Central Electric Cooperative Inc
- Assets
- $119.3m
- Revenue
- $37.6m
- Investments
- $93.9k
- Employees
- 47
- Location
- Mitchell, SD
- Founding
- 01/2001
- Data as of
- 12/2023
- EIN
- 41-1955109
Organization Overview
Central Electric Cooperative Inc is located in Mitchell, SD. The organization was established in 2001. According to its NTEE Classification (K20) the organization is classified as: Agricultural Programs, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 12/2023, Central Electric Cooperative Inc employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central 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, Central Electric Cooperative Inc generated $37.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $36.9m during the year ending 12/2023. While expenses have increased by 1.9% 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
PROVIDING RELIABLE ENERGY AND SERVICES AT A GOOD VALUE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 5,000 COOPERATIVE MEMBERS. BUILT 69 NEW SERVICES AND RETIRED 34 SERVICES WITHIN OUR 4,480 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Duane Wolbrink President | OfficerTrustee | 9 | $16,316 |
Todd Van Walleghen Vice President | OfficerTrustee | 6 | $15,541 |
Mark Reindl Treasurer | OfficerTrustee | 6 | $15,141 |
Mark Hofer Secretary | OfficerTrustee | 8 | $14,591 |
Robert Banks Director | Trustee | 5 | $15,966 |
Merlin Bechen Director | Trustee | 7 | $18,166 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dave's Construction Construction Services | 12/30/23 | $561,175 |
Larson Digging Construction Services | 12/30/23 | $400,563 |
Highline Construction Inc Construction Services | 12/30/23 | $218,230 |
Ce Construction Repairs | 12/30/23 | $191,482 |
Star Energy Services Engineering Services | 12/30/23 | $172,483 |
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 | $37,446,736 |
| Investment income | $128,895 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,188 |
| Net Gain/Loss on Asset Sales | $2,900 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $22,138 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $37,601,857 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $32,825 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,334,827 |
| Compensation of current officers, directors, key employees. | $525,197 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,134,467 |
| Pension plan accruals and contributions | $660,510 |
| Other employee benefits | $0 |
| Payroll taxes | $340,842 |
| 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 | $1,697,488 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,670,338 |
| Insurance | $0 |
| All other expenses | -$2,683,267 |
| Total functional expenses | $36,918,894 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,071,373 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,361,897 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $633,304 |
| Inventories for sale or use | $6,265,419 |
| Prepaid expenses and deferred charges | $1,650,471 |
| Net Land, buildings, and equipment | $78,922,784 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $93,940 |
| Investments—program-related | $24,322,164 |
| Intangible assets | $0 |
| Other assets | $1,006,600 |
| Total assets | $119,327,952 |
| Accounts payable and accrued expenses | $4,639,049 |
| 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 | $63,359,498 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,711,164 |
| Total liabilities | $69,709,711 |
| 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 | $49,618,241 |
| Total liabilities and net assets/fund balances | $119,327,952 |