Southern Iowa Electric Cooperative Inc
- Assets
- $51.2m
- Revenue
- $14.1m
- Investments
- $13.3k
- Employees
- 29
- Location
- Bloomfield, IA
- Founding
- 03/1942
- Data as of
- 12/2021
- EIN
- 42-0536190
Organization Overview
Southern Iowa Electric Cooperative Inc is located in Bloomfield, IA. The organization was established in 1942. 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, Southern Iowa Electric Cooperative Inc employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Iowa Electric Cooperative Inc 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, Southern Iowa Electric Cooperative Inc generated $14.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $14.1m during the year ending 12/2021. While expenses have increased by 1.0% 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 SAFE, RELIABLE ELECTRICITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE ELECTRICITY - TO PROVIDE ELECTRIC ENERGY AND SERVICES TO APPROXIMATELY 4,730 METERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Proctor Manager/ceo | Officer | 50 | $129,089 |
Ross Hunter COO | Officer | 50 | $102,663 |
Jo Altheide CFO | Officer | 25 | $68,238 |
Travis Harris Director | Trustee | 4 | $3,375 |
Earl Trachsel Director | Trustee | 3 | $2,465 |
Paul Wells Vice-President | OfficerTrustee | 7.5 | $2,040 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tom's Tree Service Right Of Way Clearing | 12/30/19 | $409,760 |
Kiowa Line Builders Line Builders | 12/30/19 | $457,854 |
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 | $13,612,554 |
| Investment income | $40,099 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $16,209 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $68 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,138,953 |
| 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 | $1,266,128 |
| Compensation of current officers, directors, key employees. | $496,982 |
| 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 | $884,496 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,376,815 |
| Insurance | $0 |
| All other expenses | $446,887 |
| Total functional expenses | $14,139,134 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,412,810 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,237,017 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,356,889 |
| Inventories for sale or use | $662,088 |
| Prepaid expenses and deferred charges | $282,471 |
| Net Land, buildings, and equipment | $39,293,064 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13,349 |
| Investments—program-related | $6,911,996 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $51,169,684 |
| Accounts payable and accrued expenses | $1,142,126 |
| Grants payable | $0 |
| Deferred revenue | $388,254 |
| 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 | $25,382,614 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $191,714 |
| Total liabilities | $27,104,708 |
| 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 | $24,064,976 |
| Total liabilities and net assets/fund balances | $51,169,684 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Black River Electric Cooperative Fredericktown, MO | $138,131,330 | $49,558,459 |
Tri-County Electric Cooperative Mount Vernon, IL | $133,948,921 | $48,522,537 |
New Mac Electric Cooperative Inc Neosho, MO | $135,294,797 | $45,962,047 |
Three Rivers Electric Cooperative Linn, MO | $111,680,117 | $44,711,641 |
Blue Earth Nicollet Faribault Cooperative Electric Association Mankato, MN | $118,260,844 | $45,959,324 |
Semo Electric Cooperative Sikeston, MO | $155,297,219 | $43,598,236 |
Oakdale Electric Cooperative Oakdale, WI | $108,949,694 | $41,848,166 |
Norris Electric Cooperative Newton, IL | $122,679,839 | $43,756,656 |
Barron Electric Cooperative Barron, WI | $83,238,959 | $40,823,389 |
Garden Valley Telephone Company Erskine, MN | $115,867,634 | $40,536,799 |
Egyptian Electric Cooperative Association Murphysboro, IL | $103,786,705 | $42,170,209 |
Riverland Energy Cooperative Arcadia, WI | $120,553,523 | $39,958,076 |