SOUTHWEST IOWA REC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2004

Legal Domicile

Principal Officer

PHIL KINSER

Phone

8882204869

Tax Period

2025-01-01 to 2025-12-31

SOUTHWEST IOWA REC, founded in 2004, is a mid-sized nonprofit in the Public Safety sector that reported $14.7M in total revenue in fiscal year 2025. Expenses of $14.0M left a modest 5% surplus.

Mission

TO DISTRIBUTE ELECTRIC ENERGY TO OUR MEMBER-CONSUMERS OF RURAL RESIDENTIAL, SMALL COMMERCIAL, LARGE POWER AND PUBLIC AUTHORITY USERS IN A MANNER CONSISTENT WITH SOUND BUSINESS PRACTICES.

Program Service Accomplishments

Program 1

WE DISTRIBUTED ELECTRIC ENERGY TO 6,095 MEMBER-CONSUMERS OF RURAL RESIDENTIAL, SMALL COMMERCIAL, LARGE POWER AND PUBLIC AUTHORITY USERS IN A MANNER CONSISTENT WITH SOUND BUSINESS PRACTICES. WE...

WE DISTRIBUTED ELECTRIC ENERGY TO 6,095 MEMBER-CONSUMERS OF RURAL RESIDENTIAL, SMALL COMMERCIAL, LARGE POWER AND PUBLIC AUTHORITY USERS IN A MANNER CONSISTENT WITH SOUND BUSINESS PRACTICES. WE INSTALLED 75 NEW SERVICES AND RETIRED 73 SERVICES. WE ADDED 2.54 MILES OF OVERHEAD LINE AND RETIRED 1.86 MILES OF OVERHEAD LINE. WE INSTALLED 4.41 MILES OF UNDERGROUND LINE AND RETIRED 0.85 MILES OF UNDERGROUND LINE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $13,914,701

Investment Income $75,264

Other Revenue $706,064

TOTAL REVENUE $14,696,029

Expense Breakdown

Grants Paid $0

Salaries & Benefits $289,755

Fundraising Expenses $0

Other Expenses $13,240,848

TOTAL EXPENSES $13,991,236

Year-over-Year Comparison

	2025	2024	Change
Revenue	$14,696,029	$14,186,100	+0.0%
Expenses	$13,991,236	$13,104,050	+0.1%
Net Income	$704,793	$1,082,050	-0.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$261,255

Total Directors

$51,900

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARILYN WERNER	PRESIDENT	6.41	Officer Director	$10,150	$0	$10,150
MARK HERZBERG	VICE PRESIDENT	2.90	Officer Director	$4,000	$0	$4,000
KAY FAST-DEYOE	SECRETARY	3.19	Officer Director	$6,000	$0	$6,000
JASON SMITH	TREASURER	2.16	Officer Director	$3,250	$0	$3,250
ADAM BOSWELL	DIRECTOR	2.71	Director	$6,000	$0	$6,000
DANA MORGAN	DIRECTOR	1.88	Director	$4,750	$0	$4,750
DALE WALKUP	DIRECTOR	2.00	Director	$3,750	$0	$3,750
TERRY BARNES	DIRECTOR	3.64	Director	$4,500	$0	$4,500
ALAN SPENCER	DIRECTOR	1.62	Director	$3,500	$0	$3,500
BONNIE LARSON	DIRECTOR	2.33	Director	$5,000	$0	$5,000
JUSTIN AKERS	DIRECTOR	2.15	Director	$1,000	$0	$1,000
PHIL KINSER	CEO/GENERAL MANAGER	40.00	Officer	$195,521	$42,334	$237,855
JUSTIN MURPHY	DIRECTOR OF OPERATIONS	40.00	Highest	$110,914	$36,732	$147,646
SHAYNE LARSON	LINEMAN	44.00	Highest	$105,023	$34,913	$139,936
LESTER HELVIE	FOREMAN	43.00	Highest	$101,089	$36,421	$137,510
SARAH NEWTON	DIRECTOR OF FINANCE & ADMIN. SERV.	40.00	Highest	$100,531	$34,799	$135,330
LUCAS BROCKSHUS	LINEMAN	45.00	Highest	$102,018	$29,577	$131,595

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$14,696,029	$13,991,236	$51,506,426	$704,793
2024	$14,186,100	$13,104,050	$49,599,324	$1,082,050
2023	$13,189,954	$12,619,217	$44,485,689	$570,737
2022	$13,250,356	$12,995,080	$42,589,931	$255,276
2021	$12,865,419	$12,865,419	$40,599,568	No data
2020	$12,851,951	$12,851,951	$39,579,999	No data