United Power Inc
- Assets
- $649.4m
- Revenue
- $320.3m
- Investments
- $0.0
- Employees
- 210
- Location
- Brighton, CO
- Founding
- 06/1939
- Data as of
- 12/2022
- EIN
- 84-0340655
Organization Overview
United Power Inc is located in Brighton, CO. The organization was established in 1939. 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, United Power Inc employed 210 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. United Power 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, United Power Inc generated $320.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $319.0m during the year ending 12/2022. While expenses have increased by 4.9% per year over the past 8 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
TO PROVIDE RELIABLE ELECTRIC POWER AND RELATED SERVICES TO OUR MEMBERS AT THE MOST AFFORDABLE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE PROVIDES ELECTRIC SERVICES TO APPROXIMATELY 107,000 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Martin Chairman | OfficerTrustee | 32 | $33,236 |
Tamra Waltemath Assistant Secretary/treasu | OfficerTrustee | 11 | $28,236 |
Brian Mccormick Director | Trustee | 17 | $28,236 |
Dave Rose Director | Trustee | 8 | $28,236 |
James Vigesaa Vice Chairman | OfficerTrustee | 11 | $28,236 |
Keith Alquist Treasurer | OfficerTrustee | 12 | $28,236 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ward Electric Company Inc Line Construction | 12/30/22 | $27,167,074 |
Traffic Management Inc Traffic Control | 12/30/22 | $3,177,282 |
Novinium Llc Line Maintenance | 12/30/22 | $1,594,934 |
One Call Locators Ltd Locator | 12/30/22 | $1,413,265 |
Good People Tree Service Tree Trimming | 12/30/22 | $739,071 |
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 | $319,452,970 |
| Investment income | $324,701 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $507,442 |
| 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 | $320,285,113 |
| 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 | $12,283,816 |
| Compensation of current officers, directors, key employees. | $2,309,393 |
| 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 | $86,409 |
| 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 | $11,403,527 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,323,400 |
| Insurance | $0 |
| All other expenses | $17,656,542 |
| Total functional expenses | $319,044,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,379,790 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,181,602 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $12,277,293 |
| Prepaid expenses and deferred charges | $38,507,562 |
| Net Land, buildings, and equipment | $397,424,257 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $149,084,196 |
| Intangible assets | $13,215,899 |
| Other assets | $27,352,732 |
| Total assets | $649,423,331 |
| Accounts payable and accrued expenses | $48,924,613 |
| 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 | $330,300,007 |
| Unsecured mortgages and notes payable | $16,100,000 |
| Other liabilities | $7,834,045 |
| Total liabilities | $403,158,665 |
| 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 | $246,264,666 |
| Total liabilities and net assets/fund balances | $649,423,331 |