Civic Intelligence

Monroe County Electric Cooperative Inc

990 • Fiscal year 2023 • EIN 37-0425335

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 22, 2024

Organization Profilewww.mcec.org
PO Box 128Waterloo, IL 62298

(618) 939-7171

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

87th percentile

0.64x

Higher debt load relative to assets than 87% of similar nonprofits.

2023 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

72nd percentile

1.80x

Higher debt load relative to revenue than 72% of similar nonprofits.

2023 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2023

Net Margin

40th percentile

0.0%

Higher net margin than 40% of similar nonprofits.

2023 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

76th percentile

$342,938

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2023 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2023

Asset Growth

32nd percentile

2.0%

Faster asset growth than 32% of similar nonprofits.

2023 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

50th percentile

3.3%

Faster revenue growth than 50% of similar nonprofits.

2023 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$52,959,364

Up $1,034,762 (+2.0%) from 2022

Net Assets

Up

$19,043,359

Up $864,746 (+4.8%) from 2022

Liabilities

Up

$33,916,005

Up $170,016 (+0.5%) from 2022

Revenue And Expenses
Liabilities / Revenue72nd percentileNet Margin40th percentile

Revenue

Up

$18,872,783

Up $603,755 (+3.3%) from 2022

Expenses

Up

$18,872,783

Up $603,755 (+3.3%) from 2022

Net Income

Flat

$0

Flat from 2022

Historical Trend

Balance Sheet Trend

Asset Growth32nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2010: $34,771,900Liabilities 2010: $24,330,250Net Assets 2010: $10,441,6502010Assets 2011: $35,599,359Liabilities 2011: $24,846,788Net Assets 2011: $10,752,5712011Assets 2013: $39,306,976Liabilities 2013: $28,836,240Net Assets 2013: $10,470,7362013Assets 2014: $40,080,316Liabilities 2014: $29,127,051Net Assets 2014: $10,953,2652014Assets 2015: $41,103,595Liabilities 2015: $29,948,192Net Assets 2015: $11,155,4032015Assets 2016: $41,876,695Liabilities 2016: $30,068,924Net Assets 2016: $11,807,7712016Assets 2017: $42,630,282Liabilities 2017: $29,833,128Net Assets 2017: $12,797,1542017Assets 2018: $43,579,030Liabilities 2018: $29,808,413Net Assets 2018: $13,770,6172018Assets 2019: $45,420,527Liabilities 2019: $30,927,540Net Assets 2019: $14,492,9872019Assets 2020: $46,857,499Liabilities 2020: $31,069,452Net Assets 2020: $15,788,0472020Assets 2021: $48,641,421Liabilities 2021: $31,386,315Net Assets 2021: $17,255,1062021Assets 2022: $51,924,602Liabilities 2022: $33,745,989Net Assets 2022: $18,178,6132022Assets 2023: $52,959,364Liabilities 2023: $33,916,005Net Assets 2023: $19,043,3592023Assets 2024: $54,529,806Liabilities 2024: $34,302,843Net Assets 2024: $20,226,9632024

Highlighted filing

2023

Assets$52,959,364
Liabilities$33,916,005
Net Assets$19,043,359
Open 2023 Filing

Operations Trend

Revenue Growth50th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0Expenses 2010: $13,272,5682010Expenses 2011: $13,816,6342011Revenue 2013: $15,331,118Expenses 2013: $14,538,080Net Income 2013: $793,0382013Revenue 2014: $15,774,334Expenses 2014: $15,774,334Net Income 2014: $02014Revenue 2015: $16,441,737Expenses 2015: $16,335,706Net Income 2015: $106,0312015Revenue 2016: $16,895,870Expenses 2016: $16,350,917Net Income 2016: $544,9532016Revenue 2017: $17,173,699Expenses 2017: $17,045,176Net Income 2017: $128,5232017Revenue 2018: $18,228,351Expenses 2018: $18,228,351Net Income 2018: $02018Revenue 2019: $18,224,104Expenses 2019: $18,224,104Net Income 2019: $02019Revenue 2020: $17,665,583Expenses 2020: $17,665,583Net Income 2020: $02020Revenue 2021: $17,977,778Expenses 2021: $17,977,778Net Income 2021: $02021Revenue 2022: $18,269,028Expenses 2022: $18,269,028Net Income 2022: $02022Revenue 2023: $18,872,783Expenses 2023: $18,872,783Net Income 2023: $02023Revenue 2024: $20,020,326Expenses 2024: $19,839,463Net Income 2024: $180,8632024

Highlighted filing

2023

Revenue$18,872,783
Expenses$18,872,783
Net Income$0
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 22, 2024
Return Version
2023v5.1
Gross Receipts
$18,999,460
Mission and Program Overview

Mission

As a member owned organization, Monroe County Electric Cooperative's mission is to provide and maintain quality electric and related services for the benefit and well-being of its members.

As a member owned organization, Monroe County Electric Cooperatives mission is to provide and maintain quality electric and related services for the benefit and well-being of its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$40,111,805$41,060,449▲ $948,644
Rtn Earn Endowment Incm Other Fnds$17,289,448$17,396,853▲ $107,405
Investments Program Related$6,888,868$7,311,955▲ $423,087
Pd in Cap Srpls Land Bldg Eqp Fund$889,165$1,646,506▲ $757,341
Accounts Receivable$1,662,483$1,500,624▼ $161,859
Savings and Temporary Cash Investments$1,300,000$1,000,000▼ $300,000
Cash and Non-Interest-Bearing Accounts$615,029$950,848▲ $335,819
Inventories for Sale or Use$784,980$915,340▲ $130,360
Prepaid Expenses and Deferred Charges$516,635$180,800▼ $335,835
Total Assets$51,924,602$52,959,364▲ $1,034,762
Other Assets Total$44,802$39,348▼ $5,454
Liabilities
Mortgage Notes Payable Secured by Investment Property$31,081,019$31,466,004▲ $384,985
Accounts Payable and Accrued Expenses$1,874,912$1,663,322▼ $211,590
Deferred Revenue$418,215$418,289▲ $74
Other Liabilities$371,843$368,390▼ $3,453
Total Liabilities$33,745,989$33,916,005▲ $170,016
Net Assets / Fund Balance
Total Net Assets Fund Balance$18,178,613$19,043,359▲ $864,746
Total Liabilities and Net Assets / Fund Balance$51,924,602$52,959,364▲ $1,034,762

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$37,136,513$19,708,805$56,845,318
Buildings$2,190,983$2,087,181$4,278,164
Land$1,732,953-$1,732,953
Investment Program Related Org$96,035--
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alan WattlesPresident & CEOFT$215,292$127,646$342,938
Christopher ScottOperations SupervisorFT$152,020$58,841$210,861
Ronald RustebergForemanFT$137,007$69,951$206,958
Robert GrossForemanFT$132,671$50,745$183,416
Christopher DeterdingForemanFT$127,331$47,741$175,072
Tracy PattonCFOFT$106,400$45,977$152,377
Andrew GottoJourneymanFT$128,560$21,654$150,214
Larry KraftDirector-$8,250-$8,250
George ObernagelDirector-$6,750-$6,750
Richard NeffDirector-$5,250-$5,250
Amy Hoffman-RohlfingDiarector-$5,200-$5,200
Greg GregsonDirector-$4,900-$4,900
Quent StenzelDirector-$4,800-$4,800
Jeff HoffmannDirector-$4,300-$4,300
Rich HollisDirector-$3,950-$3,950
Joel HarresDirector-$3,350-$3,350

Highest Paid Contractors

ContractorServicesLocationCompensation
Osmose Utilities ServicesPole InspectionsP O Box 736729, Dallas, TX 75373$225,571
National Information Solutions CorpComputer Support1 Innovation Circle, Lake Saint Louis, MO 63367$164,688
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$18,862,300
Investment Income
$-64,457
Other Revenue
$74,940
Change in Net Assets
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$16,326,253
Salaries, Compensation, and Employee Benefits$1,468,876
Grants and Similar Amounts Paid$17,338
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$1,767,418
Interest---$1,222,336
Benefits to Members---$1,060,316
Other Salaries and Wages---$926,521
Current Officers, Directors, Trustees, and Key Employees---$542,355
Other Expenses$377,728--$377,728
Grants to Domestic Individuals---$8,838
Grants to Domestic Orgs---$8,500
All Other Expenses---$5,581
Total Functional Expenses$0$0$0$18,872,783
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
17 Grants to Various Schools - 500---$8,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Post Retirement Benefits$368,390
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Members or stockholder classes and rights Part VI line 6

“Monroe Electric Cooperative is a member owned Cooperative.”

Member election for additional members Part VI line 7A

“Monroe County Electric Cooperative, Inc. members elect the board of directors.”

Governing body decisions Part VI line 7B

“Bylaw changes are to be voted on by the membership.”

Form 990 governing body review Part VI line 11

“The President/CEO and the CFO review the Form 990 for reasonableness and consistency with prior years Form 990s and it is reviewed by the Board of Directors prior to filing.”

Conflict of interest policy compliance Part VI line 12C

“Reviewed annually at the monthly board meeting in addition to the BOD signing a conflict of interest form.”

CEO executive director top management comp Part VI line 15A

“Annual review and salary comparisons are based upon the NRECA Wage & Salary Survey with all salary amounts being approved by the Board of Directors.”

Other officer or key employee compensation Part VI line 15B

“Annual review and salary comparisons are based upon the NRECA Wage & Salary Survey with all salary amounts being approved by the Board of Directors.”

Governing documents etc available to public Part VI line 19

“Bylaws are offered to all new members and are posted on our website. All other documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Monroe County Electric Cooperative Inc
EIN
37-0425335
Address
PO Box 128, Waterloo, IL 62298

Signing Officer

Name
Alan Wattles
Title
President & CEO
Phone
6189397171
Signed
2024-10-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alan Wattles
Formed
1938
Legal Domicile
Il
Voting Board Members
9
Independent Board Members
9
Employees
27

Preparer

Firm
Kelso Lynch PC PA
Address
6700 Squibb Rd Ste 215, Mission, KS 66202-3252
Preparer
George Lynch
Phone
9138311150
Supplemental Narrative

Additional Explanations

Explanation of other changes in net assets or fund balances Part XI line 9

“Assignment of Net Margins to Members $ 1,060,316Other Changes $ 40,799Change in AOCI $ 4,362Retirement of Capital Credits $ -240,731 Total $ 864,746”

Part IX response or note to any line in Part IX

“Form 990, Part IX, Line 4The instructions to the 2023 Form 990 indicate that organizations exempt under Section 501(c)(12) should report patronage dividends paid to thier members in Part IX, Line 4 of the Form 990. The Cooperative has interpreted the words patronage dividends paid in the instructions to mean margins that are assigned or assignable to the members. The Cooperative assigns the net margins to its members each year. Therefore, the amount listed in Part IX, Line 4 of the Form 990 represents the net margins assignable to the members for the calendar year ended December 31, 2023.”

Financial Statement Notes

Footnote for uncertain tax position under FIN 48 (Part X)

“An evaluation of whether or not it has any uncertain tax positions isdetermined on an annual basis the Association. While the Associationbelieves is has adequately provided for all tax positions, amounts assertedby taxing authorities could be different than the positions taken by theAssociation. The Association recognizes any interest and penaltiesassessed by taxing authorities in income tax expense, and, with fewexceptions, is no longer subject to federal, state or local income taxexaminations by taxing authorities for years before 2020.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0President & CEO
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Foreman
IRS990/Form990PartVIISectionAGrp/TitleTxt5CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt6Journeyman
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Diarector
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
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IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
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IRS990/OtherChangesInNetAssetsAmt0864746
IRS990/OtherExpensesGrp/Desc0Cost of Power
IRS990/OtherExpensesGrp/Desc1Distribution Expense
IRS990/OtherExpensesGrp/Desc2Admin & General
IRS990/OtherExpensesGrp/Desc3Member Services
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IRS990/OtherExpensesGrp/ProgramServicesAmt11918720
IRS990/OtherExpensesGrp/ProgramServicesAmt21271961
IRS990/OtherExpensesGrp/ProgramServicesAmt3377728
IRS990/OtherExpensesGrp/TotalAmt09762509
IRS990/OtherExpensesGrp/TotalAmt11918720
IRS990/OtherExpensesGrp/TotalAmt21271961
IRS990/OtherExpensesGrp/TotalAmt3377728
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IRS990/OtherRevenueTotalAmt017192
IRS990/OtherSalariesAndWagesGrp/TotalAmt0926521
IRS990/OtherSourcesGrossIncomeAmt0669861
IRS990/PartialLiquidationInd0false
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt0889165
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt01646506
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0516635
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0180800
IRS990/PrincipalOfficerNm0Alan Wattles
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0221000
IRS990/ProgramServiceRevenueGrp/BusinessCd1221000
IRS990/ProgramServiceRevenueGrp/BusinessCd2221000
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IRS990/ProgramServiceRevenueGrp/Desc1Capital Credits
IRS990/ProgramServiceRevenueGrp/Desc2Misc Electric
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2134340
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt01160322
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IRS990/RelatedOrganizationCtrlEntInd0true
IRS990/RentalIncomeOrLossGrp/RealAmt057748
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0true
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt017396853
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt019708805
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2Other Investments
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0368390
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Post Retirement Benefits
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0An evaluation of whether or not it has any uncertain tax positions isdetermined on an annual basis the Association. While the Associationbelieves is has adequately provided for all tax positions, amounts assertedby taxing authorities could be different than the positions taken by theAssociation. The Association recognizes any interest and penaltiesassessed by taxing authorities in income tax expense, and, with fewexceptions, is no longer subject to federal, state or local income taxexaminations by taxing authorities for years before 2020.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Footnote for uncertain tax position under FIN 48 (Part X)
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Scholarships
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt1Assistance Electric Service
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt017 Grants to Various Schools - 500
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0All recipients are required to send documentation of how the funds are used. If they do not, they are not eligible for future grants
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Monitoring procedures (Part I, line 2)
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt6128560
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt123469

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$52,959,364
Liabilities
$33,916,005
Net assets
$19,043,359
Revenue
$18,872,783
Expenses
$18,872,783
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$54.5$34.3$20.2$20.0$19.8$0.18
2023Detailed filing. Detailed filing data is available for this year.$53.0$33.9$19.0$18.9$18.9$0.00
2022Detailed filing. Detailed filing data is available for this year.$51.9$33.7$18.2$18.3$18.3$0.00
2021Detailed filing. Detailed filing data is available for this year.$48.6$31.4$17.3$18.0$18.0$0.00
2020Detailed filing. Detailed filing data is available for this year.$46.9$31.1$15.8$17.7$17.7$0.00
2019Detailed filing. Detailed filing data is available for this year.$45.4$30.9$14.5$18.2$18.2$0.00
2018Detailed filing. Detailed filing data is available for this year.$43.6$29.8$13.8$18.2$18.2$0.00
2017Detailed filing. Detailed filing data is available for this year.$42.6$29.8$12.8$17.2$17.0$0.13
2016Detailed filing. Detailed filing data is available for this year.$41.9$30.1$11.8$16.9$16.4$0.54
2015Detailed filing. Detailed filing data is available for this year.$41.1$29.9$11.2$16.4$16.3$0.11
2014Detailed filing. Detailed filing data is available for this year.$40.1$29.1$11.0$15.8$15.8$0.00
2013Detailed filing. Detailed filing data is available for this year.$39.3$28.8$10.5$15.3$14.5$0.79
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.6$24.8$10.8$13.8
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$34.8$24.3$10.4$13.3