17,925,409 Change in benefit obligation: Benefit obligation at beginning of year $ 39,998,002 $ 35,550,987 $ 17,925,409 $ 18,030,399 Service cost 734,282 691,602 140,691 167,879 Interest cost 975,139 1,062,227 430,490 531,480 Actuarial loss (gain) (2,237,486 ) 3,620,400 (1,109,181 ) (325,269 ) Benefit payments, net of retiree contributions (1,815,469 ) (927,214 ) (590,560 ) (479,080 ) Benefit obligation at end of year $ 37,654,468 $ 39,998,002 $ 16,796,849 $ 17,925,409 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 37,657,631 $ 33,586,671 $ 14,116,253 $ 13,082,610 Actual return on plan assets, net of taxes 2,571,945 4,198,174 1,956,649 1,112,723 Employer contributions 500,000 800,000 400,000 400,000 Benefit payments, net of retiree contributions (1,815,469 ) (927,214 ) (590,560 ) (479,080 ) Fair value of plan assets at end of year $ 38,914,107 $ 37,657,631 $ 15,882,342 $ 14,116,253 Funded status $ 1,259,639 $ (2,340,371 ) $ (914,507 ) $ (3,809,156 ) Amounts recognized in the consolidated balance sheet consist of: Noncurrent assets $ 1,259,639 $ — $ — $ — Noncurrent liabilities — (2,340,371 ) (914,507 ) (3,809,156 ) Amounts recognized in accumulated other comprehensive loss: Net actuarial loss, net of tax $ 527,720 $ 1,181,744 $ 119,504 $ 614,987 Total amounts included in accumulated other comprehensive loss, net of tax $ 527,720 $ 1,181,744 $ 119,504 $ 614,987 Amounts deferred to a regulatory asset: Net actuarial loss $ 4,562,834 $ 6,977,944 $ 798,558 $ 2,755,333 Amounts recognized as regulatory assets $ 4,562,834 $ 6,977,944 $ 798,558 $ 2,755,333 During fiscal 2021, one not $717,197 The Company expects that an approximately $60,000 credit, before tax, of AOCI will be recognized in net periodic benefit costs in fiscal 2022 2022. The reduction in the benefit obligations for both the pension plan and postretirement plan was primarily attributed to actuarial gains resulting from the increase in the discount rate used to calculate the benefit obligations and improvement in the mortality scale. The following table details the actuarial assumptions used in determining the projected benefit obligations and net benefit cost of the pension and the accumulated benefit obligations and net benefit cost of the postretirement plan: Pension Plan Postretirement Plan 2021 2020 2021 2020 Assumptions used to determine benefit obligations: Discount rate 2.73 % 2.47 % 2.70 % 2.44 % Expected rate of compensation increase 4.00 % 4.00 % N/A N/A Assumptions used to determine benefit costs: Discount rate 2.47 % 3.03 % 2.44 % 3.00 % Expected long-term rate of return on plan assets 5.40 % 5.50 % 4.25 % 4.26 % Expected rate of compensation increase 4.00 % 4.00 % N/A N/A To develop the expected long-term rate of return on assets assumption, the Company, with input from the Plans' actuaries and investment advisors, considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of each plan’s portfolio. Components of net periodic benefit cost are as follows: Pension Plan Postretirement Plan 2021 2020 2021 2020 Service cost $ 734,282 $ 691,602 $ 140,691 $ 167,879 Interest cost 975,139 1,062,227 430,490 531,480 Expected return on plan assets (2,015,743 ) (1,836,623 ) (596,488 ) (550,394 ) Recognized loss 502,141 455,744 154,659 237,371 Net periodic benefit cost $ 195,819 $ 372,950 $ 129,352 $ 386,336 Service cost is included in operation and maintenance expense of the consolidated income statement. All other components of net periodic benefit costs are included in the other income, net line. The assumed health care cost trend rates used in measuring the accumulated benefit obligation for the postretirement plan are presented below: Pre 65 Post 65 2021 2020 2021 2020 Health care cost trend rate assumed for next year 6.50 % 7.00 % 5.20 % 5.20 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 5.50 % 5.50 % 5.20 % 5.20 % Year that the rate reaches the ultimate trend rate 2023 2023 2021 2020 The health care cost trend rate assumptions could have a significant effect on the amounts reported. A change of 1% 1% Increase 1% Decrease Effect on total service and interest cost components $ 111,000 $ (88,000 ) Effect on accumulated postretirement benefit obligation 2,575,000 (2,106,000 ) The primary objectives of both plans' investment policies are to maintain investment portfolios that diversify risk through prudent asset allocation parameters, achieve asset returns that meet or exceed the corresponding actuarial assumptions and meet expected future benefits in both the short-term and long-term. The Company's pension plan allocation approach seeks to match the duration of the fixed income portion of the portfolio with the duration of the plan's liabilities. Such a match is designed to reduce the overall volatility in the pension plan relative to the funded status. The 30% equity allocation in the pension plan provides for potential returns to offset growth in the liabilities as eligible participants continue to accrue benefits. Based on its most recent evaluation of returns for the asset classes within each plan's investment portfolio, the Company set the expected long-term rate of return for the pension plan and the postretirement plan for fiscal 2022 The Company’s target and actual asset allocation in the pension and postretirement plans as of September 30, 2021 2020 Pension Plan Postretirement Plan Target 2021 2020 Target 2021 2020 Asset category: Equity securities 30 % 30 % 30 % 50 % 49 % 51 % Debt securities 70 % 69 % 69 % 50 % 50 % 48 % Cash — % 1 % 1 % — % 1 % 1 % Other — % — % — % — % — % — % The plans assets are invested in mutual funds. The Company uses the fair value hierarchy described in Note 1 1 2. Pension Plan Fair Value Measurements - September 30, 2021 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 429,764 $ 429,764 $ — $ — Common and Collective Trust and Pooled Funds: Bonds Liability Driven Investment 26,898,651 — 26,898,651 — Equities Domestic Large Cap Growth 3,430,962 — 3,430,962 — Domestic Large Cap Value 3,480,915 — 3,480,915 — Domestic Small/Mid Cap Core 1,752,186 — 1,752,186 — Foreign Large Cap Value 1,561,512 — 1,561,512 — Mutual Funds: Equities Foreign Large Cap Growth 1,071,719 1,071,719 — — Foreign Large Cap Value 288,398 288,398 — — Total $ 38,914,107 $ 1,789,881 $ 37,124,226 $ — Pension Plan Fair Value Measurements - September 30, 2020 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 339,287 $ 339,287 $ — $ — Common and Collective Trust and Pooled Funds: Bonds Liability Driven Investment 26,038,966 — 26,038,966 — Equities Domestic Large Cap Growth 3,462,841 — 3,462,841 — Domestic Large Cap Value 3,351,694 — 3,351,694 — Domestic Small/Mid Cap Core 1,665,005 — 1,665,005 — Foreign Large Cap Value 1,473,427 — 1,473,427 — Mutual Funds: Equities Foreign Large Cap Growth 1,047,274 1,047,274 — — Foreign Large Cap Value 279,137 279,137 — — Total $ 37,657,631 $ 1,665,698 $ 35,991,933 $ — Postretirement Plan Fair Value Measurements - September 30, 2021 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 157,957 $ 157,957 $ — $ — Mutual Funds: Bonds Domestic Fixed Income 7,109,967 7,109,967 — — Foreign Fixed Income 757,422 757,422 — — Equities Domestic Large Cap Growth 2,346,401 2,346,401 — — Domestic Large Cap Value 2,361,583 2,361,583 — — Domestic Small/Mid Cap Growth 295,628 295,628 — — Domestic Small/Mid Cap Value 248,317 248,317 — — Domestic Small/Mid Cap Core 557,739 557,739 — — Foreign Large Cap Growth 594,573 594,573 — — Foreign Large Cap Value 1,352,329 1,352,329 — — Foreign Large Cap Core 85,871 85,871 — — Other 14,555 — 14,555 — Total $ 15,882,342 $ 15,867,787 $ 14,555 $ — Postretirement Plan Fair Value Measurements - September 30, 2020 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 73,908 $ 73,908 $ — $ — Mutual Funds: Bonds Domestic Fixed Income 6,163,808 6,163,808 — — Foreign Fixed Income 638,709 638,709 — — Equities Domestic Large Cap Growth 2,197,839 2,197,839 — — Domestic Large Cap Value 2,119,433 2,119,433 — — Domestic Small/Mid Cap Growth 262,726 262,726 — — Domestic Small/Mid Cap Value 235,216 235,216 — — Domestic Small/Mid Cap Core 552,607 552,607 — — Foreign Large Cap Growth 548,967 548,967 — — Foreign Large Cap Value 1,224,420 1,224,420 — — Foreign Large Cap Core 77,471 77,471 — — Other 21,149 — 21,149 — Total $ 14,116,253 $ 14,095,104 $ 21,149 $ — Each mutual fund or common collective trust fund has been categorized based on its primary investment strategy. The Company expects to contribute $500,000 to its pension plan and $400,000 to its postretirement plan in fiscal 2022. The following table reflects expected future benefit payments: Pension Postretirement Fiscal year ending September 30 Plan Plan 2022 $ 1,095,464 $ 730,324 2023 1,154,843 740,565 2024 1,221,199 717,641 2025 1,371,276 721,176 2026 1,487,113 717,684 2027 - 2031 8,715,094 3,697,782 The Company established an NQDC Plan in fiscal 2021. not 2021 2020 Beginning deferred compensation balance $ — $ — Employer contributions 48,100 — Participant contributions — — Earnings 2,297 — Distributions (15,053 ) — Ending deferred compensation balance $ 35,344 $ — The Company sponsors a 401k may 401k first January 1, 2017. Years Ended September 30 2021 2020 Matching contribution $ 383,340 $ 364,773 Discretionary contribution 43,093 18,313 |
Note 10 - Common Stock Options
Note 10 - Common Stock Options | 12 Months Ended |
Sep. 30, 2021 | |
Stock Option Plans [Member] | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. COMMON STOCK OPTIONS The KESOP provides for the issuance of common stock options to officers and certain other full-time salaried employees to acquire shares of the Company’s common stock. As of September 30, 2021 FASB ASC No. 718 Compensation Stock Compensation 2021 six ten As the Company's stock options are not Years Ended September 30 2021 2020 Expected volatility 32.05 % 31.53 % Expected dividends 2.75 % 2.74 % Expected exercise term (years) 7 7 Risk-free interest rate 1.24 % 0.51 % The underlying methods regarding each assumption are as follows: Expected volatility Expected dividend rate Expected exercise term Risk-free interest rate 7 Forfeitures Stock option transactions under the Company's plans are summarized below. Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Terms (years) Aggregate Intrinsic Value 1 Options outstanding, September 30, 2019 68,492 $ 14.91 6.2 $ 981,170 Options granted 13,000 27.87 Options exercised (29,992 ) 14.65 Options expired — — Options forfeited — — Options outstanding, September 30, 2020 51,500 $ 18.34 6.4 $ 320,797 Options granted 3,000 22.93 Options exercised (9,250 ) 14.90 Options expired — — Options forfeited — — Options outstanding, September 30, 2021 45,250 $ 19.34 6.0 $ 213,898 Vested and exercisable at September 30, 2021 45,250 $ 19.34 6.0 $ 213,898 1 Years Ended September 30 2021 2020 Weighted-average grant date option fair value $ 5.55 $ 6.26 Stock option expense 11,100 81,380 Intrinsic value of options exercised 70,297 411,638 Proceeds from exercise of stock options 137,802 439,509 |
Note 11 - Other Stock Plans
Note 11 - Other Stock Plans | 12 Months Ended |
Sep. 30, 2021 | |
Stock Plans, Excluding Stock Options [Member] | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. OTHER STOCK PLANS Dividend Reinvestment and Stock Purchase Plan The Company offers a DRIP Plan to shareholders of record for the reinvestment of dividends and the purchase of up to $100,000 per year in additional shares of common stock of the Company. Under the DRIP, the Company issued 29,604 and 28,191 shares in 2021 2020 September 30, 2021 Restricted Stock Plan for Outside Directors The Board of Directors of the Company implemented the RSPD in 1997. may first may not The Company assumes all directors will complete their term and there will be no no The following table reflects the director compensation activity pursuant to the Plan: 2021 2020 Shares Weighted-Average Fair Value on Date of Grant Shares Weighted-Average Fair Value on Date of Grant Beginning of year balance 99,070 $ 14.06 104,680 $ 12.51 Granted 11,374 23.67 9,193 26.28 Vested — — (14,803 ) 10.68 Forfeited — — — — End of year balance 110,444 $ 15.05 99,070 $ 14.06 The fair market value of the Director Restricted Stock included in compensation during fiscal 2021 2020 2021 2020 As of September 30, 2021 RGC Resources, Inc. Restricted Stock Plan The Board of Directors of the Company implemented the RSPO in 2017 may may The Company assumes all officers will complete their requirements and there will be no The following table reflects the officer compensation activity pursuant to the RSPO: 2021 2020 Shares Weighted-Average Fair Value on Date of Grant Shares Weighted-Average Fair Value on Date of Grant Beginning of year balance 6,815 $ 28.55 10,185 $ 28.65 Granted 16,656 24.21 14,951 28.17 Vested (11,635 ) 25.77 (18,321 ) 28.30 Forfeited — — — — End of year balance 11,836 $ 25.17 6,815 $ 28.55 The fair market value of the Officer Restricted Stock included as compensation during fiscal 2021 2020 September 30, 2021 Stock Bonus Plan Shares from the Stock Bonus Plan may 2021 2020 September 30, 2021 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. COMMITMENTS AND CONTINGENCIES Long-Term Contracts Due to the nature of the natural gas distribution business, Roanoke Gas enters into agreements with suppliers and pipelines to contract for natural gas commodity purchases, storage capacity and pipeline delivery capacity. Roanoke Gas obtains most of its natural gas supply through a third September 30, 2021 August 2021 one March 2023. Natural Gas Contracts Year (In DTHs) 2021-2022 2,320,859 2022-2023 295,866 Total 2,616,725 In addition to the volumetric commitment above, the Company also has a fixed price agreement to purchase approximately 2.1 million dth, from October 2021 March 2022, Roanoke Gas also has contracts for pipeline and storage capacity which extend for various periods. These capacity costs and related fees are valued at tariff rates in place as of September 30, 2021 may 2021 2020 September 30, 2021 Pipeline and Year Storage Capacity 2021 - 2022 $ 15,432,720 2022 - 2023 13,671,397 2023 - 2024 11,789,154 2024 - 2025 7,206,347 2025 - 2026 2,249,852 Thereafter 1,813,618 Total $ 52,163,088 Roanoke Gas maintains franchise agreements granted by the local cities and towns served by the Company. Roanoke Gas renewed its franchise agreements with the City of Roanoke, the City of Salem and the Town of Vinton in 2016 December 2035. September 30, 2021 Other Contracts The Company maintains other agreements in the ordinary course of business covering various lease, maintenance, equipment and service contracts. These agreements currently extend through December 2031 not Legal From time to time, the Company may not Environmental Matters Roanoke Gas operated an MGP as a source of fuel for lighting and heating until the early 1950’s. not |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. FAIR VALUE MEASUREMENTS The following table summarizes the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements by level within the fair value hierarchy as defined in Note 1 September 30, 2021 2020 Fair Value Measurements - September 30, 2021 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Level 1 Level 2 Level 3 Liabilities: Natural gas purchases $ 2,728,935 $ — $ 2,728,935 $ — Interest rate swaps 1,196,083 — 1,196,083 — Total $ 3,925,018 $ — $ 3,925,018 $ — Fair Value Measurements - September 30, 2020 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Level 1 Level 2 Level 3 Liabilities: Natural gas purchases $ 470,755 $ — $ 470,755 $ — Interest rate swaps 2,223,556 — 2,223,556 — Total $ 2,694,311 $ — $ 2,694,311 $ — Under the asset management contract, a timing difference can exist between the payment for natural gas purchases and the actual receipt of such purchases. Payments are made based on a predetermined monthly volume with the price based on the weighted average first September 30, 2021 2020 first The Company’s non-financial assets and liabilities that are measured at fair value on a nonrecurring basis consist of its asset retirement obligations. The asset retirement obligations are measured at fair value at initial recognition based on expected future cash flows to settle the obligation. The carrying value of cash and cash equivalents, accounts receivable, borrowings under line-of-credit, accounts payable (with the exception of the timing difference under the asset management contract), customer credit balances and customer deposits is a reasonable estimate of fair value due to the shorter-term nature of these financial instruments. The following table summarizes the fair value of the Company’s financial assets and liabilities that are not September 30, 2021 2020 Fair Value Measurements - September 30, 2021 Carrying Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Amount Level 1 Level 2 Level 3 Liabilities: Current maturities of long-term debt $ 7,000,000 $ — $ — $ 7,000,000 Notes payable 116,110,200 — — 124,691,896 Total $ 123,110,200 $ — $ — $ 131,691,896 Fair Value Measurements - September 30, 2020 Carrying Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Amount Level 1 Level 2 Level 3 Liabilities: Notes payable $ 114,975,200 $ — $ — $ 124,740,970 Total $ 114,975,200 $ — $ — $ 124,740,970 The fair value of long-term debt is estimated by discounting the future cash flows of the fixed rate debt based on the underlying 20 FASB ASC 825 Financial Instruments three |
Note 14 - Quarterly Financial I
Note 14 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 14. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Quarterly financial data for the years ended September 30, 2021 2020 First Second Third Fourth 2021 Quarter Quarter Quarter Quarter Operating revenues $ 19,517,017 $ 28,253,662 $ 14,048,846 $ 13,355,254 Operating income $ 5,581,387 $ 7,099,426 $ 1,542,333 $ 555,163 Net income $ 4,723,263 $ 4,767,478 $ 610,840 $ 481 Earnings (loss) per share of common stock: Basic $ 0.58 $ 0.58 $ 0.07 $ — Diluted $ 0.58 $ 0.58 $ 0.07 $ — First Second Third Fourth 2020 Quarter Quarter Quarter Quarter Operating revenues $ 19,785,453 $ 22,437,731 $ 11,071,918 $ 9,780,289 Operating income (loss) $ 5,081,979 $ 6,999,616 $ 1,335,663 $ (899,076 ) Net income (loss) $ 4,006,936 $ 5,680,316 $ 1,206,578 $ (329,296 ) Earnings (loss) per share of common stock: Basic $ 0.50 $ 0.70 $ 0.15 $ (0.04 ) Diluted $ 0.49 $ 0.70 $ 0.15 $ (0.04 ) |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS On October 28, 2021, 1 2021 60 August 31, 2021. not September 30, 2021; 1 On October 29, 2021 30 December 1, 2027. 2023. The Company has evaluated subsequent events through the date the financial statements were issued. There were no not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company follows accounting and reporting standards established by the FASB and the SEC, including certain provisions allowed under the smaller reporting company exceptions. |
Public Utilities, Policy [Policy Text Block] | Rate Regulated Basis of Accounting No. 980, Regulated Operations No. 980 no No. 980 no Regulatory assets and liabilities included in the Company’s consolidated balance sheets as of September 30, 2021 2020 September 30 2021 2020 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 8,104 $ — Under-recovery of gas costs 5,048,164 1,733,718 Under-recovery of SAVE Plan revenues 305,502 108,550 Accrued pension and postretirement medical 206,679 576,731 Other deferred expenses 88,004 84,315 Total current 5,656,453 2,503,314 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 386,189 330,208 Other Assets: Regulatory assets: Premium on early retirement of debt 1,484,433 1,598,620 Accrued pension and postretirement medical 5,154,713 9,156,546 Other deferred expenses 130,613 214,928 Total non-current 6,769,759 10,970,094 Total regulatory assets $ 12,824,346 $ 13,815,561 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: WNA $ — $ 601,784 Deferred income taxes 329,959 205,353 Other deferred liabilities — 83,176 Total current 329,959 890,313 Deferred Credits and Other Liabilities: Asset retirement obligations 7,628,958 7,180,982 Regulatory cost of retirement obligations 13,640,567 12,678,043 Regulatory liabilities: Deferred income taxes 12,891,242 10,729,082 Total non-current $ 34,160,767 $ 30,588,107 Total regulatory liabilities $ 34,490,726 $ 31,478,420 Amortization of $84,315 and $1,106,511 of regulatory assets for the years ended September 30, 2021 2020 3 As of September 30, 2021 not |
Regulatory Depreciation and Amortization, Policy [Policy Text Block] | Utility Plant and Depreciation one Utility plant is composed of the following major classes of assets: September 30 2021 2020 Distribution and transmission $ 241,493,911 $ 227,753,620 LNG storage 14,966,584 14,798,453 General and miscellaneous 15,922,044 15,790,299 Total utility plant in service $ 272,382,539 $ 258,342,372 Provisions for depreciation are computed principally at composite straight-line rates over a range of periods. Rates are determined by depreciation studies which are required to be performed at least every 5 years on the regulated utility assets of Roanoke Gas. The last depreciation study was completed and approved by the SCC staff in fiscal 2019. no 2024. September 30, 2021 2020 The composite rates are composed of two one one not No. 980. The Company reviews long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not In fiscal 2020, two September 30, 2021 2020, 3 |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations No. 410, Asset Retirement and Environmental Obligations The Company’s composite depreciation rates include a component to provide for the cost of retirement of assets. As a result, the Company accrues the estimated cost of retirement of its utility plant through depreciation expense and creates a corresponding regulatory liability. The costs of retirement considered in the development of the depreciation component include those costs associated with the legal liability. Therefore, the ARO is reclassified from the regulatory cost of retirement obligation. If the legal obligations were to exceed the regulatory liability provided for in the depreciation rates, the Company would establish a regulatory asset for such difference with the anticipation of future recovery through rates charged to customers. The following is a summary of the AROs: Years Ended September 30 2021 2020 Beginning balance $ 7,180,982 $ 6,788,683 Liabilities incurred 214,533 165,524 Liabilities settled (160,064 ) (150,345 ) Accretion 393,507 377,120 Ending balance $ 7,628,958 $ 7,180,982 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Short-Term Investments not not September 30, 2021 not three |
Accounts Receivable [Policy Text Block] | Customer Receivables and Allowance for Doubtful Accounts Due to the impact of COVID- 19 two September 30, 2021. 3 15 A reconciliation of changes in the allowance for doubtful accounts is as follows: Years Ended September 30 2021 2020 Beginning balance $ 703,140 $ 110,743 Provision for doubtful accounts (400,614 ) 556,112 Recoveries of accounts written off 88,893 139,113 Accounts written off (149,409 ) (102,828 ) Ending balance $ 242,010 $ 703,140 |
Receivable [Policy Text Block] | Financing Receivables |
Inventory, Policy [Policy Text Block] | Inventories |
Revenue [Policy Text Block] | Unbilled Revenues not not September 30, 2021 2020 |
Regulatory Income Taxes, Policy [Policy Text Block] | Income Taxes not not |
Debt, Policy [Policy Text Block] | Debt Expenses |
Over/Under Recovery of Natural Gas Costs [Policy Text Block] | Over/Under-Recovery of Natural Gas Costs may |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value one three • Level 1 • Level 2 1 not • Level 3 The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1 3 one three 9 13. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Excise and Sales Taxes [Policy Text Block] | Excise and Sales Taxes not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Years Ended September 30 2021 2020 Net Income $ 10,102,062 $ 10,564,534 Weighted-average common shares 8,251,802 8,125,938 Effect of dilutive securities: Options to purchase common stock 13,102 20,728 Diluted average common shares 8,264,904 8,146,666 Earnings Per Share of Common Stock: Basic $ 1.22 $ 1.30 Diluted $ 1.22 $ 1.30 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Business and Credit Concentrations No 5% 5% Roanoke Gas currently holds the only franchises and CPCNs to distribute natural gas in its service area. These franchises are effective through January 1, 2036. Roanoke Gas is served directly by two one |
Derivatives, Policy [Policy Text Block] | Derivative and Hedging Activities No. 815, Derivatives and Hedging The Company’s hedging and derivatives policy allows management to enter into derivatives for the purpose of managing the commodity and financial market risks of its business operations. The Company’s hedging and derivatives policy specifically prohibits the use of derivatives for speculative purposes. The key market risks that the Company may The Company historically has entered into collars, swaps and caps for the purpose of hedging the price of natural gas in order to provide price stability during the winter months. The fair value of these instruments is recorded in the consolidated balance sheets with the offsetting entry to either under- or over-recovery of gas costs. Net income and other comprehensive income are not September 30, 2021 2020 no The Company has five 2021, two not not 2021. two No See Notes 7 13 |
Non-cash Activity [Policy Text Block] | Non-Cash Activity September 30, 2021 2020 |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income (Loss) Tax Before Tax (Expense) Net of Tax Amount or Benefit Amount Year Ended September 30, 2021: Interest rate swaps: Unrealized gains $ 473,880 $ (121,978 ) $ 351,902 Transfer of realized losses to interest expense 553,593 (142,492 ) 411,101 Net interest rate swaps 1,027,473 (264,470 ) 763,003 Defined benefit plans: Net gains arising during period $ 1,467,879 $ (377,832 ) $ 1,090,047 Amortization of actuarial losses 80,069 (20,609 ) 59,460 Net defined benefit plans 1,547,948 (398,441 ) 1,149,507 Other comprehensive income $ 2,575,421 $ (662,911 ) $ 1,912,510 Year Ended September 30, 2020: Interest rate swaps: Unrealized losses $ (1,594,126 ) $ 410,328 $ (1,183,798 ) Transfer of realized losses to interest expense 264,911 (68,189 ) 196,722 Net interest rate swaps (1,329,215 ) 342,139 (987,076 ) Defined benefit plans: Net loss arising during period $ (52,669 ) $ 13,557 $ (39,112 ) Amortization of actuarial losses 90,441 (23,280 ) 67,161 Net defined benefit plans 37,772 (9,723 ) 28,049 Other comprehensive loss $ (1,291,443 ) $ 332,416 $ (959,027 ) The amortization of actuarial gains or losses are included as a component of net periodic pension and postretirement benefit costs under other income, net. Composition of AOCI: Interest Rate Swaps Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) Balance September 30, 2019 $ (664,137 ) $ (1,824,780 ) $ (2,488,917 ) Other comprehensive income (loss) (987,076 ) 28,049 (959,027 ) Balance September 30, 2020 (1,651,213 ) (1,796,731 ) (3,447,944 ) Other comprehensive income 763,003 1,149,507 1,912,510 Balance September 30, 2021 $ (888,210 ) $ (647,224 ) $ (1,535,434 ) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In February 2016, 2016 02, Leases. 12 January 2018, 2018 01, not September 30, 2021 The Company adopted ASU 2016 02 October 1, 2019. one 2021, September 2025. not not In August 2017, 2017 12, Derivatives and Hedging: Targeted Improvements to Accounting For Hedging Activities October 1, 2019. no not In August 2018, 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 1 2 October 1, 2019. not In August 2018, 2018 14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715 20 October 1, 2020. not Recently Issued Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2021 01, December 31, 2022. one one six one June 2023 no may December 31, 2021. one None not 2022. Other accounting standards that have been issued or proposed by the FASB or other standard–setting bodies are not not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Regulatory Assets and Liabilities [Table Text Block] | September 30 2021 2020 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 8,104 $ — Under-recovery of gas costs 5,048,164 1,733,718 Under-recovery of SAVE Plan revenues 305,502 108,550 Accrued pension and postretirement medical 206,679 576,731 Other deferred expenses 88,004 84,315 Total current 5,656,453 2,503,314 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 386,189 330,208 Other Assets: Regulatory assets: Premium on early retirement of debt 1,484,433 1,598,620 Accrued pension and postretirement medical 5,154,713 9,156,546 Other deferred expenses 130,613 214,928 Total non-current 6,769,759 10,970,094 Total regulatory assets $ 12,824,346 $ 13,815,561 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: WNA $ — $ 601,784 Deferred income taxes 329,959 205,353 Other deferred liabilities — 83,176 Total current 329,959 890,313 Deferred Credits and Other Liabilities: Asset retirement obligations 7,628,958 7,180,982 Regulatory cost of retirement obligations 13,640,567 12,678,043 Regulatory liabilities: Deferred income taxes 12,891,242 10,729,082 Total non-current $ 34,160,767 $ 30,588,107 Total regulatory liabilities $ 34,490,726 $ 31,478,420 |
Public Utility Property, Plant, and Equipment [Table Text Block] | September 30 2021 2020 Distribution and transmission $ 241,493,911 $ 227,753,620 LNG storage 14,966,584 14,798,453 General and miscellaneous 15,922,044 15,790,299 Total utility plant in service $ 272,382,539 $ 258,342,372 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Years Ended September 30 2021 2020 Beginning balance $ 7,180,982 $ 6,788,683 Liabilities incurred 214,533 165,524 Liabilities settled (160,064 ) (150,345 ) Accretion 393,507 377,120 Ending balance $ 7,628,958 $ 7,180,982 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Years Ended September 30 2021 2020 Beginning balance $ 703,140 $ 110,743 Provision for doubtful accounts (400,614 ) 556,112 Recoveries of accounts written off 88,893 139,113 Accounts written off (149,409 ) (102,828 ) Ending balance $ 242,010 $ 703,140 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended September 30 2021 2020 Net Income $ 10,102,062 $ 10,564,534 Weighted-average common shares 8,251,802 8,125,938 Effect of dilutive securities: Options to purchase common stock 13,102 20,728 Diluted average common shares 8,264,904 8,146,666 Earnings Per Share of Common Stock: Basic $ 1.22 $ 1.30 Diluted $ 1.22 $ 1.30 |
Comprehensive Income (Loss) [Table Text Block] | Tax Before Tax (Expense) Net of Tax Amount or Benefit Amount Year Ended September 30, 2021: Interest rate swaps: Unrealized gains $ 473,880 $ (121,978 ) $ 351,902 Transfer of realized losses to interest expense 553,593 (142,492 ) 411,101 Net interest rate swaps 1,027,473 (264,470 ) 763,003 Defined benefit plans: Net gains arising during period $ 1,467,879 $ (377,832 ) $ 1,090,047 Amortization of actuarial losses 80,069 (20,609 ) 59,460 Net defined benefit plans 1,547,948 (398,441 ) 1,149,507 Other comprehensive income $ 2,575,421 $ (662,911 ) $ 1,912,510 Year Ended September 30, 2020: Interest rate swaps: Unrealized losses $ (1,594,126 ) $ 410,328 $ (1,183,798 ) Transfer of realized losses to interest expense 264,911 (68,189 ) 196,722 Net interest rate swaps (1,329,215 ) 342,139 (987,076 ) Defined benefit plans: Net loss arising during period $ (52,669 ) $ 13,557 $ (39,112 ) Amortization of actuarial losses 90,441 (23,280 ) 67,161 Net defined benefit plans 37,772 (9,723 ) 28,049 Other comprehensive loss $ (1,291,443 ) $ 332,416 $ (959,027 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Interest Rate Swaps Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) Balance September 30, 2019 $ (664,137 ) $ (1,824,780 ) $ (2,488,917 ) Other comprehensive income (loss) (987,076 ) 28,049 (959,027 ) Balance September 30, 2020 (1,651,213 ) (1,796,731 ) (3,447,944 ) Other comprehensive income 763,003 1,149,507 1,912,510 Balance September 30, 2021 $ (888,210 ) $ (647,224 ) $ (1,535,434 ) |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2021 Gas utility Non-utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 43,108,790 $ — $ 43,108,790 Commercial 25,217,030 — 25,217,030 Industrial and Transportation 4,973,885 — 4,973,885 Other 429,397 129,676 559,073 Total contracts with customers 73,729,102 129,676 73,858,778 Alternative Revenue Programs 1,316,001 — 1,316,001 Total operating revenues $ 75,045,103 $ 129,676 $ 75,174,779 2020 Gas utility Non-utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 37,022,219 $ — $ 37,022,219 Commercial 18,387,674 — 18,387,674 Industrial and Transportation 5,188,069 — 5,188,069 Other 489,943 666,466 1,156,409 Total contracts with customers 61,087,905 666,466 61,754,371 Alternative Revenue Programs 1,321,020 — 1,321,020 Total operating revenues $ 62,408,925 $ 666,466 $ 63,075,391 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Current Assets Current Liabilities Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits September 30, 2020 $ 2,343,492 $ 1,041,518 $ 1,587,061 $ 1,611,476 September 30, 2021 3,722,916 1,191,227 1,539,680 1,571,342 Increase (decrease) $ 1,379,424 $ 149,709 $ (47,381 ) $ (40,134 ) |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Gas Utility Investment in Affiliates Parent and Other Consolidated Total For the Year Ended September 30, 2021: Operating revenues $ 75,045,103 $ — $ 129,676 $ 75,174,779 Depreciation 8,424,620 — — 8,424,620 Operating income (loss) 14,955,375 (267,391 ) 90,325 14,778,309 Equity in earnings — 1,667,554 — 1,667,554 Interest expense 2,812,107 1,239,778 — 4,051,885 Income before income taxes 13,043,470 171,861 90,793 13,306,124 As of September 30, 2021: Total assets $ 231,737,427 $ 65,686,376 $ 12,685,390 $ 310,109,193 Gross additions to utility property 19,967,567 — — 19,967,567 Gross investment in MVP and Southgate — 6,028,760 — 6,028,760 Gas Utility Investment in Affiliates Parent and Other Consolidated Total For the Year Ended September 30, 2020: Operating revenues $ 62,408,925 $ — $ 666,466 $ 63,075,391 Depreciation 7,890,725 — — 7,890,725 Operating income (loss) 12,429,613 (220,194 ) 308,763 12,518,182 Equity in earnings — 4,814,874 — 4,814,874 Interest expense 2,730,822 1,368,336 — 4,099,158 Income before income taxes 10,350,946 3,233,233 286,015 13,870,194 As of September 30, 2020: Total assets $ 211,994,364 $ 57,660,105 $ 12,025,038 $ 281,679,507 Gross additions to utility property 22,916,339 — — 22,916,339 Gross investment in MVP and Southgate — 7,864,859 — 7,864,859 |
Note 5 - Other Investments (Tab
Note 5 - Other Investments (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Investment [Table Text Block] | September 30 Balance Sheet location: 2021 2020 Other Assets: MVP $ 64,462,194 $ 57,183,063 Southgate 405,125 359,742 Investment in unconsolidated affiliates $ 64,867,319 $ 57,542,805 Current Liabilities: MVP $ 2,139,696 $ 2,501,883 Southgate 941 10,554 Capital contributions payable $ 2,140,637 $ 2,512,437 Years Ended September 30 Income Statement location: 2021 2020 Equity in earnings of unconsolidated affiliate $ 1,667,554 $ 4,814,874 September 30 2021 2020 Undistributed earnings, net of income taxes, of MVP in retained earnings $ 8,081,027 $ 6,842,702 September 30 2021 2020 Cash investment $ 6,028,760 $ 7,864,859 Change in accrued capital calls (371,800 ) (2,512,387 ) Equity in earnings of unconsolidated affiliate 1,667,554 4,814,874 Change in investment in unconsolidated affiliates $ 7,324,514 $ 10,167,346 |
Equity Method Investments [Table Text Block] | Income Statements Years Ended September 30 2021 2020 AFUDC $ 165,048,237 $ 479,586,911 Net other income (expense) (388,436 ) 714,128 Net income $ 164,659,801 $ 480,301,039 Balance Sheets September 30 2021 2020 Assets: Current assets $ 208,961,113 $ 513,713,429 Construction work in progress 6,281,991,035 5,536,248,668 Other assets 980,410 4,597,441 Total assets $ 6,491,932,558 $ 6,054,559,538 Liabilities and Equity: Current liabilities $ 200,441,027 $ 187,581,804 Noncurrent liabilities 13,000 245,000 Capital 6,291,478,531 5,866,732,734 Total liabilities and equity $ 6,491,932,558 $ 6,054,559,538 |
Note 6 - Line-of-credit (Tables
Note 6 - Line-of-credit (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Line of Credit Available Credit Limit [Table Text Block] | Available As of Line-of-Credit September 30, 2021 $ 32,000,000 March 1, 2022 25,000,000 July 20, 2022 32,000,000 October 19, 2022 40,000,000 March 1, 2023 34,000,000 |
Schedule of Line of Credit Facilities [Table Text Block] | September 30 2021 2020 Available line-of-credit at year-end $ 32,000,000 $ 19,000,000 Outstanding balance at year-end 17,628,897 9,143,606 Highest month-end balance outstanding 17,628,897 12,983,210 Average daily balance 10,042,073 3,286,033 Average rate of interest during year on outstanding balances 1.12 % 2.16 % Interest rate at year-end 1.08 % 1.15 % Interest rate on unused line-of-credit 0.15 % 0.15 % |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30 2021 2020 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior notes payable, at 4.26 $ 30,500,000 $ 125,502 $ 30,500,000 $ 135,157 Unsecured term note payable, at 30-day LIBOR plus 0.90 7,000,000 278 7,000,000 3,613 Unsecured term notes payable, at 3.58 8,000,000 28,896 8,000,000 33,712 Unsecured term notes payable at 4.41 10,000,000 29,760 10,000,000 32,892 Unsecured term notes payable at 3.60 10,000,000 29,062 10,000,000 32,585 Unsecured delayed draw notes payable — 21,545 — — Midstream: Unsecured term notes payable, at 30-day LIBOR plus 1.35 33,610,200 14,904 25,475,200 38,728 Unsecured term note payable, at 30-day LIBOR plus 1.15 14,000,000 11,437 14,000,000 13,844 Unsecured term note payable, at 30-day LIBOR plus 1.20 10,000,000 6,286 10,000,000 8,644 Total notes payable, current and noncurrent $ 123,110,200 $ 267,670 $ 114,975,200 $ 299,175 Line-of-credit, at 30-day LIBOR plus 1.00 17,628,897 — 9,143,606 — Total long-term debt $ 140,739,097 $ 267,670 $ 124,118,806 $ 299,175 Less: current maturities of long-term debt (7,000,000 ) — — — Total long-term debt, net current maturities $ 133,739,097 $ 267,670 $ 124,118,806 $ 299,175 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending September 30 Maturities 2022 $ 7,000,000 2023 51,239,097 2024 10,000,000 2025 — 2026 14,000,000 Thereafter 58,500,000 Total $ 140,739,097 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended September 30 2021 2020 Current income taxes: Federal $ 2,527,997 $ 1,841,124 State 569,877 342,233 Total current income taxes 3,097,874 2,183,357 Deferred income taxes: Federal (137,159 ) 644,682 State 243,347 477,621 Total deferred income taxes 106,188 1,122,303 Total income tax expense $ 3,204,062 $ 3,305,660 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended September 30 2021 2020 Income before income taxes $ 13,306,124 $ 13,870,194 Corporate federal income tax rate 21 % 21 % Income tax expense computed at the federal statutory rate $ 2,794,286 $ 2,912,741 State income taxes, net of federal income tax benefit 642,447 647,685 Net amortization of excess deferred taxes on regulated operations (162,228 ) (162,228 ) Tax benefit recognized on stock compensation (4,099 ) (114,984 ) Tax credits (86,839 ) — Other, net 20,495 22,446 Total income tax expense $ 3,204,062 $ 3,305,660 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30 2021 2020 Deferred tax assets: Allowance for uncollectibles $ 62,292 $ 180,986 Accrued pension and postretirement medical benefits 195,044 651,356 Regulatory effect of change in federal income tax rate 2,761,667 2,814,525 Accrued paid time off 137,175 140,635 Cost of gas held in storage 753,344 604,962 Deferred compensation 915,749 992,605 Interest rate swaps 307,873 572,343 Accrued gas cost 289,801 — Other 98,642 97,564 Total gross deferred tax assets $ 5,521,587 $ 6,054,976 Deferred tax liabilities: Utility plant $ 18,643,863 $ 18,310,474 MVP investment 1,825,937 1,693,075 Other — 25,189 Total gross deferred tax liabilities $ 20,469,800 $ 20,028,738 Net deferred tax liability $ 14,948,213 $ 13,973,762 |
Note 9 - Employee Benefit Pla_2
Note 9 - Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Pension Plan Postretirement Plan 2021 2020 2021 2020 Accumulated benefit obligation $ 33,341,841 $ 34,821,069 $ 16,796,849 $ 17,925,409 Change in benefit obligation: Benefit obligation at beginning of year $ 39,998,002 $ 35,550,987 $ 17,925,409 $ 18,030,399 Service cost 734,282 691,602 140,691 167,879 Interest cost 975,139 1,062,227 430,490 531,480 Actuarial loss (gain) (2,237,486 ) 3,620,400 (1,109,181 ) (325,269 ) Benefit payments, net of retiree contributions (1,815,469 ) (927,214 ) (590,560 ) (479,080 ) Benefit obligation at end of year $ 37,654,468 $ 39,998,002 $ 16,796,849 $ 17,925,409 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 37,657,631 $ 33,586,671 $ 14,116,253 $ 13,082,610 Actual return on plan assets, net of taxes 2,571,945 4,198,174 1,956,649 1,112,723 Employer contributions 500,000 800,000 400,000 400,000 Benefit payments, net of retiree contributions (1,815,469 ) (927,214 ) (590,560 ) (479,080 ) Fair value of plan assets at end of year $ 38,914,107 $ 37,657,631 $ 15,882,342 $ 14,116,253 Funded status $ 1,259,639 $ (2,340,371 ) $ (914,507 ) $ (3,809,156 ) Amounts recognized in the consolidated balance sheet consist of: Noncurrent assets $ 1,259,639 $ — $ — $ — Noncurrent liabilities — (2,340,371 ) (914,507 ) (3,809,156 ) Amounts recognized in accumulated other comprehensive loss: Net actuarial loss, net of tax $ 527,720 $ 1,181,744 $ 119,504 $ 614,987 Total amounts included in accumulated other comprehensive loss, net of tax $ 527,720 $ 1,181,744 $ 119,504 $ 614,987 Amounts deferred to a regulatory asset: Net actuarial loss $ 4,562,834 $ 6,977,944 $ 798,558 $ 2,755,333 Amounts recognized as regulatory assets $ 4,562,834 $ 6,977,944 $ 798,558 $ 2,755,333 |
Defined Benefit Plan, Assumptions [Table Text Block] | Pension Plan Postretirement Plan 2021 2020 2021 2020 Assumptions used to determine benefit obligations: Discount rate 2.73 % 2.47 % 2.70 % 2.44 % Expected rate of compensation increase 4.00 % 4.00 % N/A N/A Assumptions used to determine benefit costs: Discount rate 2.47 % 3.03 % 2.44 % 3.00 % Expected long-term rate of return on plan assets 5.40 % 5.50 % 4.25 % 4.26 % Expected rate of compensation increase 4.00 % 4.00 % N/A N/A |
Schedule of Net Benefit Costs [Table Text Block] | Pension Plan Postretirement Plan 2021 2020 2021 2020 Service cost $ 734,282 $ 691,602 $ 140,691 $ 167,879 Interest cost 975,139 1,062,227 430,490 531,480 Expected return on plan assets (2,015,743 ) (1,836,623 ) (596,488 ) (550,394 ) Recognized loss 502,141 455,744 154,659 237,371 Net periodic benefit cost $ 195,819 $ 372,950 $ 129,352 $ 386,336 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Pre 65 Post 65 2021 2020 2021 2020 Health care cost trend rate assumed for next year 6.50 % 7.00 % 5.20 % 5.20 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 5.50 % 5.50 % 5.20 % 5.20 % Year that the rate reaches the ultimate trend rate 2023 2023 2021 2020 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 1% Increase 1% Decrease Effect on total service and interest cost components $ 111,000 $ (88,000 ) Effect on accumulated postretirement benefit obligation 2,575,000 (2,106,000 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | Pension Plan Postretirement Plan Target 2021 2020 Target 2021 2020 Asset category: Equity securities 30 % 30 % 30 % 50 % 49 % 51 % Debt securities 70 % 69 % 69 % 50 % 50 % 48 % Cash — % 1 % 1 % — % 1 % 1 % Other — % — % — % — % — % — % Pension Plan Fair Value Measurements - September 30, 2021 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 429,764 $ 429,764 $ — $ — Common and Collective Trust and Pooled Funds: Bonds Liability Driven Investment 26,898,651 — 26,898,651 — Equities Domestic Large Cap Growth 3,430,962 — 3,430,962 — Domestic Large Cap Value 3,480,915 — 3,480,915 — Domestic Small/Mid Cap Core 1,752,186 — 1,752,186 — Foreign Large Cap Value 1,561,512 — 1,561,512 — Mutual Funds: Equities Foreign Large Cap Growth 1,071,719 1,071,719 — — Foreign Large Cap Value 288,398 288,398 — — Total $ 38,914,107 $ 1,789,881 $ 37,124,226 $ — Pension Plan Fair Value Measurements - September 30, 2020 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 339,287 $ 339,287 $ — $ — Common and Collective Trust and Pooled Funds: Bonds Liability Driven Investment 26,038,966 — 26,038,966 — Equities Domestic Large Cap Growth 3,462,841 — 3,462,841 — Domestic Large Cap Value 3,351,694 — 3,351,694 — Domestic Small/Mid Cap Core 1,665,005 — 1,665,005 — Foreign Large Cap Value 1,473,427 — 1,473,427 — Mutual Funds: Equities Foreign Large Cap Growth 1,047,274 1,047,274 — — Foreign Large Cap Value 279,137 279,137 — — Total $ 37,657,631 $ 1,665,698 $ 35,991,933 $ — Postretirement Plan Fair Value Measurements - September 30, 2021 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 157,957 $ 157,957 $ — $ — Mutual Funds: Bonds Domestic Fixed Income 7,109,967 7,109,967 — — Foreign Fixed Income 757,422 757,422 — — Equities Domestic Large Cap Growth 2,346,401 2,346,401 — — Domestic Large Cap Value 2,361,583 2,361,583 — — Domestic Small/Mid Cap Growth 295,628 295,628 — — Domestic Small/Mid Cap Value 248,317 248,317 — — Domestic Small/Mid Cap Core 557,739 557,739 — — Foreign Large Cap Growth 594,573 594,573 — — Foreign Large Cap Value 1,352,329 1,352,329 — — Foreign Large Cap Core 85,871 85,871 — — Other 14,555 — 14,555 — Total $ 15,882,342 $ 15,867,787 $ 14,555 $ — Postretirement Plan Fair Value Measurements - September 30, 2020 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 73,908 $ 73,908 $ — $ — Mutual Funds: Bonds Domestic Fixed Income 6,163,808 6,163,808 — — Foreign Fixed Income 638,709 638,709 — — Equities Domestic Large Cap Growth 2,197,839 2,197,839 — — Domestic Large Cap Value 2,119,433 2,119,433 — — Domestic Small/Mid Cap Growth 262,726 262,726 — — Domestic Small/Mid Cap Value 235,216 235,216 — — Domestic Small/Mid Cap Core 552,607 552,607 — — Foreign Large Cap Growth 548,967 548,967 — — Foreign Large Cap Value 1,224,420 1,224,420 — — Foreign Large Cap Core 77,471 77,471 — — Other 21,149 — 21,149 — Total $ 14,116,253 $ 14,095,104 $ 21,149 $ — |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Postretirement Fiscal year ending September 30 Plan Plan 2022 $ 1,095,464 $ 730,324 2023 1,154,843 740,565 2024 1,221,199 717,641 2025 1,371,276 721,176 2026 1,487,113 717,684 2027 - 2031 8,715,094 3,697,782 |
NQDC Plan [Member] | |
Notes Tables | |
Defined Contribution Plan Disclosures [Table Text Block] | 2021 2020 Beginning deferred compensation balance $ — $ — Employer contributions 48,100 — Participant contributions — — Earnings 2,297 — Distributions (15,053 ) — Ending deferred compensation balance $ 35,344 $ — |
The 401K Plan [Member] | |
Notes Tables | |
Defined Contribution Plan Disclosures [Table Text Block] | Years Ended September 30 2021 2020 Matching contribution $ 383,340 $ 364,773 Discretionary contribution 43,093 18,313 |
Note 10 - Common Stock Options
Note 10 - Common Stock Options (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended September 30 2021 2020 Expected volatility 32.05 % 31.53 % Expected dividends 2.75 % 2.74 % Expected exercise term (years) 7 7 Risk-free interest rate 1.24 % 0.51 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Terms (years) Aggregate Intrinsic Value 1 Options outstanding, September 30, 2019 68,492 $ 14.91 6.2 $ 981,170 Options granted 13,000 27.87 Options exercised (29,992 ) 14.65 Options expired — — Options forfeited — — Options outstanding, September 30, 2020 51,500 $ 18.34 6.4 $ 320,797 Options granted 3,000 22.93 Options exercised (9,250 ) 14.90 Options expired — — Options forfeited — — Options outstanding, September 30, 2021 45,250 $ 19.34 6.0 $ 213,898 Vested and exercisable at September 30, 2021 45,250 $ 19.34 6.0 $ 213,898 Years Ended September 30 2021 2020 Weighted-average grant date option fair value $ 5.55 $ 6.26 Stock option expense 11,100 81,380 Intrinsic value of options exercised 70,297 411,638 Proceeds from exercise of stock options 137,802 439,509 |
Note 11 - Other Stock Plans (Ta
Note 11 - Other Stock Plans (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block] | 2021 2020 Shares Weighted-Average Fair Value on Date of Grant Shares Weighted-Average Fair Value on Date of Grant Beginning of year balance 99,070 $ 14.06 104,680 $ 12.51 Granted 11,374 23.67 9,193 26.28 Vested — — (14,803 ) 10.68 Forfeited — — — — End of year balance 110,444 $ 15.05 99,070 $ 14.06 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | 2021 2020 Shares Weighted-Average Fair Value on Date of Grant Shares Weighted-Average Fair Value on Date of Grant Beginning of year balance 6,815 $ 28.55 10,185 $ 28.65 Granted 16,656 24.21 14,951 28.17 Vested (11,635 ) 25.77 (18,321 ) 28.30 Forfeited — — — — End of year balance 11,836 $ 25.17 6,815 $ 28.55 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Natural Gas Contracts Year (In DTHs) 2021-2022 2,320,859 2022-2023 295,866 Total 2,616,725 Pipeline and Year Storage Capacity 2021 - 2022 $ 15,432,720 2022 - 2023 13,671,397 2023 - 2024 11,789,154 2024 - 2025 7,206,347 2025 - 2026 2,249,852 Thereafter 1,813,618 Total $ 52,163,088 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements - September 30, 2021 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Level 1 Level 2 Level 3 Liabilities: Natural gas purchases $ 2,728,935 $ — $ 2,728,935 $ — Interest rate swaps 1,196,083 — 1,196,083 — Total $ 3,925,018 $ — $ 3,925,018 $ — Fair Value Measurements - September 30, 2020 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Level 1 Level 2 Level 3 Liabilities: Natural gas purchases $ 470,755 $ — $ 470,755 $ — Interest rate swaps 2,223,556 — 2,223,556 — Total $ 2,694,311 $ — $ 2,694,311 $ — |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements - September 30, 2021 Carrying Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Amount Level 1 Level 2 Level 3 Liabilities: Current maturities of long-term debt $ 7,000,000 $ — $ — $ 7,000,000 Notes payable 116,110,200 — — 124,691,896 Total $ 123,110,200 $ — $ — $ 131,691,896 Fair Value Measurements - September 30, 2020 Carrying Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Amount Level 1 Level 2 Level 3 Liabilities: Notes payable $ 114,975,200 $ — $ — $ 124,740,970 Total $ 114,975,200 $ — $ — $ 124,740,970 |
Note 14 - Quarterly Financial_2
Note 14 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth 2021 Quarter Quarter Quarter Quarter Operating revenues $ 19,517,017 $ 28,253,662 $ 14,048,846 $ 13,355,254 Operating income $ 5,581,387 $ 7,099,426 $ 1,542,333 $ 555,163 Net income $ 4,723,263 $ 4,767,478 $ 610,840 $ 481 Earnings (loss) per share of common stock: Basic $ 0.58 $ 0.58 $ 0.07 $ — Diluted $ 0.58 $ 0.58 $ 0.07 $ — First Second Third Fourth 2020 Quarter Quarter Quarter Quarter Operating revenues $ 19,785,453 $ 22,437,731 $ 11,071,918 $ 9,780,289 Operating income (loss) $ 5,081,979 $ 6,999,616 $ 1,335,663 $ (899,076 ) Net income (loss) $ 4,006,936 $ 5,680,316 $ 1,206,578 $ (329,296 ) Earnings (loss) per share of common stock: Basic $ 0.50 $ 0.70 $ 0.15 $ (0.04 ) Diluted $ 0.49 $ 0.70 $ 0.15 $ (0.04 ) |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 24, 2021USD ($) | Aug. 20, 2021USD ($) | Oct. 01, 2019USD ($) | Jun. 30, 2019USD ($) | |
Number of Customers | 62,600 | |||||
Amortization of Regulatory Asset | $ 84,315 | $ 1,106,511 | ||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | $ 12,812,401 | |||||
Regulatory Utility Assets Provision, Period (Year) | 5 years | |||||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 3.28% | 3.30% | ||||
Allowance for Funds Used During Construction, Capitalized Interest | $ 14,003 | $ 81,629 | ||||
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity | 41,978 | 248,579 | ||||
Cash, Uninsured Amount | 0 | |||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | (859,000) | |||||
Unbilled Receivables, Current | $ 1,191,227 | 1,041,518 | ||||
Deferred Charges, Amortization Period (Month) | 12 months | |||||
Number of Pipelines | 2 | |||||
Noncash Increase (Decrease) in Unconsolidated Affiliate | $ 371,800 | $ 2,512,387 | ||||
Lessee, Operating Lease, Number of Leases | 1 | |||||
Lessee, Operating Lease, Quarterly Payments | $ 1,100 | |||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | ||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | ||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||
Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 0.90%, Due November 1, 2021 [Member] | Roanoke Gas Company [Member] | ||||||
Debt Instrument, Face Amount | $ 7,000,000 | |||||
Derivative, Fixed Interest Rate | 2.30% | |||||
Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | ||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||
Derivative, Fixed Interest Rate | 2.00% | |||||
Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | ||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||
Derivative, Fixed Interest Rate | 2.49% | |||||
Unsecured Debt [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | RGC Midstream LLC [Member] | ||||||
Debt Instrument, Face Amount | $ 14,000,000 | $ 14,000,000 | ||||
Derivative, Fixed Interest Rate | 3.24% | |||||
Unsecured Debt [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | RGC Midstream LLC [Member] | ||||||
Debt Instrument, Face Amount | $ 10,000,000 | $ 10,000,000 | ||||
Derivative, Fixed Interest Rate | 3.14% | |||||
Energy Related Derivative [Member] | ||||||
Derivative, Number of Instruments Held, Total | 0 | 0 | ||||
Interest Rate Swap [Member] | ||||||
Derivative, Number of Instruments Held, Total | 5 | |||||
Interest Rate Swap [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | ||||||
Derivative, Fixed Interest Rate | 2.00% | |||||
Interest Rate Swap [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | ||||||
Derivative, Fixed Interest Rate | 2.49% | |||||
Interest Rate Swap [Member] | Unsecured Debt [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | RGC Midstream LLC [Member] | ||||||
Derivative, Fixed Interest Rate | 3.24% | |||||
Interest Rate Swap [Member] | Unsecured Debt [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | RGC Midstream LLC [Member] | ||||||
Derivative, Fixed Interest Rate | 3.14% | |||||
Minimum [Member] | ||||||
Allowance for Doubtful Accounts Receivable Without Effect of Adjustments | $ 1,000,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Regulatory assets | $ 5,656,453 | $ 2,503,314 | |
Utility property in service, other | 11,945 | 11,945 | |
Construction work in progress - AFUDC | 386,189 | 330,208 | |
Noncurrent regulatory assets | 6,769,759 | 10,970,094 | |
Total regulatory assets | 12,824,346 | 13,815,561 | |
Regulatory liabilities | 329,959 | 890,313 | |
Asset retirement obligations | 7,628,958 | 7,180,982 | $ 6,788,683 |
Regulatory cost of retirement obligations | 13,640,567 | 12,678,043 | |
Regulatory liabilities | 12,891,242 | 10,729,082 | |
Total non-current | 34,160,767 | 30,588,107 | |
Total regulatory liabilities | 34,490,726 | 31,478,420 | |
WNA [Member] | |||
Regulatory liabilities | 0 | 601,784 | |
Deferred Income Tax Charge [Member] | |||
Regulatory liabilities | 329,959 | 205,353 | |
Other Deferred Liabilities [Member] | |||
Regulatory liabilities | 0 | 83,176 | |
WNA [Member] | |||
Regulatory assets | 8,104 | 0 | |
Regulatory Clause Revenues, under-recovered [Member] | |||
Regulatory assets | 5,048,164 | 1,733,718 | |
Under-recovery of SAVE Plan Revenues [Member] | |||
Regulatory assets | 305,502 | 108,550 | |
Pension Costs [Member] | |||
Regulatory assets | 206,679 | 576,731 | |
Noncurrent regulatory assets | 5,154,713 | 9,156,546 | |
Other Deferred Expenses [Member] | |||
Regulatory assets | 88,004 | 84,315 | |
Noncurrent regulatory assets | 130,613 | 214,928 | |
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | |||
Noncurrent regulatory assets | 1,484,433 | 1,598,620 | |
Total regulatory assets | $ 1,484,433 | $ 1,598,620 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Composition of Utility Plant (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Distribution and transmission | $ 241,493,911 | $ 227,753,620 |
LNG storage | 14,966,584 | 14,798,453 |
General and miscellaneous | 15,922,044 | 15,790,299 |
Total utility plant in service | $ 272,382,539 | $ 258,342,372 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Summary of Asset Retirement Obligations (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning balance | $ 7,180,982 | $ 6,788,683 |
Liabilities incurred | 214,533 | 165,524 |
Liabilities settled | (160,064) | (150,345) |
Accretion | 393,507 | 377,120 |
Ending balance | $ 7,628,958 | $ 7,180,982 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Changes in the Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning balance | $ 703,140 | $ 110,743 |
Provision for doubtful accounts | (400,614) | 556,112 |
Recoveries of accounts written off | 88,893 | 139,113 |
Accounts written off | (149,409) | (102,828) |
Ending balance | $ 242,010 | $ 703,140 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 481 | $ 610,840 | $ 4,767,478 | $ 4,723,263 | $ (329,296) | $ 1,206,578 | $ 5,680,316 | $ 4,006,936 | $ 10,102,062 | $ 10,564,534 |
Weighted-average common shares (in shares) | 8,251,802 | 8,125,938 | ||||||||
Options to purchase common stock (in shares) | 13,102 | 20,728 | ||||||||
Diluted average common shares (in shares) | 8,264,904 | 8,146,666 | ||||||||
Basic (in dollars per share) | $ 0 | $ 0.07 | $ 0.58 | $ 0.58 | $ (0.04) | $ 0.15 | $ 0.70 | $ 0.50 | $ 1.22 | $ 1.30 |
Diluted (in dollars per share) | $ 0 | $ 0.07 | $ 0.58 | $ 0.58 | $ (0.04) | $ 0.15 | $ 0.70 | $ 0.49 | $ 1.22 | $ 1.30 |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies - Schedule of Other Comprehensive Income and Loss (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Other comprehensive income (loss) | $ 2,575,421 | $ (1,291,443) |
Other comprehensive income (loss), tax | (662,911) | 332,416 |
Other comprehensive income (loss), net of tax | 1,912,510 | (959,027) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Other comprehensive income (loss) before reclassifications | 473,880 | (1,594,126) |
Other comprehensive income (loss) before reclassifications, tax | (121,978) | 410,328 |
Other comprehensive income (loss) before reclassifications, net of tax | 351,902 | (1,183,798) |
Reclassifications from accumulated other comprehensive income | 553,593 | 264,911 |
Reclassifications from accumulated other comprehensive income, tax | (142,492) | (68,189) |
Reclassifications from accumulated other comprehensive income, net of tax | 411,101 | 196,722 |
Other comprehensive income (loss) | 1,027,473 | (1,329,215) |
Other comprehensive income (loss), tax | (264,470) | 342,139 |
Other comprehensive income (loss), net of tax | 763,003 | (987,076) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Other comprehensive income (loss) before reclassifications, tax | (377,832) | 13,557 |
Other comprehensive income (loss) before reclassifications, net of tax | 1,090,047 | (39,112) |
Reclassifications from accumulated other comprehensive income | 80,069 | 90,441 |
Reclassifications from accumulated other comprehensive income, tax | (20,609) | (23,280) |
Reclassifications from accumulated other comprehensive income, net of tax | 59,460 | 67,161 |
Other comprehensive income (loss) | 1,547,948 | 37,772 |
Other comprehensive income (loss), tax | (398,441) | (9,723) |
Other comprehensive income (loss), net of tax | 1,149,507 | 28,049 |
Other comprehensive income (loss) before reclassifications | $ 1,467,879 | $ (52,669) |
Note 1 - Summary of Signific_10
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Accumulated Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ 88,887,977 | $ 83,096,392 |
Other comprehensive income (loss) | 1,912,510 | (959,027) |
Other comprehensive income | 1,912,510 | (959,027) |
Balance | 99,701,709 | 88,887,977 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | (1,651,213) | (664,137) |
Other comprehensive income (loss) | 763,003 | (987,076) |
Other comprehensive income | 763,003 | (987,076) |
Balance | (888,210) | (1,651,213) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Balance | (1,796,731) | (1,824,780) |
Other comprehensive income (loss) | 1,149,507 | 28,049 |
Other comprehensive income | 1,149,507 | 28,049 |
Balance | (647,224) | (1,796,731) |
AOCI Attributable to Parent [Member] | ||
Balance | (3,447,944) | (2,488,917) |
Other comprehensive income (loss) | 1,912,510 | (959,027) |
Other comprehensive income | 1,912,510 | (959,027) |
Balance | $ (1,535,434) | $ (3,447,944) |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | |
Total contracts with customers | $ 73,858,778 | $ 1,156,409 | ||||||||
Alternative Revenue Programs | 1,316,001 | 1,321,020 | ||||||||
Total operating revenues | $ 13,355,254 | $ 14,048,846 | $ 28,253,662 | $ 19,517,017 | $ 9,780,289 | $ 11,071,918 | $ 22,437,731 | $ 19,785,453 | 75,174,779 | 63,075,391 |
Oil and Gas [Member] | Residential [Member] | ||||||||||
Total contracts with customers | 43,108,790 | 37,022,219 | ||||||||
Oil and Gas [Member] | Commercial [Member] | ||||||||||
Total contracts with customers | 25,217,030 | 18,387,674 | ||||||||
Oil and Gas [Member] | Industrial and Transportation [Member] | ||||||||||
Total contracts with customers | 4,973,885 | 5,188,069 | ||||||||
Product and Service, Other [Member] | ||||||||||
Total contracts with customers | 559,073 | 61,754,371 | ||||||||
Gas Utility [Member] | ||||||||||
Total contracts with customers | 73,729,102 | 489,943 | ||||||||
Alternative Revenue Programs | 1,316,001 | 1,321,020 | ||||||||
Total operating revenues | 75,045,103 | 62,408,925 | ||||||||
Gas Utility [Member] | Oil and Gas [Member] | Residential [Member] | ||||||||||
Total contracts with customers | 43,108,790 | 37,022,219 | ||||||||
Gas Utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||||||||||
Total contracts with customers | 25,217,030 | 18,387,674 | ||||||||
Gas Utility [Member] | Oil and Gas [Member] | Industrial and Transportation [Member] | ||||||||||
Total contracts with customers | 4,973,885 | 5,188,069 | ||||||||
Gas Utility [Member] | Product and Service, Other [Member] | ||||||||||
Total contracts with customers | 429,397 | 61,087,905 | ||||||||
Non-utility [Member] | ||||||||||
Total contracts with customers | 129,676 | 666,466 | ||||||||
Alternative Revenue Programs | 0 | 0 | ||||||||
Total operating revenues | 129,676 | 666,466 | ||||||||
Non-utility [Member] | Oil and Gas [Member] | Residential [Member] | ||||||||||
Total contracts with customers | 0 | 0 | ||||||||
Non-utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||||||||||
Total contracts with customers | 0 | 0 | ||||||||
Non-utility [Member] | Oil and Gas [Member] | Industrial and Transportation [Member] | ||||||||||
Total contracts with customers | 0 | 0 | ||||||||
Non-utility [Member] | Product and Service, Other [Member] | ||||||||||
Total contracts with customers | $ 129,676 | $ 666,466 |
Note 2 - Revenue - Customer Acc
Note 2 - Revenue - Customer Accounts Receivable (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Trade accounts receivable | $ 4,949,900 | $ 3,404,044 | |
Unbilled revenue | 1,191,227 | 1,041,518 | |
Customer credit balances | 1,539,680 | 1,587,061 | |
Customer deposits | 1,571,342 | 1,611,476 | |
Increase (decrease) in Unbilled revenue | [1] | 149,709 | |
Increase (decrease) in Customer credit balances | (47,381) | ||
Increase (decrease) in Customer deposits | (40,134) | ||
Trade Accounts Receivable [Member] | |||
Trade accounts receivable | 3,722,916 | $ 2,343,492 | |
Increase (decrease) in Trade accounts receivable | [1] | $ 1,379,424 | |
[1] | Included in "Accounts receivable, net" in the consolidated balance sheet. Amounts shown net of reserve for bad debts. |
Note 3 - Regulatory Matters (De
Note 3 - Regulatory Matters (Details Textual) - USD ($) | Aug. 25, 2021 | Jan. 24, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Oct. 28, 2021 | Sep. 30, 2021 |
CARES Act, Funds Received | $ 403,000 | |||||
Deferred Costs, COVID-19 Related | $ 217,000 | |||||
Subsequent Event [Member] | ||||||
American Rescue Plan (ARPA) Act Funds Receivable | $ 858,556 | |||||
Roanoke Gas Company [Member] | ||||||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 3,800,000 | |||||
Roanoke Gas Company [Member] | Subsequent Event [Member] | ||||||
American Rescue Plan (ARPA) Act Funds Receivable | $ 858,556 | |||||
Virginia State Corporate Commission (SCC) [Member] | Roanoke Gas Company [Member] | Updated SAVE Rider Application [Member] | ||||||
Request of Recovery of Costs from Regulatory Agency, Annual Revenues | $ 3,250,000 | |||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 1,100,000 | |||||
Virginia State Corporate Commission (SCC) [Member] | Roanoke Gas Company [Member] | General Rate Case [Member] | ||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 7,250,000 | |||||
Public Utilities, Approved Return on Equity, Percentage | 9.44% |
Note 4 - Segment Information -
Note 4 - Segment Information - Segment Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating revenues | $ 13,355,254 | $ 14,048,846 | $ 28,253,662 | $ 19,517,017 | $ 9,780,289 | $ 11,071,918 | $ 22,437,731 | $ 19,785,453 | $ 75,174,779 | $ 63,075,391 |
Depreciation | 8,424,620 | 7,890,725 | ||||||||
Operating income (loss) | 555,163 | $ 1,542,333 | $ 7,099,426 | $ 5,581,387 | (899,076) | $ 1,335,663 | $ 6,999,616 | $ 5,081,979 | 14,778,309 | 12,518,182 |
Equity in earnings | 1,667,554 | 4,814,874 | ||||||||
Interest expense | 4,051,885 | 4,099,158 | ||||||||
Income before income taxes | 13,306,124 | 13,870,194 | ||||||||
Total assets | 310,109,193 | 281,679,507 | 310,109,193 | 281,679,507 | ||||||
Gross additions to utility property | 19,967,567 | 22,916,339 | ||||||||
Gross investment in MVP and Southgate | 6,028,760 | 7,864,859 | ||||||||
Operating Segments [Member] | Gas Utility [Member] | ||||||||||
Operating revenues | 75,045,103 | 62,408,925 | ||||||||
Depreciation | 8,424,620 | 7,890,725 | ||||||||
Operating income (loss) | 14,955,375 | 12,429,613 | ||||||||
Equity in earnings | 0 | 0 | ||||||||
Interest expense | 2,812,107 | 2,730,822 | ||||||||
Income before income taxes | 13,043,470 | 10,350,946 | ||||||||
Total assets | 231,737,427 | 211,994,364 | 231,737,427 | 211,994,364 | ||||||
Gross additions to utility property | 19,967,567 | 22,916,339 | ||||||||
Gross investment in MVP and Southgate | 0 | 0 | ||||||||
Operating Segments [Member] | Investment in Affiliates [Member] | ||||||||||
Operating revenues | 0 | 0 | ||||||||
Depreciation | 0 | 0 | ||||||||
Operating income (loss) | (267,391) | (220,194) | ||||||||
Equity in earnings | 1,667,554 | 4,814,874 | ||||||||
Interest expense | 1,239,778 | 1,368,336 | ||||||||
Income before income taxes | 171,861 | 3,233,233 | ||||||||
Total assets | 65,686,376 | 57,660,105 | 65,686,376 | 57,660,105 | ||||||
Gross additions to utility property | 0 | 0 | ||||||||
Gross investment in MVP and Southgate | 6,028,760 | 7,864,859 | ||||||||
Corporate, Non-Segment [Member] | ||||||||||
Operating revenues | 129,676 | 666,466 | ||||||||
Depreciation | 0 | 0 | ||||||||
Operating income (loss) | 90,325 | 308,763 | ||||||||
Equity in earnings | 0 | 0 | ||||||||
Interest expense | 0 | 0 | ||||||||
Income before income taxes | 90,793 | 286,015 | ||||||||
Total assets | $ 12,685,390 | $ 12,025,038 | 12,685,390 | 12,025,038 | ||||||
Gross additions to utility property | 0 | 0 | ||||||||
Gross investment in MVP and Southgate | $ 0 | $ 0 |
Note 5 - Other Investments (Det
Note 5 - Other Investments (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Apr. 01, 2018USD ($) | |
Public Utilities, Allowance for Funds Used During Construction, Additions | $ 55,981 | $ 330,208 | ||
MVP Southgate Investment [Member] | ||||
Estimated Total Mountain Valley Pipeline Southgate Cost Projection | $ 500,000,000 | |||
MVP [Member] | ||||
Equity Method Investment, Other than Temporary Impairment | $ 0 | |||
RGC Midstream LLC [Member] | ||||
Debt Instrument, Number of Instruments | 2 | |||
RGC Midstream LLC [Member] | MVP Southgate Investment [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | |||
Estimated Investment in Mountain Valley Pipeline Southgate | $ 2,100,000 | |||
RGC Midstream LLC [Member] | MVP [Member] | ||||
Equity Method Investment, Ownership Percentage | 1.00% | |||
Estimated Total Mountain Valley Pipeline Cost Projection | $ 6,200,000,000 | |||
Estimated Investment in Mountain Valley Pipeline | 65,000,000 | |||
Equity Method Investment, Other than Temporary Impairment | $ 0 | |||
Roanoke Gas Company [Member] | ||||
Public Utilities, Allowance for Funds Used During Construction, Additions | $ 55,981 |
Note 5 - Other Investments - Sc
Note 5 - Other Investments - Schedule of Other Investments (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Investment in unconsolidated affiliates | $ 64,867,319 | $ 57,542,805 |
Capital contributions payable | 2,140,637 | 2,512,437 |
Equity in earnings of unconsolidated affiliate | 1,667,554 | 4,814,874 |
Undistributed earnings, net of income taxes, of MVP in retained earnings | 8,081,027 | 6,842,702 |
Cash investment | 6,028,760 | 7,864,859 |
Change in accrued capital calls | (371,800) | (2,512,387) |
Change in investment in unconsolidated affiliates | 7,324,514 | 10,167,346 |
MVP [Member] | ||
Investment in unconsolidated affiliates | 64,462,194 | 57,183,063 |
Capital contributions payable | 2,139,696 | 2,501,883 |
Southgate [Member] | ||
Investment in unconsolidated affiliates | 405,125 | 359,742 |
Capital contributions payable | $ 941 | $ 10,554 |
Note 5 - Other Investments - In
Note 5 - Other Investments - Investment in Unconsolidated Entity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Other income, net | $ 912,146 | $ 636,296 | |||||||||
Net income | $ 481 | $ 610,840 | $ 4,767,478 | $ 4,723,263 | $ (329,296) | $ 1,206,578 | $ 5,680,316 | $ 4,006,936 | 10,102,062 | 10,564,534 | |
Current assets | 25,143,855 | 14,436,561 | 25,143,855 | 14,436,561 | |||||||
Total assets | 310,109,193 | 281,679,507 | 310,109,193 | 281,679,507 | |||||||
Current liabilities | 26,013,532 | 16,570,742 | 26,013,532 | 16,570,742 | |||||||
Capital | 99,701,709 | 88,887,977 | 99,701,709 | 88,887,977 | $ 83,096,392 | ||||||
Total liabilities and equity | 310,109,193 | 281,679,507 | 310,109,193 | 281,679,507 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | MVP [Member] | |||||||||||
AFUDC | 165,048,237 | 479,586,911 | |||||||||
Other income, net | (388,436) | 714,128 | |||||||||
Net income | 164,659,801 | 480,301,039 | |||||||||
Current assets | 208,961,113 | 513,713,429 | 208,961,113 | 513,713,429 | |||||||
Construction work in progress | 6,281,991,035 | 5,536,248,668 | 6,281,991,035 | 5,536,248,668 | |||||||
Other assets | 980,410 | 4,597,441 | 980,410 | 4,597,441 | |||||||
Total assets | 6,491,932,558 | 6,054,559,538 | 6,491,932,558 | 6,054,559,538 | |||||||
Current liabilities | 200,441,027 | 187,581,804 | 200,441,027 | 187,581,804 | |||||||
Noncurrent liabilities | 13,000 | 245,000 | 13,000 | 245,000 | |||||||
Capital | 6,291,478,531 | 5,866,732,734 | 6,291,478,531 | 5,866,732,734 | |||||||
Total liabilities and equity | $ 6,491,932,558 | $ 6,054,559,538 | $ 6,491,932,558 | $ 6,054,559,538 |
Note 6 - Line-of-credit (Detail
Note 6 - Line-of-credit (Details Textual) - USD ($) | Mar. 25, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 32,000,000 | $ 19,000,000 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | 0.15% | |
Debt Instrument, Debt Covenant Ratio of Long-term Debt to Total Capitalization, Maximum | 65.00% | ||
Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 32,000,000 | ||
Roanoke Gas Company [Member] | Line of Credit [Member] | |||
Debt Instrument, Term (Year) | 2 years | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||
Debt Instrument, Debt Covenant, Minimum Required Interest Coverage Ratio | 1.50% | ||
Debt Instrument, Debt Covenant Ratio of Long-term Debt to Total Capitalization, Maximum | 65.00% | ||
Roanoke Gas Company [Member] | Line of Credit [Member] | Minimum [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,000,000 | ||
Roanoke Gas Company [Member] | Line of Credit [Member] | Maximum [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | ||
Roanoke Gas Company [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Note 6 - Line-of-credit - Avail
Note 6 - Line-of-credit - Available Borrowing Limits (Details) - USD ($) | Mar. 01, 2023 | Oct. 19, 2022 | Jun. 30, 2022 | Mar. 01, 2022 | Sep. 30, 2021 | Sep. 30, 2020 |
Available Line of Credit | $ 32,000,000 | $ 19,000,000 | ||||
Line of Credit [Member] | ||||||
Available Line of Credit | $ 32,000,000 | |||||
Line of Credit [Member] | Forecast [Member] | ||||||
Available Line of Credit | $ 34,000,000 | $ 40,000,000 | $ 32,000,000 | $ 25,000,000 |
Note 6 - Line-of-credit - Summa
Note 6 - Line-of-credit - Summary of Line of Credit (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 32,000,000 | $ 19,000,000 |
Outstanding balance at year-end | 17,628,897 | 9,143,606 |
Highest month-end balance outstanding | 17,628,897 | 12,983,210 |
Average daily balance | $ 10,042,073 | $ 3,286,033 |
Average rate of interest during year on outstanding balances | 1.12% | 2.16% |
Interest rate at year-end | 1.08% | 1.15% |
Interest rate on unused line-of-credit | 0.15% | 0.15% |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) | Oct. 01, 2022USD ($) | Apr. 01, 2022USD ($) | Oct. 29, 2021USD ($) | Sep. 24, 2021USD ($) | Aug. 20, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2019USD ($) |
Debt Instruments, Overall Maximum Borrowing Capacity | $ 41,000,000 | |||||||
Regulatory Assets, Total | $ 12,824,346 | $ 13,815,561 | ||||||
Debt Instrument, Debt Covenant Ratio of Long-term Debt to Total Capitalization, Maximum | 65.00% | |||||||
Debt Instrument, Debt Covenant, Ratio of Priority Debt to Total Assets, Maximum | 15.00% | |||||||
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | ||||||||
Regulatory Assets, Total | $ 1,484,433 | $ 1,598,620 | ||||||
Regulatory Asset, Amortization Period (Year) | 20 years | |||||||
RGC Midstream LLC [Member] | ||||||||
Debt Instrument, Number of Instruments | 2 | |||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | ||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | Unsecured Debt [Member] | ||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||
Derivative, Fixed Interest Rate | 2.49% | |||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | Interest Rate Swap [Member] | ||||||||
Derivative, Fixed Interest Rate | 2.49% | |||||||
Derivative, Notional Amount | $ 10,000,000 | |||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | Forecast [Member] | ||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 5,000,000 | $ 5,000,000 | ||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | ||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | Unsecured Debt [Member] | ||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||
Derivative, Fixed Interest Rate | 2.00% | |||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | Interest Rate Swap [Member] | ||||||||
Derivative, Fixed Interest Rate | 2.00% | |||||||
Derivative, Notional Amount | $ 15,000,000 | |||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | |||||||
Other Unsecured Notes [Member] | Roanoke Gas Company [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | |||||||
Derivative, Fixed Interest Rate | 2.30% | |||||||
Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | RGC Midstream LLC [Member] | Unsecured Debt [Member] | ||||||||
Debt Instrument, Face Amount | $ 14,000,000 | $ 14,000,000 | ||||||
Derivative, Fixed Interest Rate | 3.24% | |||||||
Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | RGC Midstream LLC [Member] | Interest Rate Swap [Member] | Unsecured Debt [Member] | ||||||||
Derivative, Fixed Interest Rate | 3.24% | |||||||
Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | RGC Midstream LLC [Member] | Unsecured Debt [Member] | ||||||||
Debt Instrument, Face Amount | $ 10,000,000 | $ 10,000,000 | ||||||
Derivative, Fixed Interest Rate | 3.14% | |||||||
Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | RGC Midstream LLC [Member] | Interest Rate Swap [Member] | Unsecured Debt [Member] | ||||||||
Derivative, Fixed Interest Rate | 3.14% | |||||||
Subsequent Event [Member] | ||||||||
Debt Instruments, Overall Maximum Borrowing Capacity | $ 33,000,000 | |||||||
Subsequent Event [Member] | Unsecured Promissory Note with 30 Day LIBOR Plus 115 Basis Points Maturing December 1, 2027 [Member] | RGC Midstream LLC [Member] | ||||||||
Debt Instrument, Face Amount | $ 8,000,000 | |||||||
Derivative, Fixed Interest Rate | 2.443% | |||||||
Subsequent Event [Member] | Unsecured Promissory Note with 30 Day LIBOR Plus 115 Basis Points Maturing December 1, 2027 [Member] | RGC Midstream LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% |
Note 7 - Long-term Debt - Long-
Note 7 - Long-term Debt - Long-term Debt (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Notes payable | $ 140,739,097 | $ 124,118,806 |
Unamortized Debt Issuance Costs | 267,670 | 299,175 |
Line-of-credit | 17,628,897 | 9,143,606 |
Total long-term debt, net current maturities | 133,739,097 | 124,118,806 |
Notes Payable [Member] | ||
Unamortized Debt Issuance Costs | 267,670 | 299,175 |
Less: current maturities of long-term debt | (7,000,000) | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Senior Notes Payable, at 4.26%, Due on September 18, 2034 [Member] | ||
Notes payable | 30,500,000 | 30,500,000 |
Unamortized Debt Issuance Costs | 125,502 | 135,157 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 0.90%, Due November 1, 2021 [Member] | ||
Notes payable | 7,000,000 | 7,000,000 |
Unamortized Debt Issuance Costs | 278 | 3,613 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.58%, Due on October 2, 2027 [Member] | ||
Notes payable | 8,000,000 | 8,000,000 |
Unamortized Debt Issuance Costs | 28,896 | 33,712 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 4.41 %, Due on March 28, 2031 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 29,760 | 32,892 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.60%, Due on December 6, 2029 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 29,062 | 32,585 |
Roanoke Gas Company [Member] | Notes Payable [Member] | ||
Unamortized Debt Issuance Costs | 21,545 | |
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR Plus 1.00%, Due March 31, 2023 [Member] | ||
Line-of-credit | 17,628,897 | 9,143,606 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 1.35%, Due December 29,2022 [Member] | ||
Notes payable | 33,610,200 | 25,475,200 |
Unamortized Debt Issuance Costs | 14,904 | 38,728 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | ||
Notes payable | 14,000,000 | 14,000,000 |
Unamortized Debt Issuance Costs | 11,437 | 13,844 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 6,286 | 8,644 |
RGC Midstream LLC [Member] | Notes Payable [Member] | ||
Notes payable | 123,110,200 | 114,975,200 |
Unamortized Debt Issuance Costs | $ 267,670 | $ 299,175 |
Note 7 - Long-term Debt - Lon_2
Note 7 - Long-term Debt - Long-term Debt (Details) (Parentheticals) | Mar. 25, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Senior Notes Payable, at 4.26%, Due on September 18, 2034 [Member] | |||
Stated rate | 4.26% | 4.26% | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 0.90%, Due November 1, 2021 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | 0.90% | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.58%, Due on October 2, 2027 [Member] | |||
Stated rate | 3.58% | 3.58% | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 4.41 %, Due on March 28, 2031 [Member] | |||
Stated rate | 4.41% | 4.41% | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.60%, Due on December 6, 2029 [Member] | |||
Stated rate | 3.60% | 3.60% | |
Roanoke Gas Company [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR Plus 1.00%, Due March 31, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 1.35%, Due December 29,2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | 1.35% | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | 1.15% | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.20% |
Note 7 - Long-term Debt - Aggre
Note 7 - Long-term Debt - Aggregate Annual Maturities of Long-term Debt (Details) | Sep. 30, 2021USD ($) |
2022 | $ 7,000,000 |
2023 | 51,239,097 |
2024 | 10,000,000 |
2025 | 0 |
2026 | 14,000,000 |
Thereafter | 58,500,000 |
Total | $ 140,739,097 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | Oct. 01, 2020 | Sep. 30, 2021 |
Actual Tax Credit Recognized in Federal Income Tax Returns | $ 3,169,656 | |
Amount of Tax Credits Recognized in Current Year Income Statement | $ 636,694 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amortization, Period (Year) | 20 years | |
Tax Credit Carryforward, Annual Amortization Amount | $ 124,000 | |
Tax Credit Carryforward, Annual Revenue Reduction | $ 40,000 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Open Tax Year | 2017 2018 2019 | |
State and Local Jurisdiction [Member] | Virginia, Jurisdiction [Member] | ||
Open Tax Year | 2018 2019 2020 | |
State and Local Jurisdiction [Member] | West Virginia, Jurisdiction [Member] | ||
Open Tax Year | 2018 2019 2020 |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Current income taxes: | ||
Federal | $ 2,527,997 | $ 1,841,124 |
State | 569,877 | 342,233 |
Total current income taxes | 3,097,874 | 2,183,357 |
Deferred income taxes: | ||
Federal | (137,159) | 644,682 |
State | 243,347 | 477,621 |
Total deferred income taxes | 106,188 | 1,122,303 |
Total income tax expense | $ 3,204,062 | $ 3,305,660 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income before income taxes | $ 13,306,124 | $ 13,870,194 |
Corporate federal income tax rate | 21.00% | 21.00% |
Income tax expense computed at the federal statutory rate | $ 2,794,286 | $ 2,912,741 |
State income taxes, net of federal income tax benefit | 642,447 | 647,685 |
Net amortization of excess deferred taxes on regulated operations | (162,228) | (162,228) |
Tax benefit recognized on stock compensation | (4,099) | (114,984) |
Tax credits | (86,839) | 0 |
Other, net | 20,495 | 22,446 |
Total income tax expense | $ 3,204,062 | $ 3,305,660 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Allowance for uncollectibles | $ 62,292 | $ 180,986 |
Accrued pension and postretirement medical benefits | 195,044 | 651,356 |
Regulatory effect of change in federal income tax rate | 2,761,667 | 2,814,525 |
Accrued paid time off | 137,175 | 140,635 |
Cost of gas held in storage | 753,344 | 604,962 |
Deferred compensation | 915,749 | 992,605 |
Interest rate swaps | 307,873 | 572,343 |
Accrued gas cost | 289,801 | 0 |
Other | 98,642 | 97,564 |
Total gross deferred tax assets | 5,521,587 | 6,054,976 |
Utility plant | 18,643,863 | 18,310,474 |
MVP investment | 1,825,937 | 1,693,075 |
Other | 0 | 25,189 |
Total gross deferred tax liabilities | 20,469,800 | 20,028,738 |
Net deferred tax liability | $ 14,948,213 | $ 13,973,762 |
Note 9 - Employee Benefit Pla_3
Note 9 - Employee Benefit Plans (Details Textual) | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021USD ($) | Sep. 30, 2020 | Oct. 31, 2021USD ($) | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total | $ 60,000 | |||
Defined Benefit Plan, Expected Amortization Of Net Gains (Losses), Regulatory Deferral | $ 207,000 | |||
The 401K Plan [Member] | ||||
Defined Contribution Plan, Minimum Annual Contributions Per Employee, Percent | 1.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Match Percentage | 100.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of 100 Percent Match | 4.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, Second Tranche | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of 50% Match | 2.00% | |||
Pension Plan [Member] | ||||
Defined Benefit Plan, Period Before Benefits are Fully Vested (Year) | 5 years | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.40% | 5.50% | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 500,000 | |||
Pension Plan [Member] | Forecast [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.75% | |||
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Minimum Service Requirement (Year) | 10 years | |||
Defined Benefit Plan, Age Requirement | 55 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.25% | 4.26% | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 400,000 | |||
Other Postretirement Benefits Plan [Member] | Forecast [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.24% | |||
Pension Plan, Lump Sum Pay Out, Vested, Terminated Employees [Member] | ||||
Defined Benefit Plan, Number of Eligible Participants | 17 | |||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | $ 717,197 |
Note 9 - Employee Benefit Pla_4
Note 9 - Employee Benefit Plans - Benefit Obligation, Fair Value of Plan Assets and Funded Status (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Noncurrent assets | $ 1,259,639 | $ 0 |
Noncurrent liabilities | (949,851) | (6,149,527) |
Pension Plan [Member] | ||
Accumulated benefit obligation | 33,341,841 | 34,821,069 |
Benefit obligation at beginning of year | 39,998,002 | 35,550,987 |
Service cost | 734,282 | 691,602 |
Interest cost | 975,139 | 1,062,227 |
Actuarial loss (gain) | (2,237,486) | 3,620,400 |
Benefit payments, net of retiree contributions | (1,815,469) | (927,214) |
Benefit obligation at end of year | 37,654,468 | 39,998,002 |
Fair value of plan assets at beginning of year | 37,657,631 | 33,586,671 |
Actual return on plan assets, net of taxes | 2,571,945 | 4,198,174 |
Employer contributions | 500,000 | 800,000 |
Benefit payments, net of retiree contributions | (1,815,469) | (927,214) |
Fair value of plan assets at end of year | 38,914,107 | 37,657,631 |
Funded status | 1,259,639 | (2,340,371) |
Noncurrent assets | 1,259,639 | 0 |
Noncurrent liabilities | 0 | (2,340,371) |
Net actuarial loss, net of tax | 527,720 | 1,181,744 |
Total amounts included in accumulated other comprehensive loss, net of tax | 527,720 | 1,181,744 |
Net actuarial loss | 4,562,834 | 6,977,944 |
Amounts recognized as regulatory assets | 4,562,834 | 6,977,944 |
Other Postretirement Benefits Plan [Member] | ||
Accumulated benefit obligation | 16,796,849 | 17,925,409 |
Benefit obligation at beginning of year | 17,925,409 | 18,030,399 |
Service cost | 140,691 | 167,879 |
Interest cost | 430,490 | 531,480 |
Actuarial loss (gain) | (1,109,181) | (325,269) |
Benefit payments, net of retiree contributions | (590,560) | (479,080) |
Benefit obligation at end of year | 16,796,849 | 17,925,409 |
Fair value of plan assets at beginning of year | 14,116,253 | 13,082,610 |
Actual return on plan assets, net of taxes | 1,956,649 | 1,112,723 |
Employer contributions | 400,000 | 400,000 |
Benefit payments, net of retiree contributions | (590,560) | (479,080) |
Fair value of plan assets at end of year | 15,882,342 | 14,116,253 |
Funded status | (914,507) | (3,809,156) |
Noncurrent assets | 0 | 0 |
Noncurrent liabilities | (914,507) | (3,809,156) |
Net actuarial loss, net of tax | 119,504 | 614,987 |
Total amounts included in accumulated other comprehensive loss, net of tax | 119,504 | 614,987 |
Net actuarial loss | 798,558 | 2,755,333 |
Amounts recognized as regulatory assets | $ 798,558 | $ 2,755,333 |
Note 9 - Employee Benefit Pla_5
Note 9 - Employee Benefit Plans - Actuarial Assumptions (Details) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Plan [Member] | ||
Discount rate | 2.73% | 2.47% |
Expected rate of compensation increase | 4.00% | 4.00% |
Discount rate | 2.47% | 3.03% |
Expected long-term rate of return on plan assets | 5.40% | 5.50% |
Expected rate of compensation increase | 4.00% | 4.00% |
Other Postretirement Benefits Plan [Member] | ||
Discount rate | 2.70% | 2.44% |
Discount rate | 2.44% | 3.00% |
Expected long-term rate of return on plan assets | 4.25% | 4.26% |
Note 9 - Employee Benefit Pla_6
Note 9 - Employee Benefit Plans - Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Plan [Member] | ||
Service cost | $ 734,282 | $ 691,602 |
Interest cost | 975,139 | 1,062,227 |
Expected return on plan assets | (2,015,743) | (1,836,623) |
Recognized loss | 502,141 | 455,744 |
Net periodic benefit cost | 195,819 | 372,950 |
Other Postretirement Benefits Plan [Member] | ||
Service cost | 140,691 | 167,879 |
Interest cost | 430,490 | 531,480 |
Expected return on plan assets | (596,488) | (550,394) |
Recognized loss | 154,659 | 237,371 |
Net periodic benefit cost | $ 129,352 | $ 386,336 |
Note 9 - Employee Benefit Pla_7
Note 9 - Employee Benefit Plans - Assumed Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Pre 65 [Member] | ||
Health care cost trend rate assumed for next year | 6.50% | 7.00% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5.50% | 5.50% |
Year that the rate reaches the ultimate trend rate | 2023 | 2023 |
Post 65 [Member] | ||
Health care cost trend rate assumed for next year | 5.20% | 5.20% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5.20% | 5.20% |
Year that the rate reaches the ultimate trend rate | 2021 | 2020 |
Note 9 - Employee Benefit Pla_8
Note 9 - Employee Benefit Plans - Effect of 1% Change on Health Care Trend Rate Assumptions (Details) | 12 Months Ended |
Sep. 30, 2021USD ($) | |
Effect on total service and interest cost components, 1% increase | $ 111,000 |
Effect on total service and interest cost components, 1% decrease | (88,000) |
Effect on accumulated postretirement benefit obligation, 1% increase | 2,575,000 |
Effect on accumulated postretirement benefit obligation, 1% decrease | $ (2,106,000) |
Note 9 - Employee Benefit Pla_9
Note 9 - Employee Benefit Plans - Allocation of Plans' Assets (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Pension Plan [Member] | |||
Equity securities, target | 30.00% | ||
Asset | $ 38,914,107 | $ 37,657,631 | $ 33,586,671 |
Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 1,789,881 | 1,665,698 | |
Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 37,124,226 | 35,991,933 | |
Other Postretirement Benefits Plan [Member] | |||
Asset | 15,882,342 | 14,116,253 | $ 13,082,610 |
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 15,867,787 | 14,095,104 | |
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 14,555 | 21,149 | |
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | $ 0 | $ 0 | |
Defined Benefit Plan, Equity Securities [Member] | Pension Plan [Member] | |||
Equity securities, target | 30.00% | ||
Equity securities | 30.00% | 30.00% | |
Defined Benefit Plan, Equity Securities [Member] | Other Postretirement Benefits Plan [Member] | |||
Equity securities, target | 50.00% | ||
Equity securities | 49.00% | 51.00% | |
Defined Benefit Plan, Debt Security [Member] | Pension Plan [Member] | |||
Equity securities, target | 70.00% | ||
Equity securities | 69.00% | 69.00% | |
Defined Benefit Plan, Debt Security [Member] | Other Postretirement Benefits Plan [Member] | |||
Equity securities, target | 50.00% | ||
Equity securities | 50.00% | 48.00% | |
Defined Benefit Plan, Cash [Member] | Pension Plan [Member] | |||
Equity securities, target | 0.00% | ||
Equity securities | 1.00% | 1.00% | |
Asset | $ 429,764 | $ 339,287 | |
Defined Benefit Plan, Cash [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | $ 429,764 | $ 339,287 | |
Defined Benefit Plan, Cash [Member] | Other Postretirement Benefits Plan [Member] | |||
Equity securities, target | 0.00% | ||
Equity securities | 1.00% | 1.00% | |
Asset | $ 157,957 | $ 73,908 | |
Defined Benefit Plan, Cash [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 157,957 | 73,908 | |
Defined Benefit Plan, Cash [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Cash [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Common Collective Trust And Pooled Fund Bonds, Liability Driven Investment [Member] | Pension Plan [Member] | |||
Asset | 26,898,651 | 26,038,966 | |
Defined Benefit Plan, Common Collective Trust And Pooled Fund Bonds, Liability Driven Investment [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 26,898,651 | 26,038,966 | |
Defined Benefit Plan, Mutual Fund Bonds, Domestic Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 7,109,967 | 6,163,808 | |
Defined Benefit Plan, Mutual Fund Bonds, Domestic Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 7,109,967 | 6,163,808 | |
Defined Benefit Plan, Mutual Fund Bonds, Domestic Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Fund Bonds, Domestic Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | $ 0 | $ 0 | |
Other Assets 1 [Member] | Pension Plan [Member] | |||
Equity securities, target | 0.00% | ||
Equity securities | 0.00% | 0.00% | |
Other Assets 1 [Member] | Other Postretirement Benefits Plan [Member] | |||
Equity securities, target | 0.00% | ||
Equity securities | 0.00% | 0.00% | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Pension Plan [Member] | |||
Asset | $ 3,430,962 | $ 3,462,841 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 3,430,962 | 3,462,841 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 2,346,401 | 2,197,839 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 2,346,401 | 2,197,839 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Fund Bonds, Foreign Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 757,422 | 638,709 | |
Defined Benefit Plan, Mutual Fund Bonds, Foreign Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 757,422 | 638,709 | |
Defined Benefit Plan, Mutual Fund Bonds, Foreign Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Fund Bonds, Foreign Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Pension Plan [Member] | |||
Asset | 3,480,915 | 3,351,694 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 3,480,915 | 3,351,694 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 2,361,583 | 2,119,433 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 2,361,583 | 2,119,433 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Pension Plan [Member] | |||
Asset | 1,752,186 | 1,665,005 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 1,752,186 | 1,665,005 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 557,739 | 552,607 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 557,739 | 552,607 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Pension Plan [Member] | |||
Asset | 1,561,512 | 1,473,427 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 279,137 | ||
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 1,561,512 | 1,473,427 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 1,352,329 | 1,224,420 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 1,352,329 | 1,224,420 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 295,628 | 262,726 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 295,628 | 262,726 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Mutual Funds, Foreign Large Cap Growth [Member] | Pension Plan [Member] | |||
Asset | 1,071,719 | ||
Defined Benefit Plan, Equity Mutual Funds, Foreign Large Cap Growth [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 1,071,719 | ||
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Pension Plan [Member] | |||
Asset | 1,047,274 | ||
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 1,047,274 | ||
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 594,573 | 548,967 | |
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 594,573 | 548,967 | |
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Value [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 248,317 | 235,216 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 248,317 | 235,216 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Equity Funds, Foreign Large Cap Value [Member] | Pension Plan [Member] | |||
Asset | 288,398 | 279,137 | |
Defined Benefit Plan, Mutual Equity Funds, Foreign Large Cap Value [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 288,398 | ||
Defined Benefit Plan, Equity Funds, Foreign Large Cap Core [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 85,871 | 77,471 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 85,871 | 77,471 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Fund, Other [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 14,555 | 21,149 | |
Defined Benefit Plan, Mutual Fund, Other [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Fund, Other [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 14,555 | 21,149 | |
Defined Benefit Plan, Mutual Fund, Other [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | $ 0 | $ 0 |
Note 9 - Employee Benefit Pl_10
Note 9 - Employee Benefit Plans - Expected Future Benefit Payments (Details) | Sep. 30, 2021USD ($) |
Pension Plan [Member] | |
2022 | $ 1,095,464 |
2023 | 1,154,843 |
2024 | 1,221,199 |
2025 | 1,371,276 |
2026 | 1,487,113 |
2027 - 2031 | 8,715,094 |
Other Postretirement Benefits Plan [Member] | |
2022 | 730,324 |
2023 | 740,565 |
2024 | 717,641 |
2025 | 721,176 |
2026 | 717,684 |
2027 - 2031 | $ 3,697,782 |
Note 9 - Employee Benefit Pl_11
Note 9 - Employee Benefit Plans - Changes in Benefit Plan Liabilities (Details) - NQDC Plan [Member] - Defined Benefit Plan, Unfunded Plan [Member] - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning deferred compensation balance | $ 0 | $ 0 |
Employer contributions | 48,100 | 0 |
Participant contributions | 0 | 0 |
Earnings | 2,297 | 0 |
Distributions | (15,053) | 0 |
Ending deferred compensation balance | $ 35,344 | $ 0 |
Note 9 - Employee Benefit Pl_12
Note 9 - Employee Benefit Plans - Schedule of Employer Contributions (Details) - The 401K Plan [Member] - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Matching contribution | $ 383,340 | $ 364,773 |
Employer contributions | $ 43,093 | $ 18,313 |
Note 10 - Common Stock Option_2
Note 10 - Common Stock Options (Details Textual) | 12 Months Ended |
Sep. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 20,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 10 - Common Stock Option_3
Note 10 - Common Stock Options - Share-based Payment Arrangement (Details) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Expected volatility | 32.05% | 31.53% |
Expected dividends | 2.75% | 2.74% |
Expected exercise term (years) (Year) | 7 years | 7 years |
Risk-free interest rate | 1.24% | 0.51% |
Note 10 - Common Stock Option_4
Note 10 - Common Stock Options - Schedule of Stock Option Transactions (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Options outstanding (in shares) | 51,500 | 68,492 | |
Options outstanding (in dollars per share) | $ 18.34 | $ 14.91 | |
Options outstanding (Year) | 6 years | 6 years 4 months 24 days | 6 years 2 months 12 days |
Options outstanding | $ 213,898 | $ 320,797 | $ 981,170 |
Options granted (in shares) | 3,000 | 13,000 | |
Options granted (in dollars per share) | $ 22.93 | $ 27.87 | |
Options exercised (in shares) | (9,250) | (29,992) | |
Options exercised (in dollars per share) | $ 14.90 | $ 14.65 | |
Options outstanding (in shares) | 45,250 | 51,500 | 68,492 |
Options outstanding (in dollars per share) | $ 19.34 | $ 18.34 | $ 14.91 |
Vested and exercisable (in shares) | 45,250 | ||
Vested and exercisable (in dollars per share) | $ 19.34 | ||
Vested and exercisable (Year) | 6 years | ||
Vested and exercisable | $ 213,898 | ||
Weighted-average grant date option fair value (in dollars per share) | $ 5.55 | $ 6.26 | |
Stock option expense | $ 11,100 | $ 81,380 | |
Intrinsic value of options exercised | 70,297 | 411,638 | |
Proceeds from exercise of stock options | $ 137,802 | $ 439,509 |
Note 11 - Other Stock Plans (De
Note 11 - Other Stock Plans (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Maximum Amount Allowed For Dividend Reinvestment and Stock Purchase Plan | $ 100,000 | $ 100,000 | ||
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 29,604 | 28,191 | ||
Stock Available for Issuance under Dividend Reinvestment Plan (in shares) | 332,719 | 332,719 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 20,000 | 20,000 | ||
Stock Bonus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 4,785 | 4,785 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 0 | 0 | ||
Restricted Stock [Member] | Restricted Stock Plan for Outside Directors [Member] | ||||
Share Based Compensation by Share Based Payment Award, Maximum Allowed Percentage of Retainer Fee Paid Monthly in Common Stock | 100.00% | 100.00% | ||
Share Based Compensation by Share Based Payment Award, Percentage of Retainer Fee Paid Monthly in Common Stock | 40.00% | 40.00% | ||
Share Based Compensation by Share Based Payment Award, Minimum Shares Owned Requirement (in shares) | 10,000 | 10,000 | ||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 269,200 | $ 241,617 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 35,937 | 35,937 | ||
Restricted Stock [Member] | RGC Resources Inc. Restricted Stock Plan [Member] | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 366,869 | $ 450,677 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 396,357 | 396,357 |
Note 11 - Other Stock Plans - D
Note 11 - Other Stock Plans - Director Compensation Activity (Details) - Restricted Stock [Member] - Restricted Stock Plan for Outside Directors [Member] - $ / shares | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning of year balance (in shares) | 99,070 | 104,680 |
Beginning of year balance (in dollars per share) | $ 14.06 | $ 12.51 |
Granted (in shares) | 11,374 | 9,193 |
Granted (in dollars per share) | $ 23.67 | $ 26.28 |
Vested (in shares) | 0 | (14,803) |
Vested (in dollars per share) | $ 0 | $ 10.68 |
Forfeited (in shares) | 0 | 0 |
Forfeited (in dollars per share) | $ 0 | $ 0 |
End of year balance (in shares) | 110,444 | 99,070 |
End of year balance (in dollars per share) | $ 15.05 | $ 14.06 |
Note 11 - Other Stock Plans - O
Note 11 - Other Stock Plans - Officer Compensation Activity (Details) - Restricted Stock [Member] - RGC Resources Inc. Restricted Stock Plan [Member] - $ / shares | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning of year balance (in shares) | 6,815 | 10,185 |
Beginning of year balance (in dollars per share) | $ 28.55 | $ 28.65 |
Granted (in shares) | 16,656 | 14,951 |
Granted (in dollars per share) | $ 24.21 | $ 28.17 |
Vested (in shares) | (11,635) | (18,321) |
Vested (in dollars per share) | $ 25.77 | $ 28.30 |
Forfeited (in shares) | 0 | 0 |
Forfeited (in dollars per share) | $ 0 | $ 0 |
End of year balance (in shares) | 11,836 | 6,815 |
End of year balance (in dollars per share) | $ 25.17 | $ 28.55 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Oct. 01, 2021$ / item | |
Asset Management Contract Term (Year) | 1 year | |||
Purchase Commitment Minimum Volume Required | $ 2,100,000 | |||
Franchise Agreement Term (Year) | 20 years | |||
Franchise Fee Annual Increase | 3.00% | |||
Franchise Fee Total Cost Through End of Agreement | $ 2,180,752 | |||
Natural Gas Pipeline And Storage Capacity [Member] | ||||
Cost of Goods and Services Sold, Total | $ 33,894,000 | $ 21,881,000 | ||
Minimum [Member] | ||||
Purchase Commitment Purchase Price Per Energy Volume (in USD per Per Share) | $ / item | 2.82 | |||
Maximum [Member] | ||||
Purchase Commitment Purchase Price Per Energy Volume (in USD per Per Share) | $ / item | 3.34 |
Note 12 - Commitment and Contin
Note 12 - Commitment and Contingencies - Schedule of Volumetric Obligations (Details) | Sep. 30, 2021USD ($)Boe |
2021-2022 (Barrel of Oil Equivalent) | Boe | 2,320,859 |
2022-2023 (Barrel of Oil Equivalent) | Boe | 295,866 |
Total (Barrel of Oil Equivalent) | Boe | 2,616,725 |
2021 - 2022 | $ 15,432,720 |
2022 - 2023 | 13,671,397 |
2023 - 2024 | 11,789,154 |
2024 - 2025 | 7,206,347 |
2025 - 2026 | 2,249,852 |
Thereafter | 1,813,618 |
Total | $ 52,163,088 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Natural gas purchases | $ 2,728,935 | $ 470,755 |
Total | 3,925,018 | 2,694,311 |
Interest Rate Swap [Member] | ||
Interest rate swaps | 1,196,083 | 2,223,556 |
Fair Value, Inputs, Level 1 [Member] | ||
Natural gas purchases | 0 | 0 |
Interest rate swaps | 0 | |
Total | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Natural gas purchases | 2,728,935 | 470,755 |
Total | 3,925,018 | 2,694,311 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | 1,196,083 | 2,223,556 |
Fair Value, Inputs, Level 3 [Member] | ||
Natural gas purchases | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | $ 0 | $ 0 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Summary of the Fair Value of Financial Assets and Liabilities Not Adjusted to Fair Value (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Current maturities of long-term debt | $ 7,000,000 | $ 0 |
Reported Value Measurement [Member] | ||
Current maturities of long-term debt | 7,000,000 | |
Notes payable | 116,110,200 | 114,975,200 |
Total | 123,110,200 | 114,975,200 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Current maturities of long-term debt | 0 | |
Notes payable | 0 | 0 |
Total | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Current maturities of long-term debt | 0 | |
Notes payable | 0 | 0 |
Total | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Current maturities of long-term debt | 7,000,000 | |
Notes payable | 124,691,896 | 124,740,970 |
Total | $ 131,691,896 | $ 124,740,970 |
Note 14 - Quarterly Financial_3
Note 14 - Quarterly Financial Information - Schedule of Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating revenues | $ 13,355,254 | $ 14,048,846 | $ 28,253,662 | $ 19,517,017 | $ 9,780,289 | $ 11,071,918 | $ 22,437,731 | $ 19,785,453 | $ 75,174,779 | $ 63,075,391 |
Operating income | 555,163 | 1,542,333 | 7,099,426 | 5,581,387 | (899,076) | 1,335,663 | 6,999,616 | 5,081,979 | 14,778,309 | 12,518,182 |
Net income | $ 481 | $ 610,840 | $ 4,767,478 | $ 4,723,263 | $ (329,296) | $ 1,206,578 | $ 5,680,316 | $ 4,006,936 | $ 10,102,062 | $ 10,564,534 |
Earnings (loss) per share of common stock: | ||||||||||
Basic (in dollars per share) | $ 0 | $ 0.07 | $ 0.58 | $ 0.58 | $ (0.04) | $ 0.15 | $ 0.70 | $ 0.50 | $ 1.22 | $ 1.30 |
Diluted (in dollars per share) | $ 0 | $ 0.07 | $ 0.58 | $ 0.58 | $ (0.04) | $ 0.15 | $ 0.70 | $ 0.49 | $ 1.22 | $ 1.30 |
Operating revenues | $ 13,355,254 | $ 14,048,846 | $ 28,253,662 | $ 19,517,017 | $ 9,780,289 | $ 11,071,918 | $ 22,437,731 | $ 19,785,453 | $ 75,174,779 | $ 63,075,391 |
Operating income | 555,163 | 1,542,333 | 7,099,426 | 5,581,387 | (899,076) | 1,335,663 | 6,999,616 | 5,081,979 | 14,778,309 | 12,518,182 |
Net income | $ 481 | $ 610,840 | $ 4,767,478 | $ 4,723,263 | $ (329,296) | $ 1,206,578 | $ 5,680,316 | $ 4,006,936 | $ 10,102,062 | $ 10,564,534 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) | Oct. 29, 2021 | Oct. 28, 2021 | Sep. 30, 2021 |
Debt Instruments, Overall Maximum Borrowing Capacity | $ 41,000,000 | ||
Roanoke Gas Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 242,000 | ||
Subsequent Event [Member] | |||
American Rescue Plan (ARPA) Act Funds Receivable | $ 858,556 | ||
Debt Instruments, Overall Maximum Borrowing Capacity | $ 33,000,000 | ||
Subsequent Event [Member] | Roanoke Gas Company [Member] | |||
American Rescue Plan (ARPA) Act Funds Receivable | $ 858,556 | ||
Subsequent Event [Member] | RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | |||
Debt Instrument, Face Amount | $ 8,000,000 | ||
Derivative, Fixed Interest Rate | 2.443% | ||
Subsequent Event [Member] | RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.15% |