North Itasca Electric Coop Inc
- Assets
- $32.7m
- Revenue
- $9.3m
- Investments
- $201.6k
- Employees
- 21
- Location
- Bigfork, MN
- Founding
- 06/1961
- Data as of
- 12/2021
- EIN
- 41-0445923
Organization Overview
North Itasca Electric Coop Inc is located in Bigfork, MN. The organization was established in 1961. 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, North Itasca Electric Coop Inc employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Itasca Electric Coop Inc 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, North Itasca Electric Coop Inc generated $9.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $9.3m during the year ending 12/2021. While expenses have increased by 2.7% 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
THE EXEMPT PURPOSE OF THE ORGANIZATION IS TO PROVIDE ELECTRICAL ENERGY TO MEMBER-OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NORTH ITASCA ELECTRIC COOPERATIVE SERVES 5,010 MEMBERS IN THE MINNESOTA COUNTIES OF ITASCA, KOOCHICHING AND BELTRAMI. THE COOPERATIVE SERVICES 728.01 MILES OF LINE OVERHEAD AND 585.15 MILES UNDERGROUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Dolinski CEO | Officer | 40 | $151,339 |
Cole Serfling Lineman | 49 | $115,798 | |
Charles Peck Lineman | 48 | $115,429 | |
Cody Eischens Lineman | 47.8 | $111,823 | |
John Rahier Jr Lineman | 46.4 | $104,199 | |
Tina Danielson Finance Manager | Officer | 40 | $104,006 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lovdahl & Sons Llc Row Clearing/debris Clean Up | 12/30/21 | $150,250 |
Lake States Tree Service Inc Outages/install New Services | 12/30/21 | $182,581 |
J E Olson Contracting Llc Boring | 12/30/21 | $105,920 |
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 | $8,965,369 |
| Investment income | $26,784 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | -$24,718 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,276,458 |
| 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 | $661,171 |
| Compensation of current officers, directors, key employees. | $423,597 |
| 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 | $677,328 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,118,838 |
| Insurance | $0 |
| All other expenses | $33,823 |
| Total functional expenses | $9,283,962 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,042,121 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,097,198 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $49,599 |
| Inventories for sale or use | $407,831 |
| Prepaid expenses and deferred charges | $255,966 |
| Net Land, buildings, and equipment | $26,120,083 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $201,577 |
| Investments—program-related | $3,540,891 |
| Intangible assets | $361 |
| Other assets | $3,749 |
| Total assets | $32,719,376 |
| Accounts payable and accrued expenses | $1,060,615 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,010 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $20,051,792 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $226,357 |
| Total liabilities | $21,340,774 |
| 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 | $11,378,602 |
| Total liabilities and net assets/fund balances | $32,719,376 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lake Region Electric Association Inc Webster, SD | $46,798,980 | $19,860,340 |
Black Hills Electric Cooperative Inc Custer, SD | $75,104,972 | $23,022,656 |
Roseau Electric Cooperative Inc Roseau, MN | $41,619,663 | $19,513,008 |
Lewis And Clark Rural Water System Inc Tea, SD | $426,307,061 | $39,792,007 |
West Central Electric Cooperative Incorporated Murdo, SD | $53,451,686 | $18,722,038 |
Midwest Reliability Organization Inc St Paul, MN | $14,721,870 | $17,505,130 |
Rathbun Regional Water Association Inc Centerville, IA | $143,535,509 | $19,524,917 |
Oconto Electric Cooperative Oconto Falls, WI | $45,027,823 | $17,184,584 |
T I P Rural Electric Cooperative Brooklyn, IA | $57,344,467 | $17,059,790 |
Nishnabotna Valley Rural Electric Cooperative Harlan, IA | $46,708,124 | $17,798,413 |
Renville-Sibley Cooperative Power Association Danube, MN | $38,100,201 | $16,486,591 |
Central Wisconsin Electric Cooperative Rosholt, WI | $60,789,666 | $16,195,495 |