Washington Island Electric Co-Op Inc
- Assets
- $5.3m
- Revenue
- $1.9m
- Investments
- $88.7k
- Employees
- 4
- Location
- Washington Is, WI
- Founding
- 06/1947
- Data as of
- 12/2021
- EIN
- 39-0688605
Organization Overview
Washington Island Electric Co-Op Inc is located in Washington Is, WI. The organization was established in 1947. 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, Washington Island Electric Co-Op Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Washington Island Electric Co-Op 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, Washington Island Electric Co-Op Inc generated $1.9m 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 $1.9m during the year ending 12/2021. While expenses have increased by 2.0% 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
THE MISSION OF WASHINGTON ISLAND ELECTRIC COOPERATIVE INC. IS TO PROVIDE RELIABLE ELECTRIC SERVICES TO ITS MEMBERS AT A COMPETITIVE MARKET PRICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE RELIABLE ELECTRIC SERVICES TO ITS MEMBERS AT A COMPETITIVE MARKET PRICE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Cornell Manager | Officer | 40 | $110,847 |
Orion Mann President | OfficerTrustee | 0.3 | $0 |
Mack Gunnlaugsson Vice President | OfficerTrustee | 0.3 | $0 |
Lee Engstrom Secretary/treasurer | OfficerTrustee | 0.3 | $0 |
Robert Bjarnarson Board Member | Trustee | 0.3 | $0 |
Joel Gunnlaugsson Board Member | Trustee | 0.3 | $0 |
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 | $1,860,495 |
| Investment income | $17,764 |
| 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 | $1,881,211 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $118,047 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $171,464 |
| Pension plan accruals and contributions | $53,258 |
| Other employee benefits | $0 |
| Payroll taxes | $35,651 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $54,798 |
| 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 | $16,544 |
| 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 | $66,678 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $213,324 |
| Insurance | $20,686 |
| All other expenses | $42,746 |
| Total functional expenses | $1,871,820 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $248,061 |
| Savings and temporary cash investments | $316,948 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $119,265 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $269,255 |
| Prepaid expenses and deferred charges | $42,620 |
| Net Land, buildings, and equipment | $4,123,039 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $88,727 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $132,289 |
| Total assets | $5,340,204 |
| Accounts payable and accrued expenses | $361,716 |
| 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 | $2,532,543 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,664 |
| Total liabilities | $2,904,923 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $120 |
| Paid-in or capital surplus, or land, building, or equipment fund | $12,596 |
| Retained earnings, endowment, accumulated income, or other funds | $2,422,565 |
| Total liabilities and net assets/fund balances | $5,340,204 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Roseau Electric Cooperative Inc Roseau, MN | $41,619,663 | $19,513,008 |
Monroe County Electric Coop Inc Waterloo, IL | $48,641,421 | $17,977,778 |
Alger Delta Co-Op Electric Association Gladstone, MI | $51,999,429 | $17,663,679 |
Midwest Reliability Organization Inc St Paul, MN | $14,721,870 | $17,505,130 |
Rathbun Regional Water Association Inc Centerville, IA | $143,535,509 | $19,524,917 |
Oconto Electric Cooperative Oconto Falls, WI | $45,027,823 | $17,184,584 |
Clinton County Electric Cooperative Inc Breese, IL | $36,047,909 | $16,814,895 |
T I P Rural Electric Cooperative Brooklyn, IA | $57,344,467 | $17,059,790 |
Nishnabotna Valley Rural Electric Cooperative Harlan, IA | $46,708,124 | $17,798,413 |
Renville-Sibley Cooperative Power Association Danube, MN | $38,100,201 | $16,486,591 |
Central Wisconsin Electric Cooperative Rosholt, WI | $60,789,666 | $16,195,495 |
Brown County Rural Electrical Association Sleepy Eye, MN | $44,068,104 | $16,302,715 |