Itasca Mantrap Co-Op Electrical Assn
- Assets
- $67.5m
- Revenue
- $29.0m
- Investments
- $0.0
- Employees
- 31
- Location
- Park Rapids, MN
- Founding
- 11/1942
- Data as of
- 12/2021
- EIN
- 41-0330817
Organization Overview
Itasca Mantrap Co-Op Electrical Assn is located in Park Rapids, MN. The organization was established in 1942. 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 12/2021, Itasca Mantrap Co-Op Electrical Assn employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Itasca Mantrap Co-Op Electrical Assn 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 12/2021, Itasca Mantrap Co-Op Electrical Assn generated $29.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $29.0m during the year ending 12/2021. While expenses have increased by 2.5% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
DISTRIBUTE ELECTRIC ENERGY TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC ENERGY TO 12,341 MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christine Fox CEO | Officer | 40 | $181,726 |
Esther Simon CFO | Officer | 40 | $116,023 |
Tim Huwe Lead Lineman | 40 | $113,109 | |
Gerald Byer Operations Manager | Officer | 40 | $112,828 |
Kevin George Lead Lineman | 40 | $111,751 | |
Dan Cox Journeyman | 40 | $108,981 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Carr's Tree Service Tree Clearing | 12/30/21 | $603,008 |
Integrity Contracting Utility Contractor | 12/30/21 | $252,986 |
Usic Receivables Llc Underground Electric Line Locating | 12/30/21 | $172,126 |
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 | $27,773,825 |
| Investment income | $35,450 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,257 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $15,802 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,952,605 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,130 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,051,085 |
| Compensation of current officers, directors, key employees. | $726,418 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $907,804 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,189,693 |
| Insurance | $0 |
| All other expenses | $832,168 |
| Total functional expenses | $28,952,603 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $500 |
| Savings and temporary cash investments | $5,228,098 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,006,573 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,032,593 |
| Inventories for sale or use | $824,988 |
| Prepaid expenses and deferred charges | $516,624 |
| Net Land, buildings, and equipment | $43,602,206 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,311,623 |
| Intangible assets | $1,364 |
| Other assets | $5,026 |
| Total assets | $67,529,595 |
| Accounts payable and accrued expenses | $4,860,943 |
| Grants payable | $0 |
| Deferred revenue | $2,900,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,113 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $24,221,985 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $855,563 |
| Total liabilities | $32,842,604 |
| 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 | $34,686,991 |
| Total liabilities and net assets/fund balances | $67,529,595 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nodak Electric Cooperative Inc Grand Forks, ND | $162,149,817 | $119,843,322 |
Wright-Hennepin Cooperative Electric Association Rockford, MN | $233,547,306 | $112,957,716 |
Northwest Iowa Power Cooperative Le Mars, IA | $209,144,882 | $97,805,529 |
Minnesota Valley Electric Cooperative Jordan, MN | $225,562,606 | $97,633,848 |
Sioux Valley-Southwestern Electric Cooperative Inc Colman, SD | $299,619,509 | $95,033,427 |
Lake Country Power Cohasset, MN | $343,138,601 | $92,478,659 |
Crow Wing Cooperative Power & Light Company Brainerd, MN | $238,884,299 | $79,431,443 |
Roughrider Electric Cooperative Inc Hazen, ND | $306,147,341 | $78,571,891 |
Mienergy Cooperative Rushford, MN | $203,461,309 | $76,660,548 |
Adams-Columbia Electric Co-Op Friendship, WI | $247,246,792 | $77,428,375 |
Stearns Cooperative Electric Association Melrose, MN | $153,957,017 | $65,381,947 |
Iowa Lakes Electric Cooperative Estherville, IA | $166,721,612 | $65,953,608 |