Clay-Union Electric Corporation
- Assets
- $44.6m
- Revenue
- $9.8m
- Investments
- $1.4m
- Employees
- 18
- Location
- Vermillion, SD
- Founding
- 11/1958
- Data as of
- 12/2023
- 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 12/2023, Clay-Union Electric Corporation employed 18 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 12/2023, Clay-Union Electric Corporation generated $9.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $9.8m during the year ending 12/2023. While expenses have increased by 2.2% 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
TO PROVIDE ELECTRICITY TO RURAL COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 2,867 MEMBERS. RETIRED 12.18 MILES OF OVERHEAD LINE AND UNDERGROUND LINE. ADDED 11.64 MILES OF UNDERGROUND LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Kinney Vice President | OfficerTrustee | 3 | $6,950 |
Michael Slattery Treasurer | OfficerTrustee | 3 | $5,346 |
Tom Larsen President | OfficerTrustee | 3 | $5,987 |
Gary Glover Assistant Secretary | OfficerTrustee | 3 | $4,680 |
James Ryken Secretary | OfficerTrustee | 3 | $5,060 |
Christopher Larson General Manager | Officer | 40 | $138,023 |
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 | $9,645,822 |
| Investment income | $186,731 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,036 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,415 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,841,004 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,051 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $756,603 |
| Compensation of current officers, directors, key employees. | $382,382 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,059,360 |
| Pension plan accruals and contributions | $261,640 |
| Other employee benefits | $0 |
| Payroll taxes | $99,825 |
| 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 | $685,530 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,059,237 |
| Insurance | $0 |
| All other expenses | -$1,299,345 |
| Total functional expenses | $9,841,004 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $171,842 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $813,605 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,245,060 |
| Prepaid expenses and deferred charges | $332,142 |
| Net Land, buildings, and equipment | $33,705,490 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,442,470 |
| Investments—program-related | $6,917,993 |
| Intangible assets | $0 |
| Other assets | $5,585 |
| Total assets | $44,634,187 |
| Accounts payable and accrued expenses | $1,590,025 |
| 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 | $23,644,355 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,639,126 |
| Total liabilities | $26,873,506 |
| 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 | $17,760,681 |
| Total liabilities and net assets/fund balances | $44,634,187 |