Wright-Hennepin Cooperative Electric Association
- Assets
- $262.7m
- Revenue
- $125.1m
- Investments
- $23.8m
- Employees
- 136
- Location
- Rockford, MN
- Founding
- 11/1939
- Data as of
- 12/2023
- EIN
- 41-0621437
Organization Overview
Wright-Hennepin Cooperative Electric Association is located in Rockford, MN. The organization was established in 1939. 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, Wright-Hennepin Cooperative Electric Association employed 136 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wright-Hennepin Cooperative Electric Association 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, Wright-Hennepin Cooperative Electric Association generated $125.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $121.8m during the year ending 12/2023. While expenses have increased by 3.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
WHCEA IS A MEMBER-OWNED, NOT-FOR-PROFIT ELECTRIC COOPERATIVE. ELECTRIC UTILITY THAT PROVIDES POWER TO RURAL WRIGHT COUNTY AND WESTERN HENNEPIN COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DELIVER THE POWER, PRODUCTS AND COMPETITIVE PRICING ESSENTIAL FOR IMPROVING THE QUALITY OF LIFE OF THE MEMBERS AND COMMUNITIES WE SERVE. THIS IS DONE BY EXECUTING A COMPREHENSIVE STRATEGY PLAN, WHICH INCLUDES PURCHASING POWER FROM SEVERAL PROVIDERS, THE LARGEST COST TO THE COOPERATIVE.THE COOPERATIVE SERVED 59,596 MEMBERS AND 4,333 MILES OF LINE AS OF DECEMBER 31, 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erick Heinz Chair | OfficerTrustee | 10.5 | $38,046 |
Timothy Young Vice Chair | OfficerTrustee | 5.3 | $24,475 |
Michael Tieva Secretary-Treasurer | OfficerTrustee | 8.9 | $30,431 |
Pat Bakeberg Director | Trustee | 6 | $24,544 |
Kenneth Hiebel Director Until 4/23 | Trustee | 2.2 | $5,950 |
Chris Lantto Director | Trustee | 14 | $33,250 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mp Nexlevel Llc Line Construction | 12/30/23 | $2,784,253 |
Bear Tree Care Inc Tree Trimming | 12/30/23 | $688,926 |
Zielie's Tree Service Inc Tree Trimming | 12/30/23 | $806,369 |
Asplundh Tree Expert Co Tree Trimming | 12/30/23 | $972,396 |
Michels Utility Services Inc Line Construction | 12/30/23 | $603,410 |
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 | $120,246,142 |
| Investment income | $49,607 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $24,915 |
| Net Gain/Loss on Asset Sales | $135,995 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $125,052,995 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,200 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $7,132,773 |
| Compensation of current officers, directors, key employees. | $2,495,706 |
| 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 | $4,305,505 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,051,555 |
| Insurance | $0 |
| All other expenses | $4,860,979 |
| Total functional expenses | $121,841,198 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,625,412 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,558,151 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,962 |
| Inventories for sale or use | $5,065,543 |
| Prepaid expenses and deferred charges | $472,981 |
| Net Land, buildings, and equipment | $159,417,364 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $23,781,217 |
| Investments—program-related | $58,581,135 |
| Intangible assets | $0 |
| Other assets | $6,244,155 |
| Total assets | $262,748,920 |
| Accounts payable and accrued expenses | $21,699,017 |
| Grants payable | $0 |
| Deferred revenue | $6,148,409 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $21,480 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $91,493,579 |
| Unsecured mortgages and notes payable | $32,650,000 |
| Other liabilities | $7,869,288 |
| Total liabilities | $159,881,773 |
| 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 | $102,867,147 |
| Total liabilities and net assets/fund balances | $262,748,920 |