Corn Belt Power Cooperative
- Assets
- $515.6m
- Revenue
- $168.9m
- Investments
- $0.0
- Employees
- 93
- Location
- Humboldt, IA
- Founding
- 09/1949
- Data as of
- 12/2022
- EIN
- 42-0655796
Organization Overview
Corn Belt Power Cooperative is located in Humboldt, IA. The organization was established in 1949. 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, Corn Belt Power Cooperative employed 93 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Corn Belt 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, Corn Belt Power Cooperative generated $168.9m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $167.6m during the year ending 12/2022. While expenses have increased by 2.4% per year over the past 4 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
GENERATING AND TRANSMITTING ELECTRICAL ENERGY TO OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EACH ACTIVITY IS PART OF THE WHOLE PROCESS OF GENERATING AND TRANSMITTING ELECTRICAL ENERGY TO OUR 9 MEMBER RURAL SERVICE COOPERATIVES AND OUR ONE MEMBER MUNICIPAL ELECTRICAL COOPERATIVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen K Berte Sr VP Finance And Administration | Officer | 40 | $217,165 |
Kenneth H Kuyper Executive VP And General Manager | Officer | 40 | $354,038 |
Kevin W Bornhoft VP Engineering And System Operations | Officer | 40 | $200,251 |
Jacob Olberding VP Power Supply | Officer | 40 | $195,429 |
Ryan Cornelius VP Corporate Relations | Officer | 40 | $171,985 |
Patrick Connor Plant Manager | 40 | $155,918 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sullivan & Ward Pc Legal Services | 12/30/22 | $192,484 |
Burns & Mcdonell Engineering Consulting | 12/30/22 | $158,529 |
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 | $167,546,382 |
| Investment income | $350,347 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,635 |
| Net Gain/Loss on Asset Sales | $991,391 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $168,893,187 |
| 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 | $23,810,000 |
| Compensation of current officers, directors, key employees. | $1,840,582 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,606,416 |
| Pension plan accruals and contributions | $1,655,742 |
| Other employee benefits | $1,024,836 |
| Payroll taxes | $625,014 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $68,932 |
| Fees for services: Accounting | $42,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $115,042 |
| Advertising and promotion | $988,473 |
| Office expenses | $148,773 |
| Information technology | $281,786 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $497,090 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $305,251 |
| Interest | $8,014,039 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,817,596 |
| Insurance | $497,201 |
| All other expenses | $1,004,968 |
| Total functional expenses | $167,570,093 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,004,857 |
| Savings and temporary cash investments | $8,355,594 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,302,218 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $11,826,763 |
| Inventories for sale or use | $16,106,276 |
| Prepaid expenses and deferred charges | $9,024 |
| Net Land, buildings, and equipment | $277,346,333 |
| Investments—publicly traded securities | $57,291,664 |
| Investments—other securities | $0 |
| Investments—program-related | $2,498,057 |
| Intangible assets | $342,494 |
| Other assets | $122,525,465 |
| Total assets | $515,608,745 |
| Accounts payable and accrued expenses | $14,564,343 |
| Grants payable | $0 |
| Deferred revenue | $3,709,390 |
| 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 | $207,133,220 |
| Unsecured mortgages and notes payable | $32,104,016 |
| Other liabilities | $73,057,995 |
| Total liabilities | $330,568,964 |
| 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 | $120,386,828 |
| Retained earnings, endowment, accumulated income, or other funds | $64,652,953 |
| Total liabilities and net assets/fund balances | $515,608,745 |