Norris Electric Cooperative
- Assets
- $142.8m
- Revenue
- $51.6m
- Investments
- $0.0
- Employees
- 54
- Location
- Newton, IL
- Founding
- 09/1941
- Data as of
- 12/2023
- EIN
- 37-0442695
Organization Overview
Norris Electric Cooperative is located in Newton, IL. The organization was established in 1941. 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, Norris Electric Cooperative employed 54 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norris Electric Cooperative 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, Norris Electric Cooperative generated $51.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $50.1m during the year ending 12/2023. While expenses have increased by 2.2% per year over the past 8 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
DISTRIBUTION OF ELECTRICITY TO RURAL MEMBERS OF THE COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRICITY TO RURAL MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ava Lemmon Director | Trustee | 2.02 | $5,950 |
Brandon Graves Director | Trustee | 1.64 | $4,850 |
Dan Strine Director | Trustee | 2.02 | $5,775 |
Dave Sheppard Director | Trustee | 3.45 | $10,175 |
Gilbert Garbe Director | Trustee | 1.21 | $4,025 |
Gordon Mcclure President | OfficerTrustee | 2.35 | $6,600 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
K Wohltman Construction Inc Construction | 12/30/23 | $3,343,657 |
Asplundh Tree Experts Co Right Of Way Clearing | 12/30/23 | $1,394,800 |
Henkels & Mccoy Inc Utility Construction | 12/30/23 | $957,944 |
Osmose Utilities Service Inc Utility Construction | 12/30/23 | $758,183 |
Intren Utility Construction | 12/30/23 | $611,234 |
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 | $51,065,795 |
| Investment income | $139,628 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $98,194 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $51,604,627 |
| 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. | $104,199 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $385,070 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $146,591 |
| Fees for services: Accounting | $21,700 |
| 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 | $602,513 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,752,245 |
| Insurance | $0 |
| All other expenses | $2,125,429 |
| Total functional expenses | $50,077,264 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,503,348 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,381,611 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,918,230 |
| Prepaid expenses and deferred charges | $118,409 |
| Net Land, buildings, and equipment | $127,014,527 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,825,305 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $142,761,430 |
| Accounts payable and accrued expenses | $4,250,169 |
| 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 | $57,487,520 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,735,041 |
| Total liabilities | $67,472,730 |
| 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 | $6,413,265 |
| Retained earnings, endowment, accumulated income, or other funds | $68,875,435 |
| Total liabilities and net assets/fund balances | $142,761,430 |