Civic Intelligence

Central Iowa Power Cooperative

EIN 42-0652127 • 501(c)12 • Cedar Rapids, IA

Profile

Electric generation and transmission cooperative

PO Box 2517Cedar Rapids, IA 52406-2517

www.cipco.net

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.71x

Higher debt load relative to assets than 83% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

90th percentile

2.87x

Higher debt load relative to revenue than 90% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Net Margin

94th percentile

9.0%

Higher net margin than 94% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

35th percentile

$468,438

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Asset Growth

10th percentile

0.1%

Faster asset growth than 10% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

30th percentile

3.2%

Faster revenue growth than 30% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$910,500,887

Up $1,191,367 (+0.1%) from 2023

Liabilities

Down

$645,481,517

Down $20,910,383 (-3.1%) from 2023

Net Assets

Up

$265,019,370

Up $22,101,750 (+9.1%) from 2023

Revenue

Up

$224,762,576

Up $6,914,702 (+3.2%) from 2023

Expenses

Down

$204,459,125

Down $1,285,880 (-0.6%) from 2023

Net Income

Up

$20,303,451

Up $8,200,582 (+68%) from 2023

Trend Graphs

Balance Sheet Trend

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

$1.0B$500M$0Assets 2010: $603,354,790Liabilities 2010: $472,326,428Net Assets 2010: $131,028,3622010Assets 2011: $645,771,544Liabilities 2011: $500,469,876Net Assets 2011: $145,301,6682011Assets 2012: $658,827,754Liabilities 2012: $490,086,453Net Assets 2012: $168,741,3012012Assets 2013: $668,301,048Liabilities 2013: $481,434,615Net Assets 2013: $186,866,4332013Assets 2014: $708,845,564Liabilities 2014: $505,871,235Net Assets 2014: $202,974,3292014Assets 2015: $732,116,735Liabilities 2015: $523,645,588Net Assets 2015: $208,471,1472015Assets 2016: $768,476,695Liabilities 2016: $543,743,697Net Assets 2016: $224,732,9982016Assets 2017: $782,271,946Liabilities 2017: $546,666,452Net Assets 2017: $235,605,4942017Assets 2018: $803,787,652Liabilities 2018: $584,248,871Net Assets 2018: $219,538,7812018Assets 2019: $800,491,864Liabilities 2019: $571,553,631Net Assets 2019: $228,938,2332019Assets 2020: $870,566,563Liabilities 2020: $636,013,961Net Assets 2020: $234,552,6022020Assets 2021: $899,434,034Liabilities 2021: $665,943,652Net Assets 2021: $233,490,3822021Assets 2022: $890,992,042Liabilities 2022: $667,488,511Net Assets 2022: $223,503,5312022Assets 2023: $909,309,520Liabilities 2023: $666,391,900Net Assets 2023: $242,917,6202023Assets 2024: $910,500,887Liabilities 2024: $645,481,517Net Assets 2024: $265,019,3702024

Highlighted filing

2024

Assets$910,500,887
Liabilities$645,481,517
Net Assets$265,019,370

Operations Trend

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

$300M$200M$100M$0-$100MExpenses 2010: $165,001,7932010Expenses 2011: $166,348,2312011Expenses 2012: $171,857,0222012Revenue 2013: $193,129,592Expenses 2013: $181,010,723Net Income 2013: $12,118,8692013Revenue 2014: $194,979,526Expenses 2014: $183,490,591Net Income 2014: $11,488,9352014Revenue 2015: $188,429,113Expenses 2015: $181,386,098Net Income 2015: $7,043,0152015Revenue 2016: $191,419,923Expenses 2016: $178,348,403Net Income 2016: $13,071,5202016Revenue 2017: $187,970,757Expenses 2017: $184,741,362Net Income 2017: $3,229,3952017Revenue 2018: $195,289,761Expenses 2018: $208,864,856Net Income 2018: -$13,575,0952018Revenue 2019: $191,715,419Expenses 2019: $190,044,874Net Income 2019: $1,670,5452019Revenue 2020: $189,808,864Expenses 2020: $181,170,871Net Income 2020: $8,637,9932020Revenue 2021: $189,203,690Expenses 2021: $199,425,740Net Income 2021: -$10,222,0502021Revenue 2022: $219,280,606Expenses 2022: $216,888,805Net Income 2022: $2,391,8012022Revenue 2023: $217,847,874Expenses 2023: $205,745,005Net Income 2023: $12,102,8692023Revenue 2024: $224,762,576Expenses 2024: $204,459,125Net Income 2024: $20,303,4512024

Highlighted filing

2024

Revenue$224,762,576
Expenses$204,459,125
Net Income$20,303,451

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$911$645$265$225$204$20.3
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$909$666$243$218$206$12.1
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$891$667$224$219$217$2.39
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$899$666$233$189$199$10.2
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$871$636$235$190$181$8.64
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$800$572$229$192$190$1.67
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$804$584$220$195$209$13.6
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$782$547$236$188$185$3.23
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$768$544$225$191$178$13.1
2015Detailed filing. Detailed filing data is available for this year.$732$524$208$188$181$7.04
2014Detailed filing. Detailed filing data is available for this year.$709$506$203$195$183$11.5
2013Detailed filing. Detailed filing data is available for this year.$668$481$187$193$181$12.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$659$490$169$172
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$646$500$145$166
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$603$472$131$165
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 7, 2023
Return Version
2022v5.0
Gross Receipts
$380,974,617
Mission and Program Overview

Mission

Electric generation and transmission cooperative

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$467,817,634$500,450,937▲ $32,633,303
Investments Other Securities$290,899,783$249,354,573▼ $41,545,210
Rtn Earn Endowment Incm Other Fnds$233,488,982$223,502,131▼ $9,986,851
Accounts Receivable$38,077,807$47,072,069▲ $8,994,262
Inventories for Sale or Use$9,604,359$10,757,215▲ $1,152,856
Cash and Non-Interest-Bearing Accounts$10,060,455$9,325,982▼ $734,473
Prepaid Expenses and Deferred Charges$586,690$510,818▼ $75,872
Cap Stk Tr Prin Current Funds$1,400$1,400→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Total Assets$899,434,034$890,992,042▼ $8,441,992
Other Assets Total$82,387,306$73,520,448▼ $8,866,858
Liabilities
Mortgage Notes Payable Secured by Investment Property$456,894,425$479,890,278▲ $22,995,853
Other Liabilities$175,800,471$159,304,082▼ $16,496,389
Accounts Payable and Accrued Expenses$33,248,756$28,294,151▼ $4,954,605
Total Liabilities$665,943,652$667,488,511▲ $1,544,859
Net Assets / Fund Balance
Total Net Assets Fund Balance$233,490,382$223,503,531▼ $9,986,851
Total Liabilities and Net Assets / Fund Balance$899,434,034$890,992,042▼ $8,441,992

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$490,682,913$327,978,793$818,661,706
Land$9,768,024-$9,768,024
Other Assets Org$34,612,009--
Other Securities$72,583,298--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
William CherrierExecutive VP/CEOFT$444,002$40,098$484,100
Daniel BurnsVP Utility OperationsFT$221,964$52,322$274,286
Paul HofmanVP Information TechnologyFT$223,815$48,083$271,898
Andrew St JohnVP/CFOFT$222,275$41,226$263,501
Kendra GravesVP Portfolio Strategy & PlFT$207,749$45,197$252,946
Memorea SchraderVP Human ResourcesFT$182,143$24,859$207,002
Kerry KoonceVP CommunicationsFT$162,997$39,249$202,246
Terry FettEngineering & Operations DFT$150,110$38,825$188,935
Michelle SoyerFinance DirectorFT$144,701$34,867$179,568
Samuel StinemanGeneration Assets DirectorFT$143,555$34,140$177,695
Chad MillerIt Security & Compliance OfficerFT$145,386$30,720$176,106
Rex ButlerEnvironmental ManagerFT$134,228$36,069$170,297
Paul HeinemanBoard PresidentPT$47,288-$47,288
Gary KesterBoard DirectorPT$38,800-$38,800
Kirk HilandBoard DirectorPT$35,640-$35,640
Gene ManternachBoard Secretary/treasurerPT$34,840-$34,840
Dan WestphalBoard Vice PresidentPT$27,030-$27,030
Craig StallmanBoard DirectorPT$26,200-$26,200
Gary MckennaBoard DirectorPT$26,200-$26,200
Duane Ver PloegBoard Asst Secretary/treasPT$25,480-$25,480
Steve BirelineBoard DirectorPT$21,960-$21,960
Arden GreinerBoard DirectorPT$19,950-$19,950
Duane ArmsteadBoard DirectorPT$17,920-$17,920
Dale WalkupBoard Director-$15,030-$15,030

Board Members and Trustees

NameTitle
Randy RouseBoard Director

Highest Paid Contractors

ContractorServicesLocationCompensation
Heartland Divide Wind ProjectElectric Energy700 UNIVERSE BLVD, Juno Beach, FL 33408$10,926,896
Itc Holdings CorpTransmission MaintenancePO BOX 674015, Detroit, MI 48267$5,555,889
Aces Power MarketingEnergy Management4140 WEST 99TH ST, Carmel, IN 46032$446,536
Bridgewell ResourcesTransmission Construction MaterialsPO BOX 912368, Denver, CO 80291$405,166
R R H WoodsRentPO BOX 850061, Minneapolis, MN 55485$340,292
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$212,285,267
Investment Income
$3,638,304
Other Revenue
$3,357,035
Change in Net Assets
$2,391,801

Audited Revenue Reconciliation

Revenue per Audited Statements
$219,280,606
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-12,339,963
Total Revenue per Audited Statements
$206,940,643
Total Revenue per Form 990
$219,280,606
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$196,455,115
Salaries, Compensation, and Employee Benefits$12,433,690
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$28,973,366--$28,973,366
Interest$14,304,107--$14,304,107
Benefits to Members$8,000,000--$8,000,000
Other Salaries and Wages$4,234,643--$4,234,643
Other Employee Benefits$3,946,355--$3,946,355
Current Officers, Directors, Trustees, and Key Employees$3,184,918--$3,184,918
Other Expenses$942,149--$942,149
Payroll Taxes$786,020--$786,020
Fees for Services Legal$641,763--$641,763
Information Technology$356,252--$356,252
Pension Plan Contributions$281,754--$281,754
Fees for Services Accounting$253,415--$253,415
Travel$243,384--$243,384
Fees for Services Other$240,675--$240,675
Conferences and Meetings$165,249--$165,249
Occupancy$159,387--$159,387
Office Expenses$157,415--$157,415
Insurance$125,310--$125,310
Advertising$61,643--$61,643
All Other Expenses$-4,815,805--$-4,815,805
Total Functional Expenses$216,888,805$0$0$216,888,805

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$216,888,805
Total Expenses per Audited Statements$208,918,128
Expenses per Audited Statements$208,888,805
Expenses Not Reported on Financial Statements$8,000,000
Other Expense Adjustments$8,000,000
Expenses Not Reported on Form 990$29,323
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
Decommissioning Liability$149,488,298
Lease Obligations$6,705,066
Other Asset Retirement Obligations$3,096,571
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
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, Part VI, Section A, Line 6

MEMBERS

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

Each member nominates a member to serve on the board

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

Form 990 is reviewed by andrew st. John and the board of directors for completeness and accuracy before it is filed with the internal revenue service.

Form 990, Part VI, Section B, Line 15

The board of directors' executive committee, with the assistance of cipco's legal counsel, annually reviews the executive vice president & ceo compensation package. They are provided the following data to assist in the review process: a copy of the extract pertaining to the position of executive vice president and/or ceo from the most current nreca national generation & transmission compensation salary survey. A copy of the cipco salary history. A copy of the cipco employer provided benefits statement.

Form 990, Part VI, Section C, Line 19

AVAILABLE UPON REQUEST

Filing and Contact Details

Filer

Filer Name
Central Iowa Power Cooperative
EIN
42-0652127
Phone
3193668011
Address
PO BOX 2517, CEDAR RAPIDS, IA 52406-2517

Signing Officer

Name
Andrew St John
Title
CEO
Phone
5153627643
Signed
2023-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew St John
Formed
1946
Legal Domicile
Ia
Voting Board Members
13
Independent Board Members
13
Employees
130
Volunteers
0

Preparer

Firm
Uhy Advisors Mo Inc
Address
4200 UNIVERSITY AVE SUITE 410, WEST DES MOINES, IA 50266
Preparer
Mark a Cronin
Phone
5152225680
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Equity earnings in related organizations (consolidating) 440,755. Equity earnings non-controlling interest (consolidating) 14,634. Equity earnings non-controlling interest (distribution) -24,000. Income tax expense/benefit -29,323.

Part XII, Line 2C Explanation

The process has not changed.

Financial Statement Notes

PART X, LINE 2:

The company determined there is no material liability for unrecognized tax benefits under the provisions of asc topic 740, income taxes. The federal statute of limitations remains open for the years 2019 and forward. Generally, tax years 2018 and forward are subject to audit by state tax authorities depending on the tax code in each jurisdiction.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Equity earnings (consolidating) 440,755.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Income tax expense 29,323.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Patronage capital paid 8,000,000.

Raw XML AppendixShowing 400 of 876 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.

Path#Value
IRS990/AccountantCompileOrReviewInd00
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IRS990/ActivitiesConductedPrtshpInd00
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IRS990/AdvertisingGrp/ProgramServicesAmt061643
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IRS990/AllOtherExpensesGrp/ProgramServicesAmt0-4815805
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