Kingsbury Electric Cooperative Inc
- Assets
- $10.8m
- Revenue
- $3.7m
- Investments
- $69.7k
- Employees
- 11
- Location
- De Smet, SD
- Founding
- 10/1949
- Data as of
- 12/2022
- EIN
- 46-0215043
Organization Overview
Kingsbury Electric Cooperative Inc is located in De Smet, SD. The organization was established in 1949. 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 12/2022, Kingsbury Electric Cooperative Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kingsbury 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 12/2022, Kingsbury Electric Cooperative Inc generated $3.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $3.7m during the year ending 12/2022. While expenses have increased by 2.2% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRIC SERVICES TO OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO 863 MEMBERS AND HAVE 257.99 MILES OF UNDERGROUND LINES, AS WELL AS 414.24 MILES OF OVERHEAD LINES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dean Bjorklund President | OfficerTrustee | 2 | $7,500 |
Alan Vedvei Vice President | OfficerTrustee | 2 | $4,750 |
Verne Jensen Secretary/treasurer | OfficerTrustee | 2 | $4,500 |
Dave Heller Director | Trustee | 2 | $10,000 |
Richard Abrahamson Director | Trustee | 2 | $5,500 |
Greg Noem Director (beg 08/2022) | Trustee | 2 | $1,500 |
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 | $3,720,844 |
| Investment income | $1,754 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$7,449 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$47,218 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,667,931 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,425 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $424,037 |
| Compensation of current officers, directors, key employees. | $288,747 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $462,037 |
| Pension plan accruals and contributions | $81,668 |
| Other employee benefits | $0 |
| Payroll taxes | $49,297 |
| 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 | $183,728 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $338,988 |
| Insurance | $0 |
| All other expenses | -$256,823 |
| Total functional expenses | $3,667,931 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150 |
| Savings and temporary cash investments | $157,044 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $416,644 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $419,369 |
| Prepaid expenses and deferred charges | $24,415 |
| Net Land, buildings, and equipment | $7,281,435 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $69,739 |
| Investments—program-related | $2,278,897 |
| Intangible assets | $5,564 |
| Other assets | $133,000 |
| Total assets | $10,786,257 |
| Accounts payable and accrued expenses | $487,959 |
| Grants payable | $0 |
| Deferred revenue | $133,000 |
| 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 | $5,644,636 |
| Unsecured mortgages and notes payable | $1,000,000 |
| Other liabilities | $39,940 |
| Total liabilities | $7,305,535 |
| 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 | $3,480,722 |
| Total liabilities and net assets/fund balances | $10,786,257 |