Whetstone Valley Electric Cooperative Inc
- Assets
- $42.8m
- Revenue
- $11.5m
- Investments
- $486.1k
- Employees
- 28
- Location
- Milbank, SD
- Founding
- 03/1944
- Data as of
- 12/2023
- EIN
- 46-0205275
Organization Overview
Whetstone Valley Electric Cooperative Inc is located in Milbank, SD. The organization was established in 1944. 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, Whetstone Valley Electric Cooperative Inc employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Whetstone Valley 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, Whetstone Valley Electric Cooperative Inc generated $11.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $11.4m 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 ELECTRIC COOPERATIVE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 2,719 MEMBERS AND MAINTAINED 1,464 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bill Tostenson President | OfficerTrustee | 6.2 | $11,024 |
Krista Atyeo-Gortmaker Treasurer | OfficerTrustee | 3.3 | $8,693 |
Joel Adler Vice President | OfficerTrustee | 5.5 | $11,795 |
Tom Berens Director | Trustee | 3.6 | $7,622 |
Dale Jensen Director (jan-Mar) | Trustee | 2.6 | $4,893 |
Darren Strasser Secretary | OfficerTrustee | 1.9 | $4,608 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Engelstad Electric Boring, Trenching, Plowing | 12/30/22 | $197,062 |
Power System Engineering Inc Engineering | 12/30/22 | $100,702 |
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 | $11,442,111 |
| Investment income | $40,848 |
| 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 | $48,207 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,531,166 |
| 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 | $841,103 |
| Compensation of current officers, directors, key employees. | $305,181 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,662,038 |
| Pension plan accruals and contributions | $311,424 |
| Other employee benefits | $0 |
| Payroll taxes | $139,182 |
| 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 | $779,306 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,137,209 |
| Insurance | $0 |
| All other expenses | -$1,296,463 |
| Total functional expenses | $11,425,521 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $849,352 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,100,694 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $284,440 |
| Inventories for sale or use | $1,425,978 |
| Prepaid expenses and deferred charges | $993,558 |
| Net Land, buildings, and equipment | $29,799,707 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $486,121 |
| Investments—program-related | $7,863,059 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $42,802,909 |
| Accounts payable and accrued expenses | $1,065,222 |
| 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 | $26,760,797 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $637,572 |
| Total liabilities | $28,463,591 |
| 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 | $14,339,318 |
| Total liabilities and net assets/fund balances | $42,802,909 |