Central Electric Cooperative Inc
- Assets
- $99.1m
- Revenue
- $37.7m
- Investments
- $2.6k
- Employees
- 46
- Location
- Mitchell, SD
- Founding
- 01/2001
- Data as of
- 12/2021
- 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 12/2021, Central Electric Cooperative Inc employed 46 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 12/2021, Central Electric Cooperative Inc generated $37.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $37.7m during the year ending 12/2021. While expenses have increased by 2.8% 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
2021
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 4,900 COOPERATIVE MEMBERS. REPLACED APPROXIMATELY 58 MILES OF ELECTRIC DISTRIBUTION LINE AND BUILT 20 MILES OF NEW ELECTRICAL DISTRIBUTION LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Schlimgen General Manager | Officer | 40 | $185,003 |
Brian Bultje Operations Manager | 40 | $135,319 | |
Jesse Baker Area Foreman | 43 | $119,407 | |
Dustin Roskens Line Superintendent | 40 | $118,598 | |
Patrick Soukup Manager Of Member Services | 40 | $117,397 | |
Norton Truman Journeyman Lineman | 43 | $112,076 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Larson Digging Inc Construction Services, Plowing, Boring, | 12/30/21 | $775,558 |
Dave's Construction Inc Construction Services, Plowing, Boring, | 12/30/21 | $400,695 |
Sbs Inspections Pole Inspection, Treatment, Etc. | 12/30/21 | $116,245 |
Highline Construction Inc Construction Services | 12/30/21 | $110,435 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $850,135 |
| 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 | $850,135 |
| Total Program Service Revenue | $36,720,659 |
| Investment income | $33,920 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,000 |
| Net Gain/Loss on Asset Sales | $48,299 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $23,034 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $37,679,047 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,084 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,391,500 |
| Compensation of current officers, directors, key employees. | $468,037 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,707,993 |
| Pension plan accruals and contributions | $551,403 |
| Other employee benefits | $0 |
| Payroll taxes | $305,460 |
| 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 | $1,344,302 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,398,811 |
| Insurance | $0 |
| All other expenses | -$3,534,777 |
| Total functional expenses | $37,679,047 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,449,126 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,279,117 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $936,949 |
| Inventories for sale or use | $2,617,896 |
| Prepaid expenses and deferred charges | $520,769 |
| Net Land, buildings, and equipment | $68,233,249 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,623 |
| Investments—program-related | $20,899,888 |
| Intangible assets | $0 |
| Other assets | $156,600 |
| Total assets | $99,096,217 |
| Accounts payable and accrued expenses | $3,783,991 |
| 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 | $49,067,145 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $604,324 |
| Total liabilities | $53,455,460 |
| 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 | $45,640,757 |
| Total liabilities and net assets/fund balances | $99,096,217 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iowa Farm Bureau Federation West Des Moines, IA | $1,514,260,280 | $86,995,533 |
Central Electric Cooperative Inc Mitchell, SD | $99,096,217 | $37,679,047 |
Iowa Corn Promotion Board Johnston, IA | $28,871,996 | $24,524,776 |
Iowa Corn Growers Association Johnston, IA | $20,295,827 | $19,989,952 |
Minnesota Corn Growers Association Burnsville, MN | $3,976,064 | $6,629,781 |
Seed Savers Exchange Inc Decorah, IA | $8,340,832 | $6,859,116 |
Nebraska Farm Bureau Federation Lincoln, NE | $6,162,256 | $5,536,938 |
Agricultural Utilization Research Institute Crookston, MN | $5,866,335 | $5,389,230 |
Eat Greater Des Moines Des Moines, IA | $273,044 | $4,607,206 |
Intertribal Agriculture Council Inc Billings, MT | $5,876,337 | $3,661,085 |
Minnesota Dairy Herd Improvement Association Buffalo, MN | $3,993,278 | $4,605,052 |
South Dakota Beef Industry Council Inc Pierre, SD | $1,193,198 | $4,031,431 |