Codington-Clark Electric Cooperative INC FY2023 filing

Not tax-deductible

Watertown, SDMutual-benefit / member-servingSince 1947EIN 46-0121065Revenue $15.2M in FY2023

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.

$405K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2023 · 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
$405K
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
Fine: 2.5 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$38.1M
66% of total assets
Worth a look: liabilities are 66% of assets; over 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
$15.2M
+6% vs prior year
Spent
$15.2M
Net assets
$19.6M
By yearFY2020–FY2025
Revenue
$15.2M
FY2023▲ +6%
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
$15.2M
FY2023▲ +6%
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
$19.6M
FY2023▲ +5%
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 FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

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

12 people listed on the 990; $405K paid to officers and key staff.

Part VII, Section A · reportable compensation
General Manager
$157,257Pt VII · Sec A
Distribution System Manager
$107,977Pt VII · Sec A
Member Services Manager
$102,689Pt VII · Sec A
Secretary
$5,700Pt VII · Sec A
$5,100Pt VII · Sec A
Director
$5,000Pt VII · Sec A
$4,700Pt VII · Sec A
$4,100Pt 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 · FY2023
01

Provided electric service to aproximately 2,531 members. Added, retired or replaced approximately 27 miles of underground and 18 miles of overhead line.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$15.2M
Ln 12
Fees for servicesLn 2g$15.1M
Investment incomeLn 3$144K
Money outPt IX
$15.2M
Ln 25
Owns and owesPt X
$19.6M
net assets · Ln 32
Cash and savingsLn 1–2$3.2M
Total assetsLn 16$57.7M
LiabilitiesLn 26$38.1M
PeoplePt VI, VII
12
listed · VII A
PaidVII A12
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$15.1M
Investment incomeLn 3$144K
Gains on assetsLn 7$4
Total revenueLn 12$15.2M
Assets in detailPt X, end of year
SavingsLn 2$3.2M
Cash and savings togetherLn 1–2$3.2M
InvestmentsLn 11–13$9.9M
Land, buildings, equipmentLn 10c$41.8M
Other assetsLn 15$78K
Total assetsLn 16$57.7M
LiabilitiesLn 26$38.1M
Net assetsLn 32$19.6M
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 FY23End FY23
Cash and savingsLn 1–2$2.6M$3.2M
InvestmentsLn 11–13$9.3M$9.9M
Land, buildings, equipmentLn 10c$39.6M$41.8M
Total assetsLn 16$53.7M$57.7M
LiabilitiesLn 26$35.0M$38.1M
Net assetsLn 32$18.7M$19.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$1.4M
Pay of current officers, directors and key staffLn 5$598K
Other salaries and wagesLn 7$942K
Pension plan contributionsLn 8$219K
Payroll taxesLn 10$102K
Legal feesLn 11b$9K
Accounting feesLn 11c$29K
Advertising and promotionLn 12$2K
Office expensesLn 13$67K
Information technologyLn 14$104K
OccupancyLn 16$3K
TravelLn 17$38K
InterestLn 20$865K
Depreciation, depletion and amortizationLn 22$1.5M
Other expenses (24a–d)Ln 24$9.8M
All other expensesLn 24e−$331K
Total functional expensesLn 25$15.2M

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 Viewing $15.2M$15.2M$0$19.6M 990 PDF
FY2022 $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 FY2023 990 (6 parts)
Part I · Summary $15,232,648 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $14,314,901$15,090,660
I-10 Investment incomePrior year $66,928$144,238
I-11 Other revenuePrior year −$11,720−$2,250
I-12 Total revenuePrior year $14,370,109$15,232,648
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $1,528,246$1,356,510
I-15 Salaries and benefitsPrior year $1,789,098$1,860,833
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $11,052,765$12,015,305
I-18 Total expensesPrior year $14,370,109$15,232,648
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 $15,232,648 across 4 lines filed
Lines not itemized here account for −$2,250 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $15,090,660$15,090,660
VIII-3 Investment incomeExcluded from tax $144,234$144,234
VIII-7 Net gain or loss on sales of assetsExcluded from tax $4$4
VIII-12 Total revenueRelated to mission $15,088,410 · Unrelated business $0 · Excluded from tax $144,238$15,232,648
Part IX · Statement of functional expenses $15,232,648 across 16 lines filed
IX-4 Benefits paid to or for members$1,356,510
IX-5 Pay of current officers, directors and key staff$598,076
IX-7 Other salaries and wages$942,331
IX-8 Pension plan contributions$218,571
IX-10 Payroll taxes$101,855
IX-11b Legal fees$9,492
IX-11c Accounting fees$29,132
IX-12 Advertising and promotion$1,541
IX-13 Office expenses$67,289
IX-14 Information technology$104,292
IX-16 Occupancy$2,980
IX-17 Travel$38,407
IX-20 Interest$865,333
IX-22 Depreciation, depletion and amortization$1,472,536
IX-24 Other expenses (24a–d)$9,755,363
IX-24e All other expenses−$331,060
IX-25 Total functional expenses$15,232,648
Part X · Balance sheet $57,707,202 assets, 15 lines filed
X-2 Savings and temporary cash investmentsStart of year $2,631,625$3,180,283
X-4 Accounts receivableStart of year $794,481$887,429
X-8 Inventories for sale or useStart of year $1,270,007$1,811,085
X-9 Prepaid expenses and deferred chargesStart of year $12,023−$2,342
X-10c Land, buildings and equipment, netStart of year $39,597,812$41,817,108
X-12 Other securitiesStart of year $63,245$93,190
X-13 Program-related investmentsStart of year $9,233,766$9,842,151
X-15 Other assetsStart of year $78,981$78,298
X-16 Total assetsStart of year $53,681,940$57,707,202
X-17 Accounts payable and accrued expensesStart of year $1,545,820$1,486,921
X-24 Unsecured notes and loans payableStart of year $26,038$2,041,913
X-25 Other liabilitiesStart of year $4,372,972$4,525,290
X-26 Total liabilitiesStart of year $35,012,525$38,065,013
X-32 Total net assets or fund balancesStart of year $18,669,415$19,642,189
X-33 Total liabilities and net assetsStart of year $53,681,940$57,707,202
Part XI · Reconciliation of net assets $19,642,189 net assets at year end
XI-1 Total revenue$15,232,648
XI-2 Total expenses$15,232,648
XI-3 Revenue less expenses$0
XI-4 Net assets at start of year$18,669,415
XI-9 Other changes in net assets$972,774
XI-10 Net assets at end of year$19,642,189

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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