Civic Intelligence

North Itasca Electric Coop Inc

990 • Fiscal year 2012 • EIN 41-0445923

Jan 01, 2012 to Dec 31, 2012 • Filed on Sep 27, 2013

Organization ProfileWWW.NORTHITASCAELECTRIC.COM
PO Box 22756628-0227
Siviq Scores

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

Liabilities / Assets

79th percentile

0.60x

Higher debt load relative to assets than 79% of similar nonprofits.

2012 filings • 501(c)12 • $10M-$25M nonprofits • Source year 2012

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2012

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2012

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2012

Asset Growth

60th percentile

3.1%

Faster asset growth than 60% of similar nonprofits.

2012 filings • 501(c)12 • $10M-$25M nonprofits • Annualized from 2011 to 2012

Revenue Growth

Score unavailable

No value available

No valid filing value is available for this score.

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$23,837,494

Up $726,844 (+3.1%) from 2011

Net Assets

Down

$9,603,038

Down $7,498 (-0.1%) from 2011

Liabilities

Up

$14,234,456

Up $734,342 (+5.4%) from 2011

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

-

No earlier filing loaded for comparison.

Expenses

Up

$7,355,671

Up $78,754 (+1.1%) from 2011

Net Income

-

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth60th 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

2012

Assets$23,837,494
Liabilities$14,234,456
Net Assets$9,603,038
Open 2012 Filing

Operations Trend

Revenue GrowthScore unavailable

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

2012

Revenue-
Expenses$7,355,671
Net Income-
Open 2012 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2012 to Dec 31, 2012
Signed
Sep 27, 2013
Return Version
2012v2.1
Gross Receipts
$7,510,564
Mission and Program Overview

Mission

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

Filing and Contact Details

Filer

EIN
41-0445923
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IRS990ScheduleD/Form990ScheduleDPartXIII/Explanation0The 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 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, 2012 the account held $3,795.
IRS990ScheduleD/Form990ScheduleDPartXIII/Explanation1The Cooperative is exempt from income taxes under Section 501(c)(12) of the Internal Revenue Code. The Cooperative follows the provisions of Accounting and Standards Codification (ASC) 740-10, Accounting for Uncertainty in Income Taxes. As of December 31, 2012, 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 such penalties and interest are incurred. Under normal circumstances, the Cooperative is no longer subject to Federal tax examinations by tax authorities for years before 2009 and state examinations for years before 2009. The Cooperative has undergone an annual analysis of various tax positions, assessing the likelihood of those positions being upheld upon examination with relevant tax authorities, as defined by ASC 740-10.
IRS990ScheduleD/Form990ScheduleDPartXIII/Explanation2Investment In Northland Connect Broadband LLC Per Book 38,678.
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IRS990ScheduleL/Form990ScheduleLPartIV/DescriptionOfTransaction0Purchase of Wholesale Power from Great River Energy
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IRS990ScheduleL/Form990ScheduleLPartIV/Relationship0Board member Bruce Leino is a board member for Great River Energy
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IRS990ScheduleL/LoanTable/RelationshipWithOrganization0Employee
IRS990ScheduleL/LoanTable/WrittenAgreement01
IRS990ScheduleL/TotalBalanceDue0414
IRS990ScheduleO/GeneralExplanation/Explanation0Each consumer is also a voting member of the Cooperative. There is only one class of members.
IRS990ScheduleO/GeneralExplanation/Explanation1Each member has one vote to elect the governing board.
IRS990ScheduleO/GeneralExplanation/Explanation2Any 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/GeneralExplanation/Explanation3There are no committees with the authority to act on behalf of the full Board of Directors.
IRS990ScheduleO/GeneralExplanation/Explanation4The CEO and CFO will review the 990 prior to providing it to the Board. The Board will review it at the September 2013 board meeting.
IRS990ScheduleO/GeneralExplanation/Explanation5The 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/GeneralExplanation/Explanation6Articles 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 1st of each year).
IRS990ScheduleO/GeneralExplanation/Explanation7Retirement of Patronate Capital -203,648. Investment in Northland Connect Broadband LLC Per K-1 -10,540. Investment in Northland Connect Broadband LLC Per Book 38,678. Benefits Paid to Members in 2012 196,149.
IRS990ScheduleO/GeneralExplanation/Explanation8Compensation of officers, directors, key employees, highest compensated employees and independent contractors: Included in column "f", estimated amount of other compensation, is the estimated annual increase in the actuarial value of the defined benefit plan. For the following people listed, the estimated increase is: Jeffrey Ortman: $0 Jared Echternach: $25,767 Kathryn Johnson: $23,225 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 expense for this defined benefit plan was $25,991, $0 and $14,943 respectively.
IRS990ScheduleO/GeneralExplanation/Explanation9The 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 $(1,574,074).
IRS990ScheduleO/GeneralExplanation/Explanation10The 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/GeneralExplanation/Identifier0Changes in Net Assets or Fund Balances:
IRS990ScheduleO/GeneralExplanation/Identifier1Other Expenses
IRS990ScheduleO/GeneralExplanation/Identifier2Benefits Paid To Members
IRS990ScheduleO/GeneralExplanation/ReturnReference0Form 990, Part VI, Section A, line 6
IRS990ScheduleO/GeneralExplanation/ReturnReference1Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/GeneralExplanation/ReturnReference2Form 990, Part VI, Section A, line 7b
IRS990ScheduleO/GeneralExplanation/ReturnReference3Form 990, Part VI, Section A, line 8b
IRS990ScheduleO/GeneralExplanation/ReturnReference4Form 990, Part VI, Section B, line 11
IRS990ScheduleO/GeneralExplanation/ReturnReference5Form 990, Part VI, Section B, line 15
IRS990ScheduleO/GeneralExplanation/ReturnReference6Form 990, Part VI, Section C, line 19
IRS990ScheduleO/GeneralExplanation/ReturnReference7Form 990, Part XI, line 9:
IRS990ScheduleO/GeneralExplanation/ReturnReference8Form 990, Part VII, Section A, Column (f):
IRS990ScheduleO/GeneralExplanation/ReturnReference9Form 990, Part IX, Statement Of Functional Expenses, Line 24e
IRS990ScheduleO/GeneralExplanation/ReturnReference10Form 990, Part IX, Statement Of Functional Expenses, Line 4
IRS990/ScheduleORequired01
IRS990ScheduleR/DividendsRelatedOrganization00
IRS990ScheduleR/ExchangeOfAssets00
IRS990ScheduleR/Form990ScheduleRPartII/AddressUS/AddressLine10PO Box 227
IRS990ScheduleR/Form990ScheduleRPartII/AddressUS/City0Bigfork
IRS990ScheduleR/Form990ScheduleRPartII/AddressUS/State0MN
IRS990ScheduleR/Form990ScheduleRPartII/AddressUS/ZIPCode0566280227
IRS990ScheduleR/Form990ScheduleRPartII/ControlledOrg01
IRS990ScheduleR/Form990ScheduleRPartII/DirectControllingEntityName/BusinessNameLine10North Itasca Electric Cooperative Inc
IRS990ScheduleR/Form990ScheduleRPartII/EIN0270093929
IRS990ScheduleR/Form990ScheduleRPartII/ExemptCodeSection0501(c)(3)

Document Assets

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Filings

Displayed year

2012 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$23,837,494
Liabilities
$14,234,456
Net assets
$9,603,038
Revenue
-
Expenses
$7,355,671
Net income
-
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