Northern Electric Cooperative Incorporated
- Assets
- $105.6m
- Revenue
- $30.3m
- Investments
- $510.8k
- Employees
- 39
- Location
- Bath, SD
- Founding
- 04/1947
- Data as of
- 12/2023
- EIN
- 46-0151015
Organization Overview
Northern Electric Cooperative Incorporated is located in Bath, SD. The organization was established in 1947. 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, Northern Electric Cooperative Incorporated employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northern Electric Cooperative Incorporated 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, Northern Electric Cooperative Incorporated generated $30.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $30.3m during the year ending 12/2023. While expenses have increased by 1.7% 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
PROVIDE ELECTRICITY TO RURAL AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 6,717 MEMBERS, SERVED 2,505 MILES OF LINES, ADDED/REPLACED 69 MILES OF LINES, AND RETIRED 78 MILES OF LINES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nolan Wipf President | OfficerTrustee | 5 | $4,900 |
Ronald Kaaz Secretary | OfficerTrustee | 5 | $3,500 |
Josh Larson Treasurer | OfficerTrustee | 5 | $3,200 |
Fran Esser Director | Trustee | 5 | $4,200 |
Todd Hettich Vice President | OfficerTrustee | 5 | $5,200 |
Kirk Schaunaman Director | Trustee | 5 | $3,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Schmidt Construction Inc Plowing & Trenching | 12/30/23 | $384,194 |
K&h Electric Inc Plowing & Trenching | 12/30/23 | $225,807 |
Treeline Tree Service Inc Tree Trimming | 12/30/23 | $175,132 |
Power System Engineering Inc Engineering Services | 12/30/23 | $173,417 |
Larson Digging Inc Plowing & Trenching | 12/30/23 | $164,169 |
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 | $30,083,922 |
| Investment income | $213,582 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $23,517 |
| Net Gain/Loss on Asset Sales | $7,075 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $17,037 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,345,133 |
| 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 | $2,351,957 |
| Compensation of current officers, directors, key employees. | $438,638 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,826,381 |
| Pension plan accruals and contributions | $739,856 |
| Other employee benefits | $0 |
| Payroll taxes | $236,931 |
| 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 | $1,943,174 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,869,938 |
| Insurance | $0 |
| All other expenses | -$2,592,782 |
| Total functional expenses | $30,345,133 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,602,434 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,033,074 |
| Loans from Officers, Directors, or Controlling Persons | $77 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,869,809 |
| Prepaid expenses and deferred charges | $300,092 |
| Net Land, buildings, and equipment | $72,200,261 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $510,800 |
| Investments—program-related | $22,893,973 |
| Intangible assets | $0 |
| Other assets | $211,640 |
| Total assets | $105,622,160 |
| Accounts payable and accrued expenses | $3,058,678 |
| Grants payable | $0 |
| Deferred revenue | $1,575,858 |
| 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 | $64,435,780 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $179,595 |
| Total liabilities | $69,249,911 |
| 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 | $36,372,249 |
| Total liabilities and net assets/fund balances | $105,622,160 |