Douglas Electric Cooperative Inc
- Assets
- $9.7m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 7
- Location
- Armour, SD
- Founding
- 07/1950
- Data as of
- 12/2023
- EIN
- 46-0217086
Organization Overview
Douglas Electric Cooperative Inc is located in Armour, SD. The organization was established in 1950. 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, Douglas Electric Cooperative Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Douglas 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, Douglas Electric Cooperative Inc generated $3.3m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $3.3m during the year ending 12/2023. While expenses have increased by 0.2% per year over the past 5 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
DEDICATED TO PROVIDE SAFE, LOW COST, RELIABLE ELECTRICITY TO ALL OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DOUGLAS ELECTRIC HAS PURCHASED AND DELIVERED ELECTRICITY TO 824 RURAL ELECTRIC SERVICES FOR 618 RURAL ELECTRIC COOPERATIVE MEMBERS IN DOUGLAS COUNTY, SOUTH DAKOTA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jay Spaans Manager | Officer | 40 | $93,614 |
Larry Vander Ley Vice President | Trustee | 7 | $8,700 |
Wayne Lefers President | Trustee | 7 | $8,275 |
Blake Ligtenberg Director | Trustee | 5 | $5,375 |
Joel Baier Director | Trustee | 5 | $5,100 |
David Neugebauer Secretary/treasurer | Trustee | 5 | $4,125 |
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 | $3,273,338 |
| Investment income | $17,309 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,290,647 |
| 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 | $228,047 |
| Compensation of current officers, directors, key employees. | $175,147 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $469,806 |
| Pension plan accruals and contributions | $133,770 |
| Other employee benefits | $149,412 |
| Payroll taxes | $43,574 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,664 |
| Fees for services: Accounting | $13,147 |
| 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 | $2,370 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,163 |
| Interest | $170,986 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $245,338 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,290,647 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $911 |
| Savings and temporary cash investments | $271,765 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $299,179 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $151,330 |
| Prepaid expenses and deferred charges | $25,470 |
| Net Land, buildings, and equipment | $6,790,007 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,199,986 |
| Intangible assets | $0 |
| Other assets | $3,857 |
| Total assets | $9,742,505 |
| Accounts payable and accrued expenses | $261,763 |
| 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 | $5,741,596 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,311 |
| Total liabilities | $6,014,670 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $4,890 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $3,722,945 |
| Total liabilities and net assets/fund balances | $9,742,505 |