Franklin Rural Electric Coop
- Assets
- $19.8m
- Revenue
- $8.1m
- Investments
- $0.0
- Employees
- 17
- Location
- Hampton, IA
- Founding
- 03/1939
- Data as of
- 12/2021
- EIN
- 42-0260720
Organization Overview
Franklin Rural Electric Coop is located in Hampton, IA. The organization was established in 1939. 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, Franklin Rural Electric Coop employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin Rural Electric Coop 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, Franklin Rural Electric Coop generated $8.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $8.1m during the year ending 12/2021. While expenses have increased by 1.6% 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 RELIABLE AND AFFORDABLE ELECTRICITY TO OUR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SALE OF ENERGY AND RELATED SERVICES TO APPROXIMATELY 1,441 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Garrett Thompson General Manager | Officer | 40 | $110,839 |
Karen Ringleb Office Manager/accountant | Officer | 40 | $79,342 |
Darwin Van Horn Board Director | Trustee | 2 | $5,460 |
John Snyder Board Vice President | OfficerTrustee | 0.6 | $5,455 |
Gordon Greimann Board President | OfficerTrustee | 2.1 | $5,319 |
David Keninger Board Secretary/treasurer | OfficerTrustee | 1.9 | $4,935 |
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 | $7,598,103 |
| Investment income | $15,363 |
| 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 | $114,899 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,127,748 |
| 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 | $512,083 |
| Compensation of current officers, directors, key employees. | $333,585 |
| 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 | $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 | $282,406 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $582,956 |
| Insurance | $0 |
| All other expenses | $355,459 |
| Total functional expenses | $8,127,750 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,595,090 |
| Savings and temporary cash investments | $311,844 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $718,543 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,355 |
| Inventories for sale or use | $159,784 |
| Prepaid expenses and deferred charges | $117,642 |
| Net Land, buildings, and equipment | $10,559,693 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,338,051 |
| Intangible assets | $3,686 |
| Other assets | $0 |
| Total assets | $19,806,688 |
| Accounts payable and accrued expenses | $545,135 |
| Grants payable | $0 |
| Deferred revenue | $160,306 |
| 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 | $10,830,212 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $25,290 |
| Total liabilities | $11,560,943 |
| 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 | $8,245,745 |
| Total liabilities and net assets/fund balances | $19,806,688 |
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 |