East-Central Iowa Rural Electric Cooperative
- Assets
- $78.9m
- Revenue
- $22.5m
- Investments
- $7.8m
- Employees
- 35
- Location
- Urbana, IA
- Founding
- 02/1996
- Data as of
- 12/2021
- EIN
- 42-1445092
Organization Overview
East-Central Iowa Rural Electric Cooperative is located in Urbana, IA. The organization was established in 1996. 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, East-Central Iowa Rural Electric Cooperative employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. East-Central Iowa 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 12/2021, East-Central Iowa Rural Electric Cooperative generated $22.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $21.2m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 7 years. 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
PROVIDE THE BEST POSSIBLE ELECTRICAL SERVICE TO ITS MEMBERS AT THE LOWEST POSSIBLE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF ELECTRICITY AND ELECTRIC SERVICES TO THE COOPERATIVE'S 7,220 MEMBERS. THIS REPRESENTS 99% OF THE TOTAL REVENUE FOR THE COOPERATIVE FOR 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Teresa Floyd CEO | Officer | 40 | $142,800 |
Steve Rau President | OfficerTrustee | 3.15 | $9,810 |
Jeff Elliot Vice President | OfficerTrustee | 2.88 | $9,810 |
Julie Kester Assistant Secretary/treasu | OfficerTrustee | 2.88 | $9,495 |
Gary Mckenna Director | Trustee | 2.12 | $7,190 |
Nick Donlea Director | Trustee | 1.81 | $5,230 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Crc Trenching Co Boring/trenching | 12/30/21 | $591,208 |
Highline Construction Inc Dist. Line Rebuild | 12/30/21 | $461,931 |
West Union Trenching Boring/trenching | 12/30/21 | $146,915 |
Maurer Tree Service Tree Trimming | 12/30/21 | $111,985 |
Utility Service Contractors Dist. Line Rebuild | 12/30/21 | $108,437 |
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 | $21,620,806 |
| Investment income | $43,877 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $19,323 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$1,036 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,546,946 |
| 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 | $515,631 |
| Compensation of current officers, directors, key employees. | $247,199 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $399,751 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $48,959 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,994 |
| 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 | $521,768 |
| 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 | $1,395,976 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,486,997 |
| Insurance | $0 |
| All other expenses | $121,673 |
| Total functional expenses | $21,238,918 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $246,143 |
| Savings and temporary cash investments | $1,557,505 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,939,426 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,505,282 |
| Prepaid expenses and deferred charges | $151,564 |
| Net Land, buildings, and equipment | $63,717,381 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,787,839 |
| Investments—program-related | $0 |
| Intangible assets | $18,180 |
| Other assets | $945,914 |
| Total assets | $78,869,234 |
| Accounts payable and accrued expenses | $2,706,947 |
| 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 | $36,989,954 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $631,458 |
| Total liabilities | $40,328,359 |
| 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 | $38,540,875 |
| Total liabilities and net assets/fund balances | $78,869,234 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Black River Electric Cooperative Fredericktown, MO | $138,131,330 | $49,558,459 |
Tri-County Electric Cooperative Mount Vernon, IL | $133,948,921 | $48,522,537 |
New Mac Electric Cooperative Inc Neosho, MO | $135,294,797 | $45,962,047 |
Three Rivers Electric Cooperative Linn, MO | $111,680,117 | $44,711,641 |
Blue Earth Nicollet Faribault Cooperative Electric Association Mankato, MN | $118,260,844 | $45,959,324 |
Semo Electric Cooperative Sikeston, MO | $155,297,219 | $43,598,236 |
Oakdale Electric Cooperative Oakdale, WI | $108,949,694 | $41,848,166 |
Norris Electric Cooperative Newton, IL | $122,679,839 | $43,756,656 |
Barron Electric Cooperative Barron, WI | $83,238,959 | $40,823,389 |
Garden Valley Telephone Company Erskine, MN | $115,867,634 | $40,536,799 |
Egyptian Electric Cooperative Association Murphysboro, IL | $103,786,705 | $42,170,209 |
Riverland Energy Cooperative Arcadia, WI | $120,553,523 | $39,958,076 |