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← WASHINGTON ISLAND ELECTRIC CO-OP INC

Form 990 for tax year 2022

Filed by WASHINGTON ISLAND ELECTRIC CO-OP INC.

Totals

Total revenue
$2,133,742
Total expenses
$2,091,687
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,082,896
Investment income
$30,364
Other revenue
$20,482
Total assets, end of year
$7,029,232
Total liabilities, end of year
$4,560,032
Net assets or fund balances, end of year
$2,469,200
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SALE OF ELECTRICITY

    total $2,082,776 · related or exempt $2,082,776

  • 2b · Program service revenue: MEMBERSHIP DUES

    total $120 · related or exempt $120

  • 3 · Investment income

    total $30,364 · excluded $30,364

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $20,482 · excluded $20,482

  • 11e · Other revenue, total

    $20,482

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $124,190

  • 7 · Other salaries and wages

    total $209,909

  • 8 · Pension plan contributions

    total $57,619

  • 10 · Payroll taxes

    total $37,502

  • 11c · Fees: accounting

    total $45,037

  • 13 · Office expenses

    total $17,419

  • 20 · Interest

    total $149,270

  • 22 · Depreciation, depletion and amortization

    total $219,267

  • 23 · Insurance

    total $22,651

  • 24a · Other expenses: PURCHASED POWER

    total $927,610

  • 24b · Other expenses: EQUIPMENT MAINTENANCE

    total $177,096

  • 24c · Other expenses: OVERHEAD LINE EXPENSE

    total $39,803

  • 24d · Other expenses: METER EXPENSE

    total $29,082

  • 24e · All other expenses

    total $35,232

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $248,061 · end of year $125,014

  • 2 · Savings and temporary cash investments

    beginning of year $316,948 · end of year $317,887

  • 4 · Accounts receivable

    beginning of year $119,265 · end of year $143,433

  • 8 · Inventories for sale or use

    beginning of year $269,255 · end of year $277,135

  • 9 · Prepaid expenses and deferred charges

    beginning of year $42,620 · end of year $37,242

  • 10a · Land, buildings and equipment: cost or other basis

    $11,502,801

  • 10b · Land, buildings and equipment: accumulated depreciation

    $5,604,534

  • 10c · Land, buildings and equipment, net

    beginning of year $4,123,039 · end of year $5,898,267

  • 12 · Investments: other securities

    beginning of year $88,727 · end of year $93,786

  • 15 · Other assets

    beginning of year $132,289 · end of year $136,468

  • 17 · Accounts payable and accrued expenses

    beginning of year $361,716 · end of year $283,603

  • 23 · Secured mortgages and notes payable

    beginning of year $2,532,543 · end of year $4,233,943

  • 25 · Other liabilities

    beginning of year $10,664 · end of year $42,486

  • 29 · Capital stock, trust principal or current funds

    beginning of year $120 · end of year $120

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $12,596 · end of year $12,831

  • 31 · Retained earnings, endowment or other funds

    beginning of year $2,422,565 · end of year $2,456,249

Mission and programs · 2022

Mission

THE MISSION OF WASHINGTON ISLAND ELECTRIC COOPERATIVE INC. IS TO PROVIDE RELIABLE ELECTRIC SERVICES TO ITS MEMBERS AT A COMPETITIVE MARKET PRICE.

  • PROVIDE RELIABLE ELECTRIC SERVICES TO ITS MEMBERS AT A COMPETITIVE MARKET PRICE.

As filed on the 2022 return.

Listed in Part VII

  • Orion Mann

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.3

  • Mack Gunnlaugsson

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.3

  • Lee Engstrom

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0.3

  • Robert Bjarnarson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.3

  • James Jorgenson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.3

  • Hoyt Purinton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.3

  • Joel Gunnlaugsson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.3

  • Robert Cornell

    MANAGER

    Total calculated
    $116,890
    From this org
    $116,890
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
6 October 2023
IRS schema version
2022v5.0
Source object
202342829349301494

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