Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: OPERATING REVENUES

  total $78,600,830 · related or exempt $78,600,830

• 2b · Program service revenue: CAPITAL CREDITS

  total $2,023,133 · related or exempt $2,023,133

• 2c · Program service revenue: EQUITY EARNINGS

  total $270,642 · related or exempt $182,989 · unrelated business $87,653

• 3 · Investment income

  total $175,961 · excluded $175,961

• 7a · Gross sales of assets other than inventory

  other assets $26,543

• 7b · Less cost or other basis and sales expenses

  other assets $1,270

• 7c · Gain or loss

  other assets $25,273

• 7d · Net gain or loss

  total $25,273 · excluded $25,273

• 10a · Gross sales of inventory

  $492,555

• 10b · Cost of goods sold

  $555,068

• 10c · Net income from sales of inventory

  total -$62,513 · related or exempt -$42,515 · unrelated business -$19,998

• 11a · Other revenue: OTHER NONOPERATING MARGINS

  total $4,685 · related or exempt $4,685

• 11e · Other revenue, total

  $4,685

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $4,281,856

• 5 · Compensation of officers, directors and key employees

  total $836,803

• 7 · Other salaries and wages

  total $6,592,421

• 8 · Pension plan contributions

  total $1,896,515

• 9 · Other employee benefits

  total $531,124

• 12 · Advertising and promotion

  total $171,137

• 20 · Interest

  total $3,609,870

• 22 · Depreciation, depletion and amortization

  total $6,721,445

• 23 · Insurance

  total $184,579

• 24a · Other expenses: COST OF POWER

  total $49,759,590

• 24b · Other expenses: DISTRIBUTION - MAINTENA

  total $5,092,944

• 24c · Other expenses: DISTRIBUTION - OPERATIO

  total $4,415,399

• 24d · Other expenses: CUSTOMER SERVICE & INFO

  total $1,085,941

• 24e · All other expenses

  total -$4,555,624

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $148,487 · end of year $1,197,279

• 4 · Accounts receivable

  beginning of year $7,584,863 · end of year $8,734,621

• 7 · Other notes and loans receivable

  beginning of year $1,032,173 · end of year $681,167

• 8 · Inventories for sale or use

  beginning of year $5,506,849 · end of year $7,507,465

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,510,060 · end of year $941,904

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

  $216,199,966

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

  $65,912,318

• 10c · Land, buildings and equipment, net

  beginning of year $145,046,674 · end of year $150,287,648

• 12 · Investments: other securities

  beginning of year $175,133 · end of year $499,979

• 13 · Investments: program-related

  beginning of year $35,161,203 · end of year $38,446,650

• 15 · Other assets

  beginning of year $7,295,867 · end of year $7,312,459

• 17 · Accounts payable and accrued expenses

  beginning of year $9,448,783 · end of year $9,114,157

• 21 · Escrow or custodial account liability

  beginning of year $33,700 · end of year $42,450

• 23 · Secured mortgages and notes payable

  beginning of year $112,482,517 · end of year $116,806,756

• 24 · Unsecured notes and loans payable

  beginning of year $600,000 · end of year $4,100,000

• 25 · Other liabilities

  beginning of year $6,016,361 · end of year $8,236,932

• 27 · Net assets without donor restrictions

  beginning of year $74,879,948 · end of year $77,308,877

The filer's explanations (Part III)

FORM 990, PART VII, SECTION A, LINE 5

PER THE INSTRUCTIONS, INCLUDED IN COLUMN (C) IS THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR 2022. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR BRIAN KRAMBEER IS $153,761. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $68,730. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR SHELLY HOVE IS $82,610. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $42,656. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR VASSIL VUTOV IS $41,993. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $37,785. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR STEVEN OIAN IS $131,804. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $34,625. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR MICHAEL WALTON IS $86,150. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $35,033. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR TYLER EIDE IS $31,139. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $23,444. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR BRIAN BAUER IS $58,340. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $23,444.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• MINNESOTA THREE LLC

  UNRELATED · ELECTRIC AND OTHER SERVICES · MN · 33% owned · share of income $9,288 · share of assets $343,530 · general or managing partner

  Directly controlled by MIENERGY COOPERATIVE

• TEC COMMUNITY SOLAR I LLC

  SOLAR ENERGY · MN

• HAWKEYE COMMUNITY SOLAR I LLC

  COMMUNITY SOLAR PROJECT · IA

• MIBROADBAND LLC

  RELATED · PROVIDE BROADBAND SERVICE · MN · 33% owned · share of income $64,010 · share of assets $1,457,996 · general or managing partner

  Directly controlled by MIENERGY COOPERATIVE

Related corporations and trusts

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

• TEC COMMUNITY SOLAR HOLDINGS

  C · SOLAR POWER INVESTMENT · MN · 100% owned · share of income $73 · share of assets $3,827 · controlled entity

  Directly controlled by MIENERGY COOPERATIVE

• HTC DEVELOPMENT CORPORATION

  C · HOUSING DEVELOPMENT · IA · 100% owned · share of income $273,108 · share of assets $1,173,250 · controlled entity

  Directly controlled by MIENERGY COOPERATIVE

• HREC COMMUNITY SOLAR HOLDINGS LLC

  C · COMMUNITY SOLAR PROJECT · IA · 100% owned · share of income $45 · share of assets $3,506 · controlled entity

  Directly controlled by MIENERGY COOPERATIVE