Freestate Electric Cooperative Inc
- Assets
- $115.0m
- Revenue
- $43.5m
- Investments
- $1.0m
- Employees
- 88
- Location
- Topeka, KS
- Founding
- 02/2017
- Data as of
- 12/2021
- EIN
- 81-4078510
Organization Overview
Freestate Electric Cooperative Inc is located in Topeka, KS. The organization was established in 2017. 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, Freestate Electric Cooperative Inc employed 88 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freestate 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 12/2021, Freestate Electric Cooperative Inc generated $43.5m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $43.5m during the year ending 12/2021. While expenses have increased by 1.3% per year over the past 5 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
PROVIDE ELECTRIC POWER AND RELATED SERVICES TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 18,451 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Foss Ceo/general Manager | Officer | 44.5 | $339,071 |
Christopher Parr Assistant Gm | Officer | 43.2 | $171,577 |
Eric Wylie Engineering Manager | 42.6 | $128,991 | |
Kyle Hallgren Journeyman Lineman | 53.2 | $127,523 | |
Zachary Sterling Operations Manager | 46.1 | $125,489 | |
Jill Taggart Finance Manager | Officer | 41.6 | $119,422 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kendall Construction Inc Construction | 12/30/21 | $313,235 |
Nat'l Information Solutions Cooperative Software Maintenance & Support | 12/30/21 | $287,615 |
Kansas Electric Cooperative Inc Apparatus Testing | 12/30/21 | $252,926 |
Ies Commercial Inc Highline Contractor | 12/30/21 | $174,974 |
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 | $43,420,893 |
| Investment income | $64,195 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,582 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$16,884 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $43,505,372 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,541 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $627,830 |
| Compensation of current officers, directors, key employees. | $931,445 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| 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 | $2,080,508 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,212,266 |
| Insurance | $0 |
| All other expenses | $1,372,939 |
| Total functional expenses | $43,505,372 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $69,957 |
| Savings and temporary cash investments | $4,938,364 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,867,888 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $55,940 |
| Inventories for sale or use | $3,014,642 |
| Prepaid expenses and deferred charges | $43,173 |
| Net Land, buildings, and equipment | $91,566,604 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,001,872 |
| Investments—program-related | $7,445,697 |
| Intangible assets | $0 |
| Other assets | $2,002,070 |
| Total assets | $115,006,207 |
| Accounts payable and accrued expenses | $4,293,158 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $13,457 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $56,187,255 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,742,091 |
| Total liabilities | $70,235,961 |
| 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 | $44,770,246 |
| Total liabilities and net assets/fund balances | $115,006,207 |
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 |
Tri-County Electric Cooperative Inc Hooker, OK | $321,398,945 | $100,998,279 |
Pioneer Electric Cooperative Inc Ulysses, KS | $284,468,248 | $104,061,245 |
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 |
Northeast Oklahoma Electric Cooperative Inc Vinita, OK | $249,522,381 | $85,761,419 |
Verdigris Valley Electric Cooperative Incorporated Collinsville, OK | $207,857,115 | $78,783,085 |
Cotton Electric Cooperative Inc Walters, OK | $176,118,552 | $75,743,198 |
Canadian Valley Electric Cooperative Inc Seminole, OK | $173,885,980 | $69,270,313 |
Delta-Montrose Electric Association Montrose, CO | $233,268,073 | $81,764,019 |