Northwest Iowa Power Cooperative
- Assets
- $258.7m
- Revenue
- $110.4m
- Investments
- $3.3m
- Employees
- 50
- Location
- Le Mars, IA
- Founding
- 09/1958
- Data as of
- 12/2023
- EIN
- 42-0723014
Organization Overview
Northwest Iowa Power Cooperative is located in Le Mars, IA. The organization was established in 1958. 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, Northwest Iowa Power Cooperative employed 50 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northwest 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 12/2023, Northwest Iowa Power Cooperative generated $110.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $109.7m during the year ending 12/2023. While expenses have increased by 2.3% per year over the past 9 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
WHOLESALE ELECTRICITY SALES TO ITS MEMBER COOPERATIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NIPCO IS A WHOLESALE POWER SUPPLIER TO SIX RURAL ELECTRIC DISTRIBUTION COOPERATIVES AND ONE MUNICIPAL COOPERATIVE COMPRISED OF SIX CITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Louis Reed President | OfficerTrustee | 10 | $21,810 |
Ronald Steinhoff Vice President | OfficerTrustee | 9 | $14,630 |
Trent Will Secretary | OfficerTrustee | 7 | $8,690 |
Thomas Wagner Treasurer | OfficerTrustee | 6 | $6,370 |
A James Sharp Director (end 03/2023) | Trustee | 6 | $2,350 |
Bryan Greve Director | Trustee | 8 | $10,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hk Scholz Co Switch Station Construction | 12/30/23 | $815,520 |
L&l Builders Co Outpost Building Construction | 12/30/23 | $1,314,625 |
Watts Electric Company Transmission Line Construction | 12/30/23 | $8,649,266 |
Cardis Mfg Co Inc Install Fencing | 12/30/23 | $199,992 |
N&m Power Company Substation Construction | 12/30/23 | $137,184 |
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 | $109,367,564 |
| Investment income | $195,738 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $187,274 |
| Net Gain/Loss on Asset Sales | $58,880 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $110,395,836 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,235 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $6,577,900 |
| Compensation of current officers, directors, key employees. | $890,961 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,253,475 |
| Pension plan accruals and contributions | $680,802 |
| Other employee benefits | $0 |
| Payroll taxes | $364,821 |
| 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 | $5,739,466 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,581,916 |
| Insurance | $0 |
| All other expenses | -$1,220,166 |
| Total functional expenses | $109,664,924 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,973,417 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,177,769 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $382,650 |
| Inventories for sale or use | $5,561,158 |
| Prepaid expenses and deferred charges | $879,515 |
| Net Land, buildings, and equipment | $165,787,356 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,303,116 |
| Investments—program-related | $67,614,871 |
| Intangible assets | $44,346 |
| Other assets | $22,617 |
| Total assets | $258,746,815 |
| Accounts payable and accrued expenses | $15,698,611 |
| Grants payable | $0 |
| Deferred revenue | $2,684,688 |
| 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 | $124,525,751 |
| Unsecured mortgages and notes payable | $20,984,624 |
| Other liabilities | $609,989 |
| Total liabilities | $164,503,663 |
| 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 | $94,243,152 |
| Total liabilities and net assets/fund balances | $258,746,815 |