Western Iowa Power Cooperative
- Assets
- $52.0m
- Revenue
- $13.9m
- Investments
- $0.0
- Employees
- 32
- Location
- Denison, IA
- Founding
- 12/1997
- Data as of
- 12/2021
- EIN
- 39-1884367
Organization Overview
Western Iowa Power Cooperative is located in Denison, IA. The organization was established in 1997. 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, Western Iowa Power Cooperative employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Western Iowa Power 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, Western Iowa Power Cooperative generated $13.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $13.2m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 7 years. 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 PROVIDE ELECTRIC SERVICE TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 3,414 MEMBER CONSUMERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Bean Executive Vp/gm (until Nov) | Officer | 48 | $172,259 |
John Akers Operations Manager | 45 | $126,238 | |
Stephanie Wiese Assistant General Manager | 45 | $122,390 | |
Marcus Rihner Cfo/evp Gm (begin Nov) | Officer | 48 | $101,690 |
Mike Blum Director | Trustee | 1.8 | $8,300 |
Leroy Hight Treasurer | OfficerTrustee | 3.3 | $7,620 |
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 | $13,419,622 |
| Investment income | $52,784 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,541 |
| Net Gain/Loss on Asset Sales | $14,415 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$56,758 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,900,193 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,415 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,410,000 |
| Compensation of current officers, directors, key employees. | $420,981 |
| 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 | $761,935 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,486,602 |
| Insurance | $0 |
| All other expenses | $542,012 |
| Total functional expenses | $13,206,130 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,540 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $705,089 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $85,059 |
| Inventories for sale or use | $1,112,547 |
| Prepaid expenses and deferred charges | $209,573 |
| Net Land, buildings, and equipment | $42,543,364 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,269,997 |
| Intangible assets | $40,766 |
| Other assets | $7,117 |
| Total assets | $52,005,052 |
| Accounts payable and accrued expenses | $787,551 |
| Grants payable | $0 |
| Deferred revenue | $761,985 |
| 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 | $23,224,032 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $289,603 |
| Total liabilities | $25,063,171 |
| 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 | $26,941,881 |
| Total liabilities and net assets/fund balances | $52,005,052 |
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|---|---|---|
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New Mac Electric Cooperative Inc Neosho, MO | $135,294,797 | $45,962,047 |
Three Rivers Electric Cooperative Linn, MO | $111,680,117 | $44,711,641 |
Blue Earth Nicollet Faribault Cooperative Electric Association Mankato, MN | $118,260,844 | $45,959,324 |
Semo Electric Cooperative Sikeston, MO | $155,297,219 | $43,598,236 |
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 |