Presque Isle Electric & Gas Co-Op
- Assets
- $158.3m
- Revenue
- $50.6m
- Investments
- $0.0
- Employees
- 110
- Location
- Onaway, MI
- Founding
- 08/1938
- Data as of
- 12/2021
- EIN
- 38-0941545
Organization Overview
Presque Isle Electric & Gas Co-Op is located in Onaway, MI. The organization was established in 1938. 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, Presque Isle Electric & Gas Co-Op employed 110 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Presque Isle Electric & Gas 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, Presque Isle Electric & Gas Co-Op generated $50.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $52.9m during the year ending 12/2021. While expenses have increased by 2.7% 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
TO PROVIDE ENERGY AND OTHER SERVICES TO SUSTAIN AND IMPROVE THE QUALITY OF LIFE FOR OUR MEMBERS THROUGH THE USE OF A COOPERATIVE BUSINESS STRUCTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRESQUE ISLE ELECTRIC & GAS CO-OP SERVED 34,547 ELECTRIC MEMBERS AND 12,943 NATURAL GAS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Sobeck CEO | Officer | 50 | $210,430 |
Randall Mclean Lineworker | 56 | $168,799 | |
Thomas Lupu Lineworker | 56 | $159,418 | |
Mark Pomranke Lineworker | 53 | $156,024 | |
Shawn Walker Lineworker | 54 | $154,195 | |
Kenniston Butler Lineworker | 54 | $149,807 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Brivar Construction Company Construction | 12/30/21 | $7,130,292 |
Thunder Bay Tree Service Right Of Way | 12/30/21 | $818,670 |
Hyde's Inc Right Of Way | 12/30/21 | $615,706 |
Davey Resource Group Inc Engineering | 12/30/21 | $601,097 |
Moran Iron Works Modular Fabrication | 12/30/21 | $422,470 |
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 | $51,212,965 |
| Investment income | $47,733 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $597 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$654,072 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$4,461 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,602,762 |
| 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 | $1,874,236 |
| Compensation of current officers, directors, key employees. | $569,452 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,714,343 |
| Pension plan accruals and contributions | $661,717 |
| Other employee benefits | $0 |
| Payroll taxes | $604,466 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Office expenses | $0 |
| 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 | $3,155,009 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,280,797 |
| Insurance | $0 |
| All other expenses | -$8,179,962 |
| Total functional expenses | $52,899,793 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $648,724 |
| Savings and temporary cash investments | $4,417,038 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,720,371 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $7,363,697 |
| Prepaid expenses and deferred charges | $434,324 |
| Net Land, buildings, and equipment | $105,391,024 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $5,833,852 |
| Other assets | $26,525,012 |
| Total assets | $158,334,042 |
| Accounts payable and accrued expenses | $7,312,977 |
| Grants payable | $0 |
| Deferred revenue | $544,950 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,405 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $82,332,186 |
| Unsecured mortgages and notes payable | $10,576,530 |
| Other liabilities | $1,429,193 |
| Total liabilities | $102,199,241 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $310,615 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $55,824,186 |
| Total liabilities and net assets/fund balances | $158,334,042 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Presque Isle Electric & Gas Co-Op has recieved totaling $23,972.
| Awarding Organization | Amount |
|---|---|
National Rural Utilities Cooperative Finance Corp Dulles, VA PURPOSE: INTEGRITY FUND - TERRITORY THREAT | $23,972 |
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 |