Grand Electric Cooperative Inc
- Assets
- $62.6m
- Revenue
- $12.9m
- Investments
- $24.9k
- Employees
- 50
- Location
- Bison, SD
- Founding
- 04/1963
- Data as of
- 12/2020
- EIN
- 46-0221377
Organization Overview
Grand Electric Cooperative Inc is located in Bison, SD. The organization was established in 1963. 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 12/2020, Grand Electric Cooperative Inc employed 50 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 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 12/2020, Grand Electric Cooperative Inc generated $12.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.7%) each year. All expenses for the organization totaled $12.7m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (3.0%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING ELECTRICITY TO PEOPLE IN RURAL AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 1,846 MEMBERS AND INSTALLED 3.255 MILES OF NEW ELECTRICAL SERVICE LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Senn Director Of Operations | 40 | $105,751 | |
Riley Dalzell Journeyman Lineman | 40 | $105,179 | |
Tanner Johnson Lineman | 40 | $102,411 | |
Jerry Swartz Electric Area Foreman | 40 | $102,129 | |
Colle Nash General Manager | Officer | 20 | $93,552 |
Colgan Huber Assistant General Manager | Officer | 20 | $84,061 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Keller Construction Contractors | 12/30/17 | $117,686 |
Mastec North America Inc Contractors | 12/30/17 | $1,083,971 |
Govert Powerline Services Inc Contractors | 12/30/17 | $149,359 |
Boldt Power Inc Contractors | 12/30/17 | $180,390 |
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 | $12,718,641 |
| Investment income | $203,866 |
| 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 | $19,374 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,941,881 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,620 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,060,247 |
| Compensation of current officers, directors, key employees. | $282,930 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,552,015 |
| Pension plan accruals and contributions | $717,986 |
| Other employee benefits | $0 |
| Payroll taxes | $280,505 |
| 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 | $1,152,126 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,905,346 |
| Insurance | $0 |
| All other expenses | -$3,826,615 |
| Total functional expenses | $12,716,537 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $11,510,551 |
| Pledges and grants receivable | $662,400 |
| Accounts receivable, net | $1,253,906 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,944 |
| Inventories for sale or use | $867,794 |
| Prepaid expenses and deferred charges | $379,100 |
| Net Land, buildings, and equipment | $39,778,218 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $24,850 |
| Investments—program-related | $7,699,682 |
| Intangible assets | $0 |
| Other assets | $421,263 |
| Total assets | $62,613,708 |
| Accounts payable and accrued expenses | $1,404,869 |
| 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 | $34,927,614 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,293,862 |
| Total liabilities | $39,626,345 |
| 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 | $22,987,363 |
| Total liabilities and net assets/fund balances | $62,613,708 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Blue Earth Nicollet Faribault Cooperative Electric Association Mankato, MN | $118,260,844 | $45,959,324 |
Capital Electric Cooperative Inc Bismarck, ND | $133,692,620 | $42,124,624 |
Northern Plains Electric Cooperative Carrington, ND | $137,367,234 | $41,884,973 |
Garden Valley Telephone Company Erskine, MN | $115,867,634 | $40,536,799 |
West River Electric Association Inc Wall, SD | $136,764,788 | $38,874,089 |
District Energy St Paul Inc St Paul, MN | $133,953,246 | $38,563,375 |
Steele Waseca Cooperative Electric Owatonna, MN | $93,180,056 | $37,750,212 |
Yellowstone Valley Electric Cooperative Inc Huntley, MT | $80,881,351 | $39,379,515 |
Maquoketa Valley Rural Electric Cooperative Anamosa, IA | $145,482,750 | $38,262,856 |
Access Energy Cooperative Mt Pleasant, IA | $101,668,176 | $38,281,251 |
Consolidated Telephone Company Brainerd, MN | $86,072,377 | $35,653,081 |
Federated Rural Electric Association Jackson, MN | $74,873,988 | $36,024,282 |