Woodbury Co Rural Electric Cooperative
- Assets
- $34.6m
- Revenue
- $11.8m
- Investments
- $0.0
- Employees
- 18
- Location
- Moville, IA
- Founding
- 11/1939
- Data as of
- 12/2023
- EIN
- 42-0608219
Organization Overview
Woodbury Co Rural Electric Cooperative is located in Moville, 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, Woodbury Co Rural Electric Cooperative employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Woodbury Co 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, Woodbury Co Rural Electric Cooperative generated $11.8m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $11.2m during the year ending 12/2023. While expenses have increased by 1.8% per year over the past 5 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 SERVICE TO OUR MEMBER-CONSUMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE MAINTAINS AND OPERATES ELECTRICAL DISTRIBUTION LINES TO ITS MEMBER CONSUMERS IN IOWA. THE COOPERATIVE CURRENTLY PROVIDES ELECTRICITY TO 3,838 SERVICES THROUGH A DISTRIBUTION NETWORK OF APPROXIMATELY 1,142 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Steinhoff President | OfficerTrustee | 2.9 | $7,800 |
Christian Countryman Secretary | OfficerTrustee | 3.2 | $10,800 |
Ronald Bohle Vice President | OfficerTrustee | 2.8 | $6,600 |
Charles Widman Treasurer (until 8/23) | OfficerTrustee | 1.9 | $2,400 |
Bruce Sadler Treasurer (beg 8/23) | OfficerTrustee | 2.8 | $6,600 |
Tom Morgan Director | Trustee | 3.2 | $8,700 |
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 | $11,704,366 |
| Investment income | $21,587 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$27,851 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $48,451 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,751,645 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,531 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $911,256 |
| Compensation of current officers, directors, key employees. | $276,902 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,283,280 |
| Pension plan accruals and contributions | $243,861 |
| Other employee benefits | $270,068 |
| Payroll taxes | $110,996 |
| 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 | $579,132 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $871,331 |
| Insurance | $0 |
| All other expenses | -$1,083,534 |
| Total functional expenses | $11,180,628 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,481 |
| Savings and temporary cash investments | $846,323 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,096,851 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,521,324 |
| Prepaid expenses and deferred charges | $169,113 |
| Net Land, buildings, and equipment | $25,191,157 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,706,633 |
| Intangible assets | $0 |
| Other assets | $3,108 |
| Total assets | $34,555,990 |
| Accounts payable and accrued expenses | $1,087,533 |
| 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 | $13,197,551 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $172,891 |
| Total liabilities | $14,457,975 |
| 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 | $20,098,015 |
| Total liabilities and net assets/fund balances | $34,555,990 |