Roseau Electric Cooperative Inc
- Assets
- $43.0m
- Revenue
- $20.8m
- Investments
- $0.0
- Employees
- 34
- Location
- Roseau, MN
- Founding
- 07/1945
- Data as of
- 12/2022
- EIN
- 41-0510033
Organization Overview
Roseau Electric Cooperative Inc is located in Roseau, 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 12/2022, Roseau Electric Cooperative Inc employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Roseau 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 12/2022, Roseau Electric Cooperative Inc generated $20.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $20.4m during the year ending 12/2022. While expenses have increased by 1.5% 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
TO DELIVER ELECTRICITY TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE DELIVERS ELECTRIC ENERGY TO ITS 6,663 MEMBERS. THE COOPERATIVE SERVES 2,175 MILES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roger Amundson Director (through March 2022) | Trustee | 4.38 | $1,200 |
James Christianson Director (started March 2022) | Trustee | 2.68 | $3,250 |
Brian Grafstrom Director | Trustee | 3.65 | $5,950 |
Shawn Gust Director | Trustee | 5.98 | $4,950 |
James Hallan Vice President | OfficerTrustee | 3.35 | $5,250 |
Wes Mcfarlane Secretary/treasurer (through April 2022) | OfficerTrustee | 4.54 | $1,950 |
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 | $20,292,159 |
| Investment income | $30,426 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,847,676 |
| 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 | $1,091,207 |
| Compensation of current officers, directors, key employees. | $470,540 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,895,952 |
| Pension plan accruals and contributions | $508,523 |
| Other employee benefits | $0 |
| Payroll taxes | $191,852 |
| 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 | $778,988 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,031,737 |
| Insurance | $0 |
| All other expenses | -$2,739,542 |
| Total functional expenses | $20,425,915 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $71,041 |
| Savings and temporary cash investments | $938,991 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,466,560 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,384,919 |
| Prepaid expenses and deferred charges | $63,331 |
| Net Land, buildings, and equipment | $32,804,170 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,222,983 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $42,951,995 |
| Accounts payable and accrued expenses | $2,068,829 |
| Grants payable | $0 |
| Deferred revenue | $162,177 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $10,468 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $17,826,367 |
| Unsecured mortgages and notes payable | $1,950,000 |
| Other liabilities | $140,054 |
| Total liabilities | $22,157,895 |
| 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 | $20,794,100 |
| Total liabilities and net assets/fund balances | $42,951,995 |