Codington-Clark Electric Cooperative INC FY2022 filing

Not tax-deductible

Watertown, SDMutual-benefit / member-servingSince 1947EIN 46-0121065Revenue $14.4M in FY2022

On file with the IRSccelectric.coop3520 9th Ave Sw, 57201-7037 · Watertown, SDTax-exempt since Aug 1949

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Our purpose is to provide Electric energy to the membership. We will: provide exemplary personal service; prudently manage revenue and expenses; operate and maintain safe and reliable distribution facilities; provide reasonably priced Electric energy; enhance community member relationships; maintain a safe and gratifying work environment for employees; and embrace change that benefits the membership.

$301K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2022 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $0 a year · under 1% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Pay to officers and key staff
$301K
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$35.0M
65% of total assets
Fine: liabilities are 65% 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
$14.4M
+12% vs prior year
Spent
$14.4M
Net assets
$18.7M
By yearFY2020–FY2025
Revenue
$14.4M
FY2022▲ +12%
Tap a bar for its year
Revenue by fiscal year
FY2020$13.1M
FY2021$12.8M
FY2022$14.4M
FY2023$15.2M
FY2024$16.4M
FY2025$17.9M
Expenses
$14.4M
FY2022▲ +12%
Tap a bar for its year
Expenses by fiscal year
FY2020$13.1M
FY2021$12.8M
FY2022$14.4M
FY2023$15.2M
FY2024$16.4M
FY2025$17.9M
Net assets
$18.7M
FY2022▲ +6%
Tap a bar for its year
Net assets by fiscal year
FY2020$17.2M
FY2021$17.6M
FY2022$18.7M
FY2023$19.6M
FY2024$20.4M
FY2025$21.4M

From the FY2022 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: FY2025. IRS ruling in Aug 1949.

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

Who runs it and what they're paid

11 people listed on the 990; $301K paid to officers and key staff.

Part VII, Section A · reportable compensation
General Manager
$149,919Pt VII · Sec A
Distribution System Manage
$112,053Pt VII · Sec A
$5,900Pt VII · Sec A
$5,700Pt VII · Sec A
Director
$5,100Pt VII · Sec A
Vice President
$4,800Pt VII · Sec A
Secretary
$4,100Pt VII · Sec A
$3,700Pt VII · Sec A

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

NameFY2025FY2024FY2023FY2022FY2021FY2020
David Eide$182,134$169,904$157,257$149,919$143,304$139,517
Jared Terhark$123,543$118,441$107,977$112,053$103,259$102,238
Jarod Sutten$110,820$110,639$102,689———
James Hatton$108,608$101,782————
Natasha Torgerson$105,732—————
Rhyan Koch$102,920—————
Roy Gjerde$8,000$4,600$5,000$5,100$4,400$4,100
Daniel Thyen$7,300$4,700$5,700$4,100$3,700$4,700

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

Provides affordable electricity to members.

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Provided by the organization

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1 program · in their own filed words · FY2022
01

Provided electric service to aproximately 2,510 members. Added, retired or replaced approximately 16 miles of underground and 4 miles of overhead line.

Pt IX · col B

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$14.4M
Ln 12
Fees for servicesLn 2g$14.3M
Investment incomeLn 3$67K
Money outPt IX
$14.4M
Ln 25
Owns and owesPt X
$18.7M
net assets · Ln 32
Cash and savingsLn 1–2$2.6M
Total assetsLn 16$53.7M
LiabilitiesLn 26$35.0M
PeoplePt VI, VII
11
listed · VII A
PaidVII A11
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$14.3M
Investment incomeLn 3$67K
Gains on assetsLn 7$12K
Total revenueLn 12$14.4M
Assets in detailPt X, end of year
SavingsLn 2$2.6M
Cash and savings togetherLn 1–2$2.6M
InvestmentsLn 11–13$9.3M
Land, buildings, equipmentLn 10c$39.6M
Other assetsLn 15$79K
Total assetsLn 16$53.7M
LiabilitiesLn 26$35.0M
Net assetsLn 32$18.7M
OperationsPt I, VI
EmployeesI 515
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$2.3M$2.6M
InvestmentsLn 11–13$8.5M$9.3M
Land, buildings, equipmentLn 10c$36.3M$39.6M
Total assetsLn 16$49.3M$53.7M
LiabilitiesLn 26$31.7M$35.0M
Net assetsLn 32$17.6M$18.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$1.5M
Pay of current officers, directors and key staffLn 5$428K
Other salaries and wagesLn 7$1.0M
Pension plan contributionsLn 8$224K
Payroll taxesLn 10$101K
Legal feesLn 11b$7K
Accounting feesLn 11c$17K
Advertising and promotionLn 12$3K
Office expensesLn 13$60K
Information technologyLn 14$105K
OccupancyLn 16$3K
TravelLn 17$44K
InterestLn 20$794K
Depreciation, depletion and amortizationLn 22$1.4M
Other expenses (24a–d)Ln 24$8.9M
All other expensesLn 24e−$230K
Total functional expensesLn 25$14.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $17.9M$17.9M$0$21.4M 990 PDF
FY2024 $16.4M$16.4M$0$20.4M 990 PDF
FY2023 $15.2M$15.2M$0$19.6M 990 PDF
FY2022 Viewing $14.4M$14.4M$0$18.7M 990 PDF
FY2021 $12.8M$12.8M$0$17.6M 990 PDF
FY2020 $13.1M$13.1M$0$17.2M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $14,370,109 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $12,792,383$14,314,901
I-10 Investment incomePrior year $49,489$66,928
I-11 Other revenuePrior year −$23,243−$11,720
I-12 Total revenuePrior year $12,818,629$14,370,109
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $924,578$1,528,246
I-15 Salaries and benefitsPrior year $1,841,424$1,789,098
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $10,052,627$11,052,765
I-18 Total expensesPrior year $12,818,629$14,370,109
I-19 Revenue less expensesPrior year $0$0
Part VI · Governance 9 of 9 board members independent, 2 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $14,370,109 across 4 lines filed
Lines not itemized here account for −$11,720 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $14,314,901$14,314,901
VIII-3 Investment incomeExcluded from tax $55,308$55,308
VIII-7 Net gain or loss on sales of assetsExcluded from tax $11,620$11,620
VIII-12 Total revenueRelated to mission $14,303,181 · Unrelated business $0 · Excluded from tax $66,928$14,370,109
Part IX · Statement of functional expenses $14,370,109 across 16 lines filed
IX-4 Benefits paid to or for members$1,528,246
IX-5 Pay of current officers, directors and key staff$427,571
IX-7 Other salaries and wages$1,036,391
IX-8 Pension plan contributions$224,178
IX-10 Payroll taxes$100,958
IX-11b Legal fees$6,940
IX-11c Accounting fees$16,902
IX-12 Advertising and promotion$3,086
IX-13 Office expenses$59,677
IX-14 Information technology$105,490
IX-16 Occupancy$2,902
IX-17 Travel$44,439
IX-20 Interest$793,742
IX-22 Depreciation, depletion and amortization$1,394,663
IX-24 Other expenses (24a–d)$8,854,717
IX-24e All other expenses−$229,793
IX-25 Total functional expenses$14,370,109
Part X · Balance sheet $53,681,940 assets, 15 lines filed
X-2 Savings and temporary cash investmentsStart of year $2,326,448$2,631,625
X-4 Accounts receivableStart of year $1,273,638$794,481
X-8 Inventories for sale or useStart of year $654,246$1,270,007
X-9 Prepaid expenses and deferred chargesStart of year $7,529$12,023
X-10c Land, buildings and equipment, netStart of year $36,313,575$39,597,812
X-12 Other securitiesStart of year $62,881$63,245
X-13 Program-related investmentsStart of year $8,470,182$9,233,766
X-15 Other assetsStart of year $171,184$78,981
X-16 Total assetsStart of year $49,279,683$53,681,940
X-17 Accounts payable and accrued expensesStart of year $1,440,202$1,545,820
X-24 Unsecured notes and loans payableStart of year $1,585,298$26,038
X-25 Other liabilitiesStart of year $3,368,840$4,372,972
X-26 Total liabilitiesStart of year $31,686,470$35,012,525
X-32 Total net assets or fund balancesStart of year $17,593,213$18,669,415
X-33 Total liabilities and net assetsStart of year $49,279,683$53,681,940
Part XI · Reconciliation of net assets $18,669,415 net assets at year end
XI-1 Total revenue$14,370,109
XI-2 Total expenses$14,370,109
XI-3 Revenue less expenses$0
XI-4 Net assets at start of year$17,593,213
XI-9 Other changes in net assets$1,076,202
XI-10 Net assets at end of year$18,669,415

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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