Civic Intelligence

The Midwest Electric Cooperative Corporation

EIN 47-0348438 • 501(c)12 • Grant, NE

Profile

To safely provide reliable power and high-quality service to our cooperative members in an efficient and cost-effective manner.

104 Washington AveGrant, NE 69140

www.midwestecc.com

Siviq Scores

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

Liabilities / Assets

51st percentile

0.50x

Higher debt load relative to assets than 51% of similar nonprofits.

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

Liabilities / Revenue

46th percentile

1.30x

Higher debt load relative to revenue than 46% of similar nonprofits.

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

Net Margin

4th percentile

-2.7%

Higher net margin than 4% of similar nonprofits.

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

Top Officer Pay

55th percentile

$299,807

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

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

Asset Growth

38th percentile

2.8%

Faster asset growth than 38% of similar nonprofits.

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

Revenue Growth

76th percentile

8.2%

Faster revenue growth than 76% of similar nonprofits.

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

Assets

Up

$87,450,276

Up $2,364,560 (+2.8%) from 2023

Liabilities

Up

$43,788,232

Up $2,474,036 (+6.0%) from 2023

Net Assets

Down

$43,662,044

Down $109,476 (-0.3%) from 2023

Revenue

Up

$33,649,175

Up $2,538,361 (+8.2%) from 2023

Expenses

Up

$34,571,767

Up $4,527,335 (+15%) from 2023

Net Income

Down

-$922,592

Down $1,988,974 (-187%) from 2023

Trend Graphs

Balance Sheet Trend

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

$100M$50M$0Assets 2010: $67,813,195Liabilities 2010: $35,902,327Net Assets 2010: $31,910,8682010Assets 2011: $70,848,192Liabilities 2011: $37,308,484Net Assets 2011: $33,539,7082011Assets 2012: $73,075,768Liabilities 2012: $38,054,006Net Assets 2012: $35,021,7622012Assets 2013: $77,782,402Liabilities 2013: $41,524,928Net Assets 2013: $36,257,4742013Assets 2014: $78,322,842Liabilities 2014: $41,324,630Net Assets 2014: $36,998,2122014Assets 2015: $76,014,236Liabilities 2015: $38,137,130Net Assets 2015: $37,877,1062015Assets 2016: $77,502,302Liabilities 2016: $37,767,376Net Assets 2016: $39,734,9262016Assets 2017: $77,987,306Liabilities 2017: $36,290,960Net Assets 2017: $41,696,3462017Assets 2018: $78,251,132Liabilities 2018: $35,953,805Net Assets 2018: $42,297,3272018Assets 2019: $79,282,432Liabilities 2019: $36,593,920Net Assets 2019: $42,688,5122019Assets 2020: $82,884,036Liabilities 2020: $40,191,892Net Assets 2020: $42,692,1442020Assets 2021: $80,947,030Liabilities 2021: $38,131,253Net Assets 2021: $42,815,7772021Assets 2022: $83,342,155Liabilities 2022: $40,744,558Net Assets 2022: $42,597,5972022Assets 2023: $85,085,716Liabilities 2023: $41,314,196Net Assets 2023: $43,771,5202023Assets 2024: $87,450,276Liabilities 2024: $43,788,232Net Assets 2024: $43,662,0442024

Highlighted filing

2024

Assets$87,450,276
Liabilities$43,788,232
Net Assets$43,662,044

Operations Trend

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

$40M$30M$20M$10M$0-$10MExpenses 2010: $22,464,4892010Expenses 2011: $24,422,1162011Expenses 2012: $31,527,2682012Revenue 2013: $29,958,194Expenses 2013: $29,958,194Net Income 2013: $02013Revenue 2014: $27,415,630Expenses 2014: $27,545,483Net Income 2014: -$129,8532014Revenue 2015: $27,118,744Expenses 2015: $27,175,427Net Income 2015: -$56,6832015Revenue 2016: $29,579,826Expenses 2016: $28,523,968Net Income 2016: $1,055,8582016Revenue 2017: $30,744,467Expenses 2017: $29,440,431Net Income 2017: $1,304,0362017Revenue 2018: $26,333,721Expenses 2018: $26,701,085Net Income 2018: -$367,3642018Revenue 2019: $26,890,805Expenses 2019: $27,601,218Net Income 2019: -$710,4132019Revenue 2020: $31,923,133Expenses 2020: $32,866,021Net Income 2020: -$942,8882020Revenue 2021: $30,806,010Expenses 2021: $31,794,142Net Income 2021: -$988,1322021Revenue 2022: $35,694,791Expenses 2022: $37,039,098Net Income 2022: -$1,344,3072022Revenue 2023: $31,110,814Expenses 2023: $30,044,432Net Income 2023: $1,066,3822023Revenue 2024: $33,649,175Expenses 2024: $34,571,767Net Income 2024: -$922,5922024

Highlighted filing

2024

Revenue$33,649,175
Expenses$34,571,767
Net Income-$922,592

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$87.5$43.8$43.7$33.6$34.6$0.92
2023Detailed filing. Detailed filing data is available for this year.$85.1$41.3$43.8$31.1$30.0$1.07
2022Detailed filing. Detailed filing data is available for this year.$83.3$40.7$42.6$35.7$37.0$1.34
2021Detailed filing. Detailed filing data is available for this year.$80.9$38.1$42.8$30.8$31.8$0.99
2020Detailed filing. Detailed filing data is available for this year.$82.9$40.2$42.7$31.9$32.9$0.94
2019Detailed filing. Detailed filing data is available for this year.$79.3$36.6$42.7$26.9$27.6$0.71
2018Detailed filing. Detailed filing data is available for this year.$78.3$36.0$42.3$26.3$26.7$0.37
2017Detailed filing. Detailed filing data is available for this year.$78.0$36.3$41.7$30.7$29.4$1.30
2016Summary only. Only limited summary data is available for this year.$77.5$37.8$39.7$29.6$28.5$1.06
2015Summary only. Only limited summary data is available for this year.$76.0$38.1$37.9$27.1$27.2$0.06
2014Summary only. Only limited summary data is available for this year.$78.3$41.3$37.0$27.4$27.5$0.13
2013Detailed filing. Detailed filing data is available for this year.$77.8$41.5$36.3$30.0$30.0$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$73.1$38.1$35.0$31.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$70.8$37.3$33.5$24.4
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$67.8$35.9$31.9$22.5
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 7, 2025
Return Version
2024v5.2
Gross Receipts
$33,817,051
Mission and Program Overview

Mission

To safely provide reliable power and high-quality service to our cooperative members in an efficient and cost-effective manner.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$60,658,434$61,011,658▲ $353,224
Pd in Cap Srpls Land Bldg Eqp Fund$26,392,293$24,896,557▼ $1,495,736
Investments Program Related$19,570,707$20,018,554▲ $447,847
Rtn Earn Endowment Incm Other Fnds$17,379,227$18,765,487▲ $1,386,260
Inventories for Sale or Use$2,289,529$4,039,271▲ $1,749,742
Accounts Receivable$1,099,661$1,177,453▲ $77,792
Prepaid Expenses and Deferred Charges$638,811$624,318▼ $14,493
Savings and Temporary Cash Investments$827,774$578,222▼ $249,552
Cash and Non-Interest-Bearing Accounts$800$800→ $0
Total Assets$85,085,716$87,450,276▲ $2,364,560
Liabilities
Mortgage Notes Payable Secured by Investment Property$35,868,260$33,909,455▼ $1,958,805
Unsecured Notes Loans Payable$3,100,000$6,100,000▲ $3,000,000
Accounts Payable and Accrued Expenses$1,758,153$3,049,177▲ $1,291,024
Other Liabilities$587,783$729,600▲ $141,817
Total Liabilities$41,314,196$43,788,232▲ $2,474,036
Net Assets / Fund Balance
Total Net Assets Fund Balance$43,771,520$43,662,044▼ $109,476
Total Liabilities and Net Assets / Fund Balance$85,085,716$87,450,276▲ $2,364,560

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$58,095,476$35,103,708$93,199,184
Equipment$2,208,911$3,310,897$5,519,808
Buildings$459,872$1,046,884$1,506,756
Land$247,399-$247,399
Investment Program Related Org$339,611--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jayson BishopGeneral ManagerFT$196,525$103,282$299,807
Kraig WykertOperations ManagerFT$121,609$70,615$192,224
Seth CockerillGrant ForemanFT$119,092$71,995$191,087
Tim JohnsonApparatus TechnicianFT$121,893$67,276$189,169
Karl LakeEngineering ManagerFT$123,875$59,394$183,269
Kyle R DeedsForemanFT$120,016$59,310$179,326
Riley D KennedyFinancial ManagerFT$114,253$53,833$168,086
Vance MccoyTreasurer-$6,825-$6,825
Brad HarmsDirector-$6,500-$6,500
Mark McconnellDirector-$5,525-$5,525
Brent NelsonDirector March-december-$5,200-$5,200
Dennis HuttDirector-$4,550-$4,550
Gavin McclintockSecretary-$4,550-$4,550
Nick HansonVice President-$4,225-$4,225
Chris CorneliusDirector-$3,900-$3,900
Shawn TurnerPresident-$3,900-$3,900
Dale SchroederDirector January-february-$650-$650

Highest Paid Contractors

ContractorServicesLocationCompensation
Littrel Construction Co LLCConstruction5661 W HWY 30, Chadron, NE 69337$196,180
Sbs InspectionInspection404 N 4TH ST, Olathe, CO 81425$107,838
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$33,098,706
Investment Income
$534,123
Other Revenue
$16,346
Change in Net Assets
$-922,592

Audited Revenue Reconciliation

Revenue per Audited Statements
$33,149,175
Revenue Not Reported on Financial Statements
$500,000
Other Revenue Adjustments
$500,000
Total Revenue per Audited Statements
$33,149,175
Total Revenue per Form 990
$33,649,175
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$26,440,630
Salaries, Compensation, and Employee Benefits$5,090,940
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$3,040,197
Depreciation Depletion---$2,886,113
Other Salaries and Wages---$2,758,528
Other Expenses$1,589,922--$1,589,922
Interest---$1,377,346
Pension Plan Contributions---$803,785
Other Employee Benefits---$779,769
Current Officers, Directors, Trustees, and Key Employees---$513,718
Payroll Taxes---$235,140
Office Expenses---$51,723
Fees for Services Legal---$42,501
Information Technology---$29,282
Advertising---$18,284
Fees for Services Accounting---$12,500
All Other Expenses---$-4,647,549
Total Functional Expenses$0$0$0$34,571,767

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$34,571,767
Expenses per Audited Statements$31,531,570
Total Expenses per Audited Statements$31,531,570
Expenses Not Reported on Financial Statements$3,040,197
Other Expense Adjustments$3,040,197
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
Michelle TurnerSpouse of a DirectorEmployee WagesNo$70,737
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Credits$729,600
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
Yes
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Members or stockholder classes and rights Part VI line 6

The organization is a cooperative formed to provide electric service to its members. The members elect the governing body and approve changes in the by-laws. Members receive a share of the cooperatives margins through the approval of retirement of patronage dividends.

Member election for additional members Part VI line 7A

Each member of the cooperative shall be entitled to vote in the election of the board of directors. The board consists of 9 directors that are elected by the members.

Governing body decisions Part VI line 7B

The board makes all the governance decisions except to sell or dispose of the corporation.

Form 990 governing body review Part VI line 11

After the form 990 has been prepared by the independent accountants, the general manager reviews the form with the finance director for accuracy and completeness before it is filed. A copy of the form 990 is available in the accounting department for any of the board members to review.

Conflict of interest policy compliance Part VI line 12C

The conflict of interest policy is reviewed annually at the board of directors meeting.

CEO executive director top management comp Part VI line 15A

Managements salary and compensation is reviewed and approved on an annual basis by the board of directors.

Governing documents etc available to public Part VI line 19

Governing documents and financial statements are made available to the public upon requests.

Filing and Contact Details

Filer

Filer Name
The Midwest Electric Cooperative Corporation
EIN
47-0348438
In Care Of
% JAYSON BISHOP
Phone
3083524356
Address
104 WASHINGTON AVE, GRANT, NE 69140

Signing Officer

Name
Jayson Bishop
Title
General Manager
Phone
3083524356
Signed
2025-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jayson Bishop
Formed
1939
Legal Domicile
Ne
Voting Board Members
9
Independent Board Members
9
Employees
36

Preparer

Firm
Larson Pa
Address
PO BOX 1029, AFTON, WY 83110
Preparer
David Larson
Phone
3078854272
Supplemental Narrative

Additional Explanations

Explanation of other changes in net assets or fund balances Part XI line 9

Other changes total $813,116. The total comes from other changes in equity of $1,313,116 and from deferred reveune of $(500,000).

Financial Statement Notes

Part XI, Line 4B-Other revenue not included on Sch D but on 990

Deferred revenue of $500,000.

Part XII, Line 4B-Other expenses not included on Sch D but on 990

Retirement of patronage capital credits of $3,040,197.

Part X, Line 2-Text in footnote regarding FIN 48 (ASC 740)

The cooperative has not identified any uncertain income tax positions that would jeopardize its tax-exempt status. The cooperatives tax returns are subject to possible examination by taxing authorities. With few exceptions, the tax returns essentially remain open for possible examination for a period of three years after the respective filing deadlines of those returns.

Raw XML AppendixShowing 400 of 543 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/PersonNm4KARL LAKE
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IRS990/Form990PartVIISectionAGrp/PersonNm6RILEY D KENNEDY
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IRS990/Form990PartVIISectionAGrp/PersonNm11DENNIS HUTT
IRS990/Form990PartVIISectionAGrp/PersonNm12GAVIN MCCLINTOCK
IRS990/Form990PartVIISectionAGrp/PersonNm13NICK HANSON
IRS990/Form990PartVIISectionAGrp/PersonNm14CHRIS CORNELIUS
IRS990/Form990PartVIISectionAGrp/PersonNm15SHAWN TURNER
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IRS990/Form990PartVIISectionAGrp/TitleTxt0GENERAL MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt1OPERATIONS MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt2GRANT FOREMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt3APPARATUS TECHNICIAN
IRS990/Form990PartVIISectionAGrp/TitleTxt4ENGINEERING MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt5FOREMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt6FINANCIAL MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt7TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR MARCH-DECEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt13VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR JANUARY-FEBRUARY
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IRS990/MissionDesc0TO SAFELY PROVIDE RELIABLE POWER AND HIGH-QUALITY SERVICE TO OUR COOPERATIVE MEMBERS IN AN EFFICIENT AND COST-EFFECTIVE MANNER.
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IRS990/OtherExpensesGrp/Desc3DISTRIBUTION - OPERATIONS
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt013157
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IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt05519808
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1339611
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0INVEST IN ASSOCIATED ORGANIZATIONS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1NOTES RECEIVABLE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/LandGrp/BookValueAmt0247399
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0247399
IRS990ScheduleD/OtherExpensesNotIncludedAmt03040197
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt058095476
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt035103708
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt093199184
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0729600
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DEFERRED CREDITS
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0500000
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0500000
IRS990ScheduleD/RevenueSubtotalAmt033149175
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0DEFERRED REVENUE OF $500,000.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1RETIREMENT OF PATRONAGE CAPITAL CREDITS OF $3,040,197.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2THE COOPERATIVE HAS NOT IDENTIFIED ANY UNCERTAIN INCOME TAX POSITIONS THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. THE COOPERATIVES TAX RETURNS ARE SUBJECT TO POSSIBLE EXAMINATION BY TAXING AUTHORITIES. WITH FEW EXCEPTIONS, THE TAX RETURNS ESSENTIALLY REMAIN OPEN FOR POSSIBLE EXAMINATION FOR A PERIOD OF THREE YEARS AFTER THE RESPECTIVE FILING DEADLINES OF THOSE RETURNS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part XI, Line 4b-Other revenue not included on Sch D but on 990
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XII, Line 4b-Other expenses not included on Sch D but on 990
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part X, Line 2-Text in footnote regarding FIN 48 (ASC 740)
IRS990ScheduleD/TotalBookValueLandBuildingsAmt061011658
IRS990ScheduleD/TotalBookValueProgramRltdAmt020018554
IRS990ScheduleD/TotalExpensesPerForm990Amt034571767
IRS990ScheduleD/TotalLiabilityAmt0729600
IRS990ScheduleD/TotalRevenuePerForm990Amt033649175
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt033149175
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt031531570
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0114253
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1196525

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