Farmers Electric Cooperative
- Assets
- $7.0m
- Revenue
- $2.4m
- Investments
- $122.3k
- Employees
- 5
- Location
- Kalona, IA
- Founding
- 03/1940
- Data as of
- 12/2021
- EIN
- 42-0245083
Organization Overview
Farmers Electric Cooperative is located in Kalona, 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 employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmers Electric Cooperative 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 generated $2.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $2.4m during the year ending 12/2021. While expenses have increased by 3.0% 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 ELECTRIC SERVICES TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC SERVICES TO MEMBER PATRONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Heisdorffer Manager | Officer | 40 | $83,081 |
Doug Slabaugh Director | OfficerTrustee | 1 | $3,420 |
John Mast Director | OfficerTrustee | 1 | $3,420 |
Dean Miller Vice President | OfficerTrustee | 1 | $3,165 |
Steve Haman Secretary | OfficerTrustee | 1 | $2,970 |
Keith Troyer President | OfficerTrustee | 1 | $2,875 |
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 | $2,327,089 |
| Investment income | $42,781 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,591 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,400,690 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,940 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $168,080 |
| Compensation of current officers, directors, key employees. | $98,451 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $212,869 |
| Pension plan accruals and contributions | $75,950 |
| Other employee benefits | $24,230 |
| Payroll taxes | $23,504 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,161 |
| 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 | $3,266 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $406,844 |
| Insurance | $7,740 |
| All other expenses | $56,511 |
| Total functional expenses | $2,433,914 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,859 |
| Savings and temporary cash investments | $1,297,232 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $242,923 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $88,741 |
| Prepaid expenses and deferred charges | $44,381 |
| Net Land, buildings, and equipment | $4,304,133 |
| Investments—publicly traded securities | $789,102 |
| Investments—other securities | $122,254 |
| Investments—program-related | $0 |
| Intangible assets | $8,739 |
| Other assets | $75,834 |
| Total assets | $7,002,198 |
| Accounts payable and accrued expenses | $166,866 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,794 |
| Total liabilities | $172,660 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $18,400 |
| Paid-in or capital surplus, or land, building, or equipment fund | $5,000,419 |
| Retained earnings, endowment, accumulated income, or other funds | $1,810,719 |
| Total liabilities and net assets/fund balances | $7,002,198 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lake Region Electric Association Inc Webster, SD | $46,798,980 | $19,860,340 |
Black Hills Electric Cooperative Inc Custer, SD | $75,104,972 | $23,022,656 |
Missouri Rural Electric Cooperative Palmyra, MO | $37,368,089 | $19,573,881 |
Roseau Electric Cooperative Inc Roseau, MN | $41,619,663 | $19,513,008 |
Lewis And Clark Rural Water System Inc Tea, SD | $426,307,061 | $39,792,007 |
Monroe County Electric Coop Inc Waterloo, IL | $48,641,421 | $17,977,778 |
Gascosage Electric Cooperative Dixon, MO | $57,774,455 | $19,748,899 |
West Central Electric Cooperative Incorporated Murdo, SD | $53,451,686 | $18,722,038 |
North Central Missouri Electric Cooperative Inc Milan, MO | $39,341,969 | $18,294,115 |
Midwest Reliability Organization Inc St Paul, MN | $14,721,870 | $17,505,130 |
Rathbun Regional Water Association Inc Centerville, IA | $143,535,509 | $19,524,917 |
Oconto Electric Cooperative Oconto Falls, WI | $45,027,823 | $17,184,584 |