Central Iowa Power Cooperative is located in Cedar Rapids, IA. The organization was established in 1951. 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 12/2022, Central Iowa Power Cooperative employed 130 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central Iowa Power 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 12/2022, Central Iowa Power Cooperative generated $219.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $216.9m during the year ending 12/2022. While expenses have increased by 2.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ELECTRIC GENERATION AND TRANSMISSION COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE IS AN ELECTRICAL GENERATION AND TRANSMISSION COOPERATIVE PROVIDING WHOLESALE ELECTRICAL SERVICE TO ITS MEMBERS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Paul Heineman Board President | OfficerTrustee | 15.2 | $47,288 |
Dan Westphal Board Vice President | OfficerTrustee | 8.9 | $27,030 |
Gene Manternach Board Secretary/treasurer | OfficerTrustee | 11.9 | $34,840 |
Duane Ver Ploeg Board Asst Secretary/treas | OfficerTrustee | 8.8 | $25,480 |
Gary Kester Board Director | Trustee | 14 | $38,800 |
Kirk Hiland Board Director | Trustee | 12.3 | $35,640 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Itc Holdings Corp Transmission Maintenance | 12/30/22 | $5,555,889 |
Aces Power Marketing Energy Management | 12/30/22 | $446,536 |
Heartland Divide Wind Project Electric Energy | 12/30/22 | $10,926,896 |
Bridgewell Resources Transmission Construction Materials | 12/30/22 | $405,166 |
R R H Woods Rent | 12/30/22 | $340,292 |
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 | $212,285,267 |
Investment income | $1,273,238 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $551,699 |
Net Gain/Loss on Asset Sales | $2,365,066 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $219,280,606 |
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 | $8,000,000 |
Compensation of current officers, directors, key employees. | $3,184,918 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $4,234,643 |
Pension plan accruals and contributions | $281,754 |
Other employee benefits | $3,946,355 |
Payroll taxes | $786,020 |
Fees for services: Management | $0 |
Fees for services: Legal | $641,763 |
Fees for services: Accounting | $253,415 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $240,675 |
Advertising and promotion | $61,643 |
Office expenses | $157,415 |
Information technology | $356,252 |
Royalties | $0 |
Occupancy | $159,387 |
Travel | $243,384 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $165,249 |
Interest | $14,304,107 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $28,973,366 |
Insurance | $125,310 |
All other expenses | -$4,815,805 |
Total functional expenses | $216,888,805 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $9,325,982 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $47,072,069 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $10,757,215 |
Prepaid expenses and deferred charges | $510,818 |
Net Land, buildings, and equipment | $500,450,937 |
Investments—publicly traded securities | $0 |
Investments—other securities | $249,354,573 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $73,520,448 |
Total assets | $890,992,042 |
Accounts payable and accrued expenses | $28,294,151 |
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 | $479,890,278 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $159,304,082 |
Total liabilities | $667,488,511 |
Net assets without donor restrictions | $0 |
Net assets with donor restrictions | $0 |
Capital stock or trust principal, or current funds | $1,400 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $223,502,131 |
Total liabilities and net assets/fund balances | $890,992,042 |