Midland Power Cooperative
- Assets
- $157.7m
- Revenue
- $57.8m
- Investments
- $0.0
- Employees
- 56
- Location
- Boone, IA
- Founding
- 09/1992
- Data as of
- 12/2022
- EIN
- 42-1378565
Organization Overview
Midland Power Cooperative is located in Boone, IA. The organization was established in 1992. 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, Midland Power Cooperative employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midland 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, Midland Power Cooperative generated $57.8m 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 $54.3m during the year ending 12/2022. While expenses have increased by 2.1% 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
SALE OF ELECTRICITY TO MEMBERS IN CENTRAL IOWA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MIDLAND POWER IS A RURAL ELECTRIC COOPERATIVE THAT PROVIDES ELECTRICITY TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Gilbert Director Until 06/2022 | Trustee | 2.8 | $2,733 |
Doug Robey Director | Trustee | 1.9 | $3,352 |
Jack Runge Director | Trustee | 2.9 | $7,314 |
James Byriel Director | Trustee | 3.6 | $7,403 |
James Viekandt Director From 07/2022 | Trustee | 2.2 | $2,793 |
Joel Skow Assist Secretary/treasurer | OfficerTrustee | 4.4 | $8,577 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Highline Construction Powerline Contractor | 12/30/22 | $2,902,048 |
Integrity Contracting Powerline Contractor | 12/30/22 | $810,497 |
Enovus Management Cooperative Management Services Provider | 12/30/22 | $616,984 |
Friest Tree Experts Llc Vegetation Control Contractor | 12/30/22 | $587,330 |
Star Energy Pole Inspections/engineering Services Co | 12/30/22 | $320,847 |
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 | $57,570,780 |
| Investment income | $145,610 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $21,857 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $27,158 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $57,765,405 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,029 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,400,000 |
| Compensation of current officers, directors, key employees. | $729,021 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $83,909 |
| Other salaries and wages | $1,871,190 |
| Pension plan accruals and contributions | $727,799 |
| Other employee benefits | $745,847 |
| Payroll taxes | $306,552 |
| Fees for services: Management | $993,134 |
| Fees for services: Legal | $170,387 |
| Fees for services: Accounting | $24,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $619,857 |
| Advertising and promotion | $165,321 |
| Office expenses | $87,306 |
| Information technology | $196,124 |
| 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 | $221,782 |
| Interest | $2,040,393 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,431,802 |
| Insurance | $24,892 |
| All other expenses | $298,572 |
| Total functional expenses | $54,339,214 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,506,857 |
| Savings and temporary cash investments | $623,376 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,916,060 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $288,171 |
| Inventories for sale or use | $2,940,183 |
| Prepaid expenses and deferred charges | $1,258,142 |
| Net Land, buildings, and equipment | $110,718,567 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $32,386,742 |
| Intangible assets | $32,457 |
| Other assets | $18,734 |
| Total assets | $157,689,289 |
| Accounts payable and accrued expenses | $5,786,832 |
| Grants payable | $0 |
| Deferred revenue | $757,113 |
| 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 | $70,176,684 |
| Unsecured mortgages and notes payable | $3,653,870 |
| Other liabilities | $594,408 |
| Total liabilities | $80,968,907 |
| 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 | $76,720,382 |
| Total liabilities and net assets/fund balances | $157,689,289 |