Civic Intelligence

Corn Belt Power Cooperative

EIN 42-0655796 • 501(c)12 • Humboldt, IA

Profile

To enhance the quality of life for our members, employees and communities.

PO Box 508Humboldt, IA 50548

www.cbpower.coop

Siviq Scores

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

Liabilities / Assets

59th percentile

0.64x

Higher debt load relative to assets than 59% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2025

Liabilities / Revenue

76th percentile

2.13x

Higher debt load relative to revenue than 76% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2025

Net Margin

70th percentile

1.4%

Higher net margin than 70% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2025

Top Officer Pay

11th percentile

$359,278

Higher top officer pay than 11% of similar nonprofits.

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

501(c)12 • $250M-$1B nonprofits • Source year 2025

Asset Growth

44th percentile

5.3%

Faster asset growth than 44% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Revenue Growth

42nd percentile

4.8%

Faster revenue growth than 42% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Assets

Up

$570,127,492

Up $27,795,327 (+5.1%) from 2023

Liabilities

Up

$362,527,974

Up $16,518,111 (+4.8%) from 2023

Net Assets

Up

$207,599,518

Up $11,277,216 (+5.7%) from 2023

Revenue

Down

$171,564,846

Down $1,014,340 (-0.6%) from 2023

Expenses

Down

$168,932,021

Down $2,288,410 (-1.3%) from 2023

Net Income

Up

$2,632,825

Up $1,274,070 (+94%) from 2023

Trend Graphs

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2011: $345,750,315Liabilities 2011: $271,476,736Net Assets 2011: $74,273,5792011Assets 2012: $386,207,618Liabilities 2012: $299,685,859Net Assets 2012: $86,521,7592012Assets 2013: $427,731,744Liabilities 2013: $329,299,071Net Assets 2013: $98,432,6732013Assets 2014: $445,534,289Liabilities 2014: $339,771,799Net Assets 2014: $105,762,4902014Assets 2015: $437,505,036Liabilities 2015: $333,256,221Net Assets 2015: $104,248,8152015Assets 2016: $458,852,241Liabilities 2016: $334,757,256Net Assets 2016: $124,094,9852016Assets 2017: $456,449,391Liabilities 2017: $320,807,032Net Assets 2017: $135,642,3592017Assets 2018: $521,856,773Liabilities 2018: $373,682,042Net Assets 2018: $148,174,7312018Assets 2019: $518,922,390Liabilities 2019: $364,577,866Net Assets 2019: $154,344,5242019Assets 2020: $480,770,132Liabilities 2020: $319,544,823Net Assets 2020: $161,225,3092020Assets 2021: $481,545,574Liabilities 2021: $315,285,541Net Assets 2021: $166,260,0332021Assets 2022: $515,608,745Liabilities 2022: $330,568,964Net Assets 2022: $185,039,7812022Assets 2023: $542,332,165Liabilities 2023: $346,009,863Net Assets 2023: $196,322,3022023Assets 2024: $570,127,492Liabilities 2024: $362,527,974Net Assets 2024: $207,599,5182024

Highlighted filing

2024

Assets$570,127,492
Liabilities$362,527,974
Net Assets$207,599,518

Operations Trend

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

$200M$150M$100M$50M$0Revenue 2011: $117,345,631Expenses 2011: $109,237,480Net Income 2011: $8,108,1512011Revenue 2012: $126,955,582Expenses 2012: $116,408,079Net Income 2012: $10,547,5032012Revenue 2013: $138,840,013Expenses 2013: $129,507,558Net Income 2013: $9,332,4552013Revenue 2014: $139,976,923Expenses 2014: $131,751,364Net Income 2014: $8,225,5592014Revenue 2015: $135,792,434Expenses 2015: $129,808,994Net Income 2015: $5,983,4402015Revenue 2016: $159,143,368Expenses 2016: $141,110,221Net Income 2016: $18,033,1472016Revenue 2017: $160,638,826Expenses 2017: $148,836,215Net Income 2017: $11,802,6112017Revenue 2018: $172,265,430Expenses 2018: $147,415,866Net Income 2018: $24,849,5642018Revenue 2019: $165,398,285Expenses 2019: $152,679,135Net Income 2019: $12,719,1502019Revenue 2020: $162,299,808Expenses 2020: $148,947,263Net Income 2020: $13,352,5452020Revenue 2021: $160,842,985Expenses 2021: $159,503,641Net Income 2021: $1,339,3442021Revenue 2022: $168,893,187Expenses 2022: $167,570,093Net Income 2022: $1,323,0942022Revenue 2023: $172,579,186Expenses 2023: $171,220,431Net Income 2023: $1,358,7552023Revenue 2024: $171,564,846Expenses 2024: $168,932,021Net Income 2024: $2,632,8252024

Highlighted filing

2024

Revenue$171,564,846
Expenses$168,932,021
Net Income$2,632,825

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Apr 15, 2025
Return Version
2024v5.0
Gross Receipts
$171,564,846
Mission and Program Overview

Mission

To enhance the quality of life for our members, employees and communities.

Generating and transmitting electrical energy to our members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$289,122,370$299,562,644▲ $10,440,274
Pd in Cap Srpls Land Bldg Eqp Fund$130,275,970$138,888,755▲ $8,612,785
Investments in Publicly Traded Securities$63,879,626$68,838,420▲ $4,958,794
Rtn Earn Endowment Incm Other Fnds$66,046,332$68,710,763▲ $2,664,431
Inventories for Sale or Use$22,542,838$21,962,896▼ $579,942
Accounts Receivable$14,212,325$18,190,576▲ $3,978,251
Other Notes and Loans Receivable, Net$17,669,981$16,219,944▼ $1,450,037
Savings and Temporary Cash Investments$8,695,701$11,495,121▲ $2,799,420
Cash and Non-Interest-Bearing Accounts$1,964,429$2,648,007▲ $683,578
Investments Program Related$1,698,967$2,299,214▲ $600,247
Intangible Assets$658,328$1,034,086▲ $375,758
Prepaid Expenses and Deferred Charges$513,775$719,738▲ $205,963
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$542,332,165$570,127,492▲ $27,795,327
Other Assets Total$121,373,825$127,156,846▲ $5,783,021
Liabilities
Mortgage Notes Payable Secured by Investment Property$206,174,104$211,869,830▲ $5,695,726
Other Liabilities$67,131,560$70,978,245▲ $3,846,685
Unsecured Notes Loans Payable$47,942,957$55,515,337▲ $7,572,380
Accounts Payable and Accrued Expenses$18,552,180$15,953,522▼ $2,598,658
Deferred Revenue$6,209,062$8,211,040▲ $2,001,978
Grants Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$346,009,863$362,527,974▲ $16,518,111
Net Assets / Fund Balance
Total Net Assets Fund Balance$196,322,302$207,599,518▲ $11,277,216
Total Liabilities and Net Assets / Fund Balance$542,332,165$570,127,492▲ $27,795,327

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$252,032,134$298,156,874$550,189,008
Buildings$16,559,714$49,331,332$65,891,046
Other Land Buildings$25,147,894$-700,653$24,447,241
Land$5,822,902-$5,822,902
Leasehold Improvements$0$0$0
Other Assets Org$23,368--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jacob Olberding eff April 24Executive VP and General ManagerFT$277,718$70,680$348,398
Kenneth H Kuyper retired April 24Executive VP and General ManagerFT$208,421$106,889$315,310
Michael Finnegan eff March 24VP Engineering and System OperationsFT$152,505$159,898$312,403
Patrick ConnorPlant ManagerFT$152,810$124,837$277,647
Michael ThatcherVP Power SupplyFT$172,591$99,742$272,333
Ryan CorneliusVP Corporate RelationsFT$189,169$70,837$260,006
Karen K Berte retired June 24Sr VP Finance and AdministrationFT$135,054$123,229$258,283
Larry BrusseauCompliance DirectorFT$147,246$77,899$225,145
Brittany DickeyVP Business DevelopmentFT$173,894$42,000$215,894
Daniel ShiflettROW & Construction SuperintendentFT$133,155$79,019$212,174
Brad HillCommunications SuperintendentFT$124,703$60,186$184,889
Faith Warden eff June 24VP Finance and AdministrationFT$119,535$49,399$168,934
Jon BehounekChief System OperatorFT$133,820$21,745$155,565
Kevin Bornhoft retired March 24SR VP, EngineeringFT$95,448$16,350$111,798
David OnkenPresidentPT$22,200-$22,200
Brad HonoldDirectorPT$20,400-$20,400
Dale SchaeferVice PresidentPT$17,800-$17,800
Larry RohachTreasurerPT$17,400-$17,400
Steve BoedeckerDirectorPT$16,600-$16,600
Rick ThompsonDirector-$16,000-$16,000
Jerry BeckSecretaryPT$15,400-$15,400
Gary PoppeAsst Secretary/TreasurerPT$15,200-$15,200
Ted HallDirectorPT$10,600-$10,600

Highest Paid Contractors

ContractorServicesLocationCompensation
Highline Construction IncLine construction16124 Old Lake Rd, Paynesville, MN 56362$8,025,445
IES Commercial IncLine Construction120 S Lincoln, Holdridge, NE 68949$5,872,557
Cable Communications Services LLCLine Construction7200 Shadowland Ct, Black Hawk, SD 57718$1,639,995
Friest Tree Experts LLCTree Trimming47854 273rd St, Harrisburg, SD 57032$1,136,649
Open System International IncEquipment design and installation4104 Arrowwood Drive, Medina, MN 55340-9457$552,280
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$170,085,811
Investment Income
$1,474,309
Other Revenue
$4,726
Change in Net Assets
$2,632,825

Audited Revenue Reconciliation

Revenue per Audited Statements
$171,558,329
Revenue Not Reported on Financial Statements
$6,517
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$6,517
Total Revenue per Audited Statements
$171,558,329
Total Revenue per Form 990
$171,564,846
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$141,060,501
Salaries, Compensation, and Employee Benefits$11,920,520
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$15,951,000
Depreciation Depletion---$13,232,980
Interest---$9,651,828
Other Salaries and Wages---$6,072,263
Pension Plan Contributions---$2,019,238
Other Expenses---$2,015,927
Current Officers, Directors, Trustees, and Key Employees---$1,720,073
Other Employee Benefits---$1,384,910
All Other Expenses---$1,342,772
Advertising---$915,804
Payroll Taxes---$724,036
Travel---$463,948
Insurance---$435,121
Information Technology---$401,055
Conferences and Meetings---$360,207
Office Expenses---$304,222
Fees for Services Other---$139,217
Fees for Services Legal---$118,566
Fees for Services Accounting---$45,043
Total Functional Expenses$0$0$0$168,932,021

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$168,932,021
Expenses per Audited Statements$152,974,504
Total Expenses per Audited Statements$152,974,504
Expenses Not Reported on Financial Statements$15,957,517
Other Expense Adjustments$15,957,517
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

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
DAEC decommissioning liability$67,599,407
Decommissioning regulatory liability$1,741,118
Ash landfill retirement obligation$1,393,099
Deferred pension$244,621
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 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
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Corn Belt has 8 rural electric cooperatives and one municipal electric cooperative as voting members. Corn Belt has two non-voting members.

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

Each voting member elects one representative to serve on the governing board of Corn Belt Power Cooperative.

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

The whole membership must approve changes to the Articles of Incorporation and the sale of substantially all the assets.

Form 990, Part VI, Section A, Line 9

Dale Schaefer, 15507 140th St. Rockwell, IA 50469; David Onken, 14862 Quail Ave, Glidden, IA 51443; Larry Rohach, 22054 X Ave, Reinbeck, IA 50669; Jerry Beck, 1735 380th St., Spencer, IA 51301; Brad Honold, 123 Hickory Lane, Coon Rapids, IA 50058; Gary Poppe, 301 Somerset Court, Nashua, IA 50658; Ted Hall, 2040 310th St, Forest City, IA 50436; Rick Thompson, 1601 190th Ave, LuVerne, IA 50560; Steve Boedecker, 6670 Twin Lakes Road, Rockwell City, IA 50579

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

Each director is provided a copy of the 990 tax return at the March or April board meeting. At the meeting the return is reviewed and discussed in detail before it is filed with the IRS.

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

Policies are annually reviewed by a policy committee, then approved by the board. A conflict of interest disclosure is completed annually by the board and its officers. Corn Belt reviews the conflict and has a procedure in place to address their participation in decision making. For example, if it is determined that an individual has a conflict they are removed from any discussion regarding the matter.

Form 990, Part VI, Section B, Line 15

An industry specific consultant provides biennial reviews of the salary structure for all employees. The Executive VP & General Manager Wage structure is reviewed by the board of directors and other officers are reviewed by the Executive VP & General Manager each year. Wage adjustments are documented and approved by the board. In addition to the salary structure, an industry specific wage survey is also use to determine wages. Any individual that has a conflict regarding the compensation arrangement at issue are not involved in the review and approval.

Form 990, Part VI, Section C, Line 19

These are available upon request.

Filing and Contact Details

Filer

Filer Name
Corn Belt Power Cooperative
EIN
42-0655796
Phone
5153322571
Address
PO Box 508, Humboldt, IA 50548

Signing Officer

Name
Faith Warden
Title
VP Finance & Administration
Phone
5153327731
Signed
2025-04-15

Organization Details

Principal Officer
Jacob Olberding
Formed
1947
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
95
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Revenue deferred dividends $31,606, patronage dividends paid $(7,338,215), and allocation of 2024 margin to members of $15,951,000 for a net change of $8,644,391

Financial Statement Notes

Schedule D, Part X, Line 2

The Cooperative recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgement occurs.

Schedule D, Part XI, Line 4B

Gain on the disposition and other credits $6517

Schedule D, Part XII, Line 4B

Gain on the disposition and other credits $6,517 and patronage allocation of the 2024 margins $15,951,000 net $15,957,517

Raw XML AppendixShowing 400 of 977 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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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt836814
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt968758
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1045957
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt210
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt220
IRS990/Form990PartVIISectionAGrp/PersonNm0Jacob Olberding eff April 24
IRS990/Form990PartVIISectionAGrp/PersonNm1Michael Finnegan eff March 24
IRS990/Form990PartVIISectionAGrp/PersonNm2Kenneth H Kuyper retired April 24
IRS990/Form990PartVIISectionAGrp/PersonNm3Patrick Connor
IRS990/Form990PartVIISectionAGrp/PersonNm4Michael Thatcher
IRS990/Form990PartVIISectionAGrp/PersonNm5Ryan Cornelius
IRS990/Form990PartVIISectionAGrp/PersonNm6Karen K Berte retired June 24
IRS990/Form990PartVIISectionAGrp/PersonNm7Larry Brusseau
IRS990/Form990PartVIISectionAGrp/PersonNm8Brittany Dickey
IRS990/Form990PartVIISectionAGrp/PersonNm9Daniel Shiflett
IRS990/Form990PartVIISectionAGrp/PersonNm10Brad Hill
IRS990/Form990PartVIISectionAGrp/PersonNm11Faith Warden eff June 24
IRS990/Form990PartVIISectionAGrp/PersonNm12Jon Behounek
IRS990/Form990PartVIISectionAGrp/PersonNm13Kevin Bornhoft retired March 24
IRS990/Form990PartVIISectionAGrp/PersonNm14David Onken
IRS990/Form990PartVIISectionAGrp/PersonNm15Brad Honold
IRS990/Form990PartVIISectionAGrp/PersonNm16Dale Schaefer
IRS990/Form990PartVIISectionAGrp/PersonNm17Larry Rohach
IRS990/Form990PartVIISectionAGrp/PersonNm18Steve Boedecker
IRS990/Form990PartVIISectionAGrp/PersonNm19Rick Thompson
IRS990/Form990PartVIISectionAGrp/PersonNm20Jerry Beck
IRS990/Form990PartVIISectionAGrp/PersonNm21Gary Poppe
IRS990/Form990PartVIISectionAGrp/PersonNm22Ted Hall
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Executive VP and General Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt1VP Engineering and System Operations
IRS990/Form990PartVIISectionAGrp/TitleTxt2Executive VP and General Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt3Plant Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt4VP Power Supply
IRS990/Form990PartVIISectionAGrp/TitleTxt5VP Corporate Relations
IRS990/Form990PartVIISectionAGrp/TitleTxt6Sr VP Finance and Administration
IRS990/Form990PartVIISectionAGrp/TitleTxt7Compliance Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8VP Business Development
IRS990/Form990PartVIISectionAGrp/TitleTxt9ROW & Construction Superintendent
IRS990/Form990PartVIISectionAGrp/TitleTxt10Communications Superintendent
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP Finance and Administration
IRS990/Form990PartVIISectionAGrp/TitleTxt12Chief System Operator
IRS990/Form990PartVIISectionAGrp/TitleTxt13SR VP, Engineering
IRS990/Form990PartVIISectionAGrp/TitleTxt14President
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt17Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Director
IRS990/Form990PartVIISectionAGrp/TitleTxt20Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt21Asst Secretary/Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt22Director
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IRS990/MissionDesc0To enhance the quality of life for our members, employees and communities.
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