Washington Island Electric Co-Op Inc
- Assets
- $7.0m
- Revenue
- $2.1m
- Investments
- $93.8k
- Employees
- 4
- Location
- Washington Is, WI
- Founding
- 06/1947
- Data as of
- 12/2022
- 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 12/2022, 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 12/2022, Washington Island Electric Co-Op Inc generated $2.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $2.1m during the year ending 12/2022. While expenses have increased by 3.2% per year over the past 8 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
2022
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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
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 |
James Jorgenson Board Member | Trustee | 0.3 | $0 |
Hoyt Purinton 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 | $2,082,896 |
| Investment income | $30,364 |
| 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 | $2,133,742 |
| 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. | $124,190 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $209,909 |
| Pension plan accruals and contributions | $57,619 |
| Other employee benefits | $0 |
| Payroll taxes | $37,502 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $45,037 |
| 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 | $17,419 |
| 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 | $149,270 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $219,267 |
| Insurance | $22,651 |
| All other expenses | $35,232 |
| Total functional expenses | $2,091,687 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $125,014 |
| Savings and temporary cash investments | $317,887 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $143,433 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $277,135 |
| Prepaid expenses and deferred charges | $37,242 |
| Net Land, buildings, and equipment | $5,898,267 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $93,786 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $136,468 |
| Total assets | $7,029,232 |
| Accounts payable and accrued expenses | $283,603 |
| 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 | $4,233,943 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $42,486 |
| Total liabilities | $4,560,032 |
| 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 | $12,831 |
| Retained earnings, endowment, accumulated income, or other funds | $2,456,249 |
| Total liabilities and net assets/fund balances | $7,029,232 |