Maquoketa Valley Rural Electric Cooperative
- Assets
- $163.6m
- Revenue
- $44.0m
- Investments
- $0.0
- Employees
- 85
- Location
- Anamosa, IA
- Founding
- 08/1937
- Data as of
- 12/2023
- EIN
- 42-0394605
Organization Overview
Maquoketa Valley Rural Electric Cooperative is located in Anamosa, IA. The organization was established in 1937. 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, Maquoketa Valley Rural Electric Cooperative employed 85 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maquoketa Valley 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, Maquoketa Valley Rural Electric Cooperative generated $44.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $41.3m 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
PROVIDE RELIABLE, QUALITY ELECTRIC, INTERNET AND TELEPHONE SERVICES IN A SAFE, RESPECTFUL, ENVIRONMENTALLY RESPONSIBLE AND COST-EFFECTIVE MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAQUOKETA VALLEY ELECTRIC COOPERATIVE PROVIDES ELECTRIC ENERGY SERVICES OVER 3,319 MILES OF DISTRIBUTION LINE TO 17,891 METERED SERVICES, COVERING MORE THAN 17,003 RURAL RESIDENTIAL AND COMMERCIAL MEMBER-CONSUMERS IN NINE COUNTIES IN NORTHEASTERN IOWA.
MAQUOKETA VALLEY ELECTRIC COOPERATIVE PROVIDES INTERNET SERVICE TO 6,697 MEMBERS AND VOIP PHONE SERVICE TO 513 MEMBERS THROUGHOUT ITS SERVICE TERRITORY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ron Thielen President | OfficerTrustee | 6.5 | $9,020 |
Thomas Stewart Vice President | OfficerTrustee | 6.2 | $11,880 |
Judy Gotto Treasurer | OfficerTrustee | 5 | $11,660 |
Eugene Manternach Secretary | OfficerTrustee | 4 | $6,800 |
Charles Mccullough Assistant Secretary | OfficerTrustee | 4.4 | $10,340 |
Larry Swanson Director | Trustee | 8 | $10,780 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Corridor Network Construction Inc Fiber Network Construction & Maintenance | 12/30/23 | $1,803,702 |
Burken Underground Llc Underground Boring | 12/30/23 | $232,295 |
Usic Locating Services Llc Underground Locates | 12/30/23 | $119,778 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $100,711 |
| 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 | $100,711 |
| Total Program Service Revenue | $42,108,718 |
| Investment income | $127,931 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,799 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $10,879 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $44,002,907 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,971 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,200,000 |
| Compensation of current officers, directors, key employees. | $620,823 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $749,736 |
| Pension plan accruals and contributions | $13,987 |
| Other employee benefits | $67,164 |
| 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 | $71,679 |
| Office expenses | $15,306 |
| Information technology | $255,548 |
| 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 | $30,861 |
| Interest | $3,531,304 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,102,240 |
| Insurance | $46,981 |
| All other expenses | $2,067,993 |
| Total functional expenses | $41,267,199 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,518,760 |
| Savings and temporary cash investments | $319,983 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,003,279 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,582,440 |
| Prepaid expenses and deferred charges | $827,400 |
| Net Land, buildings, and equipment | $137,098,727 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $10,134,695 |
| Intangible assets | $156,857 |
| Other assets | $0 |
| Total assets | $163,642,141 |
| Accounts payable and accrued expenses | $4,355,714 |
| Grants payable | $0 |
| Deferred revenue | $161,677 |
| 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 | $109,912,719 |
| Unsecured mortgages and notes payable | $2,500,000 |
| Other liabilities | $2,337,816 |
| Total liabilities | $119,267,926 |
| 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 | $44,374,215 |
| Total liabilities and net assets/fund balances | $163,642,141 |