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Nonprofiteer
← CENTRAL IOWA POWER COOPERATIVE

Form 990 for tax year 2023

Filed by CENTRAL IOWA POWER COOPERATIVE.

Totals

Total revenue
$217,847,874
Total expenses
$205,745,005
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$212,872,575
Investment income
$2,772,517
Other revenue
$2,202,782
Total assets, end of year
$909,309,520
Total liabilities, end of year
$666,391,900
Net assets or fund balances, end of year
$242,917,620
Program services expenses (Part IX)
$205,745,005
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$205,745,005

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 $212,872,575 · related or exempt $212,872,575

  • 3 · Investment income

    total $1,615,163 · excluded $1,615,163

  • 6a · Gross rents

    real property $526,464

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $526,464

  • 6d · Net rental income or loss

    total $526,464 · related or exempt $526,464

  • 7a · Gross sales of assets other than inventory

    securities $110,909,950 · other assets $91,282

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

    securities $109,800,538 · other assets $43,340

  • 7c · Gain or loss

    securities $1,109,412 · other assets $47,942

  • 7d · Net gain or loss

    total $1,157,354 · related or exempt $47,942 · excluded $1,109,412

  • 11a · Other revenue: PATRONAGE CAPITAL DIVIDENDS

    total $1,328,134 · related or exempt $1,328,134

  • 11b · Other revenue: MISCELLANEOUS

    total $206,186 · related or exempt $206,186

  • 11c · Other revenue: ADMINISTRATIVE FEES

    total $141,998 · unrelated business $141,998

  • 11e · Other revenue, total

    $1,676,318

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $7,500,000 · program services $7,500,000

  • 5 · Compensation of officers, directors and key employees

    total $3,369,161 · program services $3,369,161

  • 7 · Other salaries and wages

    total $4,159,784 · program services $4,159,784

  • 8 · Pension plan contributions

    total $333,179 · program services $333,179

  • 9 · Other employee benefits

    total $4,475,907 · program services $4,475,907

  • 10 · Payroll taxes

    total $909,832 · program services $909,832

  • 11b · Fees: legal

    total $1,160,070 · program services $1,160,070

  • 11c · Fees: accounting

    total $264,434 · program services $264,434

  • 11g · Fees: other

    total $286,450 · program services $286,450

  • 12 · Advertising and promotion

    total $33,980 · program services $33,980

  • 13 · Office expenses

    total $170,786 · program services $170,786

  • 14 · Information technology

    total $390,141 · program services $390,141

  • 17 · Travel

    total $231,767 · program services $231,767

  • 19 · Conferences, conventions and meetings

    total $214,494 · program services $214,494

  • 20 · Interest

    total $16,707,841 · program services $16,707,841

  • 22 · Depreciation, depletion and amortization

    total $30,405,910 · program services $30,405,910

  • 23 · Insurance

    total $147,760 · program services $147,760

  • 24a · Other expenses: PURCHASED POWER

    total $126,926,830 · program services $126,926,830

  • 24b · Other expenses: PRODUCTION PLANT MAINTE

    total $5,328,745 · program services $5,328,745

  • 24c · Other expenses: TRANSMISSION PLANT MAIN

    total $5,047,734 · program services $5,047,734

  • 24d · Other expenses: IADG DUES

    total $1,201,819 · program services $1,201,819

  • 24e · All other expenses

    total -$3,521,619 · program services -$3,521,619

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,325,982 · end of year $11,697,940

  • 4 · Accounts receivable

    beginning of year $47,072,069 · end of year $28,227,863

  • 8 · Inventories for sale or use

    beginning of year $10,757,215 · end of year $15,344,564

  • 9 · Prepaid expenses and deferred charges

    beginning of year $510,818 · end of year $662,541

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

    $876,991,594

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

    $347,288,094

  • 10c · Land, buildings and equipment, net

    beginning of year $500,450,937 · end of year $529,703,500

  • 12 · Investments: other securities

    beginning of year $249,354,573 · end of year $276,558,228

  • 15 · Other assets

    beginning of year $73,520,448 · end of year $47,114,884

  • 17 · Accounts payable and accrued expenses

    beginning of year $28,294,151 · end of year $24,325,167

  • 23 · Secured mortgages and notes payable

    beginning of year $479,890,278 · end of year $477,442,745

  • 25 · Other liabilities

    beginning of year $159,304,082 · end of year $164,623,988

  • 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 $223,502,131 · end of year $242,916,220

Mission and programs · 2023

Mission

ELECTRIC GENERATION AND TRANSMISSION COOPERATIVE

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

    Expenses $205,745,005 · Revenue $212,872,575

As filed on the 2023 return.

Listed in Part VII

  • Paul Heineman

    BOARD PRESIDENT

    Total calculated
    $50,220
    From this org
    $50,220
    From related orgs
    $0
    Other
    $0
    Hours/week
    18.2

  • Dan Westphal

    BOARD VICE PRESIDENT

    Total calculated
    $28,511
    From this org
    $28,511
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.6

  • Gene Manternach

    BOARD SECRETARY/TREASURER

    Total calculated
    $29,368
    From this org
    $29,368
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Duane Ver Ploeg

    BOARD ASST SECRETARY/TREAS

    Total calculated
    $24,310
    From this org
    $24,310
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.8

  • Gary Kester

    BOARD DIRECTOR

    Total calculated
    $42,038
    From this org
    $42,038
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.6

  • Kirk Hiland

    BOARD DIRECTOR

    Total calculated
    $35,117
    From this org
    $35,117
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.5

  • Gary McKenna

    BOARD DIRECTOR

    Total calculated
    $32,265
    From this org
    $32,265
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.7

  • Craig Stallman

    BOARD DIRECTOR

    Total calculated
    $29,060
    From this org
    $29,060
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.25

  • Arden Greiner

    BOARD DIRECTOR

    Total calculated
    $27,720
    From this org
    $27,720
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.5

  • Randy Rouse

    BOARD DIRECTOR

    Total calculated
    $22,320
    From this org
    $22,320
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.9

  • Dale Walkup

    BOARD DIRECTOR

    Total calculated
    $21,650
    From this org
    $21,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Tim Larsen

    PART-YEAR BOARD DIRECTOR

    Total calculated
    $21,245
    From this org
    $21,245
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.3

  • Steve Bireline

    BOARD DIRECTOR

    Total calculated
    $15,550
    From this org
    $15,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.2

  • Duane Armstead

    PART-YEAR BOARD DIRECTOR

    Total calculated
    $7,200
    From this org
    $7,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.6

  • Andrew St John

    PART-YEAR CEO & CFO

    Total calculated
    $373,419
    From this org
    $333,563
    From related orgs
    $0
    Other
    $39,856
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $325,533
    Bonus
    $0
    Other
    $8,030
    Deferred
    $13,608
    Nontaxable benefits
    $26,248
    Filer's total
    $373,419

  • William Cherrier

    PART-YEAR CEO

    Total calculated
    $289,956
    From this org
    $265,733
    From related orgs
    $0
    Other
    $24,223
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,429
    Bonus
    $1,000
    Other
    $8,304
    Deferred
    $12,688
    Nontaxable benefits
    $11,535
    Filer's total
    $289,956

  • Paul Hofman

    VP INFORMATION TECHNOLOGY

    Total calculated
    $286,266
    From this org
    $245,699
    From related orgs
    $0
    Other
    $40,567
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $234,479
    Bonus
    $0
    Other
    $11,220
    Deferred
    $12,345
    Nontaxable benefits
    $28,222
    Filer's total
    $286,266

  • Daniel Burns

    VP UTILITY OPERATIONS

    Total calculated
    $293,827
    From this org
    $241,085
    From related orgs
    $0
    Other
    $52,742
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,317
    Bonus
    $0
    Other
    $7,768
    Deferred
    $23,208
    Nontaxable benefits
    $29,534
    Filer's total
    $293,827

  • Kendra Graves

    VP PORTFOLIO STRATEGY & PL

    Total calculated
    $271,729
    From this org
    $228,916
    From related orgs
    $0
    Other
    $42,813
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,901
    Bonus
    $0
    Other
    $5,015
    Deferred
    $18,501
    Nontaxable benefits
    $24,312
    Filer's total
    $271,729

  • Memorea Schrader

    VP HUMAN RESOURCES

    Total calculated
    $218,279
    From this org
    $195,446
    From related orgs
    $0
    Other
    $22,833
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,637
    Bonus
    $0
    Other
    $3,809
    Deferred
    $12,093
    Nontaxable benefits
    $10,740
    Filer's total
    $218,279

  • Kerry Koonce

    VP COMMUNICATIONS

    Total calculated
    $218,332
    From this org
    $184,630
    From related orgs
    $0
    Other
    $33,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,660
    Bonus
    $0
    Other
    $10,970
    Deferred
    $9,734
    Nontaxable benefits
    $23,968
    Filer's total
    $218,332

  • David Nicholson

    PART-YEAR CFO

    Total calculated
    $73,007
    From this org
    $65,902
    From related orgs
    $0
    Other
    $7,105
    Hours/week
    40

  • Terry Fett

    ENGINEERING & OPERATIONS D

    Total calculated
    $203,929
    From this org
    $165,133
    From related orgs
    $0
    Other
    $38,796
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,936
    Bonus
    $0
    Other
    $5,197
    Deferred
    $10,574
    Nontaxable benefits
    $28,222
    Filer's total
    $203,929

  • Michelle Soyer

    FINANCE DIRECTOR

    Total calculated
    $200,105
    From this org
    $162,141
    From related orgs
    $0
    Other
    $37,964
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,632
    Bonus
    $0
    Other
    $1,509
    Deferred
    $12,092
    Nontaxable benefits
    $25,872
    Filer's total
    $200,105

  • Samuel Stineman

    GENERATION ASSETS DIRECTOR

    Total calculated
    $194,032
    From this org
    $158,153
    From related orgs
    $0
    Other
    $35,879
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,075
    Bonus
    $0
    Other
    $5,078
    Deferred
    $11,051
    Nontaxable benefits
    $24,828
    Filer's total
    $194,032

  • Chad Miller

    IT SECURITY & COMPLIANCE O

    Total calculated
    $185,144
    From this org
    $151,962
    From related orgs
    $0
    Other
    $33,182
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,508
    Bonus
    $0
    Other
    $454
    Deferred
    $6,338
    Nontaxable benefits
    $26,844
    Filer's total
    $185,144

  • Rex Butler

    ENVIRONMENTAL MANAGER

    Total calculated
    $174,562
    From this org
    $144,979
    From related orgs
    $0
    Other
    $29,583
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,856
    Bonus
    $0
    Other
    $3,123
    Deferred
    $9,451
    Nontaxable benefits
    $20,132
    Filer's total
    $174,562

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 $305,489 · share of assets $18,551,569

  • 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 $230,884 · share of assets $5,580,119

    Directly controlled by CIPCO

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202433199349312398

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