Central Iowa Power Cooperative
- Assets
- $899.4m
- Revenue
- $189.2m
- Investments
- $290.9m
- Employees
- 128
- Location
- Cedar Rapids, IA
- Founding
- 07/1951
- Data as of
- 12/2021
- EIN
- 42-0652127
Organization Overview
Central Iowa Power Cooperative is located in Cedar Rapids, IA. The organization was established in 1951. 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, Central Iowa Power Cooperative employed 128 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central Iowa Power 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 12/2021, Central Iowa Power Cooperative generated $189.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $199.4m during the year ending 12/2021. While expenses have increased by 1.6% per year over the past 6 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
ELECTRIC GENERATION AND TRANSMISSION COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE IS AN ELECTRICAL GENERATION AND TRANSMISSION COOPERATIVE PROVIDING WHOLESALE ELECTRICAL SERVICE TO ITS MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Cherrier Executive Vp/ceo | Officer | 40 | $436,008 |
Rand Fisher President Of Iadg | 40 | $344,940 | |
Paul Hofman VP Information Technology | Officer | 40 | $220,750 |
Daniel Burns VP Utility Operations | Officer | 40 | $215,086 |
Andrew St John Vp/cfo | Officer | 40 | $213,507 |
Dawn Sly-Terpstra Part-Year VP Member Relations | Officer | 40 | $199,711 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Heartland Divide Wind Project Electric Energy | 12/30/21 | $9,988,413 |
Itc Holdings Corp Transmission Maintenance | 12/30/21 | $6,294,844 |
Mj Electric Llc Electrical Construction | 12/30/21 | $838,603 |
Aces Power Marketing Energy Management | 12/30/21 | $447,366 |
Sullivan & Ward Pc Legal | 12/30/21 | $349,066 |
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 | $182,808,902 |
| Investment income | $1,774,332 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $534,887 |
| Net Gain/Loss on Asset Sales | $287,715 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $189,203,690 |
| 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 | $10,000,000 |
| Compensation of current officers, directors, key employees. | $3,535,118 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,022,241 |
| Pension plan accruals and contributions | $293,517 |
| Other employee benefits | $4,374,202 |
| Payroll taxes | $840,384 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $315,239 |
| Fees for services: Accounting | $191,355 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $351,029 |
| Advertising and promotion | $215,810 |
| Office expenses | $188,413 |
| Information technology | $238,461 |
| Royalties | $0 |
| Occupancy | $328,351 |
| Travel | $165,871 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $69,371 |
| Interest | $12,640,266 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,438,930 |
| Insurance | $173,644 |
| All other expenses | -$3,483,993 |
| Total functional expenses | $199,425,740 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,060,455 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $38,077,807 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $9,604,359 |
| Prepaid expenses and deferred charges | $586,690 |
| Net Land, buildings, and equipment | $467,817,634 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $290,899,783 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $82,387,306 |
| Total assets | $899,434,034 |
| Accounts payable and accrued expenses | $33,248,756 |
| 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 | $456,894,425 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $175,800,471 |
| Total liabilities | $665,943,652 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,400 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $233,488,982 |
| Total liabilities and net assets/fund balances | $899,434,034 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dairyland Power Cooperative La Crosse, WI | $1,543,973,952 | $466,517,279 |
East River Electric Power Cooperative Inc Madison, SD | $750,935,062 | $299,322,334 |
Nebraska Electric Generation And Transmission Cooperative Inc Columbus, NE | $24,698,351 | $237,875,387 |
Central Electric Power Cooperative Jefferson City, MO | $478,589,080 | $224,762,707 |
Dakota Electric Association Farmington, MN | $386,937,429 | $228,776,645 |
Central Iowa Power Cooperative Cedar Rapids, IA | $899,434,034 | $189,203,690 |
National Electrical Contractors Association Inc Kansas City, MO | $2,543,076 | $175,759,939 |
Corn Belt Power Cooperative Humboldt, IA | $515,608,745 | $168,893,187 |
Southern Illinois Power Cooperative Marion, IL | $684,387,502 | $167,555,011 |
Prairie Power Inc Springfield, IL | $704,846,695 | $159,851,306 |
Citizens Electric Corporation Perryville, MO | $190,238,434 | $155,506,076 |
Cuivre River Electric Cooperative Incorporated Troy, MO | $339,510,149 | $127,588,100 |