Itasca Mantrap Co-Op Electrical Assn
- Assets
- $72.2m
- Revenue
- $30.9m
- Investments
- $0.0
- Employees
- 34
- Location
- Park Rapids, MN
- Founding
- 11/1942
- Data as of
- 12/2022
- 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 12/2022, Itasca Mantrap Co-Op Electrical Assn employed 34 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 12/2022, Itasca Mantrap Co-Op Electrical Assn generated $30.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $30.9m during the year ending 12/2022. While expenses have increased by 3.0% 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
2022
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 12,448 MEMBERS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Cook Treasurer | Trustee | 6.33 | $10,150 |
Pat Roehl Director | Trustee | 3.28 | $9,150 |
Nancy Utke Director | Trustee | 7.88 | $10,050 |
Al Czeczok Assistant Secretary/treasuer | Trustee | 2.08 | $8,200 |
Brian Behrens Chair | Trustee | 3.63 | $9,300 |
Dan Breitbach Vice Chair | Trustee | 4.31 | $8,550 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Integrity Contracting Underground Electric Line Construction | 12/30/22 | $301,188 |
Carr's Tree Service Tree Clearing | 12/30/22 | $187,181 |
Central Applicators Spraying Services | 12/30/22 | $136,955 |
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 | $30,232,246 |
| Investment income | $54,579 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,381 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $5,865 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,902,494 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $47,074 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,722,425 |
| Compensation of current officers, directors, key employees. | $778,288 |
| 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 | $920,268 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,920,140 |
| Insurance | $0 |
| All other expenses | $991,225 |
| Total functional expenses | $30,902,493 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $500 |
| Savings and temporary cash investments | $6,605,805 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,352,135 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $881,482 |
| Inventories for sale or use | $1,012,553 |
| Prepaid expenses and deferred charges | $396,017 |
| Net Land, buildings, and equipment | $46,440,021 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,503,785 |
| Intangible assets | $1,364 |
| Other assets | $5,073 |
| Total assets | $72,198,735 |
| Accounts payable and accrued expenses | $4,420,440 |
| Grants payable | $0 |
| Deferred revenue | $5,900,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,678 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $26,016,786 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $667,734 |
| Total liabilities | $37,009,638 |
| 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 | $35,189,097 |
| Total liabilities and net assets/fund balances | $72,198,735 |