Osceola Electric Cooperative Inc
- Assets
- $21.7m
- Revenue
- $8.9m
- Investments
- $412.4k
- Employees
- 10
- Location
- Sibley, IA
- Founding
- 08/1940
- Data as of
- 12/2023
- EIN
- 42-0451575
Organization Overview
Osceola Electric Cooperative Inc is located in Sibley, IA. The organization was established in 1940. 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, Osceola Electric Cooperative Inc employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Osceola 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, Osceola Electric Cooperative Inc generated $8.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $8.5m during the year ending 12/2023. While expenses have increased by 5.6% 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
RURAL ELECTRIC COOPERATIVE THAT PROVIDES ELECTRIC SERVICE TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUCCESSFULLY DELIVERED ELECTRIC SERVICE TO APPROXIMATELY 871 CONSUMERS IN NORTHWEST IOWA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Jacobs President Until 03/2023 | OfficerTrustee | 3.7 | $2,100 |
Terrence Clark Vice President/president From 04/2023 | OfficerTrustee | 4.3 | $8,775 |
Dean Haspels Secretary/treasurer | OfficerTrustee | 4.7 | $9,125 |
Steve Voss Director | Trustee | 2.2 | $4,500 |
Edward Strouth Director Until 10/2023 | Trustee | 0.6 | $1,250 |
Adam Hoekstra Director | Trustee | 4.4 | $7,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Moorhead Electric Inc Construct & Retire Oh Electric Lines | 12/30/18 | $374,647 |
Highline Construction Inc Construct & Retire Oh Electric Lines | 12/30/18 | $191,735 |
Loosbrock Digging Service Installing Urd Cable | 12/30/18 | $115,659 |
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 | $8,787,198 |
| Investment income | $74,428 |
| 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 | -$1,522 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,860,104 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,054 |
| Grants and other assistance to domestic individuals. | $2,296 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $332,873 |
| Compensation of current officers, directors, key employees. | $268,170 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $447,111 |
| Pension plan accruals and contributions | $181,828 |
| Other employee benefits | $0 |
| Payroll taxes | $46,259 |
| 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 | $33,252 |
| Advertising and promotion | $0 |
| Office expenses | $16,710 |
| 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 | $74,203 |
| Interest | $274,121 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $454,238 |
| Insurance | $0 |
| All other expenses | -$409,661 |
| Total functional expenses | $8,527,231 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,203,488 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,063,659 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,145,723 |
| Prepaid expenses and deferred charges | $107,328 |
| Net Land, buildings, and equipment | $12,183,708 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $412,388 |
| Investments—program-related | $4,594,317 |
| Intangible assets | $0 |
| Other assets | $13,113 |
| Total assets | $21,723,724 |
| Accounts payable and accrued expenses | $2,319,248 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $78 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,414,154 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $712,749 |
| Total liabilities | $9,446,229 |
| 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 | $4,355 |
| Retained earnings, endowment, accumulated income, or other funds | $12,273,140 |
| Total liabilities and net assets/fund balances | $21,723,724 |