Wild Rice Electric Cooperative Inc
- Assets
- $78.6m
- Revenue
- $36.5m
- Investments
- $0.0
- Employees
- 47
- Location
- Mahnomen, MN
- Founding
- 11/1942
- Data as of
- 12/2023
- EIN
- 41-0612945
Organization Overview
Wild Rice Electric Cooperative Inc is located in Mahnomen, 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, Wild Rice Electric Cooperative Inc employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wild Rice 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, Wild Rice Electric Cooperative Inc generated $36.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $36.1m during the year ending 12/2023. While expenses have increased by 2.3% per year over the past 7 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
THE EXEMPT PURPOSE OF THE ORGANIZATION IS TO PROVIDE ELECTRICITY TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WILD RICE ELECTRIC IS A RETAIL POWER SUPPLIER, WHICH OWNS AND MAINTAINS OVER 3,646 MILES OF DISTRIBUTION LINES IN A 3,200 SQUARE MILE SERVICE AREA. THE COOPERATIVE SERVES 14,701 CONSUMERS MADE UP OF 11,907 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Hamre Treasurer | OfficerTrustee | 4.4 | $8,362 |
Greg Lavoy Director | Trustee | 3.7 | $8,482 |
Jeff Nornes Director | Trustee | 5.5 | $10,357 |
Jimmy Kaiser Chairman | OfficerTrustee | 4.9 | $9,607 |
Larry Sollie Vice Chairman | OfficerTrustee | 6.6 | $8,707 |
Mark Habedank Secretary | OfficerTrustee | 7.3 | $7,907 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Carr's Tree Service Right-of-way Clearing | 12/30/23 | $1,617,069 |
Star Energy Services Llc Engineering, It | 12/30/23 | $210,539 |
Legacy Power Line Inc Pole Replacement | 12/30/23 | $290,250 |
Bluesky Daylighting Boring | 12/30/23 | $193,243 |
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 | $36,528,628 |
| Investment income | $74,840 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$74,880 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$628 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $36,527,960 |
| 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 | $1,481,371 |
| Compensation of current officers, directors, key employees. | $502,220 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,523,265 |
| Pension plan accruals and contributions | $881,224 |
| Other employee benefits | $0 |
| Payroll taxes | $292,635 |
| 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 | $1,285,472 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,583,432 |
| Insurance | $0 |
| All other expenses | -$5,172,246 |
| Total functional expenses | $36,073,471 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,950,225 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,267,229 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,070,834 |
| Prepaid expenses and deferred charges | $162,730 |
| Net Land, buildings, and equipment | $62,215,226 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,957,878 |
| Intangible assets | $0 |
| Other assets | $18,043 |
| Total assets | $78,642,165 |
| Accounts payable and accrued expenses | $3,950,932 |
| Grants payable | $0 |
| Deferred revenue | $391,453 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $878 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $39,905,278 |
| Unsecured mortgages and notes payable | $1,500,000 |
| Other liabilities | $316,742 |
| Total liabilities | $46,065,283 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $157,885 |
| Paid-in or capital surplus, or land, building, or equipment fund | $27,696,850 |
| Retained earnings, endowment, accumulated income, or other funds | $4,722,147 |
| Total liabilities and net assets/fund balances | $78,642,165 |