Todd Wadena Electric Co-Operative
- Assets
- $62.0m
- Revenue
- $22.5m
- Investments
- $692.2k
- Employees
- 29
- Location
- Wadena, MN
- Founding
- 12/1942
- Data as of
- 12/2022
- EIN
- 41-0579258
Organization Overview
Todd Wadena Electric Co-Operative is located in Wadena, MN. The organization was established in 1942. 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, Todd Wadena Electric Co-Operative employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Todd Wadena Electric Co-Operative 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, Todd Wadena Electric Co-Operative generated $22.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $22.6m during the year ending 12/2022. While expenses have increased by 3.0% 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 PROVIDE RELIABLE, SAFE AND AFFORDABLE ELECTRICITY TO OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TODD-WADENA ELECTRIC COOPERATIVE'S ENHANCED SERVICES FOR ITS 7,503 MEMBERS INCLUDE ENERGY CONSERVATION AND EFFICIENCY GRANTS, REBATES, FREE CONSULTATIONS, AN ENERGY ANALYSIS SERVICE AND STAND ALONE GENERATORS. WE ALSO OFFER A RENEWABLE WIND ENERGY OPTION, SAFETY EDUCATION, A LOAN PROGRAM, MULTIPLE PAYMENT OPTIONS, A MONTHLY NEWSLETTER AND AN INTERACTIVE WEBSITE.ABOUT $9,505 WAS DONATED TO VARIOUS COMMUNITY GROUPS AND ORGANIZATIONS, INCLUDING SCHOOLS, COMMUNITY ACTION, FIRE DEPARTMENTS, CITY FESTIVALS, AND THE LIKE. IN ADDITION, TODD-WADENA'S MEMBERS CONTINUED TO CONTRIBUTE 100% OF THE FUNDING OF ITS 'OPERATION ROUND UP' PROGRAM, A 501(C)(3) PROGRAM THAT FUNDS PROJECTS UNDERTAKEN BY LOCAL COMMUNITY ORGANIZATIONS. OVERSEEN BY AN INDEPENDENT BOARD OF DIRECTORS, RECIPIENT ORGANIZATIONS INCLUDE FOOD SHELVES, SCHOOL GROUPS, CIVIC GROUPS, SENIOR CENTERS, HISTORICAL SOCIETIES, FIRE AND RESCUE DEPARTMENTS AND THE LIKE. IN 2022, $26,000 WAS DISTRIBUTED TO 14 LOCAL SERVICE GROUPS THROUGH THIS PROGRAM.TODD-WADENA CONTINUES TO BE AN AVID SUPPORTER OF LOCAL YOUTH. IN 2022 TWEC UNDERWROTE $5,600 IN SUPPORT OF YOUTH SUCH AS SPONSORING 4H TSHIRTS, AND $2,800 FOR SUPPORTING A YOUTH REPRESENTATIVE ON THE NRECA YOUTH TOUR TO WASHINGTON DC, WHERE THEY MET LEGISLATORS AND LEARNED ABOUT GOVERNMENT AND THE COOPERATIVE BUSINESS MODEL. IN 2022 TODD-WADENA SUPPORTED EDUCATION THROUGH UNCASHED CAPITAL CREDITS CHECKS PAYING OUT $6,000.TODD-WADENA SUPPORTS THE COMMUNITIES THEY SERVE THROUGH THEIR COMMITMENT TO COMMUNITY PROGRAMS. THERE WAS $10,450 IN SPONSORSHIPS AND EMPLOYEE TIME PROVIDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Miles Kuschel Board Chair | Trustee | 10 | $17,250 |
Tom Brichacek Vice Chair | Trustee | 9 | $13,375 |
Dale Adams Treasurer | Trustee | 6 | $12,475 |
Kristine Spadgenske Director | Trustee | 7 | $13,525 |
Marie Katterhagen Secretary | Trustee | 5 | $13,075 |
Gene Kern Director | Trustee | 5 | $12,325 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Star Energy Services Llc Safety, Engineering, Spraying, It, Custo | 12/30/22 | $346,644 |
Central Applicators Inc Spraying | 12/30/22 | $229,542 |
Carr's Tree Service Brushing | 12/30/22 | $187,740 |
Nisc Software And Bill Mailing Services | 12/30/22 | $145,416 |
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 | $22,028,170 |
| Investment income | $69,277 |
| 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 | $1,590 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,509,338 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,506 |
| Grants and other assistance to domestic individuals. | $14,400 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,032,854 |
| Compensation of current officers, directors, key employees. | $592,116 |
| 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 | $964,836 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,906,217 |
| Insurance | $0 |
| All other expenses | $551,560 |
| Total functional expenses | $22,592,159 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $726,702 |
| Savings and temporary cash investments | $2,147,790 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,175,484 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,187,474 |
| Prepaid expenses and deferred charges | $180,445 |
| Net Land, buildings, and equipment | $45,156,058 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $692,177 |
| Investments—program-related | $9,771,126 |
| Intangible assets | $0 |
| Other assets | $6,163 |
| Total assets | $62,043,419 |
| Accounts payable and accrued expenses | $3,663,344 |
| Grants payable | $0 |
| Deferred revenue | $600,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,985 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $31,436,770 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $975,974 |
| Total liabilities | $36,678,073 |
| 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 | $2,035,698 |
| Retained earnings, endowment, accumulated income, or other funds | $23,329,648 |
| Total liabilities and net assets/fund balances | $62,043,419 |