Wright-Hennepin Cooperative Electric Association
- Assets
- $233.5m
- Revenue
- $113.0m
- Investments
- $26.3m
- Employees
- 134
- Location
- Rockford, MN
- Founding
- 11/1939
- Data as of
- 12/2021
- 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 12/2021, Wright-Hennepin Cooperative Electric Association employed 134 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 12/2021, Wright-Hennepin Cooperative Electric Association generated $113.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $102.9m during the year ending 12/2021. While expenses have increased by 1.3% 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
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 46,902 MEMBERS AND 4,199.57 MILES OF LINE AS OF DECEMBER 31, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Sullivan President & CEO | Officer | 41.4 | $430,043 |
Lance Hovland VP Of Energy Distribution (jan) | Officer | 45 | $288,390 |
Robert Sandberg VP Of Power Supply | Officer | 45 | $261,566 |
Jonathan Lee Lead Line Crew Foreman | 45 | $164,965 | |
Anthony Heid VP Of Information Technology | Officer | 35 | $162,850 |
Richard Horman Until June Sr Operations Advisor To CEO | Officer | 45 | $158,882 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mp Nexlevel Llc Line Construction | 12/30/21 | $1,112,914 |
Bear Tree Care Inc Tree Trimming | 12/30/21 | $616,022 |
Asplundh Tree Expert Co Tree Trimming | 12/30/21 | $502,076 |
Usic Locating Services Llc Locating Services | 12/30/21 | $369,708 |
Cbs Printing Services | 12/30/21 | $277,022 |
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 | $108,967,286 |
| Investment income | $176,911 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $15,553 |
| Net Gain/Loss on Asset Sales | $156,228 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $112,957,716 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,350 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,326,528 |
| Compensation of current officers, directors, key employees. | $2,110,897 |
| 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 | $2,986,012 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,726,880 |
| Insurance | $0 |
| All other expenses | $4,242,891 |
| Total functional expenses | $102,890,600 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,654,121 |
| Savings and temporary cash investments | $3,867,164 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,299,298 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21,513 |
| Inventories for sale or use | $2,465,316 |
| Prepaid expenses and deferred charges | $334,065 |
| Net Land, buildings, and equipment | $131,012,927 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $26,336,624 |
| Investments—program-related | $54,991,042 |
| Intangible assets | $0 |
| Other assets | $6,565,236 |
| Total assets | $233,547,306 |
| Accounts payable and accrued expenses | $17,047,239 |
| Grants payable | $0 |
| Deferred revenue | $8,933,985 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $20,520 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $101,752,672 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,352,858 |
| Total liabilities | $135,107,274 |
| 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 | $98,440,032 |
| Total liabilities and net assets/fund balances | $233,547,306 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dairyland Power Cooperative La Crosse, WI | $1,543,973,952 | $466,517,279 |
Minnkota Power Cooperative Inc Grand Forks, ND | $1,140,468,068 | $406,680,982 |
Mckenzie Electric Cooperative Inc Watford City, ND | $422,129,232 | $371,972,199 |
Mountrail-Williams Electric Cooperative Inc Williston, ND | $729,403,133 | $319,591,434 |
East River Electric Power Cooperative Inc Madison, SD | $750,935,062 | $299,322,334 |
Dakota Electric Association Farmington, MN | $386,937,429 | $228,776,645 |
Central Iowa Power Cooperative Cedar Rapids, IA | $899,434,034 | $189,203,690 |
Corn Belt Power Cooperative Humboldt, IA | $515,608,745 | $168,893,187 |
Central Power Electric Coop Inc Minot, ND | $419,743,548 | $167,780,988 |
Cass County Electric Cooperative Inc Fargo, ND | $311,989,434 | $149,157,181 |
Nodak Electric Cooperative Inc Grand Forks, ND | $162,149,817 | $119,843,322 |
Wright-Hennepin Cooperative Electric Association Rockford, MN | $233,547,306 | $112,957,716 |