Central Iowa Power Cooperative

Nonprofit profile at a glance

EIN
420652127
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Cedar Rapids, IA, USA
Phone
3193668011
Rating
85
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$224,762,576
Expenses
$204,459,125
Assets
$910,500,887
Liabilities
$645,481,517

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

26 people listed

Executive titles in this filing

  • PAUL HEINEMAN (BOARD PRESIDENT)
  • DAN WESTPHAL (BOARD VICE PRESIDENT)
  • ANDREW ST JOHN (EXECUTIVE VICE PRESIDENT & CEO)

Highest reported compensation

  • ANDREW ST JOHN (EXECUTIVE VICE PRESIDENT & CEO): $468,438 total reported compensation
  • DANIEL BURNS (VP UTILITY OPERATIONS): $309,685 total reported compensation
  • PAUL HOFMAN (VP INFORMATION TECHNOLOGY): $300,314 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of CIPCO is to provide Member-owners with wholesale power and services in a safe, reliable and cost-effective manner. CIPCO offers business development support and guidance for our Member-owners and the communities they serve. CIPCO offers business development resources and support to businesses growing and investing in Iowa's rural and suburban communities. CIPCO offers two loan programs that community projects can participate in to support business growth: the Rural Economic Development Loan (REDL) program and CIPCO’s Revolving Loan program. Kerry Koonce.

What it reported doing in 2024

The cooperative is an electrical generation and transmission cooperative providing wholesale electrical service to its members.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 96% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 76
  • Accountability: 100
  • Sustainability: 67
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92%; rating input score 92
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 9%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 4.45; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.71; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 1.7%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 1.4% per year; rating input score 100; 12th percentile among comparable filings
  • Revenue growth: 1.3% per year; rating input score 100; 10th percentile among comparable filings
  • Asset growth: 2.9% per year; rating input score 100; 20th percentile among comparable filings

Details

  • What they do: 1 operating location identified
  • Where the money goes: 92% of revenue deployed · 100% of spending went to programs
  • Governance: 13 of 13 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $204.5M in reported program spending
  • Leadership: top reported pay $468K · 26 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $16.4M reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 26 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Liabilities to assets ratio scored 21/100.