North Itasca Electric Coop Inc
- Assets
- $34.1m
- Revenue
- $9.3m
- Investments
- $209.0k
- Employees
- 24
- Location
- Bigfork, MN
- Founding
- 06/1961
- Data as of
- 12/2022
- EIN
- 41-0445923
Organization Overview
North Itasca Electric Coop Inc is located in Bigfork, MN. The organization was established in 1961. 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, North Itasca Electric Coop Inc employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Itasca Electric Coop Inc 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, North Itasca Electric Coop Inc generated $9.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $9.3m during the year ending 12/2022. While expenses have increased by 2.5% 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
THE EXEMPT PURPOSE OF THE ORGANIZATION IS TO PROVIDE ELECTRICAL ENERGY TO MEMBER-OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NORTH ITASCA ELECTRIC COOPERATIVE SERVES 5,547 MEMBERS IN THE MINNESOTA COUNTIES OF ITASCA, KOOCHICHING AND BELTRAMI. THE COOPERATIVE SERVICES 716.53 MILES OF LINE OVERHEAD AND 602.12 MILES UNDERGROUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Salmela President | Trustee | 8.5 | $9,524 |
Wesley Waller Vice President | Trustee | 5.6 | $5,650 |
Lloyd Kongsjord Secretary | Trustee | 8.5 | $11,595 |
Roy Bain Treasurer | Trustee | 6.5 | $6,969 |
Jeffrey Killian Director | Trustee | 5.6 | $7,172 |
Bruce Leino Director | Trustee | 6.5 | $7,474 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lovdahl & Sons Llc Row Clearing/debris Clean Up | 12/30/22 | $197,465 |
J E Olson Contracting Llc Boring | 12/30/22 | $141,600 |
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 | $9,150,867 |
| Investment income | $21,734 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | -$6,564 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,342,322 |
| 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 | $501,390 |
| Compensation of current officers, directors, key employees. | $447,751 |
| 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 | $699,815 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,154,858 |
| Insurance | $0 |
| All other expenses | $29,091 |
| Total functional expenses | $9,343,985 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,034,465 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,309,756 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $54,964 |
| Inventories for sale or use | $474,618 |
| Prepaid expenses and deferred charges | $232,856 |
| Net Land, buildings, and equipment | $27,216,673 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $209,045 |
| Investments—program-related | $3,537,212 |
| Intangible assets | $361 |
| Other assets | $3,749 |
| Total assets | $34,073,699 |
| Accounts payable and accrued expenses | $1,128,459 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,074 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $21,221,989 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $124,990 |
| Total liabilities | $22,479,512 |
| 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 | $11,594,187 |
| Total liabilities and net assets/fund balances | $34,073,699 |