Black Hills Electric Cooperative Inc
- Assets
- $82.2m
- Revenue
- $24.9m
- Investments
- $500.0
- Employees
- 29
- Location
- Custer, SD
- Founding
- 02/1955
- Data as of
- 12/2023
- EIN
- 46-0111503
Organization Overview
Black Hills Electric Cooperative Inc is located in Custer, SD. The organization was established in 1955. 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, Black Hills Electric Cooperative Inc employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Black Hills 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, Black Hills Electric Cooperative Inc generated $24.9m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $21.1m during the year ending 12/2023. While expenses have increased by 1.2% per year over the past 5 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
BLACK HILLS ELECTRIC COOPERATIVE IS A NON-PROFIT MEMBER OWNED ORGANIZATION WHOSE MISSION IS TO PROVIDE GREAT ELECTRIC DISTRIBUTION SERVICE AT THE LOWEST COST CONSISTENT WITH SOUND BUSINESS PRACTICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO 11,188 SERVICE LOCATIONS IN THE RURAL AREA OF THE BLACK HILLS AND SOUTHWEST SOTH DAKOTA 24 HOURS EACH DAY OF THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Walker Witt CEO | Officer | 53 | $275,031 |
Sammi Langendorf CFO | Officer | 49 | $162,810 |
Bill Brisk Manger Of Operations | Officer | 49 | $163,025 |
Jesse Sorenson System Coordinator | 44 | $146,946 | |
Jeff Barnes It Specialist | 42 | $117,055 | |
Dean Whitney Crew Foreman | 43 | $111,301 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kainz Powerlines Inc Line Construction | 12/30/23 | $285,531 |
Rushmore Engineering Engineering | 12/30/23 | $152,278 |
Sd Rural Electric Association Training & Publishing | 12/30/23 | $138,737 |
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 | $24,601,044 |
| Investment income | $296,556 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $6,291 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,904,597 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,835 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,999,698 |
| Compensation of current officers, directors, key employees. | $503,196 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,586,954 |
| Pension plan accruals and contributions | $610,300 |
| Other employee benefits | $513,899 |
| Payroll taxes | $164,173 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,505 |
| Fees for services: Accounting | $27,620 |
| Fees for services: Lobbying | $1,650 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $241,215 |
| Advertising and promotion | $127,039 |
| Office expenses | $163,500 |
| Information technology | $155,727 |
| Royalties | $0 |
| Occupancy | $132,102 |
| Travel | $363,875 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $55,083 |
| Interest | $1,082,559 |
| Payments to affiliates | $103,323 |
| Depreciation, depletion, and amortization | $3,036,588 |
| Insurance | $147,067 |
| All other expenses | $51,079 |
| Total functional expenses | $21,076,110 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $450 |
| Savings and temporary cash investments | $6,691,513 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,871,187 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,320,814 |
| Prepaid expenses and deferred charges | $133,691 |
| Net Land, buildings, and equipment | $55,625,531 |
| Investments—publicly traded securities | $7,997 |
| Investments—other securities | $500 |
| Investments—program-related | $13,430,246 |
| Intangible assets | $0 |
| Other assets | $72,457 |
| Total assets | $82,154,386 |
| Accounts payable and accrued expenses | $2,622,691 |
| Grants payable | $0 |
| Deferred revenue | $2,700,000 |
| 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 | $37,151,392 |
| Unsecured mortgages and notes payable | $167,000 |
| Other liabilities | $3,288,920 |
| Total liabilities | $45,930,003 |
| 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 | $6,215,348 |
| Retained earnings, endowment, accumulated income, or other funds | $30,009,035 |
| Total liabilities and net assets/fund balances | $82,154,386 |