Polk-Burnett Electric Cooperative
- Assets
- $102.7m
- Revenue
- $35.4m
- Investments
- $3.2m
- Employees
- 50
- Location
- Centuria, WI
- Founding
- 02/1943
- Data as of
- 12/2021
- EIN
- 39-0544115
Organization Overview
Polk-Burnett Electric Cooperative is located in Centuria, WI. 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, Polk-Burnett Electric Cooperative employed 50 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Polk-Burnett 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, Polk-Burnett Electric Cooperative generated $35.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $34.9m during the year ending 12/2021. While expenses have increased by 0.9% 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 BENEFIT MEMBER-OWNERS BY PROVIDING RELIABLE ELECTRICITY WITH EFFICIENCY AND EXTRAORDINARY SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RURAL ELECTRIC COOPERATIVE-SALE OF ELECTRICITY AND MERCHANDISE TO MEMBERS OF THE COOPERATIVE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Stroshane Gm/ceo | Officer | 50 | $202,792 |
Matthew Kurtzhals Is Manager | 44 | $118,984 | |
Ed Johansen Operations M | 48 | $116,436 | |
Joshua Spoelstra Lineman | 44 | $106,798 | |
Todd Schulte Member Svc M | 46 | $106,600 | |
Keegan Kallevang Lineman | 42 | $104,787 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Irby Construction Company Line Constr | 12/30/21 | $183,961 |
Kohnen Underground Utilities Cable Locating | 12/30/21 | $130,155 |
Badgerland Utilities Herbicide App | 12/30/21 | $196,014 |
Push Inc Line Constructi | 12/30/21 | $841,584 |
Zielie's Tree Service Tree Cutting | 12/30/21 | $697,126 |
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 | $33,884,164 |
| Investment income | $41,502 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $40,848 |
| Net Gain/Loss on Asset Sales | $27,271 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$97,902 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $35,429,512 |
| 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 | $4,531,473 |
| Compensation of current officers, directors, key employees. | $343,776 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $1,197,732 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,984,723 |
| Insurance | $0 |
| All other expenses | $1,621,640 |
| Total functional expenses | $34,921,039 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,789,873 |
| Savings and temporary cash investments | $959,176 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,145,766 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $603,662 |
| Prepaid expenses and deferred charges | $1,151,464 |
| Net Land, buildings, and equipment | $76,543,620 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,153,925 |
| Investments—program-related | $16,315,323 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $102,662,809 |
| Accounts payable and accrued expenses | $5,604,753 |
| 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 | $32,494,561 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,559,617 |
| Total liabilities | $41,658,931 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $61,003,878 |
| Total liabilities and net assets/fund balances | $102,662,809 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wright-Hennepin Cooperative Electric Association Rockford, MN | $233,547,306 | $112,957,716 |
Northwest Iowa Power Cooperative Le Mars, IA | $209,144,882 | $97,805,529 |
Minnesota Valley Electric Cooperative Jordan, MN | $225,562,606 | $97,633,848 |
Lake Country Power Cohasset, MN | $343,138,601 | $92,478,659 |
Southeastern Illinois Electric Carrier Mills, IL | $211,832,578 | $85,978,289 |
Corn Belt Electric Cooperative Inc Bloomington, IL | $225,280,163 | $84,317,914 |
Crow Wing Cooperative Power & Light Company Brainerd, MN | $238,884,299 | $79,431,443 |
Cloverland Electric Cooperative Inc Sault Ste Marie, MI | $210,343,579 | $87,157,838 |
Mienergy Cooperative Rushford, MN | $203,461,309 | $76,660,548 |
Adams-Columbia Electric Co-Op Friendship, WI | $247,246,792 | $77,428,375 |
Stearns Cooperative Electric Association Melrose, MN | $153,957,017 | $65,381,947 |
Iowa Lakes Electric Cooperative Estherville, IA | $166,721,612 | $65,953,608 |