East-Central Iowa Rural Electric Cooperative
- Assets
- $87.0m
- Revenue
- $27.0m
- Investments
- $8.0m
- Employees
- 37
- Location
- Urbana, IA
- Founding
- 02/1996
- Data as of
- 12/2023
- EIN
- 42-1445092
Organization Overview
East-Central Iowa Rural Electric Cooperative is located in Urbana, IA. The organization was established in 1996. 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, East-Central Iowa Rural Electric Cooperative employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. East-Central Iowa Rural Electric 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, East-Central Iowa Rural Electric Cooperative generated $27.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $24.6m during the year ending 12/2023. While expenses have increased by 1.7% per year over the past 8 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
EAST CENTRAL IOWA RURAL ELECTRIC COOPERATIVE PROVIDES ELECTRIC ENERGY SERVICE TO APPROXIMATELY 7,240 MEMBERS TO PARTS OF 10 COUNTIES IN EAST-CENTRAL IOWA. IT'S PRIMARY MISSION IS TO PROVIDE THE BEST POSSIBLE ELECTRICAL SERVICE TO ITS MEMBERS AT THE LOWEST POSSIBLE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF ELECTRICITY AND ELECTRIC SERVICES TO THE COOPERATIVE'S 7,240 MEMBERS. THIS REPRESENTS 99% OF THE TOTAL REVENUE FOR THE COOPERATIVE FOR 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Rau President | OfficerTrustee | 3.85 | $8,965 |
Jeff Elliott Vice President | OfficerTrustee | 3.77 | $9,630 |
Ryan Kress Secretary/treasurer | OfficerTrustee | 1.73 | $5,370 |
Gary Mckenna Assistant Secretary/treasu | OfficerTrustee | 2.31 | $8,595 |
Brian Mcnulty Director | Trustee | 1 | $4,660 |
Nick Donlea Director | Trustee | 1.15 | $5,015 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Highline Construction Co Distribution Line Rebuild | 12/30/23 | $1,338,932 |
Maurer Tree Service Llc Tree Trimming | 12/30/23 | $198,291 |
Utility Service Contractors Distribtion Line Rebuild | 12/30/23 | $140,641 |
Crc Trenching Co Boring/trenching | 12/30/23 | $474,567 |
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 | $25,644,494 |
| Investment income | $95,536 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$5,143 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,019,653 |
| 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 | $511,558 |
| Compensation of current officers, directors, key employees. | $288,480 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $376,888 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $50,103 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,621 |
| 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 | $791,575 |
| 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 | $1,597,212 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,690,219 |
| Insurance | $0 |
| All other expenses | $29,912 |
| Total functional expenses | $24,583,806 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $517,292 |
| Savings and temporary cash investments | $507,078 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,193,530 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,996,216 |
| Prepaid expenses and deferred charges | $176,822 |
| Net Land, buildings, and equipment | $71,538,767 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,045,174 |
| Investments—program-related | $0 |
| Intangible assets | $18,180 |
| Other assets | $1,006,214 |
| Total assets | $86,999,273 |
| Accounts payable and accrued expenses | $2,509,369 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $41,558,819 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $768,286 |
| Total liabilities | $44,836,474 |
| 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 | $42,162,799 |
| Total liabilities and net assets/fund balances | $86,999,273 |