FARMERS EDUCATIONAL & COOPERATIVE UNION

EIN: 460132880

HURON, SD

Total Revenue
$2,931,994
Total Expenses
$2,721,623
Total Assets
$45,173,162
Net Assets
$42,109,540
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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
1915
Legal Domicile
SD
Principal Officer
DOUG SOMBKE
Phone
6053526761
Tax Period
2023-01-01 to 2023-12-31

FARMERS EDUCATIONAL & COOPERATIVE UNION, founded in 1915, is a community nonprofit that reported $2.9M in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $2.7M left a modest 7% surplus.

Mission

TO SUPPORT PROGRAMS AND ADVANCE EFFORTS THAT FURTHER ECONOMIC PROSPERITY AND CULTURAL VITALITY IN RURAL SOUTH DAKOTA.

Program Service Accomplishments

Program 1

PROVIDED EDUCATIONAL PROGRAMS AND INFORMATION TO THE YOUTH OF SOUTH DAKOTA. THE FOUNDATION HOSTED 30 YOUTH CAMPS ACROSS THE STATE WITH APPROXIMATELY 600 YOUTH ATTENDING; SPONSORED A SAFETY QUIZ BOWL...

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PROVIDED EDUCATIONAL PROGRAMS AND INFORMATION TO THE YOUTH OF SOUTH DAKOTA. THE FOUNDATION HOSTED 30 YOUTH CAMPS ACROSS THE STATE WITH APPROXIMATELY 600 YOUTH ATTENDING; SPONSORED A SAFETY QUIZ BOWL FOR 80+ HIGH SCHOOLERS DURING THE STATE'S FFA CONVENTION; AND GRANTED FIVE 500 SCHOLARSHIPS TO AREA YOUTH.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $32,575
Program Service Revenue $330,162
Investment Income $2,284,205
Other Revenue $285,052
TOTAL REVENUE $2,931,994

Expense Breakdown

Grants Paid $0
Salaries & Benefits $886,391
Fundraising Expenses $532,940
Other Expenses $1,835,232
TOTAL EXPENSES $2,721,623

Year-over-Year Comparison

2023 2022 Change
Revenue $2,931,994 $2,683,652 +0.1%
Expenses $2,721,623 $2,543,988 +0.1%
Net Income $210,371 $139,664 +0.5%
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

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Governance

Voting Members
10
Independent Members
8
Employees
14
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
3
$290,917
Total Directors
11
$290,917
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DOUG SOMBKE PRESIDENT 40.00
Officer Director
$186,640 $0 $186,640
KARLA HOFHENKE SECRETARY/TR N/A
Officer Director
$104,277 $0 $104,277
DALLIS BASEL DIRECTOR N/A
Director
$0 $0 $0
LARRY BIRGEN DIRECTOR N/A
Director
$0 $0 $0
CHAD JOHNSON DIRECTOR N/A
Director
$0 $0 $0
SCOTT KOLOUSEK DIRECTOR N/A
Director
$0 $0 $0
OREN LESMEISTER DIRECTOR N/A
Director
$0 $0 $0
MIKE MILLER DIRECTOR N/A
Director
$0 $0 $0
DAVID REIS DIRECTOR N/A
Director
$0 $0 $0
WAYNE SOREN VICE PRESIDE N/A
Officer Director
$0 $0 $0
GAIL TEMPLE DIRECTOR N/A
Director
$0 $0 $0
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 $2,931,994 $2,721,623 $45,173,162 $210,371
2022 $2,683,652 $2,543,988 $38,274,413 $139,664
2021 $2,255,510 $1,868,434 $35,004,659 $387,076
2020 $2,235,473 $1,594,064 $30,215,188 $641,409
2019 $1,726,961 $1,820,313 $27,737,106 $-93,352
2018 $1,549,356 $1,699,973 $21,500,234 $-150,617
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