Civic Intelligence

Midwest Energy Cooperative

990 • Fiscal year 2013 • EIN 38-3386126

Jan 01, 2013 to Dec 31, 2013 • Filed on Jun 16, 2014

Organization ProfileWWW.TEAMMIDWEST.COM

View Organization Page

PO Box 127 901 E State StCassopolis, MI 49031

(269) 445-1000

Siviq Scores

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

Liabilities / Assets

89th percentile

0.69x

Higher debt load relative to assets than 89% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Liabilities / Revenue

47th percentile

1.28x

Higher debt load relative to revenue than 47% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Net Margin

75th percentile

4.9%

Higher net margin than 75% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Top Officer Pay

87th percentile

$390,356

Higher top officer pay than 87% of similar nonprofits.

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

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Asset Growth

49th percentile

5.5%

Faster asset growth than 49% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets89th percentile

Assets

Up

$142,427,164

Up $7,433,392 (+5.5%) from 2012

Net Assets

Up

$43,829,709

Up $8,499,189 (+24%) from 2012

Liabilities

Down

$98,597,455

Down $1,065,797 (-1.1%) from 2012

Revenue And Expenses
Liabilities / Revenue47th percentileNet Margin75th percentile

Revenue

$76,822,267

No earlier filing loaded for comparison.

Expenses

Up

$73,058,438

Up $502,905 (+0.7%) from 2012

Net Income

$3,763,829

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth49th percentile

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

$600M$400M$200M$0Assets 2010: $126,925,953Liabilities 2010: $91,990,685Net Assets 2010: $34,935,2682010Assets 2011: $127,682,544Liabilities 2011: $94,589,759Net Assets 2011: $33,092,7852011Assets 2012: $134,993,772Liabilities 2012: $99,663,252Net Assets 2012: $35,330,5202012Assets 2013: $142,427,164Liabilities 2013: $98,597,455Net Assets 2013: $43,829,7092013Assets 2014: $143,307,663Liabilities 2014: $101,304,887Net Assets 2014: $42,002,7762014Assets 2015: $162,835,346Liabilities 2015: $113,857,111Net Assets 2015: $48,978,2352015Assets 2016: $201,018,832Liabilities 2016: $148,050,189Net Assets 2016: $52,968,6432016Assets 2017: $242,321,679Liabilities 2017: $186,122,325Net Assets 2017: $56,199,3542017Assets 2018: $267,956,164Liabilities 2018: $206,699,861Net Assets 2018: $61,256,3032018Assets 2019: $273,954,360Liabilities 2019: $208,378,139Net Assets 2019: $65,576,2212019Assets 2020: $296,468,221Liabilities 2020: $225,923,338Net Assets 2020: $70,544,8832020Assets 2021: $334,250,567Liabilities 2021: $246,160,758Net Assets 2021: $88,089,8092021Assets 2022: $400,689,871Liabilities 2022: $293,301,555Net Assets 2022: $107,388,3162022Assets 2023: $480,967,655Liabilities 2023: $345,509,162Net Assets 2023: $135,458,4932023Assets 2024: $592,487,549Liabilities 2024: $418,600,189Net Assets 2024: $173,887,3602024

Highlighted filing

2013

Assets$142,427,164
Liabilities$98,597,455
Net Assets$43,829,709
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$200M$150M$100M$50M$0Expenses 2010: $65,429,9972010Expenses 2011: $67,937,8272011Expenses 2012: $72,555,5332012Revenue 2013: $76,822,267Expenses 2013: $73,058,438Net Income 2013: $3,763,8292013Revenue 2014: $79,464,110Expenses 2014: $77,017,182Net Income 2014: $2,446,9282014Revenue 2015: $80,637,368Expenses 2015: $80,637,368Net Income 2015: $02015Revenue 2016: $87,182,218Expenses 2016: $87,182,218Net Income 2016: $02016Revenue 2017: $90,511,003Expenses 2017: $90,511,003Net Income 2017: $02017Revenue 2018: $97,253,649Expenses 2018: $96,315,846Net Income 2018: $937,8032018Revenue 2019: $101,534,792Expenses 2019: $100,771,187Net Income 2019: $763,6052019Revenue 2020: $105,303,622Expenses 2020: $104,429,736Net Income 2020: $873,8862020Revenue 2021: $119,294,620Expenses 2021: $118,245,854Net Income 2021: $1,048,7662021Revenue 2022: $134,375,062Expenses 2022: $133,311,610Net Income 2022: $1,063,4522022Revenue 2023: $146,613,441Expenses 2023: $145,147,935Net Income 2023: $1,465,5062023Revenue 2024: $168,084,071Expenses 2024: $167,152,597Net Income 2024: $931,4742024

Highlighted filing

2013

Revenue$76,822,267
Expenses$73,058,438
Net Income$3,763,829
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Jun 16, 2014
Return Version
2013v3.1
Gross Receipts
$76,856,362
Mission and Program Overview

Mission

Provide electric power to members

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$103,728,169$107,822,769▲ $4,094,600
Rtn Earn Endowment Incm Other Fnds$35,330,520$43,829,709▲ $8,499,189
Investments Other Securities$19,974,458$22,848,016▲ $2,873,558
Accounts Receivable$4,396,126$3,988,240▼ $407,886
Cash and Non-Interest-Bearing Accounts$2,859,533$3,734,959▲ $875,426
Prepaid Expenses and Deferred Charges$1,728,438$1,458,097▼ $270,341
Inventories for Sale or Use$1,354,779$1,188,458▼ $166,321
Other Notes and Loans Receivable, Net$167,585$198,847▲ $31,262
Total Assets$134,993,772$142,427,164▲ $7,433,392
Other Assets Total$784,684$1,187,778▲ $403,094
Liabilities
Mortgage Notes Payable Secured by Investment Property$83,727,270$84,621,776▲ $894,506
Accounts Payable and Accrued Expenses$15,172,219$13,290,266▼ $1,881,953
Other Liabilities-$382,188-
Deferred Revenue$763,763$303,225▼ $460,538
Total Liabilities$99,663,252$98,597,455▼ $1,065,797
Net Assets / Fund Balance
Total Net Assets Fund Balance$35,330,520$43,829,709▲ $8,499,189
Total Liabilities and Net Assets / Fund Balance$134,993,772$142,427,164▲ $7,433,392

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$107,822,769$50,680,075$158,502,844
Other Securities$98,889--
Compensation and Service Providers
Top Officer Pay87th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert HanceCEOFT$296,183$94,173$390,356
John MinerCFOFT$144,077$61,234$205,311
Terry RubenthalerVP EngineeriFT$133,062$57,190$190,252
Terry RubenthalerVP Engineering-$133,062$57,190$190,252
Michael RoushVP of OperatFT$124,123$49,181$173,304
Michael RoushVP of Operations-$124,123$49,181$173,304
Gregory HodgsonLineworkerFT$121,431$48,179$169,610
Mike MillerLineman in CFT$116,395$50,107$166,502
Mike MillerLineman in Charge-$116,395$50,107$166,502
Eric KeckLineman in CFT$118,457$32,814$151,271
Eric KeckLineman in Charge-$118,457$32,814$151,271
Kenneth SwopeVice ChairmaPT$24,700$4$24,704
Colyne SorsbySecretary-$17,200$6$17,206
Ronald ArmstrongDirector-$16,200$13$16,213
Clarence BarthChairman-$14,850$13$14,863
James DickersonDirector-$10,200$13$10,213
Harry GentzDirector-$9,700$13$9,713
Jerry CampbellDirector-$9,700$6$9,706
John GreenTreasurer-$8,700$13$8,713
Ben RussellDirector-$7,200$13$7,213

Highest Paid Contractors

ContractorServicesLocationCompensation
Green Leaf Tree ServiceTree Clearing-$1,915,940
Hydaker-wheatlake CoContractor-$1,483,998
Pulse Broadband LLCContractor-$266,011
Mcdonald UndergroundContractor-$236,599
Dykema GossettLegal Services-$203,128
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$73,212,659
Investment Income
$2,792,801
Other Revenue
$816,807
Change in Net Assets
$3,763,829

Audited Revenue Reconciliation

Revenue per Audited Statements
$76,822,267
Revenue Not Reported on Form 990
$-36,354
Total Revenue per Audited Statements
$76,785,913
Total Revenue per Form 990
$76,822,267
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$71,354,621
Salaries, Compensation, and Employee Benefits$1,565,150
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses---$4,872,056
Depreciation Depletion---$4,614,750
Interest---$3,822,099
Other Expenses---$1,895,898
Other Salaries and Wages---$613,468
Current Officers, Directors, Trustees, and Key Employees---$558,710
Other Employee Benefits---$392,972
Benefits to Members---$138,667
Travel---$42,753
Total Functional Expenses$0$0$0$73,058,438

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$73,058,438
Expenses per Audited Statements$72,919,771
Total Expenses per Audited Statements$72,883,417
Expenses Not Reported on Financial Statements$138,667
Other Expense Adjustments$138,667
Expenses Not Reported on Form 990$-36,354
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Clarence BarthChairmanOf SupplierNo$46,528,343
Ronald ArmstrongBoard MemberBoard Member ofNo$46,528,343
Robert HanceCEOBoard MemberNo$2,292,403
Kenneth SwopeVice ChairmanPower SupplierNo$1,353,204
Joshua HanceSon of CEOEmployee of CoopNo$56,776
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Pscr Payable$382,188
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
Yes
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
No
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

“Cooperative has members as its owners.”

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

“Members elect the board of directors by region.”

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

“Reviewed by cfo, then presented to the board of directors.”

Form 990, Page 6, Part VI, Line 12C

“Policy enforced by review of coop records and reporting disclosures.”

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

“Amount of ceo compensation is determined by board policy number b-04. The amount of compensation is calculated using comparable market data, both industry and non-industry specific.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are made available by request at the cooperatives headquarters.”

Filing and Contact Details

Filer

EIN
38-3386126
Phone
2694451000

Signing Officer

Name
John Miner
Title
CFO
Phone
2694451000
Signed
2014-06-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert Hance
Formed
1998
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
109

Preparer

Preparer
Ronald G Harris CPA
Phone
2319468930
Supplemental Narrative

Additional Explanations

Form 990

“Midwest energy cooperative began a soft launch project for fiber to the home in 2013. This includes providing phone and high-speed broadband to 963 members in two areas of their service territory. It was under construction in 2013 and will be fully functional in 2014.”

Form 990, Part XI

“Line 9 includes an adjustment to other comprehensive income for 4,735,960 for an adjstment to equity for a prepaid pension asset following an actuarial valuation of the post-retirement benefits obligation”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

“Revenue netted against expense on the financial statements -36,354”

Schedule D, Page 4, Part XII, Line 2D

“Revenue netted against expense on the financial statements -36,354”

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

“Patronage capital retirements not deducted on financials 138,667”

Raw XML AppendixShowing 400 of 618 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

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$142,427,164
Liabilities
$98,597,455
Net assets
$43,829,709
Revenue
$76,822,267
Expenses
$73,058,438
Net income
$3,763,829
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$592$419$174$168$167$0.93
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$481$346$135$147$145$1.47
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$401$293$107$134$133$1.06
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$334$246$88.1$119$118$1.05
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$296$226$70.5$105$104$0.87
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$274$208$65.6$102$101$0.76
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$268$207$61.3$97.3$96.3$0.94
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$242$186$56.2$90.5$90.5$0.00
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$201$148$53.0$87.2$87.2$0.00
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$163$114$49.0$80.6$80.6$0.00
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$143$101$42.0$79.5$77.0$2.45
2013Detailed filing. Detailed filing data is available for this year.$142$98.6$43.8$76.8$73.1$3.76
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$135$99.7$35.3$72.6
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$128$94.6$33.1$67.9
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$127$92.0$34.9$65.4