Franklin Rural Electric Coop
- Assets
- $20.3m
- Revenue
- $8.4m
- Investments
- $0.0
- Employees
- 17
- Location
- Hampton, IA
- Founding
- 03/1939
- Data as of
- 12/2022
- 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 12/2022, 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 12/2022, Franklin Rural Electric Coop generated $8.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $8.4m during the year ending 12/2022. While expenses have increased by 1.8% 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
2022
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 1,444 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gordon Greimann Board President | OfficerTrustee | 3.9 | $6,440 |
John Snyder Board Vice President | OfficerTrustee | 0.5 | $6,195 |
David Keninger Board Secretary/treasurer | OfficerTrustee | 1.4 | $4,515 |
Don Greimann Board Director | Trustee | 2.5 | $5,145 |
Matthew Roelfs Board Director | Trustee | 1 | $3,675 |
Dale Schaefer Board Director | Trustee | 3.3 | $3,880 |
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 | $7,468,479 |
| Investment income | $8,466 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $35,040 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $100,657 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,423,010 |
| 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 | $971,624 |
| Compensation of current officers, directors, key employees. | $404,818 |
| 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 | $266,353 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $602,562 |
| Insurance | $0 |
| All other expenses | $363,129 |
| Total functional expenses | $8,423,010 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $925,899 |
| Savings and temporary cash investments | $117,573 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $624,258 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,253 |
| Inventories for sale or use | $345,631 |
| Prepaid expenses and deferred charges | $138,526 |
| Net Land, buildings, and equipment | $11,812,675 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,284,381 |
| Intangible assets | $3,686 |
| Other assets | $0 |
| Total assets | $20,255,882 |
| Accounts payable and accrued expenses | $830,890 |
| Grants payable | $0 |
| Deferred revenue | $160,753 |
| 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 | $10,283,684 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $29,680 |
| Total liabilities | $11,305,007 |
| 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 | $8,950,875 |
| Total liabilities and net assets/fund balances | $20,255,882 |