Verendrye Electric Cooperative Inc
- Assets
- $164.0m
- Revenue
- $54.0m
- Investments
- $0.0
- Employees
- 71
- Location
- Velva, ND
- Founding
- 09/1952
- Data as of
- 12/2021
- EIN
- 45-0206162
Organization Overview
Verendrye Electric Cooperative Inc is located in Velva, ND. The organization was established in 1952. 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, Verendrye Electric Cooperative Inc employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Verendrye 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 12/2021, Verendrye Electric Cooperative Inc generated $54.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $52.0m during the year ending 12/2021. While expenses have increased by 0.8% 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
TO PROVIDE QUALITY ELECTRIC SERVICE AT A COMPETITIVE COST STRENGTHEN THE AREA ECONOMY & LEAD IN IMPROVING THE REGION'S QUALITY OF LIFE THROUGH INNOVATION WHILE OPERATING WITHIN THE COOPERATIVE PRINCIPLES
Describe the Organization's Program Activity:
Part 3 - Line 4a
VERENDRYE ELECTRIC COOPERATIVE DISTRIBUTED ELECTRICITY TO 12,751 MEMBERS AT 16,573 METERING POINTS. VERENDRYE HAD 2,415 MILES OF OVERHEAD DISTRIBUTION LINE AND 2,202 MILES OF UNDERGROUND DISTRIBUTION LINE FOR A TOTAL OF 4,617 MILES OF ENERGIZED LINE.
VERENDRYE ELECTRIC COOPERATIVE PROVIDES TO ITS MEMBERS PROGRAMS THAT PROMOTE ENERGY CONSERVATION AND EFFICIENCY SUCH AS WEATHERIZATION LOANS ENERGY AUDITS HIGH EFFICIENCY WATER HEATERS AND HEAT PUMPS. VERENDRYE ALSO HAS RENEWABLE ENERGY PROGRAMS SUCH AS SOLAR WATER PUMPING AND WIND ENERGY.
VERENDRYE ELECTRIC COOPERATIVE PROVIDES ELECTRICAL SAFETY PROGRAMS TO AREA SCHOOLS AND ORGANIZATIONS AND SPONSORS YOUTH PROGRAMS SUCH AS SCHOLARSHIPS AND A YOUTH TOUR TO THE NATION'S CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Hauck General Manager | Officer | 50 | $242,522 |
Brad Doll Engineering Manager | Officer | 48 | $162,020 |
Christel Laskowski Business Manager | Officer | 48 | $156,054 |
Tim Krumwiede Operations Manager | 48 | $141,359 | |
Dj Randolph Computer Engineer | 48 | $124,410 | |
Rick Erickson Area Foreman | 43 | $119,872 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
4t Construction Pole Changes | 12/30/21 | $147,470 |
Summit Utility Services Llc Line Locating | 12/30/21 | $285,969 |
Central Trenching Inc Digging & Trenching | 12/30/21 | $1,556,391 |
Dakota Tree Service Inc Tree Trimming | 12/30/21 | $193,049 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,267,419 |
| 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 | $1,267,419 |
| Total Program Service Revenue | $52,565,173 |
| Investment income | $121,614 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,096 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $38,093 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,998,395 |
| 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 | $4,013,825 |
| Compensation of current officers, directors, key employees. | $927,762 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,947,847 |
| Pension plan accruals and contributions | $2,015,887 |
| Other employee benefits | $824,541 |
| Payroll taxes | $466,102 |
| 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 | $2,200,783 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,298,032 |
| Insurance | $0 |
| All other expenses | -$9,754,444 |
| Total functional expenses | $51,976,938 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $16,663,478 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,374,574 |
| Loans from Officers, Directors, or Controlling Persons | $838 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $249,429 |
| Inventories for sale or use | $3,628,650 |
| Prepaid expenses and deferred charges | $566,418 |
| Net Land, buildings, and equipment | $100,552,688 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $35,002,042 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $164,038,117 |
| Accounts payable and accrued expenses | $18,609,182 |
| Grants payable | $0 |
| Deferred revenue | $5,000,000 |
| 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 | $81,362,306 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $104,971,488 |
| 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 | $59,066,629 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $164,038,117 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nodak Electric Cooperative Inc Grand Forks, ND | $162,149,817 | $119,843,322 |
Wright-Hennepin Cooperative Electric Association Rockford, MN | $233,547,306 | $112,957,716 |
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 |
Crow Wing Cooperative Power & Light Company Brainerd, MN | $238,884,299 | $79,431,443 |
Roughrider Electric Cooperative Inc Hazen, ND | $306,147,341 | $78,571,891 |
Mienergy Cooperative Rushford, MN | $203,461,309 | $76,660,548 |
Stearns Cooperative Electric Association Melrose, MN | $153,957,017 | $65,381,947 |
Beltrami Electric Cooperative Bemidji, MN | $132,948,143 | $58,653,821 |
Lake Region Electric Cooperative Pelican Rapids, MN | $144,282,112 | $56,997,078 |
Verendrye Electric Cooperative Inc Velva, ND | $164,038,117 | $53,998,395 |