Federated Rural Electric Association
- Assets
- $81.1m
- Revenue
- $40.6m
- Investments
- $3.9m
- Employees
- 33
- Location
- Jackson, MN
- Founding
- 12/1937
- Data as of
- 12/2022
- EIN
- 41-0252540
Organization Overview
Federated Rural Electric Association is located in Jackson, MN. The organization was established in 1937. 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, Federated Rural Electric Association employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Federated Rural Electric Association 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, Federated Rural Electric Association generated $40.6m 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 $40.3m during the year ending 12/2022. While expenses have increased by 2.4% 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
TO DISTRIBUTE ENERGY AND SERVICES IN A COST EFFECTIVE, RELIABLE, AND EFFICIENT MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE RELIABLE ELECTRIC SERVICE TO OVER 5,292 MEMBERS. WITHOUT THE FORMATION OF THIS COOPERATIVE, THESE MEMBERS WOULD NOT HAVE RECEIVED ELECTRIC SERVICE IN 1935. SINCE THAT TIME WE HAVE CONSISTENTLY PROVIDED SERVICE TO ALL RURAL CUSTOMERS IN JACKSON AND MARTIN COUNTIES IN MINNESOTA AS WELL AS SOME SMALLER TOWNS. IN ADDITION, WE PROVIDE ELECTRIC SERVICE TO BOUNDARY CUSTOMERS OF 11 ADDITIONAL COUNTIES INCLUDING APPROXIMATELY 60 MEMBERS IN IOWA.
THE COOPERATIVE'S ACQUISITION OF A FIXED INTERNET COMPANY WITH 1,100 CUSTOMERS IN 2021 WAS THE START OF THE BROADBAND DIVISION "FEDERATED BROADBAND." INTERNET SERVICES WERE PROVIDED TO APPROXIMATELY 1,300 CUSTOMERS BY THE END OF 2022. THE COOPERATIVE IS APPLYING FOR BROADBAND GRANTS TO HELP SERVICE AREAS WITHIN AND OVERLAPPING THE ELECTRIC SERVICE TERRITORY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David A Hansen President | OfficerTrustee | 4.9 | $16,650 |
David E Meschke Vice President | OfficerTrustee | 2.2 | $10,200 |
Darv Voss Secretary-Treasurer | OfficerTrustee | 4.2 | $15,600 |
Bruce Brockmann Director | Trustee | 4.3 | $14,250 |
Glenn Dicks Director | Trustee | 4.2 | $12,900 |
Scott J Thiesse Director | Trustee | 4.1 | $13,050 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Loosebrock Digging Service Construction | 12/30/22 | $963,360 |
Carr's Tree Service Tree Trimming | 12/30/22 | $295,172 |
Highline Construction Inc Construction | 12/30/22 | $541,767 |
Star Energy Services Llc Engineering | 12/30/22 | $228,176 |
Finley Engineering Company Inc Engineering/professional Services | 12/30/22 | $134,824 |
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 | $39,596,269 |
| Investment income | $99,049 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $28,333 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$261,206 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,566,669 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,859 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,321,232 |
| Compensation of current officers, directors, key employees. | $519,849 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,979,911 |
| Pension plan accruals and contributions | $280,051 |
| Other employee benefits | $0 |
| Payroll taxes | $172,198 |
| 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 | $604,364 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,081,971 |
| Insurance | $0 |
| All other expenses | $16,529 |
| Total functional expenses | $40,252,521 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,856,275 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,078,514 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,939,282 |
| Prepaid expenses and deferred charges | $1,180,818 |
| Net Land, buildings, and equipment | $46,934,143 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,873,689 |
| Investments—program-related | $19,472,035 |
| Intangible assets | $0 |
| Other assets | $1,746,404 |
| Total assets | $81,081,160 |
| Accounts payable and accrued expenses | $4,890,232 |
| 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 | $27,652,158 |
| Unsecured mortgages and notes payable | $600,000 |
| Other liabilities | $2,665,197 |
| Total liabilities | $35,807,587 |
| 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 | $6,121,270 |
| Retained earnings, endowment, accumulated income, or other funds | $39,152,303 |
| Total liabilities and net assets/fund balances | $81,081,160 |