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Nonprofit · EIN 42-1378565

MIDLAND POWER COOPERATIVE

Tax-exempt · BOONE, IA 50036

Financials

$57.4M$54.2M2023$60.1M$54.4M2024
Revenue Expenses · by fiscal year end
Financials of MIDLAND POWER COOPERATIVE by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$60,066,585$54,373,167$5,693,418$169,295,526$81,130,817$88,164,709
December 31, 2023990$57,409,878$54,154,849$3,255,029$162,700,513$81,658,735$81,041,778
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$57,988,315
Investment income
$2,057,397
Net gain from sales of assets
$1,813,113
Net income from sales of inventory
$20,873
Other revenue
$20,873

Expenses

Grants and similar amounts paid
$8,126
Benefits paid to members
$2,550,000
Compensation of officers, directors and key employees
$779,035
Other salaries and wages
$1,955,589
Salaries, compensation and benefits (total)
$4,614,958
Professional fundraising fees
$0
Legal fees
$288,223
Accounting fees
$25,700
Depreciation
$5,040,402

Balance sheet and other

Total assets, start of year
$162,700,513
Total assets, end of year
$169,295,526
Total liabilities, end of year
$81,130,817
Net assets, end of year
$88,164,709
Land, buildings and equipment
$118,955,818
Gross unrelated business income
-$2,781
Gross receipts
$60,618,093
Employees
54
Volunteers
0
Year formed
1991
State of legal domicile
IA

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
WILLIAM MCKIMCEO
Officer
50.5$218,722$96,231
DAN KYLEVP OF OPERATIONS
Officer
42$141,799$79,180
SCOTT BENZLINE FOREMAN
Highest-paid employee
57.5$150,962$47,142
JUSTIN SCHMIDTLINE FOREMAN
Highest-paid employee
49.9$142,836$43,316
JILL GANNONVP OF ADMINISTRATION
Officer
41.9$136,886$43,629
BRIAN KILLEENLINE SUPERINTENDENT
Highest-paid employee
41.5$130,372$38,978
LUCAS SHIPLEYLINEMAN
Highest-paid employee
48.1$122,339$43,120
BARRY MUNSONLINE FOREMAN
Highest-paid employee
48.1$134,030$26,415
MIKE COLEMANPRESIDENT
Trustee or director, Officer
8.7$18,196$0
JOEL SKOWASSIST SECRETARY/TREASURER
Trustee or director, Officer
6.4$11,978$0
JAMES BYRIELDIRECTOR
Trustee or director
5.4$11,060$0
KIMBERLEY RINKERTREASURER
Trustee or director, Officer
4.5$9,142$0
JAMES VIEKANDTDIRECTOR
Trustee or director
1.7$7,030$0
TOM INGEBRITSONDIRECTOR (UNTIL 08/24)
Trustee or director
5.1$6,842$0
RICK THOMPSONVICE PRESIDENT
Trustee or director, Officer
2.9$6,647$0
6 more people on this return
NameTitleHours / weekCompensation
PAUL HEINEMANDIRECTOR
Trustee or director
3.1$6,069
RANDY CHRISTENSENSECRETARY
Trustee or director, Officer
3.5$5,821
WILLIAM HARLEENDIRECTOR
Trustee or director
3.1$5,522
DOUG ROBEYDIRECTOR
Trustee or director
3$4,832
PAUL SKARTVEDTDIRECTOR (BEG 07/24)
Trustee or director
1.3$3,780
FRANCIS BUCKELDIRECTOR (BEG 08/24)
Trustee or director
3$3,656
990 for the year ended December 31, 2023: 21 people
NameTitleHours / weekCompensationOther / benefits
WILLIAM MCKIMCEO
Officer
51.1$306,633$135,566
DAN KYLEVP OF OPERATIONS
Officer
40$134,299$74,133
SCOTT BENZLINE FOREMAN
Highest-paid employee
47.4$128,465$45,157
JUSTIN SCHMIDTLINE FOREMAN
Highest-paid employee
47.3$129,492$41,781
BRIAN KILLEENLINE FOREMAN
Highest-paid employee
40$122,283$46,752
JILL GANNONVP OF ADMIN/FINANCE
Officer
40$123,713$41,579
JUSTIN KIRCHHOFFLINE FOREMAN
Highest-paid employee
43$116,669$32,041
BARRY MUNSONLINE FOREMAN
Highest-paid employee
42.2$120,573$25,530
MIKE COLEMANPRESIDENT
Trustee or director, Officer
6$14,021$0
JAMES BYRIELDIRECTOR
Trustee or director
5$9,334$0
JOEL SKOWASSIST SECRETARY/TREASURER
Trustee or director, Officer
5$9,325$0
TOM INGEBRITSONDIRECTOR
Trustee or director
5$9,318$0
KIMBERLEY RINKERTREASURER
Trustee or director, Officer
4$6,941$0
RICK THOMPSONVICE PRESIDENT
Trustee or director, Officer
4$6,642$0
JAMES VIEKANDTDIRECTOR
Trustee or director
3$6,283$0
PAUL HEINEMANDIRECTOR
Trustee or director
3$5,026$0
RANDY CHRISTENSENSECRETARY
Trustee or director, Officer
3$4,188$0
DOUG ROBEYDIRECTOR
Trustee or director
2$3,530$0
WILLIAM HARLEENDIRECTOR
Trustee or director
2$3,470$0
JACK RUNGEDIRECTOR END 05/2023
Trustee or director
2$2,334$0
PAUL SKARTVEDTDIRECTOR BEGIN 07/2023
Trustee or director
3$1,735$0

Address and contacts

Address (IRS master file)
2005 S STORY ST, BOONE, IA 50036-5237
In care of
% JILL GANNON
Principal officer (990 for 2024)
WILLIAM MCKIM, 2005 S STORY STREET PO BOX 368, BOONE, IA 50036
Signed the 990
WILLIAM MCKIM, CEO
Phone
(515) 386-4111
Return prepared by
EIDE BAILLY LLP

Mission

TO SAFELY PROVIDE RELIABLE, AFFORDABLE, AND RESPONSIBLE ELECTRIC SERVICE WHILE ENHANCING THE COMMUNITIES WE SERVE.

990 for the year ended December 31, 2024

Program accomplishments

  • MIDLAND POWER IS A RURAL ELECTRIC COOPERATIVE THAT PROVIDES ELECTRICITY TO ITS MEMBERS.

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
42-1378565
Tax-exempt status
501(c)(12): Benevolent life insurance association or mutual company
Donations deductible
No
Exempt since
1992
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$169,295,526
Income (IRS master file)
$60,618,093

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$60,066,585$54,373,167$169,295,526XML
990December 2023$57,409,878$54,154,849$162,700,513XML
990December 2022$57,765,405$54,339,214$157,689,289IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 42-1378565).

Questions about MIDLAND POWER COOPERATIVE

What is the EIN of MIDLAND POWER COOPERATIVE?
The employer identification number (EIN) of MIDLAND POWER COOPERATIVE is 42-1378565.
Is MIDLAND POWER COOPERATIVE tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(12) since 1992.
Are donations to MIDLAND POWER COOPERATIVE tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does MIDLAND POWER COOPERATIVE file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of MIDLAND POWER COOPERATIVE due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did MIDLAND POWER COOPERATIVE last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of MIDLAND POWER COOPERATIVE?
The 990 for the year ended December 31, 2024 names WILLIAM MCKIM.
Who are the officers and directors of MIDLAND POWER COOPERATIVE?
The 990 for the year ended December 31, 2024 lists 21 people; 21 received compensation from the organization, the highest $218,722 (WILLIAM MCKIM, CEO).
How much revenue does MIDLAND POWER COOPERATIVE have?
On its 990 for the year ended December 31, 2024 it reported revenue of $60,066,585, expenses of $54,373,167 and total assets of $169,295,526 at year end.

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