Farmers Electric Cooperative Incorporated
- Assets
- $43.4m
- Revenue
- $14.4m
- Investments
- $0.0
- Employees
- 24
- Location
- Greenfield, IA
- Founding
- 03/1940
- Data as of
- 12/2021
- EIN
- 42-0243365
Organization Overview
Farmers Electric Cooperative Incorporated is located in Greenfield, IA. The organization was established in 1940. 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 12/2021, Farmers Electric Cooperative Incorporated employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmers Electric Cooperative Incorporated 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, Farmers Electric Cooperative Incorporated generated $14.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $14.3m 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
TO PROVIDE OUR MEMBERS WITH A DEPENDABLE QUALITY AND QUANTITY OF ELECTRICAL ENERGY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 5,014 CONSUMERS OR 3,787 MEMBERS AND ADDED 10.49 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
C Charles Dunn CEO | Officer | 40 | $161,223 |
Lori Kinyon CFO | Officer | 40 | $92,376 |
Roxann Rhoads Treasurer | OfficerTrustee | 5.8 | $10,800 |
Steve Chandler Vice President | OfficerTrustee | 5.1 | $9,000 |
Kris Petter Director | Trustee | 5.2 | $9,000 |
Janelle Peiffer Director | Trustee | 4.4 | $8,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Coddington Inc Tree Trimming | 12/30/21 | $228,082 |
Lang Construction Group Inc General Contractor | 12/30/21 | $184,489 |
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 | $14,296,411 |
| Investment income | $85,219 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $48,099 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $8,814 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,438,543 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,508 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,617,854 |
| Compensation of current officers, directors, key employees. | $390,626 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,409,929 |
| Pension plan accruals and contributions | $338,260 |
| Other employee benefits | $0 |
| Payroll taxes | $126,118 |
| 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 | $773,957 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,323,475 |
| Insurance | $0 |
| All other expenses | -$1,855,533 |
| Total functional expenses | $14,306,678 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,699,209 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,297,346 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $783,538 |
| Inventories for sale or use | $622,102 |
| Prepaid expenses and deferred charges | $236,037 |
| Net Land, buildings, and equipment | $30,895,129 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,818,770 |
| Intangible assets | $0 |
| Other assets | $5,965 |
| Total assets | $43,358,096 |
| Accounts payable and accrued expenses | $1,199,184 |
| 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 | $20,289,350 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $90,665 |
| Total liabilities | $21,579,199 |
| 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 | $21,778,897 |
| Total liabilities and net assets/fund balances | $43,358,096 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Black River Electric Cooperative Fredericktown, MO | $138,131,330 | $49,558,459 |
Tri-County Electric Cooperative Mount Vernon, IL | $133,948,921 | $48,522,537 |
New Mac Electric Cooperative Inc Neosho, MO | $135,294,797 | $45,962,047 |
Three Rivers Electric Cooperative Linn, MO | $111,680,117 | $44,711,641 |
Blue Earth Nicollet Faribault Cooperative Electric Association Mankato, MN | $118,260,844 | $45,959,324 |
Semo Electric Cooperative Sikeston, MO | $155,297,219 | $43,598,236 |
Oakdale Electric Cooperative Oakdale, WI | $108,949,694 | $41,848,166 |
Norris Electric Cooperative Newton, IL | $122,679,839 | $43,756,656 |
Barron Electric Cooperative Barron, WI | $83,238,959 | $40,823,389 |
Garden Valley Telephone Company Erskine, MN | $115,867,634 | $40,536,799 |
Egyptian Electric Cooperative Association Murphysboro, IL | $103,786,705 | $42,170,209 |
Riverland Energy Cooperative Arcadia, WI | $120,553,523 | $39,958,076 |