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Nonprofiteer
← CENTRAL IOWA POWER COOPERATIVE

Form 990 for tax year 2024

Filed by CENTRAL IOWA POWER COOPERATIVE.

Totals

Total revenue
$224,762,576
Total expenses
$204,459,125
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$216,153,012
Investment income
$6,066,170
Other revenue
$2,543,394
Total assets, end of year
$910,500,887
Total liabilities, end of year
$645,481,517
Net assets or fund balances, end of year
$265,019,370
Program services expenses (Part IX)
$204,459,125
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$204,459,125

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 $216,153,012 · related or exempt $216,153,012

  • 3 · Investment income

    total $1,811,139 · excluded $1,811,139

  • 6a · Gross rents

    real property $541,126

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $541,126

  • 6d · Net rental income or loss

    total $541,126 · related or exempt $541,126

  • 7a · Gross sales of assets other than inventory

    securities $137,252,927 · other assets $20,005

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

    securities $133,006,855 · other assets $11,046

  • 7c · Gain or loss

    securities $4,246,072 · other assets $8,959

  • 7d · Net gain or loss

    total $4,255,031 · related or exempt $8,959 · excluded $4,246,072

  • 11a · Other revenue: PATRONAGE CAPITAL DIVIDENDS

    total $1,010,382 · related or exempt $1,010,382

  • 11b · Other revenue: MISCELLANEOUS

    total $824,576 · related or exempt $824,576

  • 11c · Other revenue: ADMINISTRATIVE FEES

    total $167,310 · unrelated business $167,310

  • 11e · Other revenue, total

    $2,002,268

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 $3,508,112 · program services $3,508,112

  • 7 · Other salaries and wages

    total $4,821,988 · program services $4,821,988

  • 8 · Pension plan contributions

    total $365,154 · program services $365,154

  • 9 · Other employee benefits

    total $4,898,767 · program services $4,898,767

  • 10 · Payroll taxes

    total $971,520 · program services $971,520

  • 11b · Fees: legal

    total $359,003 · program services $359,003

  • 11c · Fees: accounting

    total $274,976 · program services $274,976

  • 11g · Fees: other

    total $260,697 · program services $260,697

  • 12 · Advertising and promotion

    total $28,054 · program services $28,054

  • 13 · Office expenses

    total $206,737 · program services $206,737

  • 14 · Information technology

    total $756,057 · program services $756,057

  • 17 · Travel

    total $227,950 · program services $227,950

  • 19 · Conferences, conventions and meetings

    total $164,774 · program services $164,774

  • 20 · Interest

    total $16,849,296 · program services $16,849,296

  • 22 · Depreciation, depletion and amortization

    total $31,417,953 · program services $31,417,953

  • 23 · Insurance

    total $630,873 · program services $630,873

  • 24a · Other expenses: PURCHASED POWER

    total $125,130,755 · program services $125,130,755

  • 24b · Other expenses: TRANSMISSION PLANT MAIN

    total $5,570,394 · program services $5,570,394

  • 24c · Other expenses: PRODUCTION PLANT MAINTE

    total $4,698,933 · program services $4,698,933

  • 24d · Other expenses: BUILDING & GROUNDS MAIN

    total $445,402 · program services $445,402

  • 24e · All other expenses

    total -$5,128,270 · program services -$5,128,270

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,697,940 · end of year $5,660,245

  • 4 · Accounts receivable

    beginning of year $28,227,863 · end of year $27,723,318

  • 8 · Inventories for sale or use

    beginning of year $15,344,564 · end of year $14,448,771

  • 9 · Prepaid expenses and deferred charges

    beginning of year $662,541 · end of year $551,375

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

    $890,661,490

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

    $367,443,885

  • 10c · Land, buildings and equipment, net

    beginning of year $529,703,500 · end of year $523,217,605

  • 12 · Investments: other securities

    beginning of year $276,558,228 · end of year $294,765,072

  • 15 · Other assets

    beginning of year $47,114,884 · end of year $44,134,501

  • 17 · Accounts payable and accrued expenses

    beginning of year $24,325,167 · end of year $18,765,672

  • 23 · Secured mortgages and notes payable

    beginning of year $477,442,745 · end of year $456,908,075

  • 25 · Other liabilities

    beginning of year $164,623,988 · end of year $169,807,770

  • 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 $242,916,220 · end of year $265,017,970

Mission and programs · 2024

Mission

ELECTRIC GENERATION AND TRANSMISSION COOPERATIVE

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

    Expenses $204,459,125 · Revenue $216,153,012

As filed on the 2024 return.

Listed in Part VII

  • Paul Heineman

    BOARD PRESIDENT

    Total calculated
    $61,320
    From this org
    $61,320
    From related orgs
    $0
    Other
    $0
    Hours/week
    18

  • Dan Westphal

    BOARD VICE PRESIDENT

    Total calculated
    $39,885
    From this org
    $39,885
    From related orgs
    $0
    Other
    $0
    Hours/week
    11.4

  • Gene Manternach

    BOARD SECRETARY/TREASURER

    Total calculated
    $6,795
    From this org
    $6,795
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.08

  • Duane Ver Ploeg

    BOARD ASST SECRETARY/TREASURER

    Total calculated
    $26,570
    From this org
    $26,570
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.4

  • Gary Kester

    BOARD DIRECTOR

    Total calculated
    $43,840
    From this org
    $43,840
    From related orgs
    $0
    Other
    $0
    Hours/week
    14.75

  • Randy Rouse

    BOARD DIRECTOR

    Total calculated
    $39,588
    From this org
    $39,588
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.83

  • Kirk Hiland

    BOARD DIRECTOR

    Total calculated
    $36,353
    From this org
    $36,353
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.83

  • Gary McKenna

    BOARD DIRECTOR

    Total calculated
    $35,990
    From this org
    $35,990
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.5

  • Arden Greiner

    BOARD DIRECTOR

    Total calculated
    $31,708
    From this org
    $31,708
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.73

  • Tim Larsen

    BOARD DIRECTOR

    Total calculated
    $25,060
    From this org
    $25,060
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.88

  • Dale Walkup

    BOARD DIRECTOR

    Total calculated
    $21,860
    From this org
    $21,860
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Steve Bireline

    BOARD DIRECTOR

    Total calculated
    $21,015
    From this org
    $21,015
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.25

  • Craig Stallman

    BOARD DIRECTOR

    Total calculated
    $19,505
    From this org
    $19,505
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.25

  • Ronald Thielen

    PART-YEAR BOARD DIRECTOR

    Total calculated
    $1,570
    From this org
    $1,570
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Andrew St John

    EXECUTIVE VICE PRESIDENT & CEO

    Total calculated
    $468,438
    From this org
    $423,817
    From related orgs
    $0
    Other
    $44,621
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $415,204
    Bonus
    $0
    Other
    $8,613
    Deferred
    $16,233
    Nontaxable benefits
    $28,388
    Filer's total
    $468,438

  • Paul Hofman

    VP INFORMATION TECHNOLOGY

    Total calculated
    $300,314
    From this org
    $256,890
    From related orgs
    $0
    Other
    $43,424
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $243,286
    Bonus
    $0
    Other
    $13,604
    Deferred
    $13,497
    Nontaxable benefits
    $29,927
    Filer's total
    $300,314

  • Daniel Burns

    VP UTILITY OPERATIONS

    Total calculated
    $309,685
    From this org
    $255,212
    From related orgs
    $0
    Other
    $54,473
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $243,382
    Bonus
    $0
    Other
    $11,830
    Deferred
    $23,153
    Nontaxable benefits
    $31,320
    Filer's total
    $309,685

  • Kendra Graves

    VP PORTFOLIO STRATEGY & PLANNING

    Total calculated
    $287,775
    From this org
    $242,955
    From related orgs
    $0
    Other
    $44,820
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,246
    Bonus
    $0
    Other
    $5,709
    Deferred
    $19,476
    Nontaxable benefits
    $25,344
    Filer's total
    $287,775

  • David Nicholson

    VP & CFO

    Total calculated
    $260,285
    From this org
    $235,169
    From related orgs
    $0
    Other
    $25,116
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,565
    Bonus
    $0
    Other
    $11,604
    Deferred
    $7,984
    Nontaxable benefits
    $17,132
    Filer's total
    $260,285

  • Memorea Schrader

    VP HUMAN RESOURCES

    Total calculated
    $228,986
    From this org
    $206,414
    From related orgs
    $0
    Other
    $22,572
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,453
    Bonus
    $0
    Other
    $4,961
    Deferred
    $11,936
    Nontaxable benefits
    $10,636
    Filer's total
    $228,986

  • Kerry Koonce

    VP COMMUNICATIONS & CORP RELATIONS

    Total calculated
    $230,752
    From this org
    $195,867
    From related orgs
    $0
    Other
    $34,885
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,618
    Bonus
    $0
    Other
    $10,249
    Deferred
    $10,573
    Nontaxable benefits
    $24,312
    Filer's total
    $230,752

  • Terry Fett

    DIRECTOR, ENGINEERING & OPERATIONS

    Total calculated
    $215,412
    From this org
    $174,631
    From related orgs
    $0
    Other
    $40,781
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,026
    Bonus
    $0
    Other
    $6,605
    Deferred
    $10,773
    Nontaxable benefits
    $30,008
    Filer's total
    $215,412

  • Michelle Soyer

    DIRECTOR OF FINANCE

    Total calculated
    $210,944
    From this org
    $170,281
    From related orgs
    $0
    Other
    $40,663
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,623
    Bonus
    $0
    Other
    $1,658
    Deferred
    $13,651
    Nontaxable benefits
    $27,012
    Filer's total
    $210,944

  • Samuel Stineman

    DIRECTOR, GENERATION ASSETS

    Total calculated
    $208,124
    From this org
    $170,111
    From related orgs
    $0
    Other
    $38,013
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,043
    Bonus
    $0
    Other
    $6,068
    Deferred
    $12,273
    Nontaxable benefits
    $25,740
    Filer's total
    $208,124

  • Chad Miller

    MANAGER OF IT SECURITY & COMPLIANCE

    Total calculated
    $192,680
    From this org
    $158,015
    From related orgs
    $0
    Other
    $34,665
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,539
    Bonus
    $0
    Other
    $476
    Deferred
    $6,693
    Nontaxable benefits
    $27,972
    Filer's total
    $192,680

  • Rex Butler

    MANAGER OF ENVIRONMENTAL & SAFETY

    Total calculated
    $183,658
    From this org
    $152,927
    From related orgs
    $0
    Other
    $30,731
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,996
    Bonus
    $0
    Other
    $3,931
    Deferred
    $10,127
    Nontaxable benefits
    $20,604
    Filer's total
    $183,658

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 · 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 $2,075,541 · share of assets $17,843,125

  • 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 $146,325 · share of assets $5,442,838

    Directly controlled by CIPCO

Provenance

Return type
form_990
Tax year
2024
Filed
10 November 2025
IRS schema version
2024v5.2
Source object
202513159349302806

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