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Nonprofiteer
← ITASCA MANTRAP CO-OP ELECTRICAL ASSN

Form 990 for tax year 2022

Filed by ITASCA MANTRAP CO-OP ELECTRICAL ASSN.

Totals

Total revenue
$30,902,494
Total expenses
$30,902,493
Contributions and grants received
$0
Grants paid
$47,074
Program service revenue
$30,232,246
Investment income
$52,198
Other revenue
$618,050
Total assets, end of year
$72,198,735
Total liabilities, end of year
$37,009,638
Net assets or fund balances, end of year
$35,189,097
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 $30,232,246 · related or exempt $30,232,246

  • 3 · Investment income

    total $54,579 · excluded $54,579

  • 7a · Gross sales of assets other than inventory

    other assets $9,619

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

    other assets $12,000

  • 7c · Gain or loss

    other assets -$2,381

  • 7d · Net gain or loss

    total -$2,381 · excluded -$2,381

  • 10a · Gross sales of inventory

    $44,811

  • 10b · Cost of goods sold

    $38,946

  • 10c · Net income from sales of inventory

    total $5,865 · unrelated business $5,865

  • 11a · Other revenue: CAPITAL CREDITS

    total $612,185 · related or exempt $612,185

  • 11e · Other revenue, total

    $612,185

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $47,074

  • 4 · Benefits paid to or for members

    total $1,722,425

  • 5 · Compensation of officers, directors and key employees

    total $778,288

  • 20 · Interest

    total $920,268

  • 22 · Depreciation, depletion and amortization

    total $1,920,140

  • 24a · Other expenses: COST OF POWER

    total $21,204,300

  • 24b · Other expenses: DIST. EXP. - OPERATIONS

    total $1,583,463

  • 24c · Other expenses: DIST. EXP. - MAINTENANC

    total $1,031,303

  • 24d · Other expenses: CONSUMER ACCOUNT EXPENS

    total $704,007

  • 24e · All other expenses

    total $991,225

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $500 · end of year $500

  • 2 · Savings and temporary cash investments

    beginning of year $5,228,098 · end of year $6,605,805

  • 4 · Accounts receivable

    beginning of year $3,006,573 · end of year $3,352,135

  • 7 · Other notes and loans receivable

    beginning of year $1,032,593 · end of year $881,482

  • 8 · Inventories for sale or use

    beginning of year $824,988 · end of year $1,012,553

  • 9 · Prepaid expenses and deferred charges

    beginning of year $516,624 · end of year $396,017

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

    $80,070,933

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

    $33,630,912

  • 10c · Land, buildings and equipment, net

    beginning of year $43,602,206 · end of year $46,440,021

  • 13 · Investments: program-related

    beginning of year $13,311,623 · end of year $13,503,785

  • 14 · Intangible assets

    beginning of year $1,364 · end of year $1,364

  • 15 · Other assets

    beginning of year $5,026 · end of year $5,073

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,860,943 · end of year $4,420,440

  • 19 · Deferred revenue

    beginning of year $2,900,000 · end of year $5,900,000

  • 21 · Escrow or custodial account liability

    beginning of year $4,113 · end of year $4,678

  • 23 · Secured mortgages and notes payable

    beginning of year $24,221,985 · end of year $26,016,786

  • 25 · Other liabilities

    beginning of year $855,563 · end of year $667,734

  • 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 $34,686,991 · end of year $35,189,097

Mission and programs · 2022

Mission

DISTRIBUTE ELECTRIC ENERGY TO MEMBERS.

Activities or mission (Part I)

DISTRIBUTE ELECTRIC ENERGY TO MEMBERS

  • PROVIDE ELECTRIC ENERGY TO 12,448 MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Terry Cook

    TREASURER

    Total calculated
    $10,150
    From this org
    $10,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.33

  • Pat Roehl

    DIRECTOR

    Total calculated
    $9,150
    From this org
    $9,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.28

  • Nancy Utke

    DIRECTOR

    Total calculated
    $10,050
    From this org
    $10,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.88

  • Al Czeczok

    ASSISTANT SECRETARY/TREASUER

    Total calculated
    $8,200
    From this org
    $8,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.08

  • Brian Behrens

    CHAIR

    Total calculated
    $9,300
    From this org
    $9,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.63

  • Dan Breitbach

    VICE CHAIR

    Total calculated
    $8,550
    From this org
    $8,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.31

  • Tim Kivi

    SECRETARY

    Total calculated
    $8,850
    From this org
    $8,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.35

  • Gerald Byer

    OPERATIONS MANAGER

    Total calculated
    $247,660
    From this org
    $120,872
    From related orgs
    $0
    Other
    $126,788
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,320
    Bonus
    $0
    Other
    $552
    Deferred
    $105,705
    Nontaxable benefits
    $21,084
    Filer's total
    $247,661

  • Nicole Torkelson

    MARKETING/MEMBER SERVICES

    Total calculated
    $132,554
    From this org
    $91,344
    From related orgs
    $0
    Other
    $41,210
    Hours/week
    40

  • Esther Simon

    CFO

    Total calculated
    $183,559
    From this org
    $118,538
    From related orgs
    $0
    Other
    $65,021
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,921
    Bonus
    $0
    Other
    $617
    Deferred
    $41,053
    Nontaxable benefits
    $28,969
    Filer's total
    $188,560

  • Christine Fox

    CEO

    Total calculated
    $248,647
    From this org
    $204,119
    From related orgs
    $0
    Other
    $44,528
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,444
    Bonus
    $0
    Other
    $10,675
    Deferred
    $16,080
    Nontaxable benefits
    $28,448
    Filer's total
    $248,647

  • Kevin George

    LEAD LINEMAN

    Total calculated
    $181,632
    From this org
    $119,425
    From related orgs
    $0
    Other
    $62,207
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,073
    Bonus
    $0
    Other
    $352
    Deferred
    $36,094
    Nontaxable benefits
    $26,113
    Filer's total
    $181,632

  • Dan Cox

    JOURNEYMAN

    Total calculated
    $150,216
    From this org
    $118,849
    From related orgs
    $0
    Other
    $31,367
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $118,515
    Bonus
    $0
    Other
    $334
    Deferred
    $12,364
    Nontaxable benefits
    $19,004
    Filer's total
    $150,217

  • Parry Eidsmoe

    LEAD LINEMAN

    Total calculated
    $170,879
    From this org
    $118,016
    From related orgs
    $0
    Other
    $52,863
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,440
    Bonus
    $0
    Other
    $576
    Deferred
    $29,836
    Nontaxable benefits
    $28,027
    Filer's total
    $175,879

  • Christopher Bungert

    JOURNEYMAN

    Total calculated
    $150,586
    From this org
    $117,614
    From related orgs
    $0
    Other
    $32,972
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,361
    Bonus
    $0
    Other
    $253
    Deferred
    $12,395
    Nontaxable benefits
    $20,577
    Filer's total
    $150,586

  • Chad Grande

    JOURNEYMAN

    Total calculated
    $142,916
    From this org
    $115,878
    From related orgs
    $0
    Other
    $27,038
    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 · 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)

SCHEDULE J, PART II, COLUMN "C" DEFERRED COMPENSATION:
INCLUDED IN SCHEDULE J, PART II, COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THIS AMOUNT IS AN ESTIMATE IN THE INCREASE OF THE VALUE OF THE PLAN AND IS NOT A CURRENT YEAR EXPENSE OF THE COOPERATIVE. THE ESTIMATED ACTUARIAL INCREASE FOR THESE OFFICERS AND HIGHEST COMPENSATED EMPLOYEES: CHRISTINE FOX - $0 GERALD BYER - $89,210 ESTHER SIMON - $23,739 KEVIN GEORGE - $22,623 PARRY EIDSMOE - $14,979 CHRISTOPHER BUNGERT - $0 DAN COX - $0 THE ACTUAL CURRENT YEAR CONTRIBUTION INTO THE DEFINED BENEFIT PLAN FOR THESE OFFICERS AND HIGHEST COMPENSATED EMPLOYEES: CHRISTINE FOX - $0 GERALD BYER - $9,198 ESTHER SIMON - $9,655 KEVIN GEORGE - $7,581 PARRY EIDSMOE - $7,581 CHRISTOPHER BUNGERT - $0 DAN COX - $0

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
6 October 2023
IRS schema version
2022v5.0
Source object
202312919349300126

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