Civic Intelligence

Pierce Pepin Cooperative Services

EIN 39-0539446 • 501(c)12 • Ellsworth, WI

Profile

To provide electricity to members and to construct and maintain electric distributiion lines to deliver electricity to members.

PO Box 420Ellsworth, WI 54011-0420

www.piercepepin.coop

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

98th percentile

0.75x

Higher debt load relative to assets than 98% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

3.19x

Higher debt load relative to revenue than 97% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Net Margin

42nd percentile

0.0%

Higher net margin than 42% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

72nd percentile

$353,004

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Asset Growth

86th percentile

11%

Faster asset growth than 86% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

88th percentile

12%

Faster revenue growth than 88% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Assets

Up

$95,967,694

Up $9,211,010 (+11%) from 2023

Liabilities

Up

$72,088,546

Up $9,677,994 (+16%) from 2023

Net Assets

Down

$23,879,148

Down $466,984 (-1.9%) from 2023

Revenue

Up

$22,633,005

Up $2,451,303 (+12%) from 2023

Expenses

Up

$22,633,005

Up $2,451,303 (+12%) from 2023

Net Income

Flat

$0

Flat from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$100M$50M$0Assets 2010: $37,489,415Liabilities 2010: $20,532,743Net Assets 2010: $16,956,6722010Assets 2011: $38,761,419Liabilities 2011: $20,814,830Net Assets 2011: $17,946,5892011Assets 2012: $38,776,741Liabilities 2012: $20,315,391Net Assets 2012: $18,461,3502012Assets 2013: $40,806,765Liabilities 2013: $20,421,158Net Assets 2013: $20,385,6072013Assets 2014: $40,810,933Liabilities 2014: $19,526,917Net Assets 2014: $21,284,0162014Assets 2015: $41,556,684Liabilities 2015: $18,774,591Net Assets 2015: $22,782,0932015Assets 2016: $41,138,437Liabilities 2016: $18,328,261Net Assets 2016: $22,810,1762016Assets 2017: $41,105,960Liabilities 2017: $18,322,213Net Assets 2017: $22,783,7472017Assets 2018: $40,998,038Liabilities 2018: $18,166,396Net Assets 2018: $22,831,6422018Assets 2019: $40,558,829Liabilities 2019: $17,554,915Net Assets 2019: $23,003,9142019Assets 2020: $40,753,570Liabilities 2020: $17,017,957Net Assets 2020: $23,735,6132020Assets 2021: $45,602,496Liabilities 2021: $21,175,905Net Assets 2021: $24,426,5912021Assets 2022: $64,645,543Liabilities 2022: $40,234,384Net Assets 2022: $24,411,1592022Assets 2023: $86,756,684Liabilities 2023: $62,410,552Net Assets 2023: $24,346,1322023Assets 2024: $95,967,694Liabilities 2024: $72,088,546Net Assets 2024: $23,879,1482024

Highlighted filing

2024

Assets$95,967,694
Liabilities$72,088,546
Net Assets$23,879,148

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$30M$20M$10M$0-$10MExpenses 2010: $15,351,0412010Expenses 2011: $16,914,5742011Expenses 2012: $17,205,4462012Revenue 2013: $18,001,129Expenses 2013: $18,019,341Net Income 2013: -$18,2122013Revenue 2014: $17,687,419Expenses 2014: $17,871,054Net Income 2014: -$183,6352014Revenue 2015: $17,344,850Expenses 2015: $17,323,699Net Income 2015: $21,1512015Revenue 2016: $17,440,583Expenses 2016: $17,410,336Net Income 2016: $30,2472016Revenue 2017: $17,460,052Expenses 2017: $17,460,052Net Income 2017: $02017Revenue 2018: $18,105,247Expenses 2018: $18,105,247Net Income 2018: $02018Revenue 2019: $18,334,305Expenses 2019: $18,334,305Net Income 2019: $02019Revenue 2020: $18,509,078Expenses 2020: $18,509,078Net Income 2020: $02020Revenue 2021: $18,833,383Expenses 2021: $18,833,383Net Income 2021: $02021Revenue 2022: $19,896,527Expenses 2022: $19,896,527Net Income 2022: $02022Revenue 2023: $20,181,702Expenses 2023: $20,181,702Net Income 2023: $02023Revenue 2024: $22,633,005Expenses 2024: $22,633,005Net Income 2024: $02024

Highlighted filing

2024

Revenue$22,633,005
Expenses$22,633,005
Net Income$0

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$96.0$72.1$23.9$22.6$22.6$0.00
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$86.8$62.4$24.3$20.2$20.2$0.00
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$64.6$40.2$24.4$19.9$19.9$0.00
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$45.6$21.2$24.4$18.8$18.8$0.00
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$40.8$17.0$23.7$18.5$18.5$0.00
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$40.6$17.6$23.0$18.3$18.3$0.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$41.0$18.2$22.8$18.1$18.1$0.00
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$41.1$18.3$22.8$17.5$17.5$0.00
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$41.1$18.3$22.8$17.4$17.4$0.03
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$41.6$18.8$22.8$17.3$17.3$0.02
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$40.8$19.5$21.3$17.7$17.9$0.18
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$40.8$20.4$20.4$18.0$18.0$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.8$20.3$18.5$17.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.8$20.8$17.9$16.9
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$37.5$20.5$17.0$15.4
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jun 6, 2025
Return Version
2024v5.0
Gross Receipts
$22,633,005
Mission and Program Overview

Mission

To provide electricity to members and to construct and maintain electric distributiion lines to deliver electricity to members.

Cooperative electric ulility sales to its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$62,009,184$75,665,307▲ $13,656,123
Pd in Cap Srpls Land Bldg Eqp Fund$24,251,872$23,769,867▼ $482,005
Investments Program Related$9,417,763$9,895,432▲ $477,669
Pledges and Grants Receivable$11,100,000$4,938,083▼ $6,161,917
Accounts Receivable$2,255,817$2,302,753▲ $46,936
Inventories for Sale or Use$896,383$1,181,396▲ $285,013
Cash and Non-Interest-Bearing Accounts$276,372$702,082▲ $425,710
Rtn Earn Endowment Incm Other Fnds$94,260$109,281▲ $15,021
Savings and Temporary Cash Investments$5,926--
Total Assets$86,756,684$95,967,694▲ $9,211,010
Other Assets Total$795,239$1,282,641▲ $487,402
Liabilities
Mortgage Notes Payable Secured by Investment Property$58,513,519$67,149,538▲ $8,636,019
Accounts Payable and Accrued Expenses$1,906,781$2,909,015▲ $1,002,234
Other Liabilities$1,990,252$2,029,993▲ $39,741
Total Liabilities$62,410,552$72,088,546▲ $9,677,994
Net Assets / Fund Balance
Total Net Assets Fund Balance$24,346,132$23,879,148▼ $466,984
Total Liabilities and Net Assets / Fund Balance$86,756,684$95,967,694▲ $9,211,010

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$75,405,291$30,848,407$106,253,698
Land$260,016-$260,016
Investment Program Related Org$150,882--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Nathan BoettcherPresident/ceFT$267,639$85,365$353,004
Nathan BoettcherPresident/CEO-$229,719$123,285$353,004
Bradley RistowVP OperationFT$142,517$56,682$199,199
Bradley RistowVP Operations-$137,282$61,917$199,199
Daniel JensenLinemanFT$116,428$88,285$187,013
Becky BradburnVP/CFO, FinaFT$124,818$62,081$186,899
Becky BradburnVP/CFO, Finance-$107,118$66,081$186,899
Scott FreierCOOFT$145,303$33,516$182,819
Byron GillesLinemanFT$107,338$57,361$164,699
Austin ManoreLinemanFT$116,227$27,659$143,886
Aaron LangerLinemanFT$128,819$10,956$139,775
John ParkesVice Chair-$12,400-$12,400
Gerald DrierDirectorPT$12,080-$12,080
Ginny HuberSecretary/trPT$10,462-$10,462
Edward HassDirector-$10,400-$10,400
Daniel J ReisDirectorPT$9,000-$9,000
Ann YoungDirectorPT$8,800-$8,800
Brian S BergsengVice ChairmaPT$8,400-$8,400
Roger WiffChairmanPT$5,485-$5,485
Brian BergDirector-$5,400-$5,400
Leroy ClarkDirector-$5,000-$5,000

Highest Paid Contractors

ContractorServicesLocationCompensation
Td&i Cable Maintenance INCBroadband InstaPO BOX 266, Lakeland, MN 55043$10,198,199
Itg Communications LLCBroadband Const152 MOLLY WALTON DR, Hendersonville, TN 37075$1,500,000
Legacy Power Line INCPower Line ConsPO BOX 469, Wadena, MN 56482$1,497,246
Conexon LLCBroadband Insta2001 GRAND BLVD 700, Kansas City, MO 64108$906,118
Tjader & Highstrom Utility ServicesPower Line ConsPO BOX 856489, Minneapolis, MN 55485$407,026
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$19,975,937
Investment Income
$20,412
Other Revenue
$2,636,656
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$22,633,005
Revenue Not Reported on Form 990
$4,234,997
Total Revenue per Audited Statements
$26,868,002
Total Revenue per Form 990
$22,633,005
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$21,579,479
Salaries, Compensation, and Employee Benefits$771,704
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$2,933,451
Interest---$2,761,455
Other Expenses---$1,406,851
Current Officers, Directors, Trustees, and Key Employees---$629,187
All Other Expenses---$619,870
Benefits to Members---$281,822
Other Salaries and Wages---$142,517
Total Functional Expenses$0$0$0$22,633,005

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$26,570,466
Total Expenses per Form 990$22,633,005
Expenses per Audited Statements$22,351,183
Expenses Not Reported on Form 990$4,219,283
Expenses Not Reported on Financial Statements$281,822
Other Expense Adjustments$281,822
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
Deferred Credits$450,261
Accrued Interest$443,130
Accrued Pto$413,693
Other Liabilities$328,983
Customer Deposits$206,037
Investment in Electronic Dev. Corp$159,388
Accrued Wages$28,501
Governance and Compliance

Governance Checklist

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

Form 990, Page 6, Part VI, Line 4

Bylaws were amended to: delete references to specific types of services and instead refer to services that are in the best interest of the members and reduce the number of districts from 9 to 3 and align them geographically.

Form 990, Page 6, Part VI, Line 6

The organization has members of the cooperative.

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

There are three districts. Members vote for directors from each district. A director must live in the district that they represent. They are elected in three year, staggered terms with three directors up for election each year. There is a 4 term limit.

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

The members have to approve changes to the bylaws by a majority vote.

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

Copies of the form 990 are made available to the directors by a secured web site prior to being filed. Director input is then gathered and changes made before the final copy is electronically submitted to the irs.

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

Annually the employees are required to complete a questionnaire that is then reviewed by the hr department.

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

Periodical salary review by outside vendor. Use of 990's filed by comparable companies. The cooperative also subscribes to a service that provides salary data for cooperatives in the electric distribution industry.

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

Periodical salary review by outside vendor. Use of 990's filed by comparable companies. The cooperative also subscribes to a service that provides salary data for cooperatives in the electric distribution industry.

Form 990, Page 6, Part VI, Line 18

A copy is available at the cooperative's office for review. Paper copies are available for a nominal fee at the ellsworth office. The form is also available on guidestar.org.

Form 990, Page 6, Part VI, Line 19

A copy of board policies is available at the cooperative's office for review. Paper copies are available for a nominal fee.

Filing and Contact Details

Filer

Filer Name
Pierce-pepin Cooperative Services
EIN
39-0539446
Phone
7152734355
Address
PO BOX 420, ELLSWORTH, WI 54011-0420

Signing Officer

Name
Nathan Boettcher
Title
President/CEO
Phone
7152732429
Signed
2025-06-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nathan Boettcher
Formed
1937
Legal Domicile
Wi
Voting Board Members
9
Independent Board Members
9
Employees
53

Preparer

Firm
Carlsonsv Llp
Address
5801 DULUTH STREET SUITE 360, GOLDEN VALLEY, MN 55422
Preparer
Matt Guyer CPA
Phone
7635429633
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Capital credits allocated 281,822 subsidiaries revenues included in consolidated fin 4,234,997 retirement of capital credits -763,827 subsidiaries expenses included in consolidated fin -4,219,283 prior year allocation true up -693 total -466,984

Financial Statement Notes

Schedule D, Page 3, Part X

The company accounts for income tax provisions following asc topic 740, income taxes, which prescribes a comprehensive model for recognizing, measuring, presenting and disclosing in the consolidated financial statements any uncertain tax positions the company has or expects to take in its income tax returns. The company's policy is to include interest and penalties related to unrecognized tax benefits/liabilities in income tax expense. The company had no unrecognized tax benefits/liabilities.

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

Subsidiaries revenues included in consolidated financials 4,234,997

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

Subsidiaries expenses included in consolidated financials 4,219,283

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

Capital credits allocated to members 281,822

Raw XML AppendixShowing 400 of 648 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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