Kandiyohi Power Cooperative
- Assets
- $74.9m
- Revenue
- $24.4m
- Investments
- $1.3m
- Employees
- 27
- Location
- Spicer, MN
- Founding
- 07/1941
- Data as of
- 12/2023
- EIN
- 41-0345595
Organization Overview
Kandiyohi Power Cooperative is located in Spicer, MN. The organization was established in 1941. 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, Kandiyohi Power Cooperative employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kandiyohi Power 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, Kandiyohi Power Cooperative generated $24.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $24.2m during the year ending 12/2023. While expenses have increased by 2.0% 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
TO PROVIDE ELECTRIC DISTRIBUTION AND OTHER RELATED SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRIC ENERGY AND RELATED SERVICES TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robbert Stone Director (through March 2023) | Trustee | 4.08 | $2,235 |
Kelly Erickson Director | Trustee | 6.75 | $8,705 |
Todd Post Vice Chair | Trustee | 10 | $10,305 |
Dan Pomranke Director | Trustee | 5.99 | $8,330 |
Diane Helgeson Director | Trustee | 5.36 | $8,955 |
Rollo Campe Director | Trustee | 4.03 | $8,580 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Midwest Underground Of Mn Plow Underground Cable | 12/30/23 | $733,370 |
Premier Locating Inc Underground Utility Contractor | 12/30/23 | $322,865 |
Treestory Tree Service | 12/30/23 | $294,063 |
Star Energy Services Professional Services/consulting | 12/30/23 | $275,983 |
B & B Transformer Inc Inventory Refurbishment | 12/30/23 | $216,080 |
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 | $23,071,989 |
| Investment income | $96,301 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $38,679 |
| Net Gain/Loss on Asset Sales | $13,718 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,404,256 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,220 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,358,499 |
| Compensation of current officers, directors, key employees. | $489,164 |
| 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 | $1,180,953 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,495,910 |
| Insurance | $0 |
| All other expenses | $358,787 |
| Total functional expenses | $24,168,407 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $352,075 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,907,132 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,000 |
| Inventories for sale or use | $3,393,259 |
| Prepaid expenses and deferred charges | $901,399 |
| Net Land, buildings, and equipment | $54,539,482 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,320,205 |
| Investments—program-related | $11,516,888 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $74,936,440 |
| Accounts payable and accrued expenses | $4,110,922 |
| Grants payable | $0 |
| Deferred revenue | $103,477 |
| 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 | $34,106,077 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $665,919 |
| Total liabilities | $38,986,395 |
| 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 | $35,950,045 |
| Total liabilities and net assets/fund balances | $74,936,440 |