Midland Power Cooperative
- Assets
- $144.9m
- Revenue
- $53.5m
- Investments
- $0.0
- Employees
- 58
- Location
- Boone, IA
- Founding
- 09/1992
- Data as of
- 12/2021
- 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 12/2021, Midland Power Cooperative employed 58 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 12/2021, Midland Power Cooperative generated $53.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $51.2m during the year ending 12/2021. While expenses have increased by 2.2% 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
2021
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Mckim CEO | Officer | 40 | $279,549 |
Norm Fandel Senior VP Of Business Ops | Officer | 40 | $119,361 |
Dan Kyle VP Of Operations | 51.1 | $115,889 | |
Brian Killeen Line Foreman | 48.9 | $111,197 | |
Barry Munson Line Foreman | 47.9 | $109,539 | |
Scott Benz Line Foreman | 46.5 | $109,365 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Highline Construction Powerline Contractor | 12/30/21 | $1,311,897 |
Integrity Contracting Powerline Contractor | 12/30/21 | $766,665 |
Enovus Management Cooperative Management Services Provider | 12/30/21 | $698,689 |
Asplundh Vegetation Control Contractor | 12/30/21 | $472,572 |
Star Energy Pole Inspections/engineering Services Co | 12/30/21 | $292,533 |
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 | $52,939,137 |
| Investment income | $113,523 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $750 |
| Net Gain/Loss on Asset Sales | $502,553 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$44,826 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,511,137 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,228 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,000,000 |
| Compensation of current officers, directors, key employees. | $589,731 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,827,506 |
| Pension plan accruals and contributions | $647,533 |
| Other employee benefits | $682,853 |
| Payroll taxes | $297,683 |
| Fees for services: Management | $996,021 |
| Fees for services: Legal | $147,708 |
| Fees for services: Accounting | $25,660 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $711,921 |
| Advertising and promotion | $139,647 |
| Office expenses | $109,499 |
| Information technology | $143,876 |
| 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 | $220,000 |
| Interest | $1,899,655 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,218,129 |
| Insurance | $29,557 |
| All other expenses | $203,864 |
| Total functional expenses | $51,159,361 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,349,180 |
| Savings and temporary cash investments | $2,709,302 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,678,047 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $451,671 |
| Inventories for sale or use | $2,013,895 |
| Prepaid expenses and deferred charges | $1,446,867 |
| Net Land, buildings, and equipment | $103,273,455 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $28,974,326 |
| Intangible assets | $33,894 |
| Other assets | $18,843 |
| Total assets | $144,949,480 |
| Accounts payable and accrued expenses | $4,383,004 |
| Grants payable | $0 |
| Deferred revenue | $693,704 |
| 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 | $68,622,343 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $561,955 |
| Total liabilities | $74,261,006 |
| 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 | $70,688,474 |
| Total liabilities and net assets/fund balances | $144,949,480 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Midland Power Cooperative has recieved totaling $75,000.
| Awarding Organization | Amount |
|---|---|
National Rural Utilities Cooperative Finance Corp Dulles, VA PURPOSE: INTEGRITY FUND - TERRITORY THREAT | $75,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
Wright-Hennepin Cooperative Electric Association Rockford, MN | $233,547,306 | $112,957,716 |
Northwest Iowa Power Cooperative Le Mars, IA | $209,144,882 | $97,805,529 |
Minnesota Valley Electric Cooperative Jordan, MN | $225,562,606 | $97,633,848 |
Sioux Valley-Southwestern Electric Cooperative Inc Colman, SD | $299,619,509 | $95,033,427 |
Lake Country Power Cohasset, MN | $343,138,601 | $92,478,659 |
Northeast Missouri Electric Power Cooperative Palmyra, MO | $173,630,221 | $92,260,519 |
Southeastern Illinois Electric Carrier Mills, IL | $211,832,578 | $85,978,289 |
Corn Belt Electric Cooperative Inc Bloomington, IL | $225,280,163 | $84,317,914 |
Crow Wing Cooperative Power & Light Company Brainerd, MN | $238,884,299 | $79,431,443 |
Mienergy Cooperative Rushford, MN | $203,461,309 | $76,660,548 |
Adams-Columbia Electric Co-Op Friendship, WI | $247,246,792 | $77,428,375 |