Grand Electric Cooperative Inc
- Assets
- $64.3m
- Revenue
- $13.8m
- Investments
- $24.6k
- Employees
- 50
- Location
- Bison, SD
- Founding
- 04/1963
- Data as of
- 12/2023
- 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 12/2023, 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 12/2023, Grand Electric Cooperative Inc generated $13.8m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $13.4m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (1.4%) per year over the past 9 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
2023
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 1,866 MEMBERS ALONG 3,838.33 MILES OF ELECTRICAL SERVICE LINE, INSTALLING 6.17 MILES, AND REMOVING 0.48 MILES OF ELECTRICAL SERVICE LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John J Long President | OfficerTrustee | 6 | $13,033 |
Ross Kopren Vice President | OfficerTrustee | 7 | $14,033 |
Sharon Longwood Secretary | OfficerTrustee | 3 | $12,033 |
Maxine Rasmussen Treasurer | OfficerTrustee | 3 | $8,033 |
Eric Arneson Director | Trustee | 6 | $14,032 |
Lori Besler Director | Trustee | 4 | $11,032 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cable Communication Services Inc Construction | 12/30/23 | $240,100 |
Boldt Power Inc Construction | 12/30/23 | $187,773 |
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 | $13,383,200 |
| Investment income | $290,725 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $46,660 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $66,477 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,787,062 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,500 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,080,633 |
| Compensation of current officers, directors, key employees. | $437,095 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,736,256 |
| Pension plan accruals and contributions | $782,587 |
| Other employee benefits | $0 |
| Payroll taxes | $302,675 |
| 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 | $1,202,614 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,930,501 |
| Insurance | $0 |
| All other expenses | -$2,983,697 |
| Total functional expenses | $13,377,762 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,179,922 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,475,593 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21,295 |
| Inventories for sale or use | $1,513,031 |
| Prepaid expenses and deferred charges | $192,590 |
| Net Land, buildings, and equipment | $46,788,218 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $24,627 |
| Investments—program-related | $7,560,865 |
| Intangible assets | $0 |
| Other assets | $522,786 |
| Total assets | $64,278,927 |
| Accounts payable and accrued expenses | $920,748 |
| 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 | $36,930,176 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,395,011 |
| Total liabilities | $39,245,935 |
| 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 | $25,032,992 |
| Total liabilities and net assets/fund balances | $64,278,927 |