Clearwater-Polk Electric Cooperative Inc
- Assets
- $22.9m
- Revenue
- $10.4m
- Investments
- $0.0
- Employees
- 15
- Location
- Bagley, MN
- Founding
- 02/1954
- Data as of
- 12/2023
- EIN
- 41-0654789
Organization Overview
Clearwater-Polk Electric Cooperative Inc is located in Bagley, MN. The organization was established in 1954. 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, Clearwater-Polk Electric Cooperative Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Clearwater-Polk 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, Clearwater-Polk Electric Cooperative Inc generated $10.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $10.2m during the year ending 12/2023. While expenses have increased by 1.5% 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
ELECTRICAL DISTRIBUTION COOPERATIVE WITH SALE OF ELECTRICITY TO APPROXIMATELY 4,563 MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRICITY TO APPROXIMATELY 4,563 MEMBERS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Spaulding President/director (through July 2023) | OfficerTrustee | 2 | $3,300 |
Greg Renner President/director | OfficerTrustee | 2 | $4,650 |
Harlan Highberg Treasurer/director | OfficerTrustee | 2 | $5,550 |
Kim Solberg Secretary/director | OfficerTrustee | 2 | $4,250 |
Dennis Engebretson Director | Trustee | 2 | $5,400 |
Robert A Johnson Director (through March 2023) | Trustee | 2 | $1,500 |
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 | $10,176,153 |
| Investment income | $15,768 |
| 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 | -$565 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,382,499 |
| 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 | $371,933 |
| Compensation of current officers, directors, key employees. | $727,841 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $802,216 |
| Pension plan accruals and contributions | $183,068 |
| Other employee benefits | $0 |
| Payroll taxes | $101,711 |
| 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 | $11,746 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $327,933 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $936,353 |
| Insurance | $0 |
| All other expenses | -$1,814,737 |
| Total functional expenses | $10,175,331 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $182,237 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,299,563 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $303,090 |
| Prepaid expenses and deferred charges | $67,474 |
| Net Land, buildings, and equipment | $18,705,209 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,317,918 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $22,875,491 |
| Accounts payable and accrued expenses | $1,150,064 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $8,638,607 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $316,607 |
| Total liabilities | $10,105,278 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $58,680 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $12,711,533 |
| Total liabilities and net assets/fund balances | $22,875,491 |