P K M Electric Cooperative Inc
- Assets
- $38.4m
- Revenue
- $15.3m
- Investments
- $2.0m
- Employees
- 20
- Location
- Warren, MN
- Founding
- 02/1945
- Data as of
- 12/2023
- EIN
- 41-0484875
Organization Overview
P K M Electric Cooperative Inc is located in Warren, MN. The organization was established in 1945. 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, P K M Electric Cooperative Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. P K M Electric Cooperative 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 12/2023, P K M Electric Cooperative Inc generated $15.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $15.1m during the year ending 12/2023. While expenses have increased by 1.0% 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
SALE OF ELECTRICITY TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO 2,867 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Hatton President | OfficerTrustee | 8 | $9,975 |
Mike Beaudry Vice President (through April 2023) | OfficerTrustee | 8 | $2,000 |
Wayne Malm Secretary Treasurer | OfficerTrustee | 8 | $6,975 |
Tom Woinarowicz Director | Trustee | 5 | $6,225 |
Steve Goodwin Director | Trustee | 5 | $6,225 |
Blake Owens Director | Trustee | 5 | $7,475 |
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 | $14,712,599 |
| Investment income | $336,240 |
| 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 | -$11,124 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,284,496 |
| 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 | $906,104 |
| Compensation of current officers, directors, key employees. | $457,335 |
| 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 | $656,616 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,148,209 |
| Insurance | $0 |
| All other expenses | $5,790 |
| Total functional expenses | $15,094,578 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $71,374 |
| Savings and temporary cash investments | $2,122,662 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,371,893 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $209,325 |
| Inventories for sale or use | $1,381,974 |
| Prepaid expenses and deferred charges | $108,847 |
| Net Land, buildings, and equipment | $28,637,112 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,001,613 |
| Investments—program-related | $2,447,162 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $38,351,962 |
| Accounts payable and accrued expenses | $1,324,075 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,117 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $15,133,699 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $206,265 |
| Total liabilities | $16,665,156 |
| 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 | $20,320 |
| Retained earnings, endowment, accumulated income, or other funds | $21,666,486 |
| Total liabilities and net assets/fund balances | $38,351,962 |