Freeborn-Mower Cooperative Services
- Assets
- $136.7m
- Revenue
- $56.8m
- Investments
- $2.5m
- Employees
- 73
- Location
- Albert Lea, MN
- Founding
- 01/2007
- Data as of
- 12/2021
- EIN
- 41-0266055
Organization Overview
Freeborn-Mower Cooperative Services is located in Albert Lea, MN. The organization was established in 2007. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Freeborn-Mower Cooperative Services employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freeborn-Mower Cooperative Services 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, Freeborn-Mower Cooperative Services generated $56.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $55.1m during the year ending 12/2021. While expenses have increased by 6.5% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ELECTRIC POWER TO THE MEMBERS OF THE COOPERATIVE WHICH CONSISTS OF APPROXIMATELY 21,100 MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC POWER TO THE MEMBERS OF THE COOPERATIVE WHICH CONSISTS OF APPROXIMATELY 21,100 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Krueger President/ceo | Officer | 45 | $204,166 |
Al Stadheim Director Of Engin & Operat | 45 | $154,002 | |
Jack Kortan Manager Of Operations-Dist | 45 | $128,062 | |
Brad Devries Working Foreman | 48 | $124,620 | |
Alan Casterton Working Foreman | 48 | $122,531 | |
Scott Sheely Journeyman Line Worker | 49 | $116,411 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Co Tree Clearing | 12/30/21 | $915,033 |
Market & Johnson New Building Architect | 12/30/21 | $3,445,863 |
Mastec North America Inc Directional Boring | 12/30/21 | $833,949 |
The Joseph Company New Building Contractor | 12/30/21 | $258,789 |
Nisc Software Support & Maint; Billing | 12/30/21 | $405,541 |
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 | $54,475,182 |
| Investment income | $195,327 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $768,685 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $7,858 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $56,762,140 |
| 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 | $1,721,743 |
| Compensation of current officers, directors, key employees. | $378,723 |
| 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 | $2,155,269 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,649,373 |
| Insurance | $0 |
| All other expenses | $2,294,984 |
| Total functional expenses | $55,077,011 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,575,908 |
| Savings and temporary cash investments | $463,082 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,793,026 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,090,787 |
| Prepaid expenses and deferred charges | $1,348,391 |
| Net Land, buildings, and equipment | $107,400,425 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,504,097 |
| Investments—program-related | $16,543,847 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $136,719,563 |
| Accounts payable and accrued expenses | $6,152,240 |
| 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 | $88,202,152 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $799,425 |
| Total liabilities | $95,153,817 |
| 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 | $41,565,746 |
| Total liabilities and net assets/fund balances | $136,719,563 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southeastern Electric Cooperative Inc Marion, SD | $202,199,401 | $71,615,783 |
Southern Minnesota Energy Cooperative Rushford, MN | $10,747,193 | $58,900,363 |
Dakota Valley Electric Cooperative Inc Edgeley, ND | $148,670,720 | $58,630,686 |
Freeborn-Mower Cooperative Services Albert Lea, MN | $136,719,563 | $56,762,140 |
Prairie Energy Cooperative Clarion, IA | $68,309,413 | $34,027,726 |
Cooperative Light And Power Association Of Lake County Two Harbors, MN | $32,161,097 | $13,814,099 |
Pamoja Kenya Shakopee, MN | $57,155 | $1,427,470 |
Policemen Relief Association Of The City Of Milwaukee Milwaukee, WI | $10,515,380 | $789,424 |
Joint Well Field Inc Toronto, SD | $2,543,710 | $758,352 |