Linn County Rural Electric Cooperative Association
- Assets
- $185.8m
- Revenue
- $59.3m
- Investments
- $2.1m
- Employees
- 75
- Location
- Marion, IA
- Founding
- 03/1939
- Data as of
- 12/2021
- EIN
- 42-0381704
Organization Overview
Linn County Rural Electric Cooperative Association is located in Marion, 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, Linn County Rural Electric Cooperative Association employed 75 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Linn County Rural Electric Cooperative Association 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, Linn County Rural Electric Cooperative Association generated $59.3m 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 $54.3m 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
PROVIDING ELECTRICAL SERVICE TO THE MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COOPERATIVE PURCHASED POWER FROM CENTRAL IOWA POWER COOPERATIVE IN 2021 FOR $31,446,532 FOR DISTRIBUTION TO COOPERATIVE MEMBERS.
COOPERATIVE DISTRIBUTED PURCHASED POWER TO MEMBERS OVER 2,414 MILES OF DISTRIBUTION LINE.
THE COOPERATIVE BILLED 31,707 SERVICES ON A MONTHLY BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Sullivan Gm/ceo | Officer | 40 | $227,360 |
Kevin Stucker Lead Engineer | 40 | $145,947 | |
Jennifer Feddersen Controller | Officer | 40 | $123,001 |
Nicholas Holub Lineman | 40 | $122,079 | |
Dan Appelhans Line Superintendent | 40 | $121,505 | |
Nabin Kandel Electrical Engineer | 40 | $117,539 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Merit Construction Construction | 12/30/21 | $2,157,303 |
Intren Electrical Contractor | 12/30/21 | $992,341 |
Swick Cable Contractor's Inc Electrical Contractor | 12/30/21 | $1,281,796 |
Usic Locating Services Llc Locating Contractor | 12/30/21 | $350,371 |
Asplundh Right Of Way/tree Trimming Contractor | 12/30/21 | $774,394 |
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 | $56,757,243 |
| Investment income | $226,607 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $42,525 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $104,351 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $59,329,522 |
| 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 | $1,000,000 |
| Compensation of current officers, directors, key employees. | $537,430 |
| 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 | $4,165,471 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,038,721 |
| Insurance | $0 |
| All other expenses | $2,897,039 |
| Total functional expenses | $54,276,173 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,859 |
| Savings and temporary cash investments | $2,299,885 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,283,682 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,356,159 |
| Prepaid expenses and deferred charges | $152,051 |
| Net Land, buildings, and equipment | $134,638,788 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,125,962 |
| Investments—program-related | $34,626,629 |
| Intangible assets | $0 |
| Other assets | $296,977 |
| Total assets | $185,789,992 |
| Accounts payable and accrued expenses | $4,182,819 |
| Grants payable | $0 |
| Deferred revenue | $1,440,187 |
| 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 | $103,345,459 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $454,345 |
| Total liabilities | $109,422,810 |
| 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 | $76,367,182 |
| Total liabilities and net assets/fund balances | $185,789,992 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
Wright-Hennepin Cooperative Electric Association Rockford, MN | $233,547,306 | $112,957,716 |
Northwest Iowa Power Cooperative Le Mars, IA | $209,144,882 | $97,805,529 |
Minnesota Valley Electric Cooperative Jordan, MN | $225,562,606 | $97,633,848 |
Sioux Valley-Southwestern Electric Cooperative Inc Colman, SD | $299,619,509 | $95,033,427 |
Lake Country Power Cohasset, MN | $343,138,601 | $92,478,659 |
Northeast Missouri Electric Power Cooperative Palmyra, MO | $173,630,221 | $92,260,519 |
Southeastern Illinois Electric Carrier Mills, IL | $211,832,578 | $85,978,289 |
Corn Belt Electric Cooperative Inc Bloomington, IL | $225,280,163 | $84,317,914 |
Crow Wing Cooperative Power & Light Company Brainerd, MN | $238,884,299 | $79,431,443 |
Mienergy Cooperative Rushford, MN | $203,461,309 | $76,660,548 |
Adams-Columbia Electric Co-Op Friendship, WI | $247,246,792 | $77,428,375 |