Arrowhead Electric Cooperative Inc
- Assets
- $40.9m
- Revenue
- $16.3m
- Investments
- $4.8m
- Employees
- 27
- Location
- Lutsen, MN
- Founding
- 04/1956
- Data as of
- 12/2022
- EIN
- 41-0735682
Organization Overview
Arrowhead Electric Cooperative Inc is located in Lutsen, MN. The organization was established in 1956. 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, Arrowhead Electric Cooperative Inc employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Arrowhead 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 12/2022, Arrowhead Electric Cooperative Inc generated $16.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $13.8m during the year ending 12/2022. While expenses have increased by 4.2% 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
ELECTRIC ENERGY DISTRIBUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTED ELECTRIC ENERGY AND OTHER SERVICES TO CONSUMERS.
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 |
|---|---|---|---|
Mike Littfin President | OfficerTrustee | 5 | $10,288 |
Michael Valentini Vice President | OfficerTrustee | 5 | $7,211 |
Roger Opp Treasurer | OfficerTrustee | 5 | $4,350 |
Donna Lunke Secretary | Trustee | 5 | $9,525 |
Stanley Tull Director | Trustee | 5 | $8,350 |
Scott Harrison Director | Trustee | 5 | $2,850 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gulbranson Excavating Co Line Construction | 12/30/22 | $458,315 |
Jay Carlson Excavating Line Construction | 12/30/22 | $242,927 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,846,227 |
| 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 | $1,846,227 |
| Total Program Service Revenue | $14,218,112 |
| Investment income | $11,184 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,310,489 |
| 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 | $570,747 |
| Compensation of current officers, directors, key employees. | $464,016 |
| 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 | $60,537 |
| 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 | $632,677 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,428,482 |
| Insurance | $0 |
| All other expenses | $1,820,748 |
| Total functional expenses | $13,793,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $843,843 |
| Savings and temporary cash investments | $417,710 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,802,310 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,239,903 |
| Prepaid expenses and deferred charges | $212,296 |
| Net Land, buildings, and equipment | $30,625,513 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,791,927 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $40,933,502 |
| Accounts payable and accrued expenses | $2,918,361 |
| 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 | $14,614,330 |
| Unsecured mortgages and notes payable | $3,500,000 |
| Other liabilities | $1,376,221 |
| Total liabilities | $22,408,912 |
| 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 | $18,524,590 |
| Total liabilities and net assets/fund balances | $40,933,502 |