Civic Intelligence

North Itasca Electric Coop Inc

990 • Fiscal year 2017 • EIN 41-0445923

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 02, 2018

Organization Profilewww.northitascaelectric.com
301 Main AvenueBigfork, MN 56628-0227

(218) 743-3131

Siviq Scores

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

Liabilities / Assets

87th percentile

0.66x

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

2017 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

78th percentile

2.29x

Higher debt load relative to revenue than 78% of similar nonprofits.

2017 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2017

Net Margin

39th percentile

0.1%

Higher net margin than 39% of similar nonprofits.

2017 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

21st percentile

$131,251

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2017 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2017

Asset Growth

8th percentile

-2.0%

Faster asset growth than 8% of similar nonprofits.

2017 filings • 501(c)12 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

54th percentile

3.8%

Faster revenue growth than 54% of similar nonprofits.

2017 filings • 501(c)12 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$30,266,480

Down $620,843 (-2.0%) from 2016

Net Assets

Up

$10,279,266

Up $240,300 (+2.4%) from 2016

Liabilities

Down

$19,987,214

Down $861,143 (-4.1%) from 2016

Revenue And Expenses
Liabilities / Revenue78th percentileNet Margin39th percentile

Revenue

Up

$8,712,856

Up $315,738 (+3.8%) from 2016

Expenses

Up

$8,704,443

Up $63,043 (+0.7%) from 2016

Net Income

Up

$8,413

Up $252,695 (+103%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth8th percentile

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

$40M$30M$20M$10M$0Assets 2010: $22,492,320Liabilities 2010: $13,231,284Net Assets 2010: $9,261,0362010Assets 2011: $23,110,650Liabilities 2011: $13,500,114Net Assets 2011: $9,610,5362011Assets 2012: $23,837,494Liabilities 2012: $14,234,456Net Assets 2012: $9,603,0382012Assets 2013: $25,120,406Liabilities 2013: $15,382,763Net Assets 2013: $9,737,6432013Assets 2014: $26,348,480Liabilities 2014: $15,999,559Net Assets 2014: $10,348,9212014Assets 2015: $28,286,608Liabilities 2015: $18,035,144Net Assets 2015: $10,251,4642015Assets 2016: $30,887,323Liabilities 2016: $20,848,357Net Assets 2016: $10,038,9662016Assets 2017: $30,266,480Liabilities 2017: $19,987,214Net Assets 2017: $10,279,2662017Assets 2018: $30,899,389Liabilities 2018: $20,137,579Net Assets 2018: $10,761,8102018Assets 2019: $31,762,404Liabilities 2019: $20,857,451Net Assets 2019: $10,904,9532019Assets 2020: $31,085,711Liabilities 2020: $20,018,551Net Assets 2020: $11,067,1602020Assets 2021: $32,719,376Liabilities 2021: $21,340,774Net Assets 2021: $11,378,6022021Assets 2022: $34,073,699Liabilities 2022: $22,479,512Net Assets 2022: $11,594,1872022Assets 2023: $35,556,302Liabilities 2023: $23,691,675Net Assets 2023: $11,864,6272023Assets 2024: $36,856,720Liabilities 2024: $24,849,177Net Assets 2024: $12,007,5432024

Highlighted filing

2017

Assets$30,266,480
Liabilities$19,987,214
Net Assets$10,279,266
Open 2017 Filing

Operations Trend

Revenue Growth54th percentile

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

$10M$5.0M$0-$5.0MExpenses 2010: $6,316,8442010Expenses 2011: $7,276,9172011Expenses 2012: $7,355,6712012Revenue 2013: $7,751,226Expenses 2013: $7,745,971Net Income 2013: $5,2552013Revenue 2014: $8,495,520Expenses 2014: $8,487,886Net Income 2014: $7,6342014Revenue 2015: $7,690,612Expenses 2015: $7,684,231Net Income 2015: $6,3812015Revenue 2016: $8,397,118Expenses 2016: $8,641,400Net Income 2016: -$244,2822016Revenue 2017: $8,712,856Expenses 2017: $8,704,443Net Income 2017: $8,4132017Revenue 2018: $8,820,350Expenses 2018: $8,567,083Net Income 2018: $253,2672018Revenue 2019: $8,933,222Expenses 2019: $8,933,157Net Income 2019: $652019Revenue 2020: $8,922,668Expenses 2020: $8,900,682Net Income 2020: $21,9862020Revenue 2021: $9,276,458Expenses 2021: $9,283,962Net Income 2021: -$7,5042021Revenue 2022: $9,342,322Expenses 2022: $9,343,985Net Income 2022: -$1,6632022Revenue 2023: $9,326,357Expenses 2023: $9,326,357Net Income 2023: $02023Revenue 2024: $9,745,246Expenses 2024: $9,745,295Net Income 2024: -$492024

Highlighted filing

2017

Revenue$8,712,856
Expenses$8,704,443
Net Income$8,413
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 2, 2018
Return Version
2017v2.3
Gross Receipts
$8,919,019
Mission and Program Overview

Mission

Delivering value to our members and communities by providing safe, reliable and progressive energy and other services.

The exempt purpose of the organization is to provide electrical energy to member-owners.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$23,454,373$23,927,350▲ $472,977
Rtn Earn Endowment Incm Other Fnds$6,840,927$7,321,309▲ $480,382
Investments Program Related$3,067,871$3,261,155▲ $193,284
Pd in Cap Srpls Land Bldg Eqp Fund$3,198,039$2,957,957▼ $240,082
Cash and Non-Interest-Bearing Accounts$2,065,467--
Savings and Temporary Cash Investments$58,086$1,089,889▲ $1,031,803
Accounts Receivable$1,058,850$985,050▼ $73,800
Prepaid Expenses and Deferred Charges$507,782$441,531▼ $66,251
Inventories for Sale or Use$423,729$326,702▼ $97,027
Investments Other Securities$212,415$204,288▼ $8,127
Other Notes and Loans Receivable, Net$30,022$26,905▼ $3,117
Intangible Assets$361$361→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$30,887,323$30,266,480▼ $620,843
Other Assets Total$8,367$3,249▼ $5,118
Liabilities
Mortgage Notes Payable Secured by Investment Property$18,344,986$17,675,903▼ $669,083
Accounts Payable and Accrued Expenses$1,621,618$1,399,190▼ $222,428
Unsecured Notes Loans Payable$792,697$842,083▲ $49,386
Deferred Revenue$87,740$68,185▼ $19,555
Escrow Account Liability$1,316$1,853▲ $537
Total Liabilities$20,848,357$19,987,214▼ $861,143
Net Assets / Fund Balance
Total Net Assets Fund Balance$10,038,966$10,279,266▲ $240,300
Total Liabilities and Net Assets / Fund Balance$30,887,323$30,266,480▼ $620,843

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$22,324,913$10,011,150$32,216,107
Other Land Buildings$989,531-$989,531
Buildings$536,483$394,213$930,696
Land$76,423-$76,423
Investment Program Related Org$4,635--
Compensation and Service Providers
Top Officer Pay21st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joel KarelsCFO (Jan-May)FT$103,911$27,340$131,251
Chris CorradiCEO (Jan-May)FT$56,460$42,317$98,777
Tina DanielsonCFO (Jun-Dec)FT$73,671$24,763$98,434
Dan HoskinsInterim CEO (May-Jul)FT$49,092-$49,092
Brad DolinskiCEO (Aug-Dec)FT$36,762$7,788$44,550
James WhiteDirectorPT$19,048-$19,048
Terry SchmitzVice PresidentPT$13,577-$13,577
Lloyd KongsjordSecretaryPT$13,173-$13,173
Larry SalmelaPresidentPT$12,176-$12,176
Roy BainTreasurerPT$9,003-$9,003
Bruce LeinoDirectorPT$7,480-$7,480
Walter BreezeDirectorPT$7,255-$7,255
Wes WallerDirectorPT$7,205-$7,205
James CoxDirector-$6,728-$6,728

Highest Paid Contractors

ContractorServicesLocationCompensation
Lovdahl & Sons LLCROW Clearings/Debris Cleanup34384 County Road 40, Effie, MN 56639$286,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$8,739,767
Investment Income
$50,138
Other Revenue
$-77,049
Change in Net Assets
$8,413

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,679,379
Revenue Not Reported on Financial Statements
$33,477
Revenue Not Reported on Form 990
$25,064
Other Revenue Adjustments
$33,477
Total Revenue per Audited Statements
$8,704,443
Total Revenue per Form 990
$8,712,856
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,537,188
Salaries, Compensation, and Employee Benefits$1,724,325
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$1,001,818
Other Salaries and Wages---$964,458
Interest---$706,199
Other Expenses---$482,133
Current Officers, Directors, Trustees, and Key Employees---$479,476
Benefits to Members---$442,930
Pension Plan Contributions---$186,606
Payroll Taxes---$93,785
All Other Expenses---$-1,688,394
Total Functional Expenses$0$0$0$8,704,443

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$8,704,443
Expenses per Audited Statements$8,261,513
Total Expenses per Audited Statements$8,261,513
Expenses Not Reported on Financial Statements$442,930
Other Expense Adjustments$442,930
Expenses Not Reported on Form 990$0
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
-Board member Bruce Leino is a board member of Great River EnergyPurchase of wholesale power from Great River EnergyNo$4,187,317
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 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
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 6

“Each consumer is also a voting member of the Cooperative. There is only one class of members.”

Form 990, Part VI, Section A, line 7A

“Each member has one vote to elect the governing board.”

Form 990, Part VI, Section A, line 7B

“Any changes to the bylaws must be approved by the membership. Mergers and sales of a significant portion of the Cooperative's assets must also be approved by the membership.”

Form 990, Part VI, Section A, line 8B

“There are no commitees with the authority to act on behalf of the full board of directors.”

Form 990, Part VI, Section B, line 11B

“The CEO and Manager of Finance & Office Services will review the 990 prior to the filing of the form. The board will receive the final copy to review before the filing of the 990.”

Form 990, Part VI, Section B, line 12C

“The officers of the organization and the board members review the conflict of interest policy annually. The CEO and board of directors review and determine if a conflict exists. If a conflict does exist, that individual must leave the meeting during the conversation and not vote on the item of discussion.”

Form 990, Part VI, Section B, line 15

“The board reviews the CEO's compensation and benefits package annually. NRECA comparability data is used. Written minutes are kept at all board meetings to document the decisions. The board approves the wages of all staff annually. NRECA comparability data is used to determine staff compensation.”

Form 990, Part VI, Section C, line 19

“Articles of Incorporation and Bylaws are mailed to all new members. They are also available on the website. Financial statements are made available upon request. Financial reports are published in the "Watts News" special annual meeting edition (June 1 of each year).”

990, Part VII, Section A., Column (F)

“Compensation of Officers, Directors, Key Employees, Highest Compensated Employees and Independent Contracors: Included in column (F), estimated amount of other compensation from the organization and related organizations is the estimated annual increase in the actuarial value of the defined benefit plan. For the following people listed, the estimated increase was as follows: Chris Corradi $36,284 Brad Dolinski $6,679 Tina Danielson $18,763 Joel Karels $24,088 These amounts are estimates in the increase of the value of the plan and are not current year expenses of the Cooperative. The current year expenses for this defined benefit plan were as follows: Chris Corradi $14,950 Brad Dolinski $0 Tina Danielson $9,359 Joel Karels $10,351”

Filing and Contact Details

Filer

Filer Name
North Itasca Electric Cooperative Inc
EIN
41-0445923
Phone
2187433131
Address
301 Main Avenue, Bigfork, MN 56628-0227

Signing Officer

Name
Brad Dolinski
Title
CEO
Phone
2187433131
Signed
2018-11-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brad Dolinski
Formed
1940
Legal Domicile
Mn
Voting Board Members
9
Independent Board Members
8
Employees
20
Volunteers
0

Preparer

Firm
Eide Bailly Llp
Address
4310 17TH AVE S PO BOX 2545, FARGO, ND 58108-2545
Preparer
Lisa Chaffee CPA
Phone
7012398500
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Northland Connect Broadband LLC Book/Tax Difference -8,413. Retirement of Capital Credits -202,628. Allocation of Capital Credits 442,930. Rounding -2.”

Form 990, Part IX, Statement Of Functional Expenses, Line 24E

“The labor, pension and payroll taxes reported on lines 5-10 are already included in distribution expense, administrative & general expense and customer expense. Therefore, these amounts are being subtracted out as an other deduction on line 24e in the amount of $(1,724,325).”

Form 990, Part IX, Statement Of Functional Expenses, Line 4

“Benefits Paid To Members The Cooperative has interpreted the instructions to Part IX, Line 4, to mean patronage capital allocated for the year, rather than patronage capital retired. This is consistent with the Bylaws of the Cooperative.”

Financial Statement Notes

Part IV, Line 2B:

“The members of the Cooperative can elect to round up their monthly electric bill to the next dollar. These funds collected from the membership are held in a Cooperative account until they are released to the North Itasca Electric Cooperative Community Trust. These funds are transferred directly to the Trust on a monthly basis. Funds that exist at the end of the year are a result of a timing difference in the receipt of the funds and the release of them to the Trust. For the year ended December 31, 2017, the account held $1,853.”

Part X, Line 2:

“The Cooperative is exempt from income taxes under Section 501(c)(12). The Cooperative is annually required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS. The Cooperative files an Exempt Organization Business Income Tax Return (Form 990-T) with the IRS to report its unrelated business taxable income. The Cooperative evaluates its tax positions that have been taken or are expected to be taken on income tax returns to determine if an accrual is necessary for uncertain tax positions. As of December 31, 2017 and 2016, the unrecognized tax benefit accrual was zero. The Cooperative will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred.”

Part XI, Line 2D - Other Adjustments:

“Investment in Northland Connect Broadband LLC - Book 25,064.”

Part XI, Line 4B - Other Adjustments:

“Investment in Northland Connect Broadband LLC - Tax 33,477.”

Part XII, Line 4B - Other Adjustments:

“Allocated Patronage Capital Credits 442,930.”

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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Interim CEO (May-Jul)
IRS990/Form990PartVIISectionAGrp/TitleTxt10CEO (Jan-May)
IRS990/Form990PartVIISectionAGrp/TitleTxt11CEO (Aug-Dec)
IRS990/Form990PartVIISectionAGrp/TitleTxt12CFO (Jan-May)
IRS990/Form990PartVIISectionAGrp/TitleTxt13CFO (Jun-Dec)
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/Form990TFiledInd01
IRS990/FormationYr01940
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt09
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt08919019
IRS990/GrossSalesOfInventoryAmt0129114
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt08
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/IntangibleAssetsGrp/BOYAmt0361
IRS990/IntangibleAssetsGrp/EOYAmt0361
IRS990/InterestGrp/TotalAmt0706199
IRS990/InventoriesForSaleOrUseGrp/BOYAmt0423729
IRS990/InventoriesForSaleOrUseGrp/EOYAmt0326702
IRS990/InvestmentIncomeGrp/ExclusionAmt050138
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt050138
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0212415
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0204288
IRS990/InvestmentsProgramRelatedGrp/BOYAmt03067871
IRS990/InvestmentsProgramRelatedGrp/EOYAmt03261155
IRS990/IRPDocumentCnt018
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt010405363
IRS990/LandBldgEquipBasisNetGrp/BOYAmt023454373
IRS990/LandBldgEquipBasisNetGrp/EOYAmt023927350
IRS990/LandBldgEquipCostOrOtherBssAmt034332713
IRS990/LegalDomicileStateCd0MN
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersAndShrGrossIncomeAmt08599994
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd00
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0Delivering value to our members and communities by providing safe, reliable and progressive energy and other services.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt018344986
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt017675903
IRS990/NetAssetsOrFundBalancesBOYAmt010038966
IRS990/NetAssetsOrFundBalancesEOYAmt010279266
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt0-15356
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt0-77049
IRS990/NetIncomeOrLossGrp/UnrelatedBusinessRevenueAmt0-61693
IRS990/NetUnrelatedBusTxblIncmAmt0-28338
IRS990/NondeductibleContributionsInd00
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt08367
IRS990/OtherAssetsTotalGrp/EOYAmt03249
IRS990/OtherChangesInNetAssetsAmt0231887
IRS990/OtherExpensesGrp/Desc0Cost of Power
IRS990/OtherExpensesGrp/Desc1Distribution
IRS990/OtherExpensesGrp/Desc2Administration & Genera
IRS990/OtherExpensesGrp/Desc3Customer Accounts & Ser
IRS990/OtherExpensesGrp/TotalAmt04187317
IRS990/OtherExpensesGrp/TotalAmt11044080
IRS990/OtherExpensesGrp/TotalAmt2804035
IRS990/OtherExpensesGrp/TotalAmt3482133
IRS990/OtherSalariesAndWagesGrp/TotalAmt0964458
IRS990/OtherSourcesGrossIncomeAmt0212607
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt030022
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt026905
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt093785
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt03198039
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt02957957
IRS990/PensionPlanContributionsGrp/TotalAmt0186606
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0507782
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0441531
IRS990/PrincipalOfficerNm0Brad Dolinski
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0221000
IRS990/ProgramServiceRevenueGrp/BusinessCd1221000
IRS990/ProgramServiceRevenueGrp/BusinessCd2518210
IRS990/ProgramServiceRevenueGrp/Desc0Electric Sales
IRS990/ProgramServiceRevenueGrp/Desc1Capital Credits
IRS990/ProgramServiceRevenueGrp/Desc2Northland Connect LLC
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt08431291
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1275121
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt08431291
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1275121
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt233355
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt033355
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt047601
IRS990/PYOtherExpensesAmt08253892
IRS990/PYOtherRevenueAmt0244467
IRS990/PYProgramServiceRevenueAmt08105050
IRS990/PYRevenuesLessExpensesAmt0-244282
IRS990/PYSalariesCompEmpBnftPaidAmt0387508
IRS990/PYTotalExpensesAmt08641400
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt08397118
IRS990/ReconcilationRevenueExpnssAmt08413
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd01
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd01
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt06840927
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt07321309
IRS990/SavingsAndTempCashInvstGrp/BOYAmt058086
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01089889
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0536483
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0394213
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0930696
IRS990ScheduleD/EquipmentGrp/BookValueAmt022324913
IRS990ScheduleD/EquipmentGrp/DepreciationAmt010011150
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0119956
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt032216107
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt0442930
IRS990ScheduleD/ExpensesSubtotalAmt08261513
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt03023645
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1232875
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt24635
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Patronage Capital- Association
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1National Rural Finance Corporation
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2Memberships
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd2C
IRS990ScheduleD/LandGrp/BookValueAmt076423
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt076423
IRS990ScheduleD/OtherExpensesNotIncludedAmt0442930
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0989531
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0989531
IRS990ScheduleD/OtherRevenueAmt025064
IRS990ScheduleD/OtherRevenuesNotIncludedAmt033477
IRS990ScheduleD/RevenueNotReportedAmt025064
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt033477
IRS990ScheduleD/RevenueSubtotalAmt08679379
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The members of the Cooperative can elect to round up their monthly electric bill to the next dollar. These funds collected from the membership are held in a Cooperative account until they are released to the North Itasca Electric Cooperative Community Trust. These funds are transferred directly to the Trust on a monthly basis. Funds that exist at the end of the year are a result of a timing difference in the receipt of the funds and the release of them to the Trust. For the year ended December 31, 2017, the account held $1,853.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1The Cooperative is exempt from income taxes under Section 501(c)(12). The Cooperative is annually required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS. The Cooperative files an Exempt Organization Business Income Tax Return (Form 990-T) with the IRS to report its unrelated business taxable income. The Cooperative evaluates its tax positions that have been taken or are expected to be taken on income tax returns to determine if an accrual is necessary for uncertain tax positions. As of December 31, 2017 and 2016, the unrecognized tax benefit accrual was zero. The Cooperative will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Investment in Northland Connect Broadband LLC - Book 25,064.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3Investment in Northland Connect Broadband LLC - Tax 33,477.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt4Allocated Patronage Capital Credits 442,930.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part IV, Line 2b:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3Part XI, Line 4b - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc4Part XII, Line 4b - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt023927350
IRS990ScheduleD/TotalBookValueProgramRltdAmt03261155
IRS990ScheduleD/TotalExpensesPerForm990Amt08704443
IRS990ScheduleD/TotalRevenuePerForm990Amt08712856
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt08704443
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt08261513
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0Great River Energy
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0Board member Bruce Leino is a board member of Great River Energy
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt04187317
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0Purchase of wholesale power from Great River Energy
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Each consumer is also a voting member of the Cooperative. There is only one class of members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Each member has one vote to elect the governing board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Any changes to the bylaws must be approved by the membership. Mergers and sales of a significant portion of the Cooperative's assets must also be approved by the membership.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3There are no commitees with the authority to act on behalf of the full board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The CEO and Manager of Finance & Office Services will review the 990 prior to the filing of the form. The board will receive the final copy to review before the filing of the 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The officers of the organization and the board members review the conflict of interest policy annually. The CEO and board of directors review and determine if a conflict exists. If a conflict does exist, that individual must leave the meeting during the conversation and not vote on the item of discussion.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The board reviews the CEO's compensation and benefits package annually. NRECA comparability data is used. Written minutes are kept at all board meetings to document the decisions. The board approves the wages of all staff annually. NRECA comparability data is used to determine staff compensation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Articles of Incorporation and Bylaws are mailed to all new members. They are also available on the website. Financial statements are made available upon request. Financial reports are published in the "Watts News" special annual meeting edition (June 1 of each year).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Compensation of Officers, Directors, Key Employees, Highest Compensated Employees and Independent Contracors: Included in column (F), estimated amount of other compensation from the organization and related organizations is the estimated annual increase in the actuarial value of the defined benefit plan. For the following people listed, the estimated increase was as follows: Chris Corradi $36,284 Brad Dolinski $6,679 Tina Danielson $18,763 Joel Karels $24,088 These amounts are estimates in the increase of the value of the plan and are not current year expenses of the Cooperative. The current year expenses for this defined benefit plan were as follows: Chris Corradi $14,950 Brad Dolinski $0 Tina Danielson $9,359 Joel Karels $10,351
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9Northland Connect Broadband LLC Book/Tax Difference -8,413. Retirement of Capital Credits -202,628. Allocation of Capital Credits 442,930. Rounding -2.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10The labor, pension and payroll taxes reported on lines 5-10 are already included in distribution expense, administrative & general expense and customer expense. Therefore, these amounts are being subtracted out as an other deduction on line 24e in the amount of $(1,724,325).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11Benefits Paid To Members The Cooperative has interpreted the instructions to Part IX, Line 4, to mean patronage capital allocated for the year, rather than patronage capital retired. This is consistent with the Bylaws of the Cooperative.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section A, line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section B, line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8990, Part VII, Section A., Column (F)
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Form 990, Part XI, line 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10Form 990, Part IX, Statement Of Functional Expenses, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc11Form 990, Part IX, Statement Of Functional Expenses, Line 4
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0North Itasca Electric Cooperative Inc
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0North Itasca Electric Cooperative Community Trust
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0270093929
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Charitable Community Projects
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0Line 7

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$30,266,480
Liabilities
$19,987,214
Net assets
$10,279,266
Revenue
$8,712,856
Expenses
$8,704,443
Net income
$8,413
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$36.9$24.8$12.0$9.75$9.75$0.00
2023Detailed filing. Detailed filing data is available for this year.$35.6$23.7$11.9$9.33$9.33$0.00
2022Detailed filing. Detailed filing data is available for this year.$34.1$22.5$11.6$9.34$9.34$0.00
2021Detailed filing. Detailed filing data is available for this year.$32.7$21.3$11.4$9.28$9.28$0.01
2020Detailed filing. Detailed filing data is available for this year.$31.1$20.0$11.1$8.92$8.90$0.02
2019Detailed filing. Detailed filing data is available for this year.$31.8$20.9$10.9$8.93$8.93$0.00
2018Detailed filing. Detailed filing data is available for this year.$30.9$20.1$10.8$8.82$8.57$0.25
2017Detailed filing. Detailed filing data is available for this year.$30.3$20.0$10.3$8.71$8.70$0.01
2016Detailed filing. Detailed filing data is available for this year.$30.9$20.8$10.0$8.40$8.64$0.24
2015Detailed filing. Detailed filing data is available for this year.$28.3$18.0$10.3$7.69$7.68$0.01
2014Detailed filing. Detailed filing data is available for this year.$26.3$16.0$10.3$8.50$8.49$0.01
2013Detailed filing. Detailed filing data is available for this year.$25.1$15.4$9.74$7.75$7.75$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.8$14.2$9.60$7.36
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.1$13.5$9.61$7.28
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.5$13.2$9.26$6.32