Moreau-Grand Electric Cooperative Inc
- Assets
- $57.4m
- Revenue
- $7.7m
- Investments
- $0.0
- Employees
- 28
- Location
- Timber Lake, SD
- Founding
- 04/1964
- Data as of
- 12/2023
- EIN
- 46-0214198
Organization Overview
Moreau-Grand Electric Cooperative Inc is located in Timber Lake, SD. The organization was established in 1964. 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, Moreau-Grand Electric Cooperative Inc employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Moreau-Grand 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, Moreau-Grand Electric Cooperative Inc generated $7.7m 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 $6.9m during the year ending 12/2023. While expenses have increased by 2.1% 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
COOPERATIVE -- ELECTRIC ENERGY TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOW-COST ELECTRICAL POWER TO MEET PRESENT AND FUTURE NEEDS OF MEMBERS IN A THREE-COUNTY SERVICE AREA. THE COOPERATIVE SERVED 7,156 METERS IN 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melissa Maher Manager | Officer | 40 | $155,200 |
Kent Larson Operations S | 40 | $120,880 | |
Clint Clark Director | Trustee | 4 | $6,500 |
Larry Hieb Director | Trustee | 3 | $6,250 |
Kerry Mclellan Vice Preside | OfficerTrustee | 5 | $6,250 |
Royce Walker Director | Trustee | 3 | $5,750 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
North Central Steel Systems Repairs | 12/30/23 | $146,440 |
Capital City Construction Construction | 12/30/23 | $3,715,853 |
K & H Electric Labor Road Bore | 12/30/23 | $146,298 |
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 | $1,196,073 |
| Investment income | $180,811 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $47,463 |
| Net Gain/Loss on Asset Sales | $14,780 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $6,307,211 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,746,471 |
| 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 | $401,898 |
| Compensation of current officers, directors, key employees. | $257,451 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,231,090 |
| Pension plan accruals and contributions | $275,203 |
| Other employee benefits | $446,258 |
| Payroll taxes | $131,581 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,671 |
| Fees for services: Accounting | $33,570 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,667 |
| Advertising and promotion | $45,010 |
| Office expenses | $352,041 |
| Information technology | $72,947 |
| Royalties | $0 |
| Occupancy | $81,204 |
| Travel | $35,271 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,231 |
| Interest | $1,118,726 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,607,841 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $6,914,691 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,629,903 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,260,041 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,454,542 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $43,725,046 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,195,386 |
| Intangible assets | $0 |
| Other assets | $170,746 |
| Total assets | $57,435,664 |
| Accounts payable and accrued expenses | $1,092,678 |
| Grants payable | $0 |
| Deferred revenue | $288,905 |
| 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 | $35,539,404 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $832,727 |
| Total liabilities | $37,753,714 |
| 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 | $2,565,744 |
| Retained earnings, endowment, accumulated income, or other funds | $17,116,206 |
| Total liabilities and net assets/fund balances | $57,435,664 |