East River Electric Power Cooperative Inc
- Assets
- $592.3m
- Revenue
- $293.6m
- Investments
- $5.7m
- Employees
- 153
- Location
- Madison, SD
- Founding
- 06/1957
- Data as of
- 12/2019
- EIN
- 46-0225402
Organization Overview
East River Electric Power Cooperative Inc is located in Madison, SD. The organization was established in 1957. 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 12/2019, East River Electric Power Cooperative Inc employed 153 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. East River Electric Power 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 12/2019, East River Electric Power Cooperative Inc generated $293.6m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $293.6m during the year ending 12/2019. While expenses have increased by 5.4% 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.
Since 2014, East River Electric Power Cooperative Inc has awarded 33 individual grants totaling $402,023. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
ACQUISITION, TRANSMISSION, AND DISTRIBUTION OF ELECTRIC POWER TO MEMBER SYSTEMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EAST RIVER ELECTRIC POWER COOPERATIVE IS A WHOLESALE ELECTRIC POWER SUPPLY COOPERATIVE SERVING 24 RURAL ELECTRIC COOPERATIVES AND ONE MUNICIPALLY-OWNED ELECTRIC SYSTEM, WHICH IN TURN SERVE MORE THAN 93,000 HOMES AND BUSINESSES AND ABOUT 250,000 CONSUMERS. THE COOPERATIVE OPERATES AND MAINTAINS 3,006 MILES OF HIGH VOLTAGE TRANSMISSION LINE, 259 SUBSTATIONS AND RELATED FACILITIES TO SERVE AN AREA OF 40,000 SQUARE MILES THAT COVERS THE RURAL AREAS OF 41 COUNTIES IN EASTERN SOUTH DAKOTA AND 22 COUNTIES IN WESTERN MINNESOTA. EAST RIVER IS ALSO A TRANSMISSION OWNER IN THE SOUTHWEST POWER POOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Boyko Ceo/general Manager | Officer | 48 | $507,903 |
Dustin Zubke Chief Financial Officer | Officer | 44.2 | $220,680 |
Patrick Engebretson Chief Information Officer | 46.7 | $208,514 | |
Robert Sahr General Counsel | 45.8 | $203,139 | |
Chris Studer Chief Member & Pr Officer | 46.9 | $191,578 | |
Michael Jaspers Business Development Director | 44.6 | $182,701 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Highmark Erectors Inc Construction | 12/30/19 | $5,252,912 |
Dgr Engineering Engineering | 12/30/19 | $1,727,375 |
Moorhead Electric Inc Construction | 12/30/19 | $1,888,613 |
Ies Commercialinc Line Construction | 12/30/19 | $1,512,470 |
Key Contracting Inc Line Construction | 12/30/19 | $1,609,065 |
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 | $292,411,588 |
| Investment income | $991,072 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $180,000 |
| Net Gain/Loss on Asset Sales | $3,841 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $293,586,852 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $67,941 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $15,462,012 |
| Compensation of current officers, directors, key employees. | $1,478,368 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,696,822 |
| Pension plan accruals and contributions | $2,482,965 |
| Other employee benefits | $0 |
| Payroll taxes | $996,891 |
| 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 | $11,475,479 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,669,214 |
| Insurance | $0 |
| All other expenses | -$10,970,712 |
| Total functional expenses | $293,586,852 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,914,116 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,788,105 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $13,310,334 |
| Prepaid expenses and deferred charges | $7,399,133 |
| Net Land, buildings, and equipment | $380,305,931 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,651,894 |
| Investments—program-related | $150,954,720 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $592,324,233 |
| Accounts payable and accrued expenses | $38,700,722 |
| 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 | $295,198,938 |
| Unsecured mortgages and notes payable | $33,000,000 |
| Other liabilities | $5,917,720 |
| Total liabilities | $372,817,380 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,500 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $219,504,353 |
| Total liabilities and net assets/fund balances | $592,324,233 |
Grants Awarded
Over the last fiscal year, East River Electric Power Cooperative Inc has awarded $39,166 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
GOVERNOR'S OFFICE OF ECONOMIC DEVELOPMENT PURPOSE: ECONOMIC DEVELOPMENT | $15,000 |
Madison, SD PURPOSE: ECONOMIC DEVELOPMENT | $10,000 |
Brookings, SD PURPOSE: AG LEADERSHIP PROGRAM | $7,500 |
FORWARD SIOUX FALLS PURPOSE: ECONOMIC DEVELOPMENT | $6,666 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Upper Missouri G & T Electric Cooperative Inc Sidney, MT | $334,768,198 | $637,652,492 |
Minnkota Power Cooperative Inc Grand Forks, ND | $1,124,833,308 | $402,196,354 |
Mckenzie Electric Cooperative Inc Watford City, ND | $393,514,370 | $335,917,669 |
Mountrail-Williams Electric Cooperative Inc Williston, ND | $717,404,799 | $318,238,351 |
East River Electric Power Cooperative Inc Madison, SD | $592,324,233 | $293,586,852 |
Nebraska Electric Generation And Transmission Cooperative Inc Columbus, NE | $29,167,206 | $236,950,531 |
Central Iowa Power Cooperative Cedar Rapids, IA | $803,787,652 | $195,289,761 |
Dakota Electric Association Farmington, MN | $344,083,597 | $207,935,201 |
Powder River Energy Corporation Sundance, WY | $470,472,182 | $184,204,500 |
Central Power Electric Coop Inc Minot, ND | $390,213,092 | $178,336,721 |
Cass County Electric Cooperative Inc Fargo, ND | $289,161,420 | $140,494,536 |
Flathead Electric Cooperative Inc Kalispell, MT | $283,675,251 | $122,789,085 |