Midwest Electric Cooperative Corporation
- Assets
- $85.1m
- Revenue
- $31.1m
- Investments
- $0.0
- Employees
- 37
- Location
- Grant, NE
- Founding
- 08/1955
- Data as of
- 12/2023
- EIN
- 47-0348438
Organization Overview
Midwest Electric Cooperative Corporation is located in Grant, NE. The organization was established in 1955. 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, Midwest Electric Cooperative Corporation employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midwest Electric Cooperative Corporation 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, Midwest Electric Cooperative Corporation generated $31.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $30.0m during the year ending 12/2023. While expenses have increased by 0.3% per year over the past 7 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
TO SAFELY PROVIDE RELIABLE POWER AND HIGH-QUALITY SERVICE TO OUR COOPERATIVE MEMBERS IN AN EFFICIENT AND COST-EFFECTIVE MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MIDWEST ELECTRIC COOPERATIVE CORPORATION IS DEDICATED TO PROVIDING A HIGH-QUALITY, RELIABLE AND COMPETITIVELY PRICED SUPPLY OF ELECTRICITY TO OUR MEMBERS AND CUSTOMERS WHILE MAINTAINING A SOUND FINANCIAL POSITION THROUGH EFFECTIVE UTILIZATION OF HUMAN, CAPITAL AND PHYSICAL RESOURCES IN ACCORDANCE WITH COOPERATIVE PRINCIPLES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jayson Bishop General Manager | Officer | 40 | $181,924 |
Kraig Wykert Operations Manager | 40 | $113,400 | |
Karl Lake Engineering Manager | 40 | $117,554 | |
Tim Johnson Apparatus Technician | 40 | $114,620 | |
Kyle R Deeds Construction Foreman | 40 | $113,038 | |
Kirk Heimes Meter Technician | 40 | $105,626 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Great Plains Power Llc Construction | 12/30/23 | $821,038 |
Sunbelt Solomon Transformer Maint | 12/30/23 | $131,934 |
Esc Engineering Engineering | 12/30/23 | $139,267 |
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 | $30,783,877 |
| Investment income | $274,470 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $42,979 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $5,074 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,110,814 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $477,810 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,506,279 |
| Pension plan accruals and contributions | $764,706 |
| Other employee benefits | $755,480 |
| Payroll taxes | $214,302 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,192 |
| Fees for services: Accounting | $13,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | -$173 |
| Office expenses | $40,243 |
| Information technology | $34,717 |
| 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 | $1,326,997 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,803,060 |
| Insurance | $158,863 |
| All other expenses | -$4,281,414 |
| Total functional expenses | $30,044,432 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $800 |
| Savings and temporary cash investments | $827,774 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,099,661 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,289,529 |
| Prepaid expenses and deferred charges | $638,811 |
| Net Land, buildings, and equipment | $60,658,434 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $19,570,707 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $85,085,716 |
| Accounts payable and accrued expenses | $1,758,153 |
| 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 | $35,868,260 |
| Unsecured mortgages and notes payable | $3,100,000 |
| Other liabilities | $587,783 |
| Total liabilities | $41,314,196 |
| 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 | $26,392,293 |
| Retained earnings, endowment, accumulated income, or other funds | $17,379,227 |
| Total liabilities and net assets/fund balances | $85,085,716 |