Kem Electric Cooperative Inc
- Assets
- $46.3m
- Revenue
- $14.1m
- Investments
- $4.5m
- Employees
- 14
- Location
- Linton, ND
- Founding
- 03/1953
- Data as of
- 12/2023
- EIN
- 45-0218423
Organization Overview
Kem Electric Cooperative Inc is located in Linton, 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 12/2023, Kem Electric Cooperative Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kem 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 12/2023, Kem Electric Cooperative Inc generated $14.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $14.1m during the year ending 12/2023. While expenses have increased by 5.3% 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
KEM ELECTRIC COOPERATIVE, INC., IS A DISTRIBUTION COOPERATIVE THAT PROVIDES ELECTRICAL ENERGY TO CONSUMERS IN THE RURAL AREAS OF FOUR SOUTH CENTRAL COUNTIES IN NORTH DAKOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RURAL ELECTRIC POWER COOP SUPPLYING POWER TO RURAL MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dean Dewald Director | Trustee | 3.98 | $10,700 |
Carmen Essig Director | Trustee | 4.48 | $16,700 |
Carter Vander Wal Secretary/treasurer | OfficerTrustee | 6.65 | $12,200 |
Victor Wald Chairman | OfficerTrustee | 2.96 | $9,800 |
John Beck Vice Chairman | OfficerTrustee | 6.13 | $12,700 |
Dean Hummel Term 82023 Director | Trustee | 4.43 | $11,100 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Innovative Energy Alliance Cooperative Management And Office Services | 12/30/23 | $1,082,416 |
3c Construction Llc Construction | 12/30/23 | $224,376 |
Maintenance Solutions Cooperative Line Maintenance Services | 12/30/23 | $148,662 |
K & H Electric Electrician | 12/30/23 | $125,012 |
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 | $13,994,942 |
| Investment income | $76,882 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$568,100 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $818 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,072,369 |
| 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 | $866,619 |
| Compensation of current officers, directors, key employees. | $83,400 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $264,642 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $278,559 |
| 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 | $931,891 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,327,411 |
| Insurance | $0 |
| All other expenses | $9,927 |
| Total functional expenses | $14,072,369 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,618,335 |
| Savings and temporary cash investments | $800,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,516,752 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,145,403 |
| Prepaid expenses and deferred charges | $8,679 |
| Net Land, buildings, and equipment | $35,550,663 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,546,630 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $80,059 |
| Total assets | $46,266,521 |
| Accounts payable and accrued expenses | $1,230,552 |
| 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 | $27,587,890 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $738,640 |
| Total liabilities | $29,557,082 |
| 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 | $16,709,439 |
| Total liabilities and net assets/fund balances | $46,266,521 |