Norval Electric Cooperative Inc
- Assets
- $29.3m
- Revenue
- $7.9m
- Investments
- $0.0
- Employees
- 27
- Location
- Glasgow, MT
- Founding
- 03/1956
- Data as of
- 12/2021
- EIN
- 81-0215971
Organization Overview
Norval Electric Cooperative Inc is located in Glasgow, MT. The organization was established in 1956. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Norval Electric Cooperative Inc employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norval 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 12/2021, Norval Electric Cooperative Inc generated $7.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $7.9m during the year ending 12/2021. While expenses have increased by 0.5% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
ELECTRIC UTILITY COOPERATIVE SERVING RURAL RESIDENCES, FARMS, BUSINESSES AND OTHER INDUSTRIAL ACCOUNTS LOCATED IN DANIELS, MCCONE, PHILLIPS, ROOSEVELT AND VALLEY COUNTIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRICITY TO RURAL FARMS, RESIDENCES, BUSINESSES AND OTHER INDUSTRIAL ENTITIES IN NORTHEAST MONTANA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig Herbert General Manager | Officer | 45 | $137,879 |
Nick Dulaney Line Superintendent | Officer | 45 | $111,206 |
Ron Reddig President | OfficerTrustee | 5 | $4,250 |
Gary Meyer Director | OfficerTrustee | 4 | $4,050 |
Chris Christensen Director | OfficerTrustee | 15 | $3,650 |
Rocky Kittleson Director | OfficerTrustee | 3 | $3,150 |
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 | $7,465,647 |
| Investment income | $25,129 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,862,591 |
| 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 | $322,963 |
| Compensation of current officers, directors, key employees. | $275,285 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,177,006 |
| Pension plan accruals and contributions | $278,199 |
| Other employee benefits | $451,123 |
| Payroll taxes | $123,664 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,125 |
| Fees for services: Accounting | $14,376 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $12,994 |
| Office expenses | $21,172 |
| Information technology | $8,981 |
| 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 | $519,103 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,277,931 |
| Insurance | $99,045 |
| All other expenses | $624,959 |
| Total functional expenses | $7,862,591 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,126,629 |
| Savings and temporary cash investments | $119,805 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,030,805 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,064,881 |
| Prepaid expenses and deferred charges | $100,210 |
| Net Land, buildings, and equipment | $22,263,060 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,413,485 |
| Intangible assets | $0 |
| Other assets | $147,262 |
| Total assets | $29,266,137 |
| Accounts payable and accrued expenses | $441,291 |
| 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 | $11,610,301 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,690,533 |
| Total liabilities | $13,742,125 |
| 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 | $15,524,012 |
| Total liabilities and net assets/fund balances | $29,266,137 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Norval Electric Cooperative Inc Glasgow, MT | $29,266,137 | $7,862,591 |
Twin Lakes Canal Co Weston, ID | $9,845,222 | $667,778 |
Joint Well Field Inc Toronto, SD | $2,543,710 | $758,352 |
Eastern Snake Plain Aquifer Recharge Blackfoot, ID | $168,571 | $262,109 |
Broadwater-Missouri Townsend, MT | $752,863 | $264,671 |
United Canal Company Blackfoot, ID | $346,241 | $0 |
Old Baldy Water & Sewer Company Saratoga, WY | $195,308 | $139,668 |
Nine Mile Water And Sewer District Laramie, WY | $236,634 | $117,831 |
Teton Co-Op Canal Co Choteau, MT | $225,251 | $0 |
Conroy Building Association Casper, WY | $37,549 | $0 |
Henrys Fork Groundwater District Saint Anthony, ID | $241,842 | $0 |
Idaho Energy Authority Inc Heyburn, ID | $0 | $0 |