Cavalier Rural Electric Cooperative Inc
- Assets
- $19.0m
- Revenue
- $5.5m
- Investments
- $182.8k
- Employees
- 18
- Location
- Langdon, ND
- Founding
- 10/1952
- Data as of
- 12/2022
- EIN
- 45-0217426
Organization Overview
Cavalier Rural Electric Cooperative Inc is located in Langdon, 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 12/2022, Cavalier Rural Electric Cooperative Inc employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cavalier Rural 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, Cavalier Rural Electric Cooperative Inc generated $5.5m in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $5.5m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.1%) per year over the past 4 years. 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
ELECTRIC DISTRIBUTION COOPERATIVE SERVING 1,115 MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELECTRIC DISTRIBUTION COOPERATIVE SERVING 1,115 MEMBERS WITH 1,614 SERVICES IN PLACE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Ottem Vice President (from Dec 2022) | Trustee | 1 | $3,100 |
Del Gage Director | Trustee | 1 | $2,450 |
John Martinson President | Trustee | 1 | $3,000 |
Steve Hart Secretary | Trustee | 1 | $3,050 |
Tim Devine Vice President (through Nov 2022) | Trustee | 1 | $6,650 |
Chris Pankratz Director | Trustee | 1 | $2,200 |
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 | $5,345,597 |
| Investment income | $11,083 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,654 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $34,121 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,483,237 |
| 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 | $367,672 |
| Compensation of current officers, directors, key employees. | $274,597 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $243,038 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $527,303 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,467,051 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $941,081 |
| Savings and temporary cash investments | $531,855 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $798,763 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $250,000 |
| Inventories for sale or use | $603,331 |
| Prepaid expenses and deferred charges | $70,304 |
| Net Land, buildings, and equipment | $14,100,927 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $182,825 |
| Investments—program-related | $1,227,199 |
| Intangible assets | $0 |
| Other assets | $246,366 |
| Total assets | $18,952,651 |
| Accounts payable and accrued expenses | $429,173 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $10,443,537 |
| Other liabilities | $25,826 |
| Total liabilities | $10,898,536 |
| 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 | $8,054,115 |
| Total liabilities and net assets/fund balances | $18,952,651 |