Codington-Clark Electric Cooperative Inc
- Assets
- $57.7m
- Revenue
- $15.2m
- Investments
- $93.2k
- Employees
- 17
- Location
- Watertown, SD
- Founding
- 08/1949
- Data as of
- 12/2023
- EIN
- 46-0121065
Organization Overview
Codington-Clark Electric Cooperative Inc is located in Watertown, SD. The organization was established in 1949. 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, Codington-Clark Electric Cooperative Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Codington-Clark 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, Codington-Clark Electric Cooperative Inc generated $15.2m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $15.2m during the year ending 12/2023. While expenses have increased by 2.7% per year over the past 5 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
TO MAKE ELECTRIC ENERGY AVAILABLE TO OUR MEMBERS AT THE LOWEST POSSIBLE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APROXIMATELY 2,531 MEMBERS. ADDED, RETIRED OR REPLACED APPROXIMATELY 27 MILES OF UNDERGROUND AND 18 MILES OF OVERHEAD LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Benjamin Fleming President | OfficerTrustee | 10 | $4,700 |
Alfred Schleusner Vice President | OfficerTrustee | 10 | $3,400 |
Daniel Thyen Secretary | OfficerTrustee | 10 | $5,700 |
Russell Foster Treasurer | OfficerTrustee | 10 | $1,900 |
Russell Hurlbert Director | Trustee | 10 | $5,100 |
Michael Meland Director | Trustee | 10 | $3,300 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Larson Digging Inc Contractual Work | 12/30/23 | $290,779 |
Engelstad Electric Contractual Work | 12/30/23 | $212,804 |
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 | $15,090,660 |
| Investment income | $144,234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$2,250 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,232,648 |
| 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 | $1,356,510 |
| Compensation of current officers, directors, key employees. | $598,076 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $942,331 |
| Pension plan accruals and contributions | $218,571 |
| Other employee benefits | $0 |
| Payroll taxes | $101,855 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,492 |
| Fees for services: Accounting | $29,132 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,541 |
| Office expenses | $67,289 |
| Information technology | $104,292 |
| Royalties | $0 |
| Occupancy | $2,980 |
| Travel | $38,407 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $865,333 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,472,536 |
| Insurance | $0 |
| All other expenses | -$331,060 |
| Total functional expenses | $15,232,648 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,180,283 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $887,429 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,811,085 |
| Prepaid expenses and deferred charges | -$2,342 |
| Net Land, buildings, and equipment | $41,817,108 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $93,190 |
| Investments—program-related | $9,842,151 |
| Intangible assets | $0 |
| Other assets | $78,298 |
| Total assets | $57,707,202 |
| Accounts payable and accrued expenses | $1,486,921 |
| 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 | $30,010,889 |
| Unsecured mortgages and notes payable | $2,041,913 |
| Other liabilities | $4,525,290 |
| Total liabilities | $38,065,013 |
| 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 | $19,642,189 |
| Total liabilities and net assets/fund balances | $57,707,202 |