Prairie Energy Cooperative
- Assets
- $72.7m
- Revenue
- $33.6m
- Investments
- $495.2k
- Employees
- 34
- Location
- Clarion, IA
- Founding
- 10/2001
- Data as of
- 12/2022
- EIN
- 42-1506645
Organization Overview
Prairie Energy Cooperative is located in Clarion, IA. The organization was established in 2001. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, Prairie Energy Cooperative employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prairie Energy 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 12/2022, Prairie Energy Cooperative generated $33.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $33.2m during the year ending 12/2022. While expenses have increased by 4.5% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRIC POWER TO THE COOPERATIVE'S MEMBERS LOCATED PRIMARILY IN THE RURAL AREAS OF WRIGHT AND HANCOCK COUNTIES OF THE STATE OF IOWA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF ELECTRIC POWER TO MEMBERS LOCATED PRIMARILY IN THE RURAL AREAS OF WRIGHT AND HANCOCK COUNTIES OF THE STATE OF IOWA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marion Denger President | OfficerTrustee | 4.5 | $9,900 |
Joshua Amonson Vice President | OfficerTrustee | 2.5 | $8,400 |
Donald Christopherson Secretary/treasurer | OfficerTrustee | 3.6 | $11,100 |
Allyn Waddingham Assistant Secretary/treasurer | OfficerTrustee | 4.2 | $9,600 |
Ryan Eekhoff Director | Trustee | 3.2 | $9,300 |
Ted Hall Director | Trustee | 4 | $7,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Legacy Power Line Inc Line Construction & Storm Restoration | 12/30/22 | $723,973 |
Global Mapping Solutions Llc Gps Mapping Of Service Territory | 12/30/22 | $110,146 |
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 | $29,656,657 |
| Investment income | $89,663 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,000 |
| Net Gain/Loss on Asset Sales | $8,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $14,622 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,622,237 |
| 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 | $3,993,687 |
| Compensation of current officers, directors, key employees. | $373,322 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,027,709 |
| Pension plan accruals and contributions | $89,455 |
| Other employee benefits | $473,048 |
| Payroll taxes | $415,306 |
| 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 | $765,702 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,875,504 |
| Insurance | $0 |
| All other expenses | -$64,753 |
| Total functional expenses | $33,154,142 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $662,879 |
| Savings and temporary cash investments | $1,486,139 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,483,714 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $998,235 |
| Prepaid expenses and deferred charges | $430,824 |
| Net Land, buildings, and equipment | $41,431,200 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $495,234 |
| Investments—program-related | $24,707,157 |
| Intangible assets | $0 |
| Other assets | $7,016 |
| Total assets | $72,702,398 |
| Accounts payable and accrued expenses | $2,736,845 |
| Grants payable | $0 |
| Deferred revenue | $1,147,526 |
| 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 | $31,851,568 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $39,341 |
| Total liabilities | $35,775,280 |
| 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 | $36,927,118 |
| Total liabilities and net assets/fund balances | $72,702,398 |