Midwest Electric Cooperative Corporation
- Assets
- $80.9m
- Revenue
- $30.8m
- Investments
- $0.0
- Employees
- 35
- Location
- Grant, NE
- Founding
- 08/1955
- Data as of
- 12/2021
- 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 12/2021, Midwest Electric Cooperative Corporation employed 35 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 12/2021, Midwest Electric Cooperative Corporation generated $30.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $31.8m during the year ending 12/2021. While expenses have increased by 2.3% 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
2021
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 | $156,281 |
Bruce A Geisert Meter Technician | 40 | $102,717 | |
Karl D Lake Engineering Manager | 40 | $100,913 | |
Riley D Kennedy Financial Manager | Officer | 40 | $92,545 |
Vance Mccoy Treasurer | OfficerTrustee | 2 | $4,875 |
Shawn Turner President | OfficerTrustee | 2 | $4,550 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Esc Engineering Engineering | 12/30/21 | $168,947 |
Ies Commercial Inc Construction | 12/30/21 | $127,478 |
Sbs Inspections Construction | 12/30/21 | $111,104 |
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 | $30,163,208 |
| Investment income | $575,121 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $52,096 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $8,253 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,806,010 |
| 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 | $2,704,712 |
| Compensation of current officers, directors, key employees. | $421,090 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,264,396 |
| Pension plan accruals and contributions | $689,790 |
| Other employee benefits | $580,322 |
| Payroll taxes | $193,265 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,479 |
| 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 | $14,061 |
| Office expenses | $47,656 |
| Information technology | $13,891 |
| 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 | $1,302,254 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,571,139 |
| Insurance | $136,348 |
| All other expenses | -$3,903,916 |
| Total functional expenses | $31,794,142 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,824,584 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $945,143 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,930,764 |
| Prepaid expenses and deferred charges | $994,863 |
| Net Land, buildings, and equipment | $55,379,392 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $19,872,284 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $80,947,030 |
| Accounts payable and accrued expenses | $1,769,207 |
| 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 | $36,001,021 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $361,025 |
| Total liabilities | $38,131,253 |
| 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 | $26,750,553 |
| Retained earnings, endowment, accumulated income, or other funds | $16,065,224 |
| Total liabilities and net assets/fund balances | $80,947,030 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
La Plata Electric Association Inc Durango, CO | $287,521,885 | $109,650,926 |
Northwest Iowa Power Cooperative Le Mars, IA | $209,144,882 | $97,805,529 |
Pioneer Electric Cooperative Inc Ulysses, KS | $284,468,248 | $104,061,245 |
Sioux Valley-Southwestern Electric Cooperative Inc Colman, SD | $299,619,509 | $95,033,427 |
Northeast Missouri Electric Power Cooperative Palmyra, MO | $173,630,221 | $92,260,519 |
Prairie Land Electric Cooperative Inc Norton, KS | $193,607,034 | $87,385,850 |
Victory Electric Cooperative Association Inc Dodge City, KS | $181,839,680 | $85,802,968 |
High Plains Power Inc Riverton, WY | $149,704,644 | $74,809,988 |
Delta-Montrose Electric Association Montrose, CO | $233,268,073 | $81,764,019 |
Laclede Electric Cooperative Lebanon, MO | $208,167,243 | $72,341,204 |
Yampa Valley Electric Association Inc Steamboat Springs, CO | $179,531,578 | $73,016,013 |