Nobles Cooperative Electric
- Assets
- $71.9m
- Revenue
- $23.7m
- Investments
- $1.7m
- Employees
- 26
- Location
- Worthington, MN
- Founding
- 12/1937
- Data as of
- 12/2022
- EIN
- 41-0443755
Organization Overview
Nobles Cooperative Electric is located in Worthington, MN. The organization was established in 1937. 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, Nobles Cooperative Electric employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nobles Cooperative Electric 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, Nobles Cooperative Electric generated $23.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $23.7m during the year ending 12/2022. While expenses have increased by 3.8% 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
MAINTAIN OUR ELECTRICAL DISTRIBUTION SYSTEM & PROVIDE ELECTRICITY TO MEMBERS IN RURAL AREAS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 6,957 ACCOUNTS CONNECTED 46 NEW SERVICES AND RETIRED 68 SERVICES. UPGRADED 48 MILES OF OVERHEAD LINE TO 48 MILES OF UNDERGROUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Schwartau President | OfficerTrustee | 3.84 | $7,850 |
Lee York Vice President | OfficerTrustee | 10.52 | $7,250 |
Cindy Hokeness Secretary/treasurer | OfficerTrustee | 7.52 | $10,500 |
Jerry Beckering Director | Trustee | 5.35 | $9,750 |
Gary Clarke Director | Trustee | 3.29 | $6,410 |
Timothy Bickett Director | Trustee | 3.1 | $7,830 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Star Energy Services Engineering Services | 12/30/22 | $469,477 |
Loosbrock Digging Services Underground Line Boring | 12/30/22 | $412,842 |
Carr's Tree Service Inc Tree Trimming/bush Removal | 12/30/22 | $286,242 |
Brink Constructors Line Construction | 12/30/22 | $246,964 |
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 | $23,375,426 |
| Investment income | $152,815 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $12,973 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,725,160 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,875 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,607,192 |
| Compensation of current officers, directors, key employees. | $536,899 |
| 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 | $875,817 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,074,353 |
| Insurance | $0 |
| All other expenses | $713,173 |
| Total functional expenses | $23,659,088 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,165,727 |
| Savings and temporary cash investments | $9,572,695 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,816,969 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,899 |
| Inventories for sale or use | $1,407,893 |
| Prepaid expenses and deferred charges | $302,774 |
| Net Land, buildings, and equipment | $46,805,400 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,656,534 |
| Investments—program-related | $8,136,042 |
| Intangible assets | $0 |
| Other assets | $23,331 |
| Total assets | $71,903,264 |
| Accounts payable and accrued expenses | $3,449,257 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,891 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $35,747,361 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $494,881 |
| Total liabilities | $39,693,390 |
| 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 | $4,459,738 |
| Retained earnings, endowment, accumulated income, or other funds | $27,750,136 |
| Total liabilities and net assets/fund balances | $71,903,264 |