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Webster Electric Cooperative

Not tax-deductible

Marshfield, MOMutual-benefit / member-servingSince 1946Mutual / membership EIN 44-0516670Revenue $43.0M in FY2024

On file with the IRSwebsterec.comPo Box 87, 65706-0087 · Marshfield, MOTax-exempt since Oct 1948

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To provide electricity to members on a Cooperative basis.

100¢ of each $1 spent went to programs.
$1.3M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $0 a year · under 1% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.3M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Plus $10.9M in investments, Pt X · Ln 11–13
Fine: 1.6 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$46.5M
51% of total assets
Fine: liabilities are 51% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$43.0M
+11% vs prior year
Spent
$43.0M
To programs
100%
Net assets
$44.2M
By yearFY2020–FY2024
Revenue
$43.0M
FY2024▲ +11%
Tap a bar for its year
Revenue by fiscal year
FY2020$33.8M
FY2021$35.5M
FY2022$38.0M
FY2023$38.9M
FY2024$43.0M
Expenses
$43.0M
FY2024▲ +11%
Tap a bar for its year
Expenses by fiscal year
FY2020$33.8M
FY2021$35.5M
FY2022$38.0M
FY2023$38.9M
FY2024$43.0M
Net assets
$44.2M
FY2024▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2020$40.1M
FY2021$41.6M
FY2022$43.0M
FY2023$43.1M
FY2024$44.2M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 1948.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $43.0M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

18 people listed on the 990; $1.3M paid to officers and key staff.

Part VII, Section A · reportable compensation
Thomas E Houston
General Mana
$251,786Pt VII · Sec A
Samuel Green
Meter Truck
$145,311Pt VII · Sec A
Shannon Beeler
Line Superin
$137,473Pt VII · Sec A
Alan Letterman
Meter Truck
$137,257Pt VII · Sec A
Dustin Russell
Line Foreman
$134,023Pt VII · Sec A
Eric Holmes
Lead Lineman
$132,541Pt VII · Sec A
Jimmie Bigley
Meter Truck
$128,412Pt VII · Sec A
Denise Holdman
Office Manag
$117,836Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Thomas E Houston$251,786$226,484$210,990$197,552$192,950
Samuel Green$145,311$129,951$119,975$114,465$116,541
Steven Alexander—$142,282$122,823$112,945$128,841
Shannon Beeler$137,473$130,430$124,432$114,930—
Alan Letterman$137,257$122,285—$116,121$115,718
Dustin Russell$134,023—$133,947$129,035$126,603
Eric Holmes$132,541$124,109$121,617—$120,682
Jimmie Bigley$128,412————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Supplies electricity to members through a cooperative model.

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Provided by the organization

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1 program · $43.0M · in their own filed words · FY2024
01

To Provide Electricity to Our Members

23,687 active services at year-end were provided electricity on a cooperative basis and were allocated patronage capital.

$43.0Mprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$43.0M
Ln 12
Fees for servicesLn 2g$42.0M
Investment incomeLn 3$507K
Other incomeLn 4–11$428K
Money outPt IX
$43.0M
Ln 25
Programscol B$43.0M
Owns and owesPt X
$44.2M
net assets · Ln 32
Cash and savingsLn 1–2$5.7M
Total assetsLn 16$90.7M
LiabilitiesLn 26$46.5M
PeoplePt VI, VII
18
listed · VII A
PaidVII A18
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$42.0M
Investment incomeLn 3$507K
Other incomeLn 4–11$428K
Gains on assetsLn 7$54K
Total revenueLn 12$43.0M
Assets in detailPt X, end of year
CashLn 1$3.0M
SavingsLn 2$2.7M
Cash and savings togetherLn 1–2$5.7M
InvestmentsLn 11–13$10.9M
Land, buildings, equipmentLn 10c$67.4M
Total assetsLn 16$90.7M
LiabilitiesLn 26$46.5M
Net assetsLn 32$44.2M
OperationsPt I, VI
EmployeesI 547
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$7.3M$5.7M
InvestmentsLn 11–13$11.0M$10.9M
Land, buildings, equipmentLn 10c$65.4M$67.4M
Total assetsLn 16$90.6M$90.7M
LiabilitiesLn 26$47.5M$46.5M
Net assetsLn 32$43.1M$44.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$2.3M$2.3M
Pay of current officers, directors and key staffLn 5$979K$979K
Other salaries and wagesLn 7$1.1M$1.1M
InterestLn 20$1.0M$1.0M
Depreciation, depletion and amortizationLn 22$3.7M$3.7M
Other expenses (24a–d)Ln 24$33.9M$33.9M
Total functional expensesLn 25$43.0M$43.0M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $43.0M$43.0M$0$44.2M 990 PDF
FY2023 $38.9M$38.9M$0$43.1M 990 PDF
FY2022 $38.0M$38.0M$0$43.0M 990 PDF
FY2021 $35.5M$35.5M$0$41.6M 990 PDF
FY2020 $33.8M$33.8M$0$40.1M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $42,978,887 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $37,886,172$42,044,342
I-10 Investment incomePrior year $560,068$506,996
I-11 Other revenuePrior year $427,182$427,549
I-12 Total revenuePrior year $38,873,422$42,978,887
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to membersPrior year $1,546,512$2,323,559
I-15 Salaries and benefitsPrior year $1,880,350$2,038,153
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $35,446,560$38,617,175
I-18 Total expensesPrior year $38,873,422$42,978,887
I-19 Revenue less expenses$0
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $42,978,887 across 5 lines filed
Lines not itemized here account for $2,669 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $42,044,342$42,044,342
VIII-3 Investment incomeExcluded from tax $452,641$452,641
VIII-6 Net rental income or lossExcluded from tax $424,880$424,880
VIII-7 Net gain or loss on sales of assetsExcluded from tax $54,355$54,355
VIII-12 Total revenueRelated to mission $42,044,342 · Excluded from tax $934,545$42,978,887
Part IX · Statement of functional expenses $42,978,887 across 6 lines filed
IX-4 Benefits paid to or for membersPrograms $2,323,559$2,323,559
IX-5 Pay of current officers, directors and key staffPrograms $979,189$979,189
IX-7 Other salaries and wagesPrograms $1,058,964$1,058,964
IX-20 InterestPrograms $1,034,767$1,034,767
IX-22 Depreciation, depletion and amortizationPrograms $3,727,592$3,727,592
IX-24 Other expenses (24a–d)Programs $33,854,816$33,854,816
IX-25 Total functional expensesPrograms $42,978,887 · Management $0 · Fundraising $0$42,978,887
Part X · Balance sheet $90,700,845 assets, 12 lines filed
Asset lines not itemized here account for $624,824; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,971,435$2,965,693
X-2 Savings and temporary cash investmentsStart of year $5,340,492$2,692,734
X-4 Accounts receivableStart of year $3,787,001$4,002,249
X-8 Inventories for sale or useStart of year $1,855,766$1,613,506
X-9 Prepaid expenses and deferred chargesStart of year $627,060$502,938
X-10c Land, buildings and equipment, netStart of year $65,427,975$67,368,068
X-13 Program-related investmentsStart of year $10,974,413$10,930,833
X-16 Total assetsStart of year $90,608,966$90,700,845
X-17 Accounts payable and accrued expensesStart of year $4,581,673$5,309,187
X-26 Total liabilitiesStart of year $47,484,918$46,487,216
X-32 Total net assets or fund balancesStart of year $43,124,048$44,213,629
X-33 Total liabilities and net assetsStart of year $90,608,966$90,700,845
Part XI · Reconciliation of net assets $44,213,629 net assets at year end
XI-1 Total revenue$42,978,887
XI-2 Total expenses$42,978,887
XI-3 Revenue less expenses$0
XI-4 Net assets at start of year$43,124,048
XI-9 Other changes in net assets$1,089,581
XI-10 Net assets at end of year$44,213,629

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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