WASHINGTON ISLAND ELECTRIC COOPERATIVE (EIN 390688605) - Form 990 Financial Analysis & Trantor Score

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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

1939

Legal Domicile

Principal Officer

ORION MANN

Phone

9208472541

Tax Period

2023-01-01 to 2023-12-31

WASHINGTON ISLAND ELECTRIC COOPERATIVE, founded in 1939, is a community nonprofit that reported $2.2M in total revenue in fiscal year 2023.

Mission

THE MISSION OF WASHINGTON ISLAND ELECTRIC COOPERATIVE INC. IS TO PROVIDE RELIABLE ELECTRIC SERVICES TO ITS MEMBERS AT A COMPETITIVE MARKET PRICE.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,134,588

Investment Income $47,764

Other Revenue $21,451

TOTAL REVENUE $2,203,803

Expense Breakdown

Grants Paid $0

Salaries & Benefits $448,881

Fundraising Expenses $0

Other Expenses $1,834,851

TOTAL EXPENSES $2,283,732

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,203,803	$2,133,742	+0.0%
Expenses	$2,283,732	$2,091,687	+0.1%
Net Income	$-79,929	$42,055	-2.9%

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

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

Total Directors

Key Employees

$126,248

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ORION MANN	PRESIDENT	0.30	Officer Director	$0	$0	$0
MACK GUNNLAUGSSON	VICE PRESIDENT	0.30	Officer Director	$0	$0	$0
LEE ENGSTROM	SECRETARY/TREASURER	0.30	Officer Director	$0	$0	$0
ROBERT BJARNARSON	BOARD MEMBER	0.30	Director	$0	$0	$0
JAMES JORGENSON	BOARD MEMBER	0.30	Director	$0	$0	$0
HOYT PURINTON	BOARD MEMBER	0.30	Director	$0	$0	$0
JOEL GUNNLAUGSSON	BOARD MEMBER	0.30	Director	$0	$0	$0
ROBERT CORNELL	MANAGER	40.00	Key Emp	$126,248	$0	$126,248

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
2024	No data	No data	No data	No data
2023	$2,203,803	$2,283,732	$8,143,066	$-79,929
2022	$2,133,742	$2,091,687	$7,029,232	$42,055
2021	$1,881,211	$1,871,820	$5,340,204	$9,391
2020	$1,933,530	$1,711,455	$4,546,175	$222,075
2019	$2,119,011	$1,824,185	$6,545,616	$294,826
2019	$2,125,885	$1,971,265	$6,405,556	$154,620
2018	$1,859,072	$1,765,460	$6,811,692	$93,612
2018	$1,849,533	$1,765,460	$6,800,889	$84,073

WASHINGTON ISLAND ELECTRIC COOPERATIVE