Bayfield Electric Cooperative
- Assets
- $40.5m
- Revenue
- $14.5m
- Investments
- $0.0
- Employees
- 22
- Location
- Iron River, WI
- Founding
- 07/1942
- Data as of
- 12/2021
- EIN
- 39-0154234
Organization Overview
Bayfield Electric Cooperative is located in Iron River, WI. The organization was established in 1942. 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, Bayfield Electric Cooperative employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bayfield Electric Cooperative 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, Bayfield Electric Cooperative generated $14.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $14.4m during the year ending 12/2021. While expenses have increased by 1.0% 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 ENERGY DISTRIBUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRICAL ENERGY TO ITS MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diane Berweger CEO | Officer | 48 | $132,448 |
Sara Anderson CFO | Officer | 40 | $121,774 |
Troy Seeger Line Foreman | 45.33 | $118,388 | |
Robert Lahti Operations Manager | 40 | $116,463 | |
Matthew Tarasewicz Lineman | 47.47 | $112,819 | |
Christopher Kopel CEO | Officer | 40 | $112,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Northern Clearing Right-away Clearing | 12/30/21 | $724,978 |
Push Incorporated Urd Installation | 12/30/21 | $132,477 |
Resco Material Purchases | 12/30/21 | $541,215 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $507,909 |
| 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 | $507,909 |
| Total Program Service Revenue | $13,597,203 |
| Investment income | $19,535 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,541,507 |
| 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 | $336,033 |
| Compensation of current officers, directors, key employees. | $1,765,537 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $316,477 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $152,831 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,909 |
| Fees for services: Accounting | $25,455 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $31,862 |
| Advertising and promotion | $29,581 |
| Office expenses | $186,829 |
| 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 | $761,248 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,558,989 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $14,404,913 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,996,881 |
| Savings and temporary cash investments | $1,442 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,517,249 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $413,023 |
| Prepaid expenses and deferred charges | $247,213 |
| Net Land, buildings, and equipment | $29,892,766 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,399,660 |
| Total assets | $40,468,234 |
| Accounts payable and accrued expenses | $728,066 |
| 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 | $23,775,495 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,053,974 |
| Total liabilities | $26,557,535 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $41,850 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $13,868,849 |
| Total liabilities and net assets/fund balances | $40,468,234 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Bayfield Electric Cooperative has recieved totaling $32,375.
| Awarding Organization | Amount |
|---|---|
St Croix Valley Foundation Hudson, WI PURPOSE: POWERLINE ON THE NAMEKAGON RIVER & REMOVAL OF OLD INFRASTRUCTURE | $32,375 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tri-County Electric Cooperative Mount Vernon, IL | $133,948,921 | $48,522,537 |
Blue Earth Nicollet Faribault Cooperative Electric Association Mankato, MN | $118,260,844 | $45,959,324 |
Oakdale Electric Cooperative Oakdale, WI | $108,949,694 | $41,848,166 |
Norris Electric Cooperative Newton, IL | $122,679,839 | $43,756,656 |
Barron Electric Cooperative Barron, WI | $83,238,959 | $40,823,389 |
Garden Valley Telephone Company Erskine, MN | $115,867,634 | $40,536,799 |
Egyptian Electric Cooperative Association Murphysboro, IL | $103,786,705 | $42,170,209 |
Riverland Energy Cooperative Arcadia, WI | $120,553,523 | $39,958,076 |
District Energy St Paul Inc St Paul, MN | $133,953,246 | $38,563,375 |
Steele Waseca Cooperative Electric Owatonna, MN | $93,180,056 | $37,750,212 |
Maquoketa Valley Rural Electric Cooperative Anamosa, IA | $145,482,750 | $38,262,856 |
Shelby Electric Cooperative Shelbyville, IL | $76,941,402 | $36,550,827 |