Sheridan Electric Co-Op Inc
- Assets
- $67.5m
- Revenue
- $19.8m
- Investments
- $7.0m
- Employees
- 30
- Location
- Medicine Lake, MT
- Founding
- 08/1951
- Data as of
- 12/2022
- EIN
- 81-0216871
Organization Overview
Sheridan Electric Co-Op Inc is located in Medicine Lake, MT. The organization was established in 1951. 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, Sheridan Electric Co-Op Inc employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sheridan 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, Sheridan Electric Co-Op Inc generated $19.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $16.0m 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 PROVIDES ELECTRIC SERVICES TO CONSUMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RURAL ELECTRIC COOPERATIVE PROVIDES ELECTRIC SERVICES TO CONSUMERS.
RURAL ELECTRIC COOPERATIVE PROVIDES SERVICES TO CONSUMERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Westlund Employee | 40 | $161,477 | |
Kory Opp Employee | 40 | $159,510 | |
Bryan Lenz Employee | 40 | $125,498 | |
Riley Tommerup Employee | 40 | $122,546 | |
Nickolas Oelkers Employee | 40 | $118,069 | |
Rick Hansen Vice Preside | Officer | 1 | $32,135 |
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 | $18,771,428 |
| Investment income | $55,415 |
| 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 | $19,827,462 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,451,246 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $45,933 |
| 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 | $56,460 |
| 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 | $992,110 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,547,200 |
| Insurance | $0 |
| All other expenses | $1,470,133 |
| Total functional expenses | $15,965,553 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,372,617 |
| Savings and temporary cash investments | $22,655 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,554,439 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,472,244 |
| Prepaid expenses and deferred charges | $32,605 |
| Net Land, buildings, and equipment | $48,723,346 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,980,285 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,367,302 |
| Total assets | $67,525,493 |
| Accounts payable and accrued expenses | $1,733,299 |
| 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 | $23,874,957 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,329,311 |
| Total liabilities | $27,937,567 |
| 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 | $35,726,019 |
| Retained earnings, endowment, accumulated income, or other funds | $3,861,907 |
| Total liabilities and net assets/fund balances | $67,525,493 |