T I P Rural Electric Cooperative
- Assets
- $56.9m
- Revenue
- $18.0m
- Investments
- $0.0
- Employees
- 34
- Location
- Brooklyn, IA
- Founding
- 08/1939
- Data as of
- 12/2023
- EIN
- 42-0557125
Organization Overview
T I P Rural Electric Cooperative is located in Brooklyn, IA. 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, T I P Rural Electric Cooperative employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. T I P Rural Electric Cooperative 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, T I P Rural Electric Cooperative generated $18.0m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $17.6m during the year ending 12/2023. While expenses have increased by 2.2% per year over the past 5 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
PROVIDING ELECTRIC SERVICE TO 5,054 MEMBERS (6,554 ACCOUNTS)
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE SOLD 142,661,808 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS 5,054 MEMBER CONSUMERS DURING 2023 FOR RECORDED PROGRAM SERVICE REVENUE OF $16,598,549. THIS REPRESENTS 92% OF THE TOTAL REVENUE FOR THE COOPERATIVE FOR CALENDAR YEAR 2023.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gene Von Ahsen President | OfficerTrustee | 6.35 | $15,654 |
Arianne Axmear Vice President | OfficerTrustee | 5.27 | $13,493 |
Ronald Hoffman Secretary/treasurer | OfficerTrustee | 7.87 | $16,129 |
Jerry Henning Assistant Secretary | OfficerTrustee | 9.04 | $14,881 |
Randy Upah Director | Trustee | 5.29 | $11,686 |
David Lee King Director | Trustee | 8.35 | $13,994 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Merit Construction Company Construction Of Headquarters | 12/30/23 | $7,116,456 |
Wilderness Land Management Construction Of Headquarters | 12/30/23 | $203,713 |
Martin Gardner Architecture Construction Of Headquarters | 12/30/23 | $130,108 |
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 | $16,598,549 |
| Investment income | $433,768 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,020,996 |
| 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 | $917,869 |
| Compensation of current officers, directors, key employees. | $538,746 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,011,077 |
| Pension plan accruals and contributions | $563,772 |
| Other employee benefits | $40,268 |
| Payroll taxes | $186,075 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,798 |
| Fees for services: Accounting | $27,173 |
| 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 | $1,287,907 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,331,066 |
| Insurance | $0 |
| All other expenses | -$10,643 |
| Total functional expenses | $17,563,589 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $887,593 |
| Savings and temporary cash investments | $461,848 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,310,531 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,405,184 |
| Prepaid expenses and deferred charges | $256,256 |
| Net Land, buildings, and equipment | $45,940,697 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,606,763 |
| Intangible assets | $0 |
| Other assets | $5,025,714 |
| Total assets | $56,894,586 |
| Accounts payable and accrued expenses | $2,240,238 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $26,672,983 |
| Other liabilities | $3,654 |
| Total liabilities | $28,916,875 |
| 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 | $27,977,711 |
| Total liabilities and net assets/fund balances | $56,894,586 |