Thumb Electric Cooperative Of Michigan Inc
- Assets
- $121.3m
- Revenue
- $24.3m
- Investments
- $0.0
- Employees
- 37
- Location
- Ubly, MI
- Founding
- 02/1943
- Data as of
- 12/2021
- EIN
- 38-1101255
Organization Overview
Thumb Electric Cooperative Of Michigan Inc is located in Ubly, MI. The organization was established in 1943. 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, Thumb Electric Cooperative Of Michigan Inc employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Thumb Electric Cooperative Of Michigan 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 12/2021, Thumb Electric Cooperative Of Michigan Inc generated $24.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $24.6m during the year ending 12/2021. While expenses have increased by 3.2% 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
ELECTRIC POWER AND SERVICES PROVIDED TO 12,370 MEMBERS.
THE FIBER DIVISION PROVIDES BROADBAND TO MEMBERS ON A COOPERATIVE BASIS. INFRASTRUCTURE BEGAN IN 2021 AND SERVICES STARTED IN 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dallas Braun General Manager | Officer | 40 | $245,187 |
Bradley Essenmacher Broadband Manager | 40 | $167,916 | |
Jim Vogel Lineman | 40 | $165,325 | |
Mike Cleland Lineman | 40 | $163,039 | |
Mike Kozlowski Lineman | 40 | $161,449 | |
Gary Burns Jr Lineman | 40 | $156,206 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Resco Line Construction Materials | 12/30/21 | $1,405,229 |
Fmcp Health Insurance | 12/30/21 | $470,335 |
Pulse Broadband Llc Fiber Design/materials | 12/30/21 | $8,838,601 |
Kappen Tree Service Tree Trimming | 12/30/21 | $2,102,890 |
Dykema Gossett Pllc Legal Attorneys | 12/30/21 | $327,200 |
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 | $24,137,746 |
| Investment income | $76,673 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $42,895 |
| Net Gain/Loss on Asset Sales | $6,302 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $7,237 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,270,853 |
| 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 | $1,871,021 |
| Compensation of current officers, directors, key employees. | $505,158 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $3,413,477 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $694,125 |
| Other employee benefits | $0 |
| Payroll taxes | $276,788 |
| 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 | $1,046,726 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,617,400 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,838,155 |
| Insurance | $0 |
| All other expenses | -$4,889,548 |
| Total functional expenses | $24,603,733 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,675,625 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,731,579 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,833,778 |
| Prepaid expenses and deferred charges | $160,202 |
| Net Land, buildings, and equipment | $83,334,174 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $21,501,770 |
| Intangible assets | $0 |
| Other assets | $81,502 |
| Total assets | $121,318,630 |
| Accounts payable and accrued expenses | $11,780,919 |
| Grants payable | $0 |
| Deferred revenue | $878,482 |
| 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 | $79,215,985 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $91,875,386 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $188,026 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $29,255,218 |
| Total liabilities and net assets/fund balances | $121,318,630 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kosciusko Rural Electric Membership Corporation Warsaw, IN | $103,207,559 | $50,256,556 |
Carroll White Remc Monticello, IN | $77,626,690 | $46,434,460 |
Rushshelby Energy Rural Electric Cooperative Inc Manilla, IN | $101,755,271 | $47,128,138 |
Utilities District Of Western Ind Rural Electric Membership Corp Bloomfield, IN | $108,840,667 | $45,748,725 |
Paulding-Putnam Electric Cooperative Inc Paulding, OH | $113,731,744 | $45,501,402 |
Hancock-Wood Electric Cooperative North Baltimore, OH | $133,031,141 | $50,854,119 |
Bartholomew County Rural Electric Membership Corporation Columbus, IN | $73,524,777 | $45,185,369 |
Buckeye Rural Electric Co-Op Inc Rio Grande, OH | $133,098,121 | $42,883,645 |
Oakdale Electric Cooperative Oakdale, WI | $108,949,694 | $41,848,166 |
Barron Electric Cooperative Barron, WI | $83,238,959 | $40,823,389 |
Riverland Energy Cooperative Arcadia, WI | $120,553,523 | $39,958,076 |
Southern Indiana Power Tell City, IN | $70,453,737 | $39,497,094 |