Harrison County Rural Electric Cooperative
- Assets
- $41.5m
- Revenue
- $15.3m
- Investments
- $24.1k
- Employees
- 23
- Location
- Woodbine, IA
- Founding
- 03/1939
- Data as of
- 12/2023
- EIN
- 42-0297955
Organization Overview
Harrison County Rural Electric Cooperative is located in Woodbine, 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 12/2023, Harrison County Rural Electric Cooperative employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harrison County Rural 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 12/2023, Harrison County Rural Electric Cooperative generated $15.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $14.5m during the year ending 12/2023. While expenses have increased by 2.7% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRIC AND RELATED SERVICES TO RURAL COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 3,906 MEMBERS ALONG 1,120 MILES, ADDED 15 MILES OF LINE AND REMOVED 13 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas J Bothwell President | OfficerTrustee | 7 | $7,250 |
William Hutcheson Director/vice President | OfficerTrustee | 5 | $9,325 |
Brenda Lundergard Secretary | OfficerTrustee | 3 | $10,375 |
Kent Kersten Treasurer | OfficerTrustee | 5 | $5,450 |
Larry Ramsey Director | Trustee | 7 | $7,000 |
Curtis Lee Director | Trustee | 5 | $8,875 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Watts Electric Company Contract Labor Wo 13223 | 12/30/20 | $350,734 |
Wesco Distribution Inc Neutral Splice Wo 13223 | 12/30/20 | $313,792 |
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 | $15,011,683 |
| Investment income | $225,469 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,151 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $35,113 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,279,715 |
| 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 | $782,502 |
| Compensation of current officers, directors, key employees. | $459,758 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,598,186 |
| Pension plan accruals and contributions | $453,548 |
| Other employee benefits | $0 |
| Payroll taxes | $143,268 |
| 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 | $653,408 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,242,059 |
| Insurance | $0 |
| All other expenses | -$1,038,163 |
| Total functional expenses | $14,510,892 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,885,524 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,205,612 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,144,163 |
| Prepaid expenses and deferred charges | $187,236 |
| Net Land, buildings, and equipment | $28,936,610 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $24,065 |
| Investments—program-related | $6,042,933 |
| Intangible assets | $1,541 |
| Other assets | $52,460 |
| Total assets | $41,480,144 |
| Accounts payable and accrued expenses | $1,532,872 |
| 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 | $20,145,556 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $450,024 |
| Total liabilities | $22,128,452 |
| 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 | $19,351,692 |
| Total liabilities and net assets/fund balances | $41,480,144 |