Beltrami Electric Cooperative
- Assets
- $137.5m
- Revenue
- $62.5m
- Investments
- $3.7m
- Employees
- 71
- Location
- Bemidji, MN
- Founding
- 06/1946
- Data as of
- 12/2023
- EIN
- 41-0144943
Organization Overview
Beltrami Electric Cooperative is located in Bemidji, MN. The organization was established in 1946. 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 12/2023, Beltrami Electric Cooperative employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Beltrami 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 12/2023, Beltrami Electric Cooperative generated $62.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $61.6m during the year ending 12/2023. While expenses have increased by 2.4% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE TAX-EXEMPT PURPOSE OF THE ORGANIZATION IS TO DELIVER ELECTRICITY TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ENERGY TO 18,342 MEMBERS AND 22,295 CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Coe Director | Trustee | 5.6 | $9,956 |
John Lund President/director | Trustee | 4.4 | $19,771 |
Murl Nord Secretary/director | Trustee | 5.8 | $13,133 |
Craig Gaasvig Director | Trustee | 3.4 | $13,040 |
Robert Wallner Director | Trustee | 3 | $12,798 |
Suzanne Kringen Vice Pres/director | Trustee | 5.7 | $20,812 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cooperative Development Llc Plowing, Boring, Cable Locating | 12/30/23 | $1,466,738 |
Central Applicators Inc Right Of Way Spraying & Clearing | 12/30/23 | $170,610 |
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 | $61,854,093 |
| Investment income | $272,116 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$9,513 |
| Net Gain/Loss on Asset Sales | $6,641 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $20,807 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $62,489,239 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $24,123 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,347,881 |
| Compensation of current officers, directors, key employees. | $752,554 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,635,184 |
| Pension plan accruals and contributions | $1,160,137 |
| Other employee benefits | $0 |
| Payroll taxes | $466,753 |
| 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 | $2,723,486 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,555,265 |
| Insurance | $0 |
| All other expenses | -$7,964,096 |
| Total functional expenses | $61,555,125 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,294,138 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,254,248 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,257,555 |
| Prepaid expenses and deferred charges | $547,072 |
| Net Land, buildings, and equipment | $110,348,635 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,690,474 |
| Investments—program-related | $10,027,520 |
| Intangible assets | $34,415 |
| Other assets | $8,120 |
| Total assets | $137,462,177 |
| Accounts payable and accrued expenses | $5,952,690 |
| Grants payable | $0 |
| Deferred revenue | $1,289,238 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $6,886 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $77,030,650 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,009,118 |
| Total liabilities | $85,288,582 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $865,970 |
| Paid-in or capital surplus, or land, building, or equipment fund | $24,177,293 |
| Retained earnings, endowment, accumulated income, or other funds | $27,130,332 |
| Total liabilities and net assets/fund balances | $137,462,177 |
Grants Awarded
Over the last fiscal year, Beltrami Electric Cooperative has awarded $11,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
GREATER BEMIDJI INC PURPOSE: PROGRAM SUPPORT | $6,000 |
SANFORD HEALTH FOUNDATION PURPOSE: PROGRAM SUPPORT | $5,000 |