North Central Electric Cooperative Inc
- Assets
- $92.2m
- Revenue
- $27.4m
- Investments
- $379.1k
- Employees
- 37
- Location
- Bottineau, ND
- Founding
- 07/1953
- Data as of
- 12/2022
- EIN
- 45-0173086
Organization Overview
North Central Electric Cooperative Inc is located in Bottineau, ND. The organization was established in 1953. 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, North Central Electric Cooperative Inc employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Central Electric Cooperative Inc 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, North Central Electric Cooperative Inc generated $27.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $27.4m during the year ending 12/2022. While expenses have increased by 1.9% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE EXEMPT PURPOSE OF THE ORGANIZATION IS TO PROVIDE ELECTRICITY TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRICITY AND ELECTRICAL SERVICES TO OVER 8,500 RESIDENTIAL AND COMMERCIAL METERS. SERVICE ENCOMPASSES OVER 3,300 MILES OF UTILITY LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jesse Fahnestock President | OfficerTrustee | 10 | $12,616 |
Stuart Rothe Vice President | OfficerTrustee | 3 | $8,866 |
Lori M Kittleson Secretary/treasurer | OfficerTrustee | 4 | $7,266 |
Devin Tolstad Secretary/treasurer Assist | OfficerTrustee | 3 | $8,266 |
Norman Buynak Director | Trustee | 3 | $4,309 |
Joel Brandvold Director | Trustee | 3 | $12,966 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Central Trenching Inc Trenching And Boring | 12/30/22 | $724,745 |
Parisien's Tree Service Trimming Trees | 12/30/22 | $268,480 |
Dakota Tree Service Inc Trimming Trees | 12/30/22 | $211,291 |
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 | $27,246,829 |
| Investment income | $115,431 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $15,000 |
| Net Gain/Loss on Asset Sales | $5,218 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $17,415 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,399,893 |
| 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 | $2,145,306 |
| Compensation of current officers, directors, key employees. | $598,007 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,902,406 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,143,826 |
| Payroll taxes | $264,986 |
| 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 | $1,578,994 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,832,553 |
| Insurance | $0 |
| All other expenses | -$4,708,251 |
| Total functional expenses | $27,399,893 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,406,155 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,423,910 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,808,962 |
| Prepaid expenses and deferred charges | $515,930 |
| Net Land, buildings, and equipment | $63,091,882 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $379,141 |
| Investments—program-related | $17,474,074 |
| Intangible assets | $0 |
| Other assets | $50,961 |
| Total assets | $92,151,015 |
| Accounts payable and accrued expenses | $3,235,252 |
| Grants payable | $0 |
| Deferred revenue | $3,266,431 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,849 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $52,540,300 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $50,945 |
| Total liabilities | $59,094,777 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $33,056,238 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $92,151,015 |