Isle Au Haut Electric Power Co
- Assets
- $494.0k
- Revenue
- $103.9k
- Investments
- $0.0
- Employees
- 6
- Location
- Isle au Haut, ME
- Founding
- Data as of
- 12/2022
- EIN
- 01-0311701
Organization Overview
Isle Au Haut Electric Power Co is located in Isle au Haut, ME. 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 12/2022, Isle Au Haut Electric Power Co employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Isle Au Haut Electric Power Co 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 12/2022, Isle Au Haut Electric Power Co generated $103.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (6.5%) each year. All expenses for the organization totaled $110.1k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (6.1%) per year over the past 3 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
DISTRIBUTION OF ELECTRIC POWER SERVICES AT LOWEST POSSIBLE COST USING GREEN SOURCES IF POSSIBLE TO RESIDENTS OF ISLE AU HAUT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2022 WE PROVIDED ELECTRIC POWER SERVICES AT THE LOWEST POSSIBLE PRICE USING GREEN SOURCES WHEREVER POSSIBLE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sam Chamberlin Secretary | OfficerTrustee | 1 | $0 |
William Chamblin President | OfficerTrustee | 5 | $0 |
George Cogan Vice President | OfficerTrustee | 5 | $0 |
Lee Davis Director | Trustee | 1 | $0 |
Robert Dewitt Director | Trustee | 1 | $0 |
Michael Fedosh Director | Trustee | 1 | $0 |
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 | $7,263 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,263 |
| Total Program Service Revenue | $0 |
| Investment income | $4 |
| 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 | $96,634 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $103,901 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $47,155 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,991 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,798 |
| Fees for services: Accounting | $6,511 |
| 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 | $8,387 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,124 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,728 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,542 |
| Insurance | $6,039 |
| All other expenses | $840 |
| Total functional expenses | $110,115 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $90,823 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $22,142 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,485 |
| Prepaid expenses and deferred charges | $2,677 |
| Net Land, buildings, and equipment | $120,833 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $252,073 |
| Total assets | $494,033 |
| Accounts payable and accrued expenses | $19,049 |
| Grants payable | $0 |
| Deferred revenue | $5,579 |
| 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 | $29,287 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $46,875 |
| Total liabilities | $100,790 |
| 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 | $1,989 |
| Retained earnings, endowment, accumulated income, or other funds | $391,254 |
| Total liabilities and net assets/fund balances | $494,033 |