Cherryland Electric Co Op
- Assets
- $145.4m
- Revenue
- $59.8m
- Investments
- $37.9m
- Employees
- 69
- Location
- Grawn, MI
- Founding
- 05/1941
- Data as of
- 12/2023
- EIN
- 38-0416525
Organization Overview
Cherryland Electric Co Op is located in Grawn, MI. The organization was established in 1941. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Cherryland Electric Co Op employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cherryland Electric Co Op is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2023, Cherryland Electric Co Op generated $59.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $58.4m during the year ending 12/2023. While expenses have increased by 1.4% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ELECTRIC COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICES TO OVER 38,000 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melinda Lautner Director | Trustee | 14 | $16,850 |
Terry Lautner Director | Trustee | 11 | $17,500 |
Dean Adams Director | Trustee | 3 | $15,500 |
Thomas Van Pelt Treasurer | OfficerTrustee | 12 | $17,000 |
David Schweitzer President | OfficerTrustee | 3 | $18,650 |
Gabriel Ts Schneider Senior Vice President | OfficerTrustee | 10 | $17,150 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cc Power Llc Line Construction And Maintenance | 12/30/23 | $2,483,566 |
Townsend Tree Service Llc Tree Clearing | 12/30/23 | $2,049,502 |
Dougs Underground Service Inc Directional Drilling | 12/30/23 | $561,019 |
Osmose Utility Services Pole Maintenance Contractor | 12/30/23 | $157,987 |
Hurst Mechanical Mechanical Contractor | 12/30/23 | $211,097 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $56,539,884 |
| Investment income | $2,964,583 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $100,410 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $59,803,199 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $108,379 |
| Compensation of current officers, directors, key employees. | $1,103,089 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $672,040 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $4,400 |
| Fees for services: Legal | $67,901 |
| Fees for services: Accounting | $36,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $32,826 |
| Office expenses | $105,415 |
| Information technology | $531,040 |
| Royalties | $0 |
| Occupancy | $160,227 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $59,636 |
| Interest | $3,361,186 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,402,718 |
| Insurance | $113,217 |
| All other expenses | $2,276,846 |
| Total functional expenses | $58,398,020 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $411,874 |
| Savings and temporary cash investments | $393,923 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,476,010 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,112,725 |
| Inventories for sale or use | $1,476,908 |
| Prepaid expenses and deferred charges | $3,560,140 |
| Net Land, buildings, and equipment | $91,892,499 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $37,925,895 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $155,692 |
| Total assets | $145,405,666 |
| Accounts payable and accrued expenses | $5,520,354 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $74,241,656 |
| Unsecured mortgages and notes payable | $5,041,550 |
| Other liabilities | $3,286,969 |
| Total liabilities | $88,090,529 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | -$1,754,161 |
| Retained earnings, endowment, accumulated income, or other funds | $59,069,298 |
| Total liabilities and net assets/fund balances | $145,405,666 |