Eastern Iowa REC

Legal name: Eastern Iowa Light & Power Cooperative

Nonprofit profile at a glance

EIN
420228180
IRS 990 coverage
2019–2025
Official website data refreshed
Sep 2026
Forms available
Form 990 2025
Location
Wilton, IA, United States
Phone
855-938-3616
Rating confidence
Limited

Official website

Reported finances

Revenue
$77,325,895
Expenses
$73,885,893
Assets
$223,249,649
Liabilities
$117,794,214

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • KENNETH PURDY (PRESIDENT)
  • KURT OLSON (VICE PRESIDENT)
  • KIRK TREDE (CEO)

Highest reported compensation

  • KIRK TREDE (CEO): $510,381 total reported compensation
  • TIM IOSSI (MANAGER OF OPERATION TECHN): $239,708 total reported compensation
  • DON ROTH (DIVISION MANAGER OF MEMBER): $233,891 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Eastern Iowa REC is a member-owned electric cooperative dedicated to providing safe, reliable, and affordable electricity to homes, farms, and businesses across Eastern Iowa. Established to serve rural communities, the cooperative operates on democratic principles, ensuring members have a voice in decisions that affect their energy service. Beyond power distribution, Eastern Iowa REC is committed to energy efficiency, community support, and sustainability.

What it reported doing in 2025

Provision of electricity to cooperative member-consumers. During 2025, a total of 24,179 accounts consumed 642,475,000 kwh of electricity. The cooperative owns, maintains, and operates 4,689 miles of rural distribution lines. The cooperative provides service to 18,971 individual members.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 77
  • Accountability: 91
  • Sustainability: 55
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 66th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Scored; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 65th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 4.4%; rating input score 52; 52nd percentile among comparable filings
  • Total-asset coverage ratio: 3.02; rating input score 69; 69th percentile among comparable filings
  • Liabilities to assets ratio: 0.53; rating input score 39; 39th percentile among comparable filings
  • Officer compensation ratio: 2.8%; rating input score 48; 48th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2.7% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: 3.9% per year; rating input score 100; 25th percentile among comparable filings

Details

  • What they do: 1 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 15 of 15 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $510K · 22 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.2M reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 4 filed schedules · includes executive pay and related organizations
  • Filing history: 7 filing years from 2019 to 2025
  • Contacts: How to reach this organization
  • Money network: 22 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

Key Signals

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

  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Review — Sustainability: Operating margin scored 52/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 39/100.
  • Moderate — Sustainability: Officer compensation ratio scored 48/100.