Freeborn-Mower Cooperative Services
- Assets
- $151.1m
- Revenue
- $61.7m
- Investments
- $920.2k
- Employees
- 71
- Location
- Albert Lea, MN
- Founding
- 01/2007
- Data as of
- 12/2023
- 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 12/2023, Freeborn-Mower Cooperative Services employed 71 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 12/2023, Freeborn-Mower Cooperative Services generated $61.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $59.9m during the year ending 12/2023. While expenses have increased by 6.0% 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
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 |
|---|---|---|---|
John Jack Korman Board Chair | Trustee | 8 | $14,107 |
Steve Garbisch Treasurer | Trustee | 3 | $12,209 |
Matt Maras Director (started April 2023) | Trustee | 2 | $7,352 |
Dennis Anderson Vice Chairman | Trustee | 4 | $12,248 |
Frank Fryer Secretary | Trustee | 3 | $12,686 |
Larry Irvine Director | Trustee | 4 | $11,114 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Co Tree Clearing | 12/30/23 | $874,354 |
E & J Underground Llc Directional Boring | 12/30/23 | $805,987 |
Nisc Software Support & Maint; Billing, Print | 12/30/23 | $416,998 |
Mastec North America Inc Directional Boring | 12/30/23 | $374,613 |
Highline Construction Inc Line Retirement And Wreckouts | 12/30/23 | $217,035 |
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 | $59,790,857 |
| Investment income | $192,148 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$53,795 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $8,049 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $61,656,883 |
| 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 | $2,625,751 |
| Compensation of current officers, directors, key employees. | $419,240 |
| 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 | $2,631,524 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,466,711 |
| Insurance | $0 |
| All other expenses | $2,638,930 |
| Total functional expenses | $59,885,004 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $465,824 |
| Savings and temporary cash investments | $483,812 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,364,100 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,587,429 |
| Prepaid expenses and deferred charges | $1,071,478 |
| Net Land, buildings, and equipment | $119,674,026 |
| Investments—publicly traded securities | $2,538,010 |
| Investments—other securities | $920,202 |
| Investments—program-related | $17,005,122 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $151,110,003 |
| Accounts payable and accrued expenses | $5,941,752 |
| 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 | $97,329,068 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $833,041 |
| Total liabilities | $104,103,861 |
| 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 | $47,006,142 |
| Total liabilities and net assets/fund balances | $151,110,003 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southeastern Electric Cooperative Inc Lennox, SD | $248,235,233 | $81,602,377 |
Southern Minnesota Energy Cooperative Rushford, MN | $9,216,834 | $63,873,841 |
Dakota Valley Electric Cooperative Inc Edgeley, ND | $174,627,296 | $61,076,760 |
Freeborn-Mower Cooperative Services Albert Lea, MN | $151,110,003 | $61,656,883 |
Prairie Energy Cooperative Clarion, IA | $72,702,398 | $33,622,237 |
Cooperative Light And Power Association Of Lake County Two Harbors, MN | $34,755,470 | $14,718,706 |
Pamoja Kenya Shakopee, MN | $272,921 | $1,343,446 |
Joint Well Field Inc Toronto, SD | $8,836,721 | $856,862 |
Policemen Relief Association Of The City Of Milwaukee Milwaukee, WI | $8,663,421 | $311,159 |