Redwood Electric Cooperative
- Assets
- $41.4m
- Revenue
- $15.1m
- Investments
- $199.7k
- Employees
- 19
- Location
- Clements, MN
- Founding
- 02/1938
- Data as of
- 12/2020
- EIN
- 41-0184475
Organization Overview
Redwood Electric Cooperative is located in Clements, MN. The organization was established in 1938. 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 12/2020, Redwood Electric Cooperative employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Redwood 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 12/2020, Redwood Electric Cooperative generated $15.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $15.1m during the year ending 12/2020. While expenses have increased by 4.4% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING ELECTRICITY TO RURAL COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 3,685 MEMBERS AND HAVE 1,326 MILES OF LINE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hope Lang Manager Of Finance | Officer | 40 | $112,610 |
Chad Nelsen Operations Manager | 40 | $111,347 | |
Ronald L Horman General Manager | Officer | 26 | $110,399 |
Richard Nelson President | OfficerTrustee | 2 | $18,581 |
Michael Baune Secretary/treasurer | OfficerTrustee | 3 | $18,325 |
Daniel Tauer Vice President | OfficerTrustee | 1 | $17,381 |
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 | $15,074,053 |
| Investment income | $41,053 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,058 |
| 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 | $470 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,117,634 |
| 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 | $1,149,525 |
| Compensation of current officers, directors, key employees. | $466,712 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,287,109 |
| Pension plan accruals and contributions | $381,202 |
| Other employee benefits | $0 |
| Payroll taxes | $110,850 |
| 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 | $620,485 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,350,261 |
| Insurance | $0 |
| All other expenses | -$1,554,916 |
| Total functional expenses | $15,117,634 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,570,110 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,085,771 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $619,130 |
| Prepaid expenses and deferred charges | $334,973 |
| Net Land, buildings, and equipment | $29,249,530 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $199,746 |
| Investments—program-related | $5,368,618 |
| Intangible assets | $0 |
| Other assets | $4,008 |
| Total assets | $41,431,886 |
| Accounts payable and accrued expenses | $2,053,815 |
| 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 | $22,533,615 |
| Unsecured mortgages and notes payable | $471,500 |
| Other liabilities | $185,151 |
| Total liabilities | $25,244,081 |
| 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 | $16,187,805 |
| Total liabilities and net assets/fund balances | $41,431,886 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Blue Earth Nicollet Faribault Cooperative Electric Association Mankato, MN | $118,260,844 | $45,959,324 |
Capital Electric Cooperative Inc Bismarck, ND | $133,692,620 | $42,124,624 |
Oakdale Electric Cooperative Oakdale, WI | $108,949,694 | $41,848,166 |
Barron Electric Cooperative Barron, WI | $83,238,959 | $40,823,389 |
Northern Plains Electric Cooperative Carrington, ND | $137,367,234 | $41,884,973 |
Garden Valley Telephone Company Erskine, MN | $115,867,634 | $40,536,799 |
Riverland Energy Cooperative Arcadia, WI | $120,553,523 | $39,958,076 |
West River Electric Association Inc Wall, SD | $136,764,788 | $38,874,089 |
District Energy St Paul Inc St Paul, MN | $133,953,246 | $38,563,375 |
Steele Waseca Cooperative Electric Owatonna, MN | $93,180,056 | $37,750,212 |
Maquoketa Valley Rural Electric Cooperative Anamosa, IA | $145,482,750 | $38,262,856 |
Access Energy Cooperative Mt Pleasant, IA | $101,668,176 | $38,281,251 |