Goldenwest Electric Co-Op Inc
- Assets
- $21.3m
- Revenue
- $6.4m
- Investments
- $2.2m
- Employees
- 10
- Location
- Wibaux, MT
- Founding
- 05/1956
- Data as of
- 12/2022
- EIN
- 81-0216809
Organization Overview
Goldenwest Electric Co-Op Inc is located in Wibaux, MT. The organization was established in 1956. 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 12/2022, Goldenwest Electric Co-Op Inc employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Goldenwest Electric Co-Op 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, Goldenwest Electric Co-Op Inc generated $6.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (5.1%) each year. All expenses for the organization totaled $6.2m during the year ending 12/2022. 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
RURAL ELECTRIC COOPERATIVE SUPPLYING ELECTRICAL SERVICES AND UTILITIES TO MEMBERS AND PATRONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RURAL ELECTRIC COOPERATIVE SUPPLYING ELECTRICAL SERVICES AND UTILITIES TO MEMBERS AND PATRONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Sokoloski Manager | Officer | 40 | $175,047 |
Cole Olson Lineman | 40 | $116,184 | |
Caleb Naldrett Lineman | 40 | $106,656 | |
Travis Bakken Lineman | 40 | $100,019 | |
Robert Makelky Director | OfficerTrustee | 2 | $6,100 |
Dale Schweigert Director | OfficerTrustee | 2 | $6,000 |
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 | $6,235,734 |
| Investment income | $201,299 |
| 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 | $6,437,033 |
| 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 | $414,435 |
| Compensation of current officers, directors, key employees. | $201,547 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $322,859 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $327,930 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $705,857 |
| Insurance | $0 |
| All other expenses | $348,699 |
| Total functional expenses | $6,207,702 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,766,772 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $207,921 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $343,196 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $13,795,469 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,163,484 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $58,550 |
| Total assets | $21,335,392 |
| Accounts payable and accrued expenses | $313,749 |
| 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 | $11,669,173 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,693,133 |
| Total liabilities | $13,676,055 |
| 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 | $7,659,337 |
| Total liabilities and net assets/fund balances | $21,335,392 |