East Central Energy
- Assets
- $359.1m
- Revenue
- $136.4m
- Investments
- $394.8k
- Employees
- 179
- Location
- Braham, MN
- Founding
- 12/1937
- Data as of
- 12/2022
- EIN
- 41-0480748
Organization Overview
East Central Energy is located in Braham, MN. The organization was established in 1937. According to its NTEE Classification (C99) the organization is classified as: Environment N.E.C., under the broad grouping of Environment and related organizations. As of 12/2022, East Central Energy employed 179 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. East Central Energy 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, East Central Energy generated $136.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $136.3m during the year ending 12/2022. While expenses have increased by 1.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
DISTRIBUTE ELECTRIC ENERGY TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC ENERGY TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ron Volker Director | Trustee | 3.54 | $11,575 |
Shelly Nault Director | Trustee | 4.99 | $12,875 |
Jim Jesok Director | Trustee | 5.04 | $11,900 |
Greg Kvanicka Asst. Secretary/treasurer | Trustee | 6.49 | $16,800 |
David Deutschlander Director | Trustee | 4.25 | $11,300 |
Jerry Tvedt Vice Chair | Trustee | 6.88 | $15,100 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
R & G Waldhalm Contractors Excavation Work | 12/30/22 | $2,114,794 |
New Age Tree Service Inc Tree Trimming/clearing | 12/30/22 | $1,576,465 |
Skyline Utilities Power Line Construction | 12/30/22 | $1,017,344 |
Yts Companies Power Line Construction | 12/30/22 | $912,439 |
Utilitree Inc Tree Trimming/clearing | 12/30/22 | $358,995 |
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 | $134,646,028 |
| Investment income | $364,549 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $67,491 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $136,415,496 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,808 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $9,421,303 |
| Compensation of current officers, directors, key employees. | $1,320,744 |
| 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 | $5,816,876 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,340,406 |
| Insurance | $0 |
| All other expenses | $5,209,058 |
| Total functional expenses | $136,342,020 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,987,927 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,284,620 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,511,828 |
| Inventories for sale or use | $4,616,666 |
| Prepaid expenses and deferred charges | $619,675 |
| Net Land, buildings, and equipment | $243,289,614 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $394,781 |
| Investments—program-related | $70,730,498 |
| Intangible assets | $0 |
| Other assets | $2,672,348 |
| Total assets | $359,107,957 |
| Accounts payable and accrued expenses | $19,987,640 |
| Grants payable | $0 |
| Deferred revenue | $16,562,647 |
| 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 | $179,140,511 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,021,997 |
| Total liabilities | $216,712,795 |
| 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 | $142,395,162 |
| Total liabilities and net assets/fund balances | $359,107,957 |
Grants Awarded
Over the last fiscal year, East Central Energy has awarded $20,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
INITIATIVE FOUNDATION PURPOSE: PROVIDE PERMANENT SUPPORT FOR COMMUNITY AND ECONOMIC DEVELOPMENT IN ECE CENTRAL MINNESOTA SERVICE AREA. | $10,000 |
NRECA INTERNATIONAL PURPOSE: PROGRAM ASSISTANCE | $10,000 |