Mckenzie Electric Cooperative Inc
- Assets
- $580.2m
- Revenue
- $441.7m
- Investments
- $0.0
- Employees
- 77
- Location
- Watford City, ND
- Founding
- 09/1961
- Data as of
- 12/2023
- EIN
- 45-0217439
Organization Overview
Mckenzie Electric Cooperative Inc is located in Watford City, ND. The organization was established in 1961. 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, Mckenzie Electric Cooperative Inc employed 77 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mckenzie 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, Mckenzie Electric Cooperative Inc generated $441.7m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $441.7m during the year ending 12/2023. While expenses have increased by 10.8% 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
THE TAX-EXEMPT PURPOSE OF THE ORGANIZATION IS TO DELIVER ELECTRICITY TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE DELIVERS ELECTRIC ENERGY TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Clayton Monsen President | OfficerTrustee | 6.7 | $25,527 |
Ray Tescher Vice President | OfficerTrustee | 6.8 | $34,884 |
Tim Wasem Secretary/treasurer | OfficerTrustee | 4.2 | $25,459 |
Travis Thompson Director-At-Large | Trustee | 7.9 | $34,959 |
Stephen Kershisnik Director | Trustee | 4.9 | $25,327 |
Ken Sanford Director | Trustee | 5.9 | $28,309 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Badlands Electric Inc Line Construction | 12/30/23 | $8,483,401 |
Stoel Rives Llp Legal Services | 12/30/23 | $7,888,308 |
Highmark Erectors Inc Electrical Contractor | 12/30/23 | $3,992,073 |
4t Construction Inc Line Construction | 12/30/23 | $3,475,005 |
Mountain Plains Llc Civil Engineering | 12/30/23 | $2,988,372 |
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 | $409,144,056 |
| Investment income | $6,756,320 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $10,070 |
| Net Gain/Loss on Asset Sales | $48,208 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $441,740,325 |
| 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 | $43,355,102 |
| Compensation of current officers, directors, key employees. | $701,979 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,127,825 |
| Pension plan accruals and contributions | $1,234,831 |
| Other employee benefits | $0 |
| Payroll taxes | $516,435 |
| 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 | $1,215,613 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,144,660 |
| Insurance | $0 |
| All other expenses | -$6,234,753 |
| Total functional expenses | $441,740,325 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $67,281,119 |
| Savings and temporary cash investments | $123,376,768 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $61,820,272 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $13,179,149 |
| Prepaid expenses and deferred charges | $76,456 |
| Net Land, buildings, and equipment | $133,592,521 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $180,829,387 |
| Intangible assets | $0 |
| Other assets | $49,813 |
| Total assets | $580,205,485 |
| Accounts payable and accrued expenses | $123,647,637 |
| 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 | $27,399,397 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,402,080 |
| Total liabilities | $161,449,114 |
| 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 | $293,910,629 |
| Retained earnings, endowment, accumulated income, or other funds | $124,845,742 |
| Total liabilities and net assets/fund balances | $580,205,485 |