Agralite Electric Cooperative
- Assets
- $73.3m
- Revenue
- $27.0m
- Investments
- $2.6m
- Employees
- 32
- Location
- Benson, MN
- Founding
- 02/1943
- Data as of
- 12/2023
- EIN
- 41-0560428
Organization Overview
Agralite Electric Cooperative is located in Benson, MN. The organization was established in 1943. 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, Agralite Electric Cooperative employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Agralite Electric 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, Agralite Electric Cooperative generated $27.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $26.3m during the year ending 12/2023. While expenses have increased by 2.6% 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
DISTRIBUTE ELECTRICITY TO MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTE ELECTRIC POWER TO APPROXIMATELY 5,435 MEMBERS ON 2,435 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Orvin Gronseth President/vice President | OfficerTrustee | 7 | $15,900 |
Kathryn Draeger Director | Trustee | 6 | $11,300 |
Andrea Thomson Director | Trustee | 6 | $10,500 |
Warren Rau Vice President/president | OfficerTrustee | 8 | $11,700 |
Steven Nelson Director | Trustee | 5 | $8,350 |
Jeff Hufford Sec/treasurer | OfficerTrustee | 7 | $8,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Star Energy Services Llc Engineering And Safety | 12/30/23 | $752,843 |
Nisc Computer Software | 12/30/23 | $112,945 |
Carr's Tree Service Right Of Way Clearing | 12/30/23 | $257,016 |
Integrity Contracting Inc Power Line Install | 12/30/23 | $209,558 |
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 | $26,557,036 |
| Investment income | $359,779 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $67,179 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $49,221 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,033,215 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,783 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,658,338 |
| Compensation of current officers, directors, key employees. | $653,413 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,351,130 |
| Pension plan accruals and contributions | $605,981 |
| Other employee benefits | $0 |
| Payroll taxes | $209,953 |
| 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 | $942,584 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,332,820 |
| Insurance | $0 |
| All other expenses | -$1,567,531 |
| Total functional expenses | $26,307,806 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,271,698 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,001,356 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $783,382 |
| Inventories for sale or use | $2,713,117 |
| Prepaid expenses and deferred charges | $306,493 |
| Net Land, buildings, and equipment | $45,220,559 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,600,322 |
| Investments—program-related | $13,404,381 |
| Intangible assets | $0 |
| Other assets | $14,929 |
| Total assets | $73,316,237 |
| Accounts payable and accrued expenses | $2,999,962 |
| Grants payable | $0 |
| Deferred revenue | $1,586,236 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $51,366 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $36,347,194 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $560,748 |
| Total liabilities | $41,545,506 |
| 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 | $31,770,731 |
| Total liabilities and net assets/fund balances | $73,316,237 |