Traverse Electric Cooperative Inc
- Assets
- $43.9m
- Revenue
- $14.7m
- Investments
- $8.3m
- Employees
- 17
- Location
- Wheaton, MN
- Founding
- 02/1942
- Data as of
- 12/2023
- EIN
- 41-0581955
Organization Overview
Traverse Electric Cooperative Inc is located in Wheaton, 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 12/2023, Traverse Electric Cooperative Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Traverse 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 12/2023, Traverse Electric Cooperative Inc generated $14.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $14.7m during the year ending 12/2023. While expenses have increased by 4.8% 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
AN ELECTRIC COOPERATIVE PROVIDING ELECTRIC SERVICE TO MEMBERS AT THE LOWEST POSSIBLE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALES OF ELECTRIC POWER TO 2,267 MEMBERS WITH AN AVERAGE OF 3,258 ACTIVE ELECTRIC SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Diekmann President | OfficerTrustee | 2 | $4,000 |
Tom Frisch Vice President | OfficerTrustee | 2 | $3,750 |
Matthew Glynn Secetary | OfficerTrustee | 2 | $3,875 |
Mark Pearson Secretary (left March 2023) | OfficerTrustee | 1 | $1,500 |
Michael Marks Treasurer | OfficerTrustee | 3 | $5,875 |
Stacy Ehlers Director | Trustee | 1 | $3,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cooperative Building Solutions New Facility Construction & General Cont | 12/30/23 | $5,443,246 |
Star Energy Services Safety, It, Engineering, Outage Manageme | 12/30/23 | $228,407 |
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 | $13,196,324 |
| Investment income | $272,360 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,649 |
| Net Gain/Loss on Asset Sales | $5,222 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $16,503 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,701,778 |
| 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 | $2,057,693 |
| Compensation of current officers, directors, key employees. | $568,186 |
| 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 | $806,253 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $914,937 |
| Insurance | $0 |
| All other expenses | $809,093 |
| Total functional expenses | $14,701,778 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,580,843 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $911,385 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $105,380 |
| Inventories for sale or use | $1,056,158 |
| Prepaid expenses and deferred charges | $182,142 |
| Net Land, buildings, and equipment | $28,844,658 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,257,764 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $43,938,330 |
| Accounts payable and accrued expenses | $1,054,831 |
| Grants payable | $0 |
| Deferred revenue | $374,567 |
| 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 | $24,316,439 |
| Unsecured mortgages and notes payable | $40,078 |
| Other liabilities | $15,850 |
| Total liabilities | $25,801,765 |
| 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 | $611,997 |
| Retained earnings, endowment, accumulated income, or other funds | $17,524,568 |
| Total liabilities and net assets/fund balances | $43,938,330 |