Norval Electric Cooperative Inc
- Assets
- $30.3m
- Revenue
- $8.1m
- Investments
- $0.0
- Employees
- 24
- Location
- Glasgow, MT
- Founding
- 03/1956
- Data as of
- 12/2022
- EIN
- 81-0215971
Organization Overview
Norval Electric Cooperative Inc is located in Glasgow, MT. The organization was established in 1956. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, Norval Electric Cooperative Inc employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norval 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 12/2022, Norval Electric Cooperative Inc generated $8.1m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $8.1m during the year ending 12/2022. While expenses have increased by 0.4% per year over the past 4 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ELECTRIC UTILITY COOPERATIVE SERVING RURAL RESIDENCES, FARMS, BUSINESSES AND OTHER INDUSTRIAL ACCOUNTS LOCATED IN DANIELS, MCCONE, PHILLIPS, ROOSEVELT AND VALLEY COUNTIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRICITY TO RURAL FARMS, RESIDENCES, BUSINESSES AND OTHER INDUSTRIAL ENTITIES IN NORTHEAST MONTANA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig Herbert General Manager | Officer | 45 | $141,655 |
Nick Dulaney Line Superintendent | Officer | 45 | $114,835 |
Sam Gundermann Director | OfficerTrustee | 3 | $3,950 |
Ron Reddig President | OfficerTrustee | 5 | $3,600 |
Richard Molvig Vice President | OfficerTrustee | 3 | $2,650 |
Rocky Kittleson Secretary/treasurer | OfficerTrustee | 3 | $2,500 |
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 | $7,647,079 |
| Investment income | $16,479 |
| 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 | $8,069,987 |
| 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 | $504,629 |
| Compensation of current officers, directors, key employees. | $273,240 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,383,630 |
| Pension plan accruals and contributions | $268,456 |
| Other employee benefits | $436,452 |
| Payroll taxes | $129,429 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,294 |
| Fees for services: Accounting | $14,297 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $14,322 |
| Office expenses | $28,571 |
| Information technology | $17,434 |
| 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 | $496,988 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,317,342 |
| Insurance | $102,553 |
| All other expenses | $155,672 |
| Total functional expenses | $8,069,987 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,746,695 |
| Savings and temporary cash investments | $121,382 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $886,639 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,772,301 |
| Prepaid expenses and deferred charges | $115,693 |
| Net Land, buildings, and equipment | $23,060,193 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,554,742 |
| Intangible assets | $0 |
| Other assets | $86,092 |
| Total assets | $30,343,737 |
| Accounts payable and accrued expenses | $436,177 |
| 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 | $12,031,032 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,951,157 |
| Total liabilities | $14,418,366 |
| 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 | $15,925,371 |
| Total liabilities and net assets/fund balances | $30,343,737 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Norval Electric Cooperative Inc Glasgow, MT | $30,343,737 | $8,069,987 |
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