Redwood Electric Cooperative
- Assets
- $41.7m
- Revenue
- $16.7m
- Investments
- $295.8k
- Employees
- 19
- Location
- Clements, MN
- Founding
- 02/1938
- Data as of
- 12/2023
- EIN
- 41-0184475
Organization Overview
Redwood Electric Cooperative is located in Clements, MN. The organization was established in 1938. 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, Redwood Electric Cooperative employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Redwood Electric Cooperative 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, Redwood Electric Cooperative generated $16.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $16.7m during the year ending 12/2023. While expenses have increased by 4.0% per year over the past 9 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
PROVIDING ELECTRICITY TO RURAL COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 3,661 MEMBERS ALONG 1,317 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Nelson President | OfficerTrustee | 3 | $13,650 |
Daniel Tauer Vice President | OfficerTrustee | 2 | $13,150 |
Jill Weber Vanderwal Secretary/treasurer | OfficerTrustee | 2 | $12,850 |
Michael Baune Director | Trustee | 3.5 | $13,750 |
Dean Fultz Director | Trustee | 2 | $12,950 |
Emily Evans Director | Trustee | 2 | $12,750 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Integrity Contracting Inc Plow, Directional Drilling, Excavation | 12/30/22 | $190,511 |
Southwood 2000 Pole Testing, Locating, Engineering Serv | 12/30/22 | $118,806 |
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 | $16,616,095 |
| Investment income | $59,819 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,652 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$22,021 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,656,545 |
| 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 | $1,177,713 |
| Compensation of current officers, directors, key employees. | $482,397 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,428,871 |
| Pension plan accruals and contributions | $465,316 |
| Other employee benefits | $0 |
| Payroll taxes | $124,029 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $577,305 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,483,951 |
| Insurance | $0 |
| All other expenses | -$1,121,232 |
| Total functional expenses | $16,656,545 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,423,512 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,349,995 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,190,872 |
| Prepaid expenses and deferred charges | $161,801 |
| Net Land, buildings, and equipment | $29,992,364 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $295,811 |
| Investments—program-related | $6,254,497 |
| Intangible assets | $0 |
| Other assets | $3,947 |
| Total assets | $41,672,799 |
| Accounts payable and accrued expenses | $1,775,155 |
| 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 | $21,990,058 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $459,028 |
| Total liabilities | $24,224,241 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $17,448,558 |
| Total liabilities and net assets/fund balances | $41,672,799 |