Central Iowa Power Cooperative
- Assets
- $891.0m
- Revenue
- $219.3m
- Investments
- $249.4m
- Employees
- 130
- Location
- Cedar Rapids, IA
- Founding
- 07/1951
- Data as of
- 12/2022
- EIN
- 42-0652127
Organization Overview
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.
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Board, Officers & Key Employees
| 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 |
Outside Vendors & Contractors
| 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 |
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 | $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 |