Cherryland Electric Co Op
- Assets
- $128.5m
- Revenue
- $58.7m
- Investments
- $34.1m
- Employees
- 61
- Location
- Grawn, MI
- Founding
- 05/1941
- Data as of
- 12/2021
- EIN
- 38-0416525
Organization Overview
Cherryland Electric Co Op is located in Grawn, MI. 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 12/2021, Cherryland Electric Co Op employed 61 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cherryland Electric Co Op 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, Cherryland Electric Co Op generated $58.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $56.7m during the year ending 12/2021. While expenses have increased by 1.6% 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 COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICES TO OVER 37,000 MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Anderson General Manager | Officer | 50 | $302,619 |
J Philip Scott Crew Foreman | 50 | $179,359 | |
Frank Siepker Engineer & Operations Mana | 50 | $166,835 | |
Bruce Stocking Crew Foreman | 50 | $161,539 | |
Mark Wilson CFO | Officer | 50 | $159,153 |
David Bott Crew Foreman | 50 | $157,602 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dougs Underground Service Inc Directional Drilling | 12/30/21 | $525,964 |
Trees Inc Tree Clearing | 12/30/21 | $1,410,348 |
Cc Power Llc Construction | 12/30/21 | $1,899,059 |
Dunscombe And Sons Tree Service Tree Clearing | 12/30/21 | $205,972 |
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 | $55,355,235 |
| Investment income | $2,979,649 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $105,458 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,700,620 |
| 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 | $2,624,365 |
| Compensation of current officers, directors, key employees. | $911,019 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $508,628 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $2,650 |
| Fees for services: Legal | $47,889 |
| Fees for services: Accounting | $37,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $26,428 |
| Office expenses | $147,683 |
| Information technology | $351,153 |
| Royalties | $0 |
| Occupancy | $132,805 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $29,658 |
| Interest | $2,723,593 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,063,767 |
| Insurance | $123,474 |
| All other expenses | $2,122,134 |
| Total functional expenses | $56,668,877 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $91,268 |
| Savings and temporary cash investments | $391,208 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,075,058 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $835,378 |
| Inventories for sale or use | $923,351 |
| Prepaid expenses and deferred charges | $3,073,322 |
| Net Land, buildings, and equipment | $82,311,378 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $34,051,167 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $760,284 |
| Total assets | $128,512,414 |
| Accounts payable and accrued expenses | $4,778,565 |
| 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 | $62,617,567 |
| Unsecured mortgages and notes payable | $4,995,646 |
| Other liabilities | $2,282,180 |
| Total liabilities | $74,673,958 |
| 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 | -$1,800,505 |
| Retained earnings, endowment, accumulated income, or other funds | $55,638,961 |
| Total liabilities and net assets/fund balances | $128,512,414 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northeastern Rural Electric Membership Corporation Columbia City, IN | $154,005,839 | $126,158,719 |
Hendricks County Rural Electric Membership Corporation Danville, IN | $222,904,007 | $97,103,288 |
South Central Indiana Rural Electric Membership Corporation Martinsville, IN | $273,130,010 | $92,514,436 |
Cloverland Electric Cooperative Inc Sault Ste Marie, MI | $210,343,579 | $87,157,838 |
Tipmont Rural Electric Membership Corporation Linden, IN | $238,009,464 | $75,841,839 |
Adams-Columbia Electric Co-Op Friendship, WI | $247,246,792 | $77,428,375 |
Pioneer Rural Electric Cooperative Inc Piqua, OH | $137,811,122 | $72,827,818 |
Western Indiana Energy Rural Electric Membership Corporation Vincennes, IN | $145,668,530 | $67,176,124 |
Tri-County Electric Cooperative Portland, MI | $193,902,809 | $61,432,429 |
Rock County Electric Cooperative Association Janesville, WI | $121,187,989 | $61,122,456 |
Union Rural Electric Co-Op Inc Marysville, OH | $107,663,886 | $61,032,798 |
Licking Rural Electrification Inc Newark, OH | $316,474,567 | $64,454,016 |