Civic Intelligence

Cloverland Electric Cooperative Inc

990 • Fiscal year 2017 • EIN 38-0429495

Jan 01, 2017 to Dec 31, 2017 • Filed on Jun 20, 2018

Organization ProfileWWW.CLOVERLAND.COM

View Organization Page

725 East Postage AveSault Ste Marie, MI 49783

(906) 635-6800

Siviq Scores

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

Liabilities / Assets

99th percentile

0.82x

Higher debt load relative to assets than 99% of similar nonprofits.

2017 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

87th percentile

2.05x

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

2017 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2017

Net Margin

82nd percentile

5.0%

Higher net margin than 82% of similar nonprofits.

2017 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

77th percentile

$384,860

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2017 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2017

Asset Growth

36th percentile

2.0%

Faster asset growth than 36% of similar nonprofits.

2017 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

16th percentile

-3.2%

Faster revenue growth than 16% of similar nonprofits.

2017 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets99th percentile

Assets

Up

$195,098,488

Up $3,743,505 (+2.0%) from 2016

Net Assets

Up

$34,939,131

Up $4,067,467 (+13%) from 2016

Liabilities

Down

$160,159,357

Down $323,962 (-0.2%) from 2016

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin82nd percentile

Revenue

Down

$78,152,578

Down $2,571,193 (-3.2%) from 2016

Expenses

Down

$74,229,172

Down $4,132,389 (-5.3%) from 2016

Net Income

Up

$3,923,406

Up $1,561,196 (+66%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth36th percentile

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

$300M$200M$100M$0Assets 2010: $134,925,641Liabilities 2010: $112,986,726Net Assets 2010: $21,938,9152010Assets 2011: $145,727,959Liabilities 2011: $122,635,997Net Assets 2011: $23,091,9622011Assets 2012: $151,427,286Liabilities 2012: $127,691,522Net Assets 2012: $23,735,7642012Assets 2013: $168,351,694Liabilities 2013: $142,763,202Net Assets 2013: $25,588,4922013Assets 2014: $175,009,826Liabilities 2014: $147,965,876Net Assets 2014: $27,043,9502014Assets 2015: $180,580,959Liabilities 2015: $152,133,802Net Assets 2015: $28,447,1572015Assets 2016: $191,354,983Liabilities 2016: $160,483,319Net Assets 2016: $30,871,6642016Assets 2017: $195,098,488Liabilities 2017: $160,159,357Net Assets 2017: $34,939,1312017Assets 2018: $199,181,494Liabilities 2018: $159,384,431Net Assets 2018: $39,797,0632018Assets 2019: $198,578,715Liabilities 2019: $153,179,201Net Assets 2019: $45,399,5142019Assets 2020: $203,278,204Liabilities 2020: $148,956,763Net Assets 2020: $54,321,4412020Assets 2021: $210,343,579Liabilities 2021: $147,191,807Net Assets 2021: $63,151,7722021Assets 2022: $214,176,437Liabilities 2022: $148,836,119Net Assets 2022: $65,340,3182022Assets 2023: $223,251,430Liabilities 2023: $151,502,795Net Assets 2023: $71,748,6352023Assets 2024: $235,029,911Liabilities 2024: $159,786,587Net Assets 2024: $75,243,3242024

Highlighted filing

2017

Assets$195,098,488
Liabilities$160,159,357
Net Assets$34,939,131
Open 2017 Filing

Operations Trend

Revenue Growth16th percentile

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

$100M$50M$0-$50MExpenses 2010: $57,456,2312010Expenses 2011: $85,954,1332011Expenses 2012: $82,525,9232012Revenue 2013: $83,281,766Expenses 2013: $81,726,660Net Income 2013: $1,555,1062013Revenue 2014: $86,404,239Expenses 2014: $85,315,643Net Income 2014: $1,088,5962014Revenue 2015: $79,579,382Expenses 2015: $78,158,082Net Income 2015: $1,421,3002015Revenue 2016: $80,723,771Expenses 2016: $78,361,561Net Income 2016: $2,362,2102016Revenue 2017: $78,152,578Expenses 2017: $74,229,172Net Income 2017: $3,923,4062017Revenue 2018: $83,801,221Expenses 2018: $79,397,910Net Income 2018: $4,403,3112018Revenue 2019: $81,901,012Expenses 2019: $76,577,700Net Income 2019: $5,323,3122019Revenue 2020: $81,703,747Expenses 2020: $72,554,496Net Income 2020: $9,149,2512020Revenue 2021: $87,157,838Expenses 2021: $77,884,316Net Income 2021: $9,273,5222021Revenue 2022: $89,448,818Expenses 2022: $86,833,977Net Income 2022: $2,614,8412022Revenue 2023: $90,733,673Expenses 2023: $83,672,248Net Income 2023: $7,061,4252023Revenue 2024: $91,307,800Expenses 2024: $92,415,479Net Income 2024: -$1,107,6792024

Highlighted filing

2017

Revenue$78,152,578
Expenses$74,229,172
Net Income$3,923,406
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Jun 20, 2018
Return Version
2017v2.3
Gross Receipts
$78,283,551
Mission and Program Overview

Mission

ELECTRIC COOPERATIVE

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$148,798,379$151,819,583▲ $3,021,204
Rtn Earn Endowment Incm Other Fnds$28,781,296$32,815,930▲ $4,034,634
Investments Other Securities$14,102,629$14,687,565▲ $584,936
Accounts Receivable$9,654,724$9,502,400▼ $152,324
Inventories for Sale or Use$3,464,147$4,315,599▲ $851,452
Savings and Temporary Cash Investments$2,787,210$2,685,507▼ $101,703
Pd in Cap Srpls Land Bldg Eqp Fund$1,958,038$1,982,781▲ $24,743
Prepaid Expenses and Deferred Charges$410,281$316,838▼ $93,443
Cap Stk Tr Prin Current Funds$132,330$140,420▲ $8,090
Cash and Non-Interest-Bearing Accounts$3,150$3,150→ $0
Total Assets$191,354,983$195,098,488▲ $3,743,505
Other Assets Total$12,134,463$11,767,846▼ $366,617
Liabilities
Mortgage Notes Payable Secured by Investment Property$141,690,716$143,622,066▲ $1,931,350
Accounts Payable and Accrued Expenses$10,985,449$11,276,143▲ $290,694
Other Liabilities$7,150,411$4,596,394▼ $2,554,017
Deferred Revenue$656,743$664,754▲ $8,011
Total Liabilities$160,483,319$160,159,357▼ $323,962
Net Assets / Fund Balance
Total Net Assets Fund Balance$30,871,664$34,939,131▲ $4,067,467
Total Liabilities and Net Assets / Fund Balance$191,354,983$195,098,488▲ $3,743,505

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$151,819,583$46,078,045$197,897,628
Other Assets Org$398,994--
Other Securities$298,566--
Compensation and Service Providers
Top Officer Pay77th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Daniel DashoPresident anFT$301,892$82,968$384,860
Daniel DashoPresident and CEO-$301,892$82,968$384,860
Robert MalaskiCFO/dir.of PFT$177,979$68,076$246,055
Robert MalaskiCFO/dir.of Pwr Mktg.-$177,979$68,076$246,055
Wendy MalaskaDirector ofFT$128,944$54,469$183,413
Wendy MalaskaDirector of Comm.-$128,944$54,469$183,413
Brian LaveyDirector ofFT$122,299$53,796$176,095
Brian LaveyDirector of Engineer-$122,299$53,796$176,095
Philip SchmitigalDirector of GeneFT$135,309$38,768$174,077
Philip SchmitigalDirector of Generation-$135,309$38,768$174,077
James MackieDirector ofFT$119,209$49,705$168,914
James MackieDirector of Operatio-$119,209$49,705$168,914
Kent NichollsGeneration OFT$120,984$26,686$147,670
Virgil MonroeChairmanPT$17,070$581$17,651
Ronald ProvoVice ChairpePT$15,255$581$15,836
Carmine BonacciDirectorPT$14,674$581$15,255
Peter LegaultDirectorPT$14,082$581$14,663
Richard NewlandDirectorPT$13,661$581$14,242
Jason St OngeDirectorPT$13,556$581$14,137
Charles LitznerSecretary/trPT$13,406$581$13,987
John SawrukDirectorPT$12,164$581$12,745
William LalondeDirectorPT$7,575$290$7,865

Highest Paid Contractors

ContractorServicesLocationCompensation
Kokosing IndustrialConstruction6235 WESTERVILLE ROAD, Westerville, OH 43081$2,016,745
Trees INCTree ClearingPO BOX 676367, Houston, TX 75267$1,194,326
Peninsula Fiber Network LLCConstruction1901 W RIDGE ST SUITE 2, Marquette, MI 49855$184,356
Thunder Bay Tree Service LLCTree Clearing1172 HALLEY ROAD, Alpena, MI 49707$162,185
Cummins Bridgeway LLCMaintenance977 N CENTRAL AVE, Gaylord, MI 49735$116,850
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$76,543,310
Investment Income
$1,651,871
Other Revenue
$-42,603
Change in Net Assets
$3,923,406

Audited Revenue Reconciliation

Revenue per Audited Statements
$78,152,578
Total Revenue per Audited Statements
$78,152,578
Total Revenue per Form 990
$78,152,578
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$72,680,462
Salaries, Compensation, and Employee Benefits$1,481,083
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses---$12,739,858
Depreciation Depletion---$6,251,022
Interest---$4,475,263
Other Expenses---$4,261,321
Other Salaries and Wages---$626,745
Current Officers, Directors, Trustees, and Key Employees---$479,871
Other Employee Benefits---$374,467
Benefits to Members---$67,627
Total Functional Expenses$0$0$0$74,229,172

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$74,229,172
Expenses per Audited Statements$74,161,545
Total Expenses per Audited Statements$74,161,545
Expenses Not Reported on Financial Statements$67,627
Other Expense Adjustments$67,627
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Power Costs$3,491,874
457b Deferred Comp Plans$854,520
Line of Credit$250,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
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
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The cooperative is owned by its members”

Form 990, Page 6, Part VI, Line 7A

“The members elect the board of directors by region.”

Form 990, Page 6, Part VI, Line 11B

“Reviewed by president & ceo and cfo.”

Form 990, Page 6, Part VI, Line 15A

“Review of comparable data from nreca.”

Form 990, Page 6, Part VI, Line 15B

“Review of comparable data from nreca.”

Form 990, Page 6, Part VI, Line 19

“Made available by written request.”

Filing and Contact Details

Filer

Filer Name
Cloverland Electric Cooperative
EIN
38-0429495
Phone
9066356800
Address
725 EAST POSTAGE AVE, SAULT STE MARIE, MI 49783

Signing Officer

Name
Daniel Dasho
Title
President and CEO
Phone
9066356800
Signed
2018-06-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Daniel Dasho
Formed
1938
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
114

Preparer

Firm
HARRIS GROUP CPA'S
Address
731 S GARFIELD AVE, TRAVERSE CITY, MI 49686
Preparer
Ronald G Harris CPA
Phone
2319468930
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Administrative and genera 4,130,000 0 0 distributions operations 3,027,813 0 0 taxes - property 2,760,401 0 0 customer accounts 2,112,190 0 0 customer service and info 1,346,663 0 0 loss from subsidiary 642,218 0 0 sales expense 122,173 0 0 other deductions 79,483 0 0 allocated payroll -1,481,083 0 0 total 12,739,858 0 0”

Form 990, Part XI, Line 9

“Donated capital 44,497 increase in memberships 8,090 accumulated other comprehensive gain 91,474 total 144,061”

Financial Statement Notes

Schedule D, Page 4, Part XII, Line 4B

“Patronage capital payments to members 67,627”

Raw XML AppendixShowing 400 of 559 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$195,098,488
Liabilities
$160,159,357
Net assets
$34,939,131
Revenue
$78,152,578
Expenses
$74,229,172
Net income
$3,923,406
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$235$160$75.2$91.3$92.4$1.11
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$223$152$71.7$90.7$83.7$7.06
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$214$149$65.3$89.4$86.8$2.61
2021Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$210$147$63.2$87.2$77.9$9.27
2020Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$203$149$54.3$81.7$72.6$9.15
2019Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$199$153$45.4$81.9$76.6$5.32
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$199$159$39.8$83.8$79.4$4.40
2017Detailed filing. Detailed filing data is available for this year.$195$160$34.9$78.2$74.2$3.92
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$191$160$30.9$80.7$78.4$2.36
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$181$152$28.4$79.6$78.2$1.42
2014Detailed filing. Detailed filing data is available for this year.$175$148$27.0$86.4$85.3$1.09
2013Detailed filing. Detailed filing data is available for this year.$168$143$25.6$83.3$81.7$1.56
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$151$128$23.7$82.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$146$123$23.1$86.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$135$113$21.9$57.5