Clay-Union Electric Corporation
- Assets
- $38.3m
- Revenue
- $9.1m
- Investments
- $1.0m
- Employees
- 17
- Location
- Vermillion, SD
- Founding
- 11/1958
- Data as of
- 12/2021
- EIN
- 46-0120430
Organization Overview
Clay-Union Electric Corporation is located in Vermillion, SD. The organization was established in 1958. 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, Clay-Union Electric Corporation employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Clay-Union Electric Corporation 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, Clay-Union Electric Corporation generated $9.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $9.1m during the year ending 12/2021. While expenses have increased by 1.7% 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 ELECTRICITY TO RURAL COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 2,882 MEMBERS. RETIRED 6 MILES OF OVERHEAD LINE AND 1 MILE OF UNDERGROUND LINE AND ADDED 10 MILES OF UNDERGROUND LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Larson General Manager | Officer | 40 | $125,149 |
Chris Kinney Vice President | OfficerTrustee | 3 | $7,865 |
Michael Slattery Treasurer | OfficerTrustee | 3 | $5,553 |
Tom Larsen President | OfficerTrustee | 3 | $4,652 |
Gary Glover Assistant Secretary | OfficerTrustee | 3 | $4,220 |
James Ryken Secretary | OfficerTrustee | 3 | $4,050 |
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 | $8,992,337 |
| Investment income | $43,803 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,627 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $21,038 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,060,805 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,187 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $510,775 |
| Compensation of current officers, directors, key employees. | $207,545 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,203,640 |
| Pension plan accruals and contributions | $283,208 |
| Other employee benefits | $0 |
| Payroll taxes | $101,652 |
| 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 | $538,506 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $970,947 |
| Insurance | $0 |
| All other expenses | -$1,308,025 |
| Total functional expenses | $9,060,805 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,693,993 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $795,439 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $731,536 |
| Prepaid expenses and deferred charges | $559,691 |
| Net Land, buildings, and equipment | $24,273,223 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,046,864 |
| Investments—program-related | $6,189,630 |
| Intangible assets | $0 |
| Other assets | $5,585 |
| Total assets | $38,295,961 |
| Accounts payable and accrued expenses | $1,547,879 |
| 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 | $18,434,479 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,309,394 |
| Total liabilities | $21,291,752 |
| 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 | $17,004,209 |
| Total liabilities and net assets/fund balances | $38,295,961 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lake Region Electric Association Inc Webster, SD | $46,798,980 | $19,860,340 |
Black Hills Electric Cooperative Inc Custer, SD | $75,104,972 | $23,022,656 |
Roseau Electric Cooperative Inc Roseau, MN | $41,619,663 | $19,513,008 |
Hill County Electric Cooperative Inc Havre, MT | $40,815,029 | $18,033,515 |
Lewis And Clark Rural Water System Inc Tea, SD | $426,307,061 | $39,792,007 |
West Central Electric Cooperative Incorporated Murdo, SD | $53,451,686 | $18,722,038 |
Midwest Reliability Organization Inc St Paul, MN | $14,721,870 | $17,505,130 |
Rathbun Regional Water Association Inc Centerville, IA | $143,535,509 | $19,524,917 |
Ravalli County Electric Cooperative Inc Victor, MT | $44,767,170 | $17,487,477 |
Wheatland Rural Electric Association Wheatland, WY | $32,258,120 | $17,112,530 |
T I P Rural Electric Cooperative Brooklyn, IA | $57,344,467 | $17,059,790 |
Nishnabotna Valley Rural Electric Cooperative Harlan, IA | $46,708,124 | $17,798,413 |