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Nonprofiteer
← CENTRAL IOWA POWER COOPERATIVE

Form 990 for tax year 2022

Filed by CENTRAL IOWA POWER COOPERATIVE.

Totals

Total revenue
$219,280,606
Total expenses
$216,888,805
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$212,285,267
Investment income
$3,638,304
Other revenue
$3,357,035
Total assets, end of year
$890,992,042
Total liabilities, end of year
$667,488,511
Net assets or fund balances, end of year
$223,503,531
Program services expenses (Part IX)
$216,888,805
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$216,888,805

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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 REVENUE

    total $212,285,267 · related or exempt $212,285,267

  • 3 · Investment income

    total $1,273,238 · excluded $1,273,238

  • 6a · Gross rents

    real property $551,699

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $551,699

  • 6d · Net rental income or loss

    total $551,699 · related or exempt $551,699

  • 7a · Gross sales of assets other than inventory

    securities $164,024,652 · other assets $34,425

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

    securities $161,600,840 · other assets $93,171

  • 7c · Gain or loss

    securities $2,423,812 · other assets -$58,746

  • 7d · Net gain or loss

    total $2,365,066 · related or exempt -$58,746 · excluded $2,423,812

  • 11a · Other revenue: PATRONAGE CAPITAL DIVIDENDS

    total $1,644,907 · related or exempt $1,644,907

  • 11b · Other revenue: MISCELLANEOUS

    total $1,055,144 · related or exempt $1,055,144

  • 11c · Other revenue: ADMINISTRATIVE FEES

    total $105,285 · unrelated business $105,285

  • 11e · Other revenue, total

    $2,805,336

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,000,000 · program services $8,000,000

  • 5 · Compensation of officers, directors and key employees

    total $3,184,918 · program services $3,184,918

  • 7 · Other salaries and wages

    total $4,234,643 · program services $4,234,643

  • 8 · Pension plan contributions

    total $281,754 · program services $281,754

  • 9 · Other employee benefits

    total $3,946,355 · program services $3,946,355

  • 10 · Payroll taxes

    total $786,020 · program services $786,020

  • 11b · Fees: legal

    total $641,763 · program services $641,763

  • 11c · Fees: accounting

    total $253,415 · program services $253,415

  • 11g · Fees: other

    total $240,675 · program services $240,675

  • 12 · Advertising and promotion

    total $61,643 · program services $61,643

  • 13 · Office expenses

    total $157,415 · program services $157,415

  • 14 · Information technology

    total $356,252 · program services $356,252

  • 16 · Occupancy

    total $159,387 · program services $159,387

  • 17 · Travel

    total $243,384 · program services $243,384

  • 19 · Conferences, conventions and meetings

    total $165,249 · program services $165,249

  • 20 · Interest

    total $14,304,107 · program services $14,304,107

  • 22 · Depreciation, depletion and amortization

    total $28,973,366 · program services $28,973,366

  • 23 · Insurance

    total $125,310 · program services $125,310

  • 24a · Other expenses: PURCHASED POWER

    total $144,515,274 · program services $144,515,274

  • 24b · Other expenses: TRANSMISSION PLANT MAIN

    total $5,747,747 · program services $5,747,747

  • 24c · Other expenses: PRODUCTION PLANT MAINTE

    total $4,383,784 · program services $4,383,784

  • 24d · Other expenses: IADG DUES

    total $942,149 · program services $942,149

  • 24e · All other expenses

    total -$4,815,805 · program services -$4,815,805

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,060,455 · end of year $9,325,982

  • 4 · Accounts receivable

    beginning of year $38,077,807 · end of year $47,072,069

  • 8 · Inventories for sale or use

    beginning of year $9,604,359 · end of year $10,757,215

  • 9 · Prepaid expenses and deferred charges

    beginning of year $586,690 · end of year $510,818

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

    $828,429,730

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

    $327,978,793

  • 10c · Land, buildings and equipment, net

    beginning of year $467,817,634 · end of year $500,450,937

  • 12 · Investments: other securities

    beginning of year $290,899,783 · end of year $249,354,573

  • 15 · Other assets

    beginning of year $82,387,306 · end of year $73,520,448

  • 17 · Accounts payable and accrued expenses

    beginning of year $33,248,756 · end of year $28,294,151

  • 23 · Secured mortgages and notes payable

    beginning of year $456,894,425 · end of year $479,890,278

  • 25 · Other liabilities

    beginning of year $175,800,471 · end of year $159,304,082

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,400 · end of year $1,400

  • 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 $233,488,982 · end of year $223,502,131

Mission and programs · 2022

Mission

ELECTRIC GENERATION AND TRANSMISSION COOPERATIVE

  • THE COOPERATIVE IS AN ELECTRICAL GENERATION AND TRANSMISSION COOPERATIVE PROVIDING WHOLESALE ELECTRICAL SERVICE TO ITS MEMBERS.

    Expenses $216,888,805 · Revenue $212,285,267

As filed on the 2022 return.

Listed in Part VII

  • Paul Heineman

    BOARD PRESIDENT

    Total calculated
    $47,288
    From this org
    $47,288
    From related orgs
    $0
    Other
    $0
    Hours/week
    15.2

  • Dan Westphal

    BOARD VICE PRESIDENT

    Total calculated
    $27,030
    From this org
    $27,030
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.9

  • Gene Manternach

    BOARD SECRETARY/TREASURER

    Total calculated
    $34,840
    From this org
    $34,840
    From related orgs
    $0
    Other
    $0
    Hours/week
    11.9

  • Duane Ver Ploeg

    BOARD ASST SECRETARY/TREAS

    Total calculated
    $25,480
    From this org
    $25,480
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.8

  • Gary Kester

    BOARD DIRECTOR

    Total calculated
    $38,800
    From this org
    $38,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    14

  • Kirk Hiland

    BOARD DIRECTOR

    Total calculated
    $35,640
    From this org
    $35,640
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.3

  • Gary McKenna

    BOARD DIRECTOR

    Total calculated
    $26,200
    From this org
    $26,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.1

  • Craig Stallman

    BOARD DIRECTOR

    Total calculated
    $26,200
    From this org
    $26,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.1

  • Steve Bireline

    BOARD DIRECTOR

    Total calculated
    $21,960
    From this org
    $21,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.1

  • Arden Greiner

    BOARD DIRECTOR

    Total calculated
    $19,950
    From this org
    $19,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.4

  • Duane Armstead

    BOARD DIRECTOR

    Total calculated
    $17,920
    From this org
    $17,920
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.8

  • Dale Walkup

    BOARD DIRECTOR

    Total calculated
    $15,030
    From this org
    $15,030
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.6

  • Randy Rouse

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    6.5

  • William Cherrier

    EXECUTIVE VP/CEO

    Total calculated
    $484,100
    From this org
    $452,029
    From related orgs
    $0
    Other
    $32,071
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $444,002
    Bonus
    $0
    Other
    $8,027
    Deferred
    $13,869
    Nontaxable benefits
    $18,202
    Filer's total
    $484,100

  • Paul Hofman

    VP INFORMATION TECHNOLOGY

    Total calculated
    $271,898
    From this org
    $235,642
    From related orgs
    $0
    Other
    $36,256
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,815
    Bonus
    $0
    Other
    $11,827
    Deferred
    $11,388
    Nontaxable benefits
    $24,868
    Filer's total
    $271,898

  • Andrew St John

    VP/CFO

    Total calculated
    $263,501
    From this org
    $228,450
    From related orgs
    $0
    Other
    $35,051
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,275
    Bonus
    $0
    Other
    $6,175
    Deferred
    $11,479
    Nontaxable benefits
    $23,572
    Filer's total
    $263,501

  • Daniel Burns

    VP UTILITY OPERATIONS

    Total calculated
    $274,286
    From this org
    $228,298
    From related orgs
    $0
    Other
    $45,988
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,964
    Bonus
    $0
    Other
    $6,334
    Deferred
    $19,844
    Nontaxable benefits
    $26,144
    Filer's total
    $274,286

  • Kendra Graves

    VP PORTFOLIO STRATEGY & PL

    Total calculated
    $252,946
    From this org
    $214,384
    From related orgs
    $0
    Other
    $38,562
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,749
    Bonus
    $0
    Other
    $6,635
    Deferred
    $16,567
    Nontaxable benefits
    $21,995
    Filer's total
    $252,946

  • Memorea Schrader

    VP HUMAN RESOURCES

    Total calculated
    $207,002
    From this org
    $186,547
    From related orgs
    $0
    Other
    $20,455
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,143
    Bonus
    $0
    Other
    $4,404
    Deferred
    $11,091
    Nontaxable benefits
    $9,364
    Filer's total
    $207,002

  • Kerry Koonce

    VP COMMUNICATIONS

    Total calculated
    $202,246
    From this org
    $170,672
    From related orgs
    $0
    Other
    $31,574
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,997
    Bonus
    $0
    Other
    $7,675
    Deferred
    $8,750
    Nontaxable benefits
    $22,824
    Filer's total
    $202,246

  • Terry Fett

    ENGINEERING & OPERATIONS D

    Total calculated
    $188,935
    From this org
    $154,233
    From related orgs
    $0
    Other
    $34,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,110
    Bonus
    $0
    Other
    $4,123
    Deferred
    $9,622
    Nontaxable benefits
    $25,080
    Filer's total
    $188,935

  • Michelle Soyer

    FINANCE DIRECTOR

    Total calculated
    $179,568
    From this org
    $146,042
    From related orgs
    $0
    Other
    $33,526
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,701
    Bonus
    $0
    Other
    $1,341
    Deferred
    $10,330
    Nontaxable benefits
    $23,196
    Filer's total
    $179,568

  • Chad Miller

    IT SECURITY & COMPLIANCE OFFICER

    Total calculated
    $176,106
    From this org
    $145,816
    From related orgs
    $0
    Other
    $30,290
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,386
    Bonus
    $0
    Other
    $430
    Deferred
    $5,966
    Nontaxable benefits
    $24,324
    Filer's total
    $176,106

  • Samuel Stineman

    GENERATION ASSETS DIRECTOR

    Total calculated
    $177,695
    From this org
    $145,699
    From related orgs
    $0
    Other
    $31,996
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,555
    Bonus
    $0
    Other
    $2,144
    Deferred
    $9,856
    Nontaxable benefits
    $22,140
    Filer's total
    $177,695

  • Rex Butler

    ENVIRONMENTAL MANAGER

    Total calculated
    $170,297
    From this org
    $139,323
    From related orgs
    $0
    Other
    $30,974
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,228
    Bonus
    $0
    Other
    $5,095
    Deferred
    $8,822
    Nontaxable benefits
    $22,152
    Filer's total
    $170,297

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 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

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.

  • CMA VENTURES INC FKA IOWA CAPITAL CORP

    C · INVESTING · IA · 100% owned · share of income $211,499 · share of assets $19,018,086

  • CAPITAL MANAGEMENT ASSOCIATES

    C · INVESTING · IA · 100% owned

    Directly controlled by CMA VENTURES INC FKA IOWA CAPITAL CORP

  • CBEC RAILWAY INC

    C · RAIL SPUR OPERATION · IA · 94% owned · share of income $229,256 · share of assets $5,893,158

    Directly controlled by CIPCO

Provenance

Return type
form_990
Tax year
2022
Filed
7 November 2023
IRS schema version
2022v5.0
Source object
202313139349301631

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