Heartland Power Cooperative
- Assets
- $63.2m
- Revenue
- $31.3m
- Investments
- $105.7k
- Employees
- 27
- Location
- Thompson, IA
- Founding
- 08/1998
- Data as of
- 12/2023
- EIN
- 42-1468305
Organization Overview
Heartland Power Cooperative is located in Thompson, IA. The organization was established in 1998. 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, Heartland Power Cooperative employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Heartland 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, Heartland Power Cooperative generated $31.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $29.8m during the year ending 12/2023. While expenses have increased by 0.9% 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
TO PROVIDE ELECTRICITY TO RURAL COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HEARTLAND POWER COOPERATIVE INVESTED IN NEW SERVICE LINES, LINE AND SERVICE IMPROVEMENTS, AND ORDINARY REPLACEMENT OF EXISTING LINE TO KEEP UP THE CONDITION OF OUR DISTRIBUTION SYSTEM. A SUMMARY OF THESE IMPROVEMENTS IS LISTED BELOW:15 MILES OF OVERHEAD LINE WAS REBUILT22 MILES OF UNDERGROUND LINE WAS INSTALLED35 NEW SERVICES CONNECTED467 NEW POLES WERE PLACED FOR NEW LINE, NEW SERVICES, AND FOR ORDINARY REPLACEMENT OF DAMAGED OR DECAYED POLES OR FOR BETTER LINE CLEARANCE3,056 POLES WERE INSPECTED FOR DECAY OR DAMAGE, 36 POLES TAGGED FOR REPLACEMENT306 ARRESTORS WERE ADDED TO LINES TO DRAIN OFF LIGHTNING SURGES48 ELECTRONIC TRIP SAVERS WERE INSTALLED TO IMPROVE RELIABILITY AND REDUCE OUTAGES165 SECURITY LIGHTS WERE REPAIRED
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Don Knudtson President | OfficerTrustee | 8 | $11,250 |
Mark Kingland Vice President | OfficerTrustee | 6 | $7,500 |
Vince Morische Secretary | OfficerTrustee | 6 | $10,025 |
Gary Pearson Asst. Secretary-Treasurer | OfficerTrustee | 4 | $5,850 |
Michael Cole Director | Trustee | 6 | $10,350 |
Roger Solomonson Director | Trustee | 7 | $7,425 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Zinniel Utility Contracting Underground Utility Contractor | 12/30/23 | $353,958 |
Asplundh Tree Expert Co Tree Trimming | 12/30/23 | $140,758 |
Mcpeak Trenching Underground Utility Contractor | 12/30/23 | $147,940 |
Star Energy Services Engineering And Other Services | 12/30/23 | $116,114 |
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 | $31,107,162 |
| Investment income | $51,185 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $80,633 |
| 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 | $22,532 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,295,055 |
| 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 | $1,798,381 |
| Compensation of current officers, directors, key employees. | $541,091 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,657,837 |
| Pension plan accruals and contributions | $380,144 |
| Other employee benefits | $0 |
| Payroll taxes | $153,098 |
| 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 | $495,578 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,771,674 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $29,841,744 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $46,768 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,779,571 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,686,867 |
| Inventories for sale or use | $2,494,033 |
| Prepaid expenses and deferred charges | $185,140 |
| Net Land, buildings, and equipment | $38,806,330 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $105,703 |
| Investments—program-related | $15,295,143 |
| Intangible assets | $0 |
| Other assets | $834,090 |
| Total assets | $63,233,645 |
| Accounts payable and accrued expenses | $2,913,931 |
| 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 | $11,350,323 |
| Unsecured mortgages and notes payable | $3,822,404 |
| Other liabilities | $8,399,469 |
| Total liabilities | $26,486,127 |
| 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 | $36,747,518 |
| Total liabilities and net assets/fund balances | $63,233,645 |