Iowa Association Of Electric Cooperatives
- Assets
- $3.5m
- Revenue
- $5.7m
- Investments
- $190.3k
- Employees
- 18
- Location
- Des Moines, IA
- Founding
- 11/1943
- Data as of
- 08/2023
- EIN
- 42-0662488
Organization Overview
Iowa Association Of Electric Cooperatives is located in Des Moines, IA. The organization was established in 1943. 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 08/2023, Iowa Association Of Electric Cooperatives employed 18 individuals. This organization is the central organization for a national or regional group of organizations. Iowa Association Of Electric Cooperatives is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 08/2023, Iowa Association Of Electric Cooperatives generated $5.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $5.3m during the year ending 08/2023. While expenses have increased by 3.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SERVICES TO RURAL ELECTRIC COOPERATIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION & TRAINING - PROVIDED EDUCATIONAL OPPORTUNITIES FOR EMPLOYEES AND DIRECTORS OF MEMBER COOPERATIVES IN TECHNICAL AND MANAGEMENT SUBJECTS RELATED TO THEIR EMPLOYMENT. NUMEROUS PROGRAMS WERE HELD DURING THE YEAR.
COMMUNICATIONS - PROMOTED PUBLIC AWARENESS OF RURAL ELECTRIC COOPERATIVES AND THEIR PURPOSE AND ACTIVITIES, PARTICULARLY WHAT MEMBER-CONSUMER-OWNERS CAN DO TO USE ENERGY MORE EFFICIENTLY. APPROXIMATELY 58,000 COPIES OF "IOWA ELECTRIC COOPERATIVE LIVING" MAGAZINES ARE CIRCULATED MONTHLY.
SAFETY PROGRAMS - PROVIDED EDUCATION AND TRAINING IN AREAS RELATED TO ELECTRIC & OSHA SAFETY. SEVERAL STAFF MEMBERS WERE DEVOTED EXCLUSIVELY TO THIS FUNCTION.
GOVERNMENT RELATIONS - PROVIDE INFORMATION TO LEGISLATIVE AND ADMINISTRATIVE PARTIES IN FEDERAL AND STATE GOVERNMENT ON RURAL ELECTRIC ISSUES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marion Denger Nreca Director | Trustee | 2 | $8,050 |
Kevin Wheeler Manager's Representative | Trustee | 2 | $0 |
Roger Solomonson President | OfficerTrustee | 2 | $18,125 |
Gordon Greimann Vice President | OfficerTrustee | 2 | $10,850 |
Kenneth Vandenberg Secretary/treasurer | OfficerTrustee | 2 | $10,913 |
Deena Moore Assistant Secretary/treasurer | OfficerTrustee | 2 | $12,163 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jacobsen & Company Llp Accounting | 8/30/23 | $170,536 |
Sullivan & Ward Pc Legal | 8/30/23 | $148,944 |
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 | $5,630,727 |
| Investment income | $37,368 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $16,200 |
| Net Gain/Loss on Asset Sales | $16,774 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,701,069 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $496,709 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,312,912 |
| Pension plan accruals and contributions | $418,201 |
| Other employee benefits | $155,175 |
| Payroll taxes | $130,954 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $18,826 |
| Fees for services: Accounting | $177,822 |
| Fees for services: Lobbying | $65,927 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $65,925 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $49,532 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,711 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $113,269 |
| Insurance | $38,001 |
| All other expenses | $163,699 |
| Total functional expenses | $5,287,202 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $749,337 |
| Savings and temporary cash investments | $1,065,025 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $124,206 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $236,234 |
| Net Land, buildings, and equipment | $549,351 |
| Investments—publicly traded securities | $460,108 |
| Investments—other securities | $190,346 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $122,098 |
| Total assets | $3,496,705 |
| Accounts payable and accrued expenses | $604,476 |
| Grants payable | $0 |
| Deferred revenue | $92,567 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $122,108 |
| Total liabilities | $819,151 |
| Net assets without donor restrictions | $2,263,687 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $3,496,705 |