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Nonprofiteer
← WESTERN IOWA POWER COOPERATIVE

Form 990 for tax year 2023

Filed by WESTERN IOWA POWER COOPERATIVE.

Totals

Total revenue
$15,274,054
Total expenses
$14,226,542
Contributions and grants received
$0
Grants paid
$12,997
Program service revenue
$14,105,481
Investment income
$57,936
Other revenue
$1,110,637
Total assets, end of year
$58,236,839
Total liabilities, end of year
$28,567,501
Net assets or fund balances, end of year
$29,669,338
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: ELECTRIC SALES

    total $14,105,481 · related or exempt $14,105,481

  • 3 · Investment income

    total $45,984 · excluded $45,984

  • 6a · Gross rents

    real property $6,524

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $6,524

  • 6d · Net rental income or loss

    total $6,524 · excluded $6,524

  • 7a · Gross sales of assets other than inventory

    other assets $11,952

  • 7b · Less cost or other basis and sales expenses

    other assets $0

  • 7c · Gain or loss

    other assets $11,952

  • 7d · Net gain or loss

    total $11,952 · excluded $11,952

  • 10a · Gross sales of inventory

    $1,116,931

  • 10b · Cost of goods sold

    $956,445

  • 10c · Net income from sales of inventory

    total $160,486 · related or exempt $160,486

  • 11a · Other revenue: CAPITAL CREDITS

    total $957,271 · related or exempt $957,271

  • 11b · Other revenue: PASSTHROUGH INCOME(LOS

    total -$306 · unrelated business -$306

  • 11c · Other revenue: OTHER NONOPERATING

    total -$13,338 · related or exempt -$13,338

  • 11e · Other revenue, total

    $943,627

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $12,997

  • 4 · Benefits paid to or for members

    total $650,000

  • 5 · Compensation of officers, directors and key employees

    total $398,652

  • 20 · Interest

    total $879,939

  • 22 · Depreciation, depletion and amortization

    total $1,669,818

  • 24a · Other expenses: COST OF POWER

    total $7,188,271

  • 24b · Other expenses: ADMINISTRATIVE & GENERA

    total $1,101,735

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $955,343

  • 24d · Other expenses: DISTRIBUTION - OPERATIO

    total $763,511

  • 24e · All other expenses

    total $606,276

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $209,201 · end of year $109,949

  • 4 · Accounts receivable

    beginning of year $1,018,352 · end of year $1,090,727

  • 7 · Other notes and loans receivable

    beginning of year $72,865 · end of year $72,864

  • 8 · Inventories for sale or use

    beginning of year $2,357,736 · end of year $1,724,099

  • 9 · Prepaid expenses and deferred charges

    beginning of year $206,977 · end of year $106,149

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

    $62,784,464

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

    $15,715,963

  • 10c · Land, buildings and equipment, net

    beginning of year $44,704,719 · end of year $47,068,501

  • 13 · Investments: program-related

    beginning of year $7,378,464 · end of year $8,012,348

  • 14 · Intangible assets

    beginning of year $40,766 · end of year $40,766

  • 15 · Other assets

    beginning of year $7,092 · end of year $11,436

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,392,647 · end of year $1,315,748

  • 19 · Deferred revenue

    beginning of year $813,649 · end of year $735,661

  • 23 · Secured mortgages and notes payable

    beginning of year $24,825,222 · end of year $25,448,002

  • 24 · Unsecured notes and loans payable

    beginning of year $500,000 · end of year $900,000

  • 25 · Other liabilities

    beginning of year $158,595 · end of year $168,090

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

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

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $28,306,059 · end of year $29,669,338

Mission and programs · 2023

Mission

WESTERN IOWA POWER COOPERATIVE'S MISSION IS TO ENHANCE OUR MEMBERS QUALITY OF LIFE BY PROVIDING SAFE AND RELIABLE ELECTRIC SERVICES.

Activities or mission (Part I)

TO PROVIDE ELECTRIC SERVICE TO MEMBERS.

  • PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 3,405 MEMBER CONSUMERS OVER 2,080 MILES OF LINE.

As filed on the 2023 return.

Listed in Part VII

  • Craig Riesburg Director

    END 08/2023 TREASURER BEG 09/2023

    Total calculated
    $4,125
    From this org
    $4,125
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.9

  • David Carlson

    DIRECTOR

    Total calculated
    $3,325
    From this org
    $3,325
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4

  • Janet Iversen

    CHAIRMAN

    Total calculated
    $9,425
    From this org
    $9,425
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1

  • Leroy Hight

    TREASURER END 08/2023

    Total calculated
    $7,100
    From this org
    $7,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.1

  • Louis Reed

    DIRECTOR

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4

  • Mike Blum

    ASST SECRETARY/TREASURER

    Total calculated
    $9,175
    From this org
    $9,175
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.9

  • Mike Friis

    DIRECTOR END 08/2023

    Total calculated
    $4,750
    From this org
    $4,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1

  • Peter Alexander

    SECRETARY

    Total calculated
    $2,575
    From this org
    $2,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.3

  • Ross Wood Director End 082023

    VICE CHAIR BEG 09/2023

    Total calculated
    $4,600
    From this org
    $4,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.8

  • Todd Brus

    VICE CHAIRMAN END 08/2023

    Total calculated
    $3,585
    From this org
    $3,585
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.9

  • Brian Lundell

    DIRECTOR BEGIN 09/2023

    Total calculated
    $1,100
    From this org
    $1,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.1

  • Kenneth Smith

    DIRECTOR BEGIN 09/2023

    Total calculated
    $1,925
    From this org
    $1,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Gary Volkert

    DIRECTOR BEGIN 09/2023

    Total calculated
    $1,650
    From this org
    $1,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.8

  • Marcus Rihner

    EVP AND GENERAL MANAGER

    Total calculated
    $174,803
    From this org
    $147,532
    From related orgs
    $0
    Other
    $27,271
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $147,532
    Bonus
    $0
    Other
    $0
    Deferred
    $8,501
    Nontaxable benefits
    $20,411
    Filer's total
    $176,444

  • John Akers

    OPERATIONS MANAGER

    Total calculated
    $160,654
    From this org
    $137,534
    From related orgs
    $0
    Other
    $23,120
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $137,534
    Bonus
    $0
    Other
    $0
    Deferred
    $14,308
    Nontaxable benefits
    $10,331
    Filer's total
    $162,173

  • Justin Parks

    DIRECTOR OF FINANCE

    Total calculated
    $148,783
    From this org
    $118,707
    From related orgs
    $0
    Other
    $30,076
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $118,707
    Bonus
    $0
    Other
    $0
    Deferred
    $11,306
    Nontaxable benefits
    $20,167
    Filer's total
    $150,180

  • Stephanie Wiese

    ASST MANAGER/DIR OF MEMBER SERVICES

    Total calculated
    $171,872
    From this org
    $136,276
    From related orgs
    $0
    Other
    $35,596
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,276
    Bonus
    $0
    Other
    $0
    Deferred
    $16,826
    Nontaxable benefits
    $20,349
    Filer's total
    $173,451

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART II
AS REQUIRED PER THE INSTRUCTIONS OF FORM 990 AND SCHEDULE J, THE AMOUNT REPORTED IN SCHEDULE J COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN RATHER THAN THE EXPENSE ON THE BOOKS OF THE COOPERATIVE. THE CHANGES IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: MARCUS RINHER $5,450 JOHN AKERS $11,562 STEPHANIE WIESE $13,974 JUSTIN PARKS $9,045 THE ACTUAL EXPENSES FOR THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: MARCUS RINHER $17,220 JOHN AKERS $15,297 STEPHANIE WIESE $16,101 JUSTIN PARKS $12,369

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • MIDLAND DEVELOPMENT CORP

    C · ECONOMIC DEVELOPMENT · IA · 100% owned · share of income $244,132 · share of assets $1,411,433 · controlled entity

    Directly controlled by WESTERN IOWA POWER COOPERATIVE

  • MONREC

    C · ECONOMIC DEVELOPMENT · IA · 100% owned · controlled entity

    Directly controlled by WESTERN IOWA POWER COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
22 August 2024
IRS schema version
2023v5.1
Source object
202402369349300510

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