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Nonprofiteer
← CLEARWATER-POLK ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by CLEARWATER-POLK ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$10,382,499
Total expenses
$10,175,331
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$10,176,153
Investment income
$15,768
Other revenue
$190,578
Total assets, end of year
$22,875,491
Total liabilities, end of year
$10,105,278
Net assets or fund balances, end of year
$12,770,213
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 $10,176,153 · related or exempt $10,176,153

  • 3 · Investment income

    total $15,768 · excluded $15,768

  • 10a · Gross sales of inventory

    $6,492

  • 10b · Cost of goods sold

    $7,057

  • 10c · Net income from sales of inventory

    total -$565 · related or exempt -$565

  • 11a · Other revenue: CAPITAL CREDITS

    total $191,143 · related or exempt $191,143

  • 11e · Other revenue, total

    $191,143

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $371,933

  • 5 · Compensation of officers, directors and key employees

    total $727,841

  • 7 · Other salaries and wages

    total $802,216

  • 8 · Pension plan contributions

    total $183,068

  • 10 · Payroll taxes

    total $101,711

  • 16 · Occupancy

    total $11,746

  • 20 · Interest

    total $327,933

  • 22 · Depreciation, depletion and amortization

    total $936,353

  • 24a · Other expenses: COST OF POWER

    total $6,131,867

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $1,005,665

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $943,714

  • 24d · Other expenses: CUSTOMER SERVICE

    total $446,021

  • 24e · All other expenses

    total -$1,814,737

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $229,420 · end of year $182,237

  • 4 · Accounts receivable

    beginning of year $1,351,553 · end of year $1,299,563

  • 8 · Inventories for sale or use

    beginning of year $368,597 · end of year $303,090

  • 9 · Prepaid expenses and deferred charges

    beginning of year $79,570 · end of year $67,474

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

    $30,930,809

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

    $12,225,600

  • 10c · Land, buildings and equipment, net

    beginning of year $18,551,761 · end of year $18,705,209

  • 13 · Investments: program-related

    beginning of year $2,158,476 · end of year $2,317,918

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,272,337 · end of year $1,150,064

  • 23 · Secured mortgages and notes payable

    beginning of year $8,540,144 · end of year $8,638,607

  • 25 · Other liabilities

    beginning of year $503,759 · end of year $316,607

  • 29 · Capital stock, trust principal or current funds

    beginning of year $60,760 · end of year $58,680

  • 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 $12,362,377 · end of year $12,711,533

Mission and programs · 2023

Mission

CLEARWATER-POLK ELECTRIC COOPERATIVE WILL STRIVE TO PROVIDE ECONOMICAL AND RELIABLE ENERGY SERVICES WHILE ENSURING THE SAFETY AND WELL-BEING OF OUR EMPLOYEES AND MEMBERS WITH CONSIDERATION FOR THE ENVIRONMENT.

Activities or mission (Part I)

ELECTRICAL DISTRIBUTION COOPERATIVE WITH SALE OF ELECTRICITY TO APPROXIMATELY 4,563 MEMBERS.

  • SALE OF ELECTRICITY TO APPROXIMATELY 4,563 MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Greg Spaulding

    PRESIDENT/DIRECTOR (THROUGH JULY 2023)

    Total calculated
    $3,300
    From this org
    $3,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Greg Renner

    PRESIDENT/DIRECTOR

    Total calculated
    $4,650
    From this org
    $4,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Harlan Highberg

    TREASURER/DIRECTOR

    Total calculated
    $5,550
    From this org
    $5,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kim Solberg

    SECRETARY/DIRECTOR

    Total calculated
    $4,250
    From this org
    $4,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Dennis Engebretson

    DIRECTOR

    Total calculated
    $5,400
    From this org
    $5,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Robert A Johnson

    DIRECTOR (THROUGH MARCH 2023)

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Bill Lanners

    DIRECTOR

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Cheryl Grover

    VICE-PRESIDENT/DIRECTOR (STARTED APRIL 2023)

    Total calculated
    $4,800
    From this org
    $4,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Betty Surdez

    DIRECTOR (STARTED SEPT 2023)

    Total calculated
    $1,250
    From this org
    $1,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Deanna Lefebvre

    GENERAL MANAGER

    Total calculated
    $313,216
    From this org
    $179,241
    From related orgs
    $0
    Other
    $133,975
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,493
    Bonus
    $0
    Other
    $748
    Deferred
    $107,186
    Nontaxable benefits
    $26,788
    Filer's total
    $313,215

  • Todd Waggoner

    OPERATIONS MANAGER

    Total calculated
    $188,319
    From this org
    $109,077
    From related orgs
    $0
    Other
    $79,242
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $108,122
    Bonus
    $0
    Other
    $955
    Deferred
    $48,820
    Nontaxable benefits
    $30,423
    Filer's total
    $188,320

  • Angela Schneider

    OFFICE AND FINANCE MANAGER

    Total calculated
    $132,289
    From this org
    $102,552
    From related orgs
    $0
    Other
    $29,737
    Hours/week
    40

  • Mathew Rendahl

    MEMBER SERVICE MANAGER

    Total calculated
    $116,344
    From this org
    $86,154
    From related orgs
    $0
    Other
    $30,190
    Hours/week
    40

  • Ian Willborg

    LINEMAN

    Total calculated
    $114,669
    From this org
    $100,140
    From related orgs
    $0
    Other
    $14,529
    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. 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 · Form 990 of other organizations
  • 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)

PART II, COUMN C, DEFERRED COMPENSATION
INCLUDED IN OTHER COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THESE AMOUNTS DO NOT REPRESENT ANY CURRENT YEAR CONTRIBUTIONS TO THE PLAN. THEY ARE ESTIMATES OF THE INCREASE IN THE ACTUARIAL VALUE OF THE PLAN RECEIVED FROM THE NRECA. THE CURRENT YEAR EXPENSE AND THE INCREASE IN ACTUARIAL VALUE FOR EACH EMPLOYEE IS REFLECTED IN THE SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • CLEARWATER-POLK ELECTRIC TRUST

    501(C)(3) · ACCUMULATE AND DISTRIBUTE FUNDS FOR CHARITABLE AND EDUCATIONAL PURPOSES · MN · controlled entity

    Directly controlled by CLEARWATER-POLK ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2023
Filed
5 August 2024
IRS schema version
2023v5.1
Source object
202422329349301367

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