P K M Electric Cooperative Inc
- Assets
- $34.6m
- Revenue
- $14.5m
- Investments
- $1.6m
- Employees
- 19
- Location
- Warren, MN
- Founding
- 02/1945
- Data as of
- 12/2021
- EIN
- 41-0484875
Organization Overview
P K M Electric Cooperative Inc is located in Warren, MN. The organization was established in 1945. 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 12/2021, P K M Electric Cooperative Inc employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. P K M Electric Cooperative 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 12/2021, P K M Electric Cooperative Inc generated $14.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $13.8m during the year ending 12/2021. 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
SALE OF ELECTRICITY TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO 2,867 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Schmidt CEO | Officer | 50 | $151,782 |
Jeffrey Rustad Manager Member Services | 50 | $111,397 | |
Karen Olson CFO | Officer | 50 | $105,506 |
Joe Marcotte Operations Manager | 50 | $104,866 | |
Blake Owens Director | Trustee | 5 | $9,000 |
Mark Hatton President | OfficerTrustee | 8 | $8,750 |
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 | $13,757,347 |
| Investment income | $240,370 |
| 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 | $12,636 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,516,004 |
| 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 | $652,563 |
| Compensation of current officers, directors, key employees. | $471,065 |
| 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 | $585,839 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,035,356 |
| Insurance | $0 |
| All other expenses | $3,639 |
| Total functional expenses | $13,757,347 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $69,284 |
| Savings and temporary cash investments | $2,641,365 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,547,974 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $263,059 |
| Inventories for sale or use | $835,821 |
| Prepaid expenses and deferred charges | $124,171 |
| Net Land, buildings, and equipment | $25,549,520 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,579,535 |
| Investments—program-related | $2,014,326 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $34,625,055 |
| Accounts payable and accrued expenses | $1,808,760 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,046 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $12,854,904 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $263,077 |
| Total liabilities | $14,927,787 |
| 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 | $20,015 |
| Retained earnings, endowment, accumulated income, or other funds | $19,677,253 |
| Total liabilities and net assets/fund balances | $34,625,055 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that P K M Electric Cooperative Inc has recieved totaling $23,900.
| Awarding Organization | Amount |
|---|---|
National Rural Utilities Cooperative Finance Corp Dulles, VA PURPOSE: INTEGRITY FUND - TERRITORY THREAT | $23,900 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Blue Earth Nicollet Faribault Cooperative Electric Association Mankato, MN | $118,260,844 | $45,959,324 |
Capital Electric Cooperative Inc Bismarck, ND | $133,692,620 | $42,124,624 |
Oakdale Electric Cooperative Oakdale, WI | $108,949,694 | $41,848,166 |
Barron Electric Cooperative Barron, WI | $83,238,959 | $40,823,389 |
Northern Plains Electric Cooperative Carrington, ND | $137,367,234 | $41,884,973 |
Garden Valley Telephone Company Erskine, MN | $115,867,634 | $40,536,799 |
Riverland Energy Cooperative Arcadia, WI | $120,553,523 | $39,958,076 |
West River Electric Association Inc Wall, SD | $136,764,788 | $38,874,089 |
District Energy St Paul Inc St Paul, MN | $133,953,246 | $38,563,375 |
Steele Waseca Cooperative Electric Owatonna, MN | $93,180,056 | $37,750,212 |
Maquoketa Valley Rural Electric Cooperative Anamosa, IA | $145,482,750 | $38,262,856 |
Access Energy Cooperative Mt Pleasant, IA | $101,668,176 | $38,281,251 |