Butte Electric Cooperative Inc
- Assets
- $72.5m
- Revenue
- $10.0m
- Investments
- $0.0
- Employees
- 29
- Location
- Newell, SD
- Founding
- 03/1942
- Data as of
- 12/2023
- EIN
- 46-0115942
Organization Overview
Butte Electric Cooperative Inc is located in Newell, SD. The organization was established in 1942. 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, Butte Electric Cooperative Inc employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Butte 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, Butte Electric Cooperative Inc generated $10.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $7.8m during the year ending 12/2023. While expenses have increased by 2.3% 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 MISSION OF BUTTE ELECTRIC COOPERATIVE IS TO CONTINUALLY IMPROVE CUSTOMER SERVICES; PROVIDE SAFE, RELIABLE, AND COMPETITIVELY PRICED ELECTRICITY; AND CONTINUE TO LEAD IN DEVELOPING OUR COMMUNITIES FOR THE BENEFIT OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRICITY TO APPROXIMATELY 7,085 CONSUMER ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett Fosheim Operations M | 40 | $131,420 | |
Jeffery Hughes Newell Forem | 40 | $103,832 | |
James Gyles Sturgis Fore | 40 | $103,332 | |
Bart Mclellan Member Servi | 40 | $100,444 | |
Matthew Sleep CEO | Officer | 40 | $123,397 |
Dan Marrs Vice-Preside | OfficerTrustee | 4 | $15,414 |
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 | $737,330 |
| Investment income | $258,218 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $53,388 |
| Net Gain/Loss on Asset Sales | $30,546 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $8,965,593 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,045,075 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $26,737 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $532,638 |
| Compensation of current officers, directors, key employees. | $241,045 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,277,250 |
| Pension plan accruals and contributions | $164,217 |
| Other employee benefits | $231,700 |
| Payroll taxes | $92,403 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,424 |
| Fees for services: Accounting | $35,246 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $275,456 |
| Advertising and promotion | $85,473 |
| Office expenses | $286,721 |
| Information technology | $141,422 |
| Royalties | $0 |
| Occupancy | $382,197 |
| Travel | $309,348 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,777 |
| Interest | $1,262,852 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,208,567 |
| Insurance | $2,151 |
| All other expenses | $0 |
| Total functional expenses | $7,800,336 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,969,745 |
| Savings and temporary cash investments | $2,496,793 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,336,726 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,526,955 |
| Prepaid expenses and deferred charges | $114,948 |
| Net Land, buildings, and equipment | $56,054,529 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,023,731 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $72,523,427 |
| Accounts payable and accrued expenses | $1,852,068 |
| Grants payable | $0 |
| Deferred revenue | $1,207,063 |
| 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 | $41,701,755 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,009,386 |
| Total liabilities | $45,770,272 |
| 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 | $879,939 |
| Retained earnings, endowment, accumulated income, or other funds | $25,873,216 |
| Total liabilities and net assets/fund balances | $72,523,427 |
Grants Awarded
Over the last fiscal year, Butte Electric Cooperative Inc has awarded $25,472 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
BUTTE LAWRENCE COUNTRY FAIR BOARD PURPOSE: CHARITABLE | $5,499 |
CITY OF SPEARFISH PURPOSE: CHARITABLE | $8,476 |
VARIOUS UNDER 5KVARIOUS UNDER 5K PURPOSE: CHARITABLE | $11,497 |