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Nonprofiteer
← MINNKOTA POWER COOPERATIVE INC

Form 990 for tax year 2025

Filed by MINNKOTA POWER COOPERATIVE INC.

Totals

Total revenue
$486,986,596
Total expenses
$477,334,362
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$481,518,031
Investment income
$3,325,892
Other revenue
$2,142,673
Total assets, end of year
$1,230,034,108
Total liabilities, end of year
$984,597,037
Net assets or fund balances, end of year
$245,437,071
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Sale of Electric Power

    total $481,518,031 · related or exempt $481,518,031 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $3,325,892 · related or exempt $3,325,892 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $1,399,978 · related or exempt $1,399,978 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: Miscellaneous Nonoperating Revenue

    total $742,695 · related or exempt $742,695 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $742,695

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $6,484,879

  • 20 · Interest

    total $30,749,498

  • 22 · Depreciation, depletion and amortization

    total $32,635,351

  • 24a · Other expenses: Production and Purchased Power

    total $349,298,367

  • 24b · Other expenses: Transmission and Substation

    total $36,078,378

  • 24c · Other expenses: General and Administrative

    total $22,087,889

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,368,107 · end of year $7,090,895

  • 2 · Savings and temporary cash investments

    beginning of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0

  • 4 · Accounts receivable

    beginning of year $56,838,043 · end of year $65,249,872

  • 8 · Inventories for sale or use

    beginning of year $46,779,177 · end of year $51,942,631

  • 9 · Prepaid expenses and deferred charges

    beginning of year $13,162,502 · end of year $18,926,906

  • 10a · Land, buildings and equipment: cost or other basis

    $1,509,390,232

  • 10b · Land, buildings and equipment: accumulated depreciation

    $472,964,800

  • 10c · Land, buildings and equipment, net

    beginning of year $1,017,344,037 · end of year $1,036,425,432

  • 12 · Investments: other securities

    beginning of year $45,501,007 · end of year $50,398,372

  • 17 · Accounts payable and accrued expenses

    beginning of year $61,904,237 · end of year $63,626,378

  • 23 · Secured mortgages and notes payable

    beginning of year $860,958,295 · end of year $858,294,938

  • 25 · Other liabilities

    beginning of year $33,328,299 · end of year $62,675,721

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,136 · end of year $1,136

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $235,800,906 · end of year $245,435,935

Mission and programs · 2025

Mission

Minnkota Power is a rural electric cooperative that generates and transmits electric power.

Activities or mission (Part I)

Minnkota Power Cooperative is a rural electric cooperative that generates and transmits electric power for eleven member cooperatives.

  • Minnkota Power is a rural electric cooperative that generates and transmits electric power.

As filed on the 2025 return.

Listed in Part VII

  • Robert McLennan

    President & CEO

    Total calculated
    $1,429,916
    From this org
    $1,219,485
    From related orgs
    $0
    Other
    $210,431
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,195,885
    Bonus
    $0
    Other
    $23,600
    Deferred
    $181,000
    Nontaxable benefits
    $29,431
    Filer's total
    $1,429,916

  • Gerad Paul

    Executive VP, Chief Legal Officer

    Total calculated
    $490,056
    From this org
    $400,375
    From related orgs
    $0
    Other
    $89,681
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $372,775
    Bonus
    $4,000
    Other
    $23,600
    Deferred
    $56,000
    Nontaxable benefits
    $33,681
    Filer's total
    $490,056

  • Brendan Kennelly

    Executive VP, Chief Operating Officer

    Total calculated
    $452,675
    From this org
    $363,994
    From related orgs
    $0
    Other
    $88,681
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $359,894
    Bonus
    $4,000
    Other
    $100
    Deferred
    $56,000
    Nontaxable benefits
    $32,681
    Filer's total
    $452,675

  • Dan Inman

    Senior VP of Power Delivery, CITO

    Total calculated
    $422,354
    From this org
    $335,740
    From related orgs
    $0
    Other
    $86,614
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $331,640
    Bonus
    $4,000
    Other
    $100
    Deferred
    $53,934
    Nontaxable benefits
    $32,681
    Filer's total
    $422,355

  • Jami Hovet

    Executive VP, Chief Administrative Officer

    Total calculated
    $420,953
    From this org
    $334,258
    From related orgs
    $0
    Other
    $86,695
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $330,158
    Bonus
    $4,000
    Other
    $100
    Deferred
    $54,015
    Nontaxable benefits
    $32,680
    Filer's total
    $420,953

  • Lowell Stave

    VP, Chief Operating Officer

    Total calculated
    $417,727
    From this org
    $389,326
    From related orgs
    $0
    Other
    $28,401
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $272,097
    Bonus
    $4,000
    Other
    $113,229
    Deferred
    $16,397
    Nontaxable benefits
    $12,004
    Filer's total
    $417,727

  • Kay Schraeder

    Executive VP, Chief Financial Officer

    Total calculated
    $414,790
    From this org
    $329,040
    From related orgs
    $0
    Other
    $85,750
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $312,940
    Bonus
    $4,000
    Other
    $12,100
    Deferred
    $53,069
    Nontaxable benefits
    $32,681
    Filer's total
    $414,790

  • Todd Sailer

    Vice President of Power Supply

    Total calculated
    $413,214
    From this org
    $329,089
    From related orgs
    $0
    Other
    $84,125
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $261,663
    Bonus
    $7,000
    Other
    $60,426
    Deferred
    $50,444
    Nontaxable benefits
    $33,681
    Filer's total
    $413,214

  • Andrew Sorbo

    Senior VP of Power Supply

    Total calculated
    $380,558
    From this org
    $300,553
    From related orgs
    $0
    Other
    $80,005
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $296,453
    Bonus
    $4,000
    Other
    $100
    Deferred
    $47,324
    Nontaxable benefits
    $32,681
    Filer's total
    $380,558

  • Grant Gunderson

    Vice President Resource Planning & Markets

    Total calculated
    $348,132
    From this org
    $273,323
    From related orgs
    $0
    Other
    $74,809
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $257,219
    Bonus
    $6,000
    Other
    $10,104
    Deferred
    $42,129
    Nontaxable benefits
    $32,681
    Filer's total
    $348,133

  • Stacey Dahl

    Vice President of External Affairs

    Total calculated
    $325,792
    From this org
    $251,459
    From related orgs
    $0
    Other
    $74,333
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,359
    Bonus
    $4,000
    Other
    $100
    Deferred
    $41,652
    Nontaxable benefits
    $32,681
    Filer's total
    $325,792

  • Shannon Mikula

    Environmental Manager

    Total calculated
    $320,240
    From this org
    $246,815
    From related orgs
    $0
    Other
    $73,425
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $241,715
    Bonus
    $5,000
    Other
    $100
    Deferred
    $40,784
    Nontaxable benefits
    $32,641
    Filer's total
    $320,240

  • Theresa Brorby

    Vice President of Compliance & Risk

    Total calculated
    $312,725
    From this org
    $242,042
    From related orgs
    $0
    Other
    $70,683
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,250
    Bonus
    $3,000
    Other
    $21,793
    Deferred
    $38,002
    Nontaxable benefits
    $32,681
    Filer's total
    $312,726

  • Tim Hagerott

    Vice President of Generation & Development

    Total calculated
    $302,196
    From this org
    $238,817
    From related orgs
    $0
    Other
    $63,379
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,717
    Bonus
    $5,000
    Other
    $100
    Deferred
    $38,366
    Nontaxable benefits
    $25,013
    Filer's total
    $302,196

  • Andrew Freidt

    Senior Manager of Power Production

    Total calculated
    $296,119
    From this org
    $239,323
    From related orgs
    $0
    Other
    $56,796
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,223
    Bonus
    $6,000
    Other
    $100
    Deferred
    $37,596
    Nontaxable benefits
    $19,200
    Filer's total
    $296,119

  • Samuel Schmitz

    Senior Manager of Legal Services

    Total calculated
    $276,047
    From this org
    $208,960
    From related orgs
    $0
    Other
    $67,087
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,860
    Bonus
    $3,000
    Other
    $100
    Deferred
    $34,556
    Nontaxable benefits
    $32,531
    Filer's total
    $276,047

  • Kasey Borboa

    Senior Manager of Power Delivery Engineering

    Total calculated
    $269,206
    From this org
    $203,612
    From related orgs
    $0
    Other
    $65,594
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,512
    Bonus
    $6,000
    Other
    $100
    Deferred
    $32,913
    Nontaxable benefits
    $32,681
    Filer's total
    $269,206

  • Neil Kramar

    Plant Manager

    Total calculated
    $254,356
    From this org
    $193,880
    From related orgs
    $0
    Other
    $60,476
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,280
    Bonus
    $4,500
    Other
    $100
    Deferred
    $31,085
    Nontaxable benefits
    $29,391
    Filer's total
    $254,356

  • Marcy Douglas

    Executive VP, Chief Member Services Officer

    Total calculated
    $169,011
    From this org
    $161,548
    From related orgs
    $0
    Other
    $7,463
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,548
    Bonus
    $0
    Other
    $0
    Deferred
    $3,231
    Nontaxable benefits
    $4,233
    Filer's total
    $169,012

  • Mark Habedank

    Board Chair

    Total calculated
    $42,240
    From this org
    $42,240
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Kalvin Hoff

    Board Member

    Total calculated
    $25,220
    From this org
    $25,220
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Rick Coe

    Board Member

    Total calculated
    $24,540
    From this org
    $24,540
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Tom Woinarowicz

    Board Vice Chair

    Total calculated
    $20,040
    From this org
    $20,040
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Mike Wahl

    Board Member

    Total calculated
    $19,600
    From this org
    $19,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Colette Kujava

    Board Secretary/Treasurer

    Total calculated
    $19,420
    From this org
    $19,420
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Les Windjue

    Board Member

    Total calculated
    $18,050
    From this org
    $8,700
    From related orgs
    $0
    Other
    $9,350
    Hours/week
    5

  • Steve Arnesen

    Board Member

    Total calculated
    $17,910
    From this org
    $17,910
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Cheryl Grover

    Board Member

    Total calculated
    $16,960
    From this org
    $16,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Anthony Ottem

    Board Member

    Total calculated
    $14,440
    From this org
    $14,440
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Roger Krostue

    Board Member

    Total calculated
    $14,170
    From this org
    $14,170
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
Robert McLennan, Gerad Paul, and Brendan Kennelly receive gross up non-qualified retirement plan compensation.
Schedule J, Part I, Line 4
The Board of Directors adopted a 457(f) plan in which Robert McLennan, may receive incentive compensation in 2028 and 2030, if all the terms of the plan are met.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • DCC East Project LLC

    Carbon Capture & Storage · DE · income $0 · assets $10,717,692

    Directly controlled by Minnkota Power Cooperative Inc

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Lignite Electric Power Cooperative Inc

    C · Coal Leases · ND · 100% owned · share of income $362 · share of assets $3,114

    Directly controlled by Minnkota Power Cooperative

  • Great Plains Tower Services LLC

    C · Tower Maintenance · ND · 100% owned · share of income $1,208,028 · share of assets $1,063,451

    Directly controlled by Minnkota Power Cooperative

Provenance

Return type
form_990
Tax year
2025
Filed
1 May 2026
IRS schema version
2025v4.0
Source object
202601249349302425

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