Prairie Power Inc
- Assets
- $766.2m
- Revenue
- $173.0m
- Investments
- $42.6m
- Employees
- 72
- Location
- Springfield, IL
- Founding
- 09/1978
- Data as of
- 12/2023
- EIN
- 37-1013955
Organization Overview
Prairie Power Inc is located in Springfield, IL. The organization was established in 1978. 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, Prairie Power Inc employed 72 individuals. This organization is the central organization for a national or regional group of organizations. Prairie Power 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 12/2023, Prairie Power Inc generated $173.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $173.0m during the year ending 12/2023. While expenses have increased by 3.3% 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
MEMBER-OWNED NOT-FOR-PROFIT ELECTRIC GENERATION AND TRANSMISSION COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELECTRIC PURCHASES - PURCHASED AND GENERATED KILOWATT HOURS OF ELECTRICITY FOR SALE TO MEMBER SYSTEMS.
TRANSMISSION OF ELECTRICITY - TRANSMISSION OF ELECTRICITY FROM THE GENERATOR TO OUR MEMBER SYSTEMS
DISTRIBUTION OF ELECTRICITY - DISTRIBUTION OF ELECTRICITY FROM THE SUBSTATION TO OUR MEMBER SYSTEMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Hobbie President & CEO | Officer | 40 | $490,157 |
Brian Fitzgerald Vp-Generation Major Projects From 06/24 | Officer | 40 | $199,596 |
Crystal Riney VP Finance & Accounting | Officer | 40 | $205,399 |
Joseph Smith Chief Technology Officer | Officer | 46 | $216,730 |
Micah Bushnell VP Portfolio & Markets | Officer | 40 | $200,728 |
Robert Reynolds Until 0623 Sr VP Members & Business Devel./sr. Bus. Advisor | Officer | 11 | $186,697 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Le Myers Company Electrical Line, Substation, And Utility | 12/30/23 | $4,917,283 |
Proenergy Combustion Turbine Maintenance And Repai | 12/30/23 | $4,279,437 |
Hanson Professional Services Inc Engineering Consulting Services | 12/30/23 | $2,291,225 |
Toth And Associates Inc Engineering Consulting Services | 12/30/23 | $2,063,647 |
Cross Discipline Engineering Llc Engineering Consulting Services | 12/30/23 | $1,620,393 |
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 | $171,405,039 |
| Investment income | $1,373,310 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $21,779 |
| Net Gain/Loss on Asset Sales | -$98,709 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $173,048,857 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,240 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $8,000,000 |
| Compensation of current officers, directors, key employees. | $2,826,412 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,669,840 |
| Pension plan accruals and contributions | $1,260,228 |
| Other employee benefits | $822,451 |
| Payroll taxes | $437,345 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $115,251 |
| 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 | $1,020 |
| Office expenses | $458,401 |
| Information technology | $1,124,959 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $59,462 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $30,506,438 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,750,712 |
| Insurance | $1,335,102 |
| All other expenses | $811,709 |
| Total functional expenses | $173,048,857 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,848,361 |
| Savings and temporary cash investments | $1,638,156 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,040,029 |
| Loans from Officers, Directors, or Controlling Persons | $5,867 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $12,984,438 |
| Prepaid expenses and deferred charges | $16,108,085 |
| Net Land, buildings, and equipment | $662,631,945 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $42,642,052 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $326,815 |
| Total assets | $766,225,748 |
| Accounts payable and accrued expenses | $22,170,482 |
| 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 | $560,267,157 |
| Unsecured mortgages and notes payable | $48,196,787 |
| Other liabilities | $5,025,322 |
| Total liabilities | $635,659,748 |
| 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 | $130,566,000 |
| Total liabilities and net assets/fund balances | $766,225,748 |