Presque Isle Electric & Gas Co-Op
- Assets
- $219.5m
- Revenue
- $60.7m
- Investments
- $0.0
- Employees
- 130
- Location
- Onaway, MI
- Founding
- 08/1938
- Data as of
- 12/2023
- 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 12/2023, Presque Isle Electric & Gas Co-Op employed 130 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 12/2023, Presque Isle Electric & Gas Co-Op generated $60.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $63.6m during the year ending 12/2023. While expenses have increased by 4.2% 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
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 35,099 ELECTRIC MEMBERS AND 13,413 NATURAL GAS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Brown Chairman Until Oct 23)/ Vice Chairman (as Of Nov 23) | OfficerTrustee | 13 | $15,010 |
Allan Berg Vice Chairman (until Oct 23)/chairman (as Of Nov 23) | OfficerTrustee | 7.8 | $13,670 |
Sandy Borowicz Secretary | OfficerTrustee | 12 | $13,570 |
Charles Arbour Treasurer (until Oct 23) | OfficerTrustee | 6 | $9,740 |
Brent Lucas Director Until Oct 23)/treasurer (as Of Oct 23) | OfficerTrustee | 12 | $13,470 |
Christopher Nagel Director ( As Of Nov 23) | Trustee | 4 | $2,110 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
B&m Ashman Inc Construction | 12/30/23 | $14,098,192 |
Northern Utility Contractors Inc Drop Construction | 12/30/23 | $2,175,040 |
Kent Power Construction | 12/30/23 | $2,166,064 |
Conexon Llc Construction Management | 12/30/23 | $1,763,623 |
Trees Inc Tree Trimming | 12/30/23 | $767,110 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,126,354 |
| 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 | $1,126,354 |
| Total Program Service Revenue | $60,679,105 |
| Investment income | $48,085 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,173,522 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $14,783 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $60,694,805 |
| 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 | $2,718,905 |
| Compensation of current officers, directors, key employees. | $577,039 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,274,934 |
| Pension plan accruals and contributions | $939,616 |
| Other employee benefits | $0 |
| Payroll taxes | $731,523 |
| 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 | $6,404,650 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,319,694 |
| Insurance | $0 |
| All other expenses | -$7,750,743 |
| Total functional expenses | $63,612,097 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $208,996 |
| Savings and temporary cash investments | $5,081,755 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,476,997 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $16,175,199 |
| Prepaid expenses and deferred charges | $295,118 |
| Net Land, buildings, and equipment | $159,510,220 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,657,871 |
| Other assets | $28,078,006 |
| Total assets | $219,484,162 |
| Accounts payable and accrued expenses | $10,057,735 |
| Grants payable | $0 |
| Deferred revenue | $501,801 |
| 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 | $140,733,265 |
| Unsecured mortgages and notes payable | $15,055,338 |
| Other liabilities | $1,943,410 |
| Total liabilities | $168,291,549 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $325,255 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $50,867,358 |
| Total liabilities and net assets/fund balances | $219,484,162 |