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Nonprofiteer
← MINNKOTA POWER COOPERATIVE INC

Form 990 for tax year 2024

Filed by MINNKOTA POWER COOPERATIVE INC.

Totals

Total revenue
$472,008,366
Total expenses
$462,753,449
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$464,398,660
Investment income
$4,117,606
Other revenue
$3,492,100
Total assets, end of year
$1,191,992,873
Total liabilities, end of year
$956,190,831
Net assets or fund balances, end of year
$235,802,042
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 $464,398,660 · related or exempt $464,398,660 · 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 $4,117,606 · related or exempt $4,117,606 · 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 $1,350,000 · related or exempt $1,350,000 · 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 $2,142,100 · related or exempt $2,142,100 · unrelated business $0 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $2,142,100

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $5,657,754

  • 20 · Interest

    total $29,917,111

  • 22 · Depreciation, depletion and amortization

    total $31,475,043

  • 24a · Other expenses: Production and Purchased Power

    total $340,425,872

  • 24b · Other expenses: Transmission and Substation

    total $34,589,645

  • 24c · Other expenses: General and Administrative

    total $20,688,024

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,711,545 · end of year $12,368,107

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $48,777,776 · end of year $56,838,043

  • 8 · Inventories for sale or use

    beginning of year $45,063,119 · end of year $46,779,177

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,416,501 · end of year $13,162,502

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

    $1,465,917,731

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

    $448,573,694

  • 10c · Land, buildings and equipment, net

    beginning of year $991,196,380 · end of year $1,017,344,037

  • 12 · Investments: other securities

    beginning of year $74,550,600 · end of year $45,501,007

  • 17 · Accounts payable and accrued expenses

    beginning of year $70,234,993 · end of year $61,904,237

  • 23 · Secured mortgages and notes payable

    beginning of year $825,890,058 · end of year $860,958,295

  • 25 · Other liabilities

    beginning of year $62,257,332 · end of year $33,328,299

  • 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 $225,332,402 · end of year $235,800,906

Mission and programs · 2024

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 2024 return.

Listed in Part VII

  • Robert McLennan

    President & CEO

    Total calculated
    $1,360,510
    From this org
    $1,147,879
    From related orgs
    $0
    Other
    $212,631
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,122,481
    Bonus
    $0
    Other
    $25,397
    Deferred
    $180,200
    Nontaxable benefits
    $32,431
    Filer's total
    $1,360,509

  • Lowell Stave

    Vice President and COO

    Total calculated
    $529,208
    From this org
    $440,577
    From related orgs
    $0
    Other
    $88,631
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $359,814
    Bonus
    $10,000
    Other
    $70,763
    Deferred
    $55,200
    Nontaxable benefits
    $33,431
    Filer's total
    $529,208

  • Gerad Paul

    General Counsel-VP of Legal, Compliance & Risk Mgmt

    Total calculated
    $475,372
    From this org
    $387,741
    From related orgs
    $0
    Other
    $87,631
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $354,641
    Bonus
    $10,000
    Other
    $23,100
    Deferred
    $55,200
    Nontaxable benefits
    $32,431
    Filer's total
    $475,372

  • Jami Hovet

    Vice President of Administration

    Total calculated
    $413,376
    From this org
    $329,123
    From related orgs
    $0
    Other
    $84,253
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $316,523
    Bonus
    $12,500
    Other
    $100
    Deferred
    $51,822
    Nontaxable benefits
    $32,431
    Filer's total
    $413,376

  • Kay Schraeder

    Vice President and CFO

    Total calculated
    $405,576
    From this org
    $322,134
    From related orgs
    $0
    Other
    $83,442
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,434
    Bonus
    $10,000
    Other
    $9,700
    Deferred
    $51,011
    Nontaxable benefits
    $32,431
    Filer's total
    $405,576

  • Todd Sailer

    Vice President of Power Supply

    Total calculated
    $402,031
    From this org
    $320,574
    From related orgs
    $0
    Other
    $81,457
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,695
    Bonus
    $12,500
    Other
    $37,379
    Deferred
    $48,026
    Nontaxable benefits
    $33,431
    Filer's total
    $402,031

  • Craig Bleth

    Vice President of Project Development

    Total calculated
    $397,447
    From this org
    $314,874
    From related orgs
    $0
    Other
    $82,573
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,234
    Bonus
    $12,500
    Other
    $140
    Deferred
    $49,143
    Nontaxable benefits
    $33,431
    Filer's total
    $397,448

  • Dan Inman

    Vice President and CISO

    Total calculated
    $392,975
    From this org
    $311,437
    From related orgs
    $0
    Other
    $81,538
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $301,337
    Bonus
    $10,000
    Other
    $100
    Deferred
    $49,279
    Nontaxable benefits
    $32,259
    Filer's total
    $392,975

  • Brendan Kennelly

    Vice President of Power Delivery

    Total calculated
    $377,843
    From this org
    $298,608
    From related orgs
    $0
    Other
    $79,235
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $285,875
    Bonus
    $12,500
    Other
    $233
    Deferred
    $46,804
    Nontaxable benefits
    $32,431
    Filer's total
    $377,843

  • Andrew Sorbo

    Vice President Strategic Initiatives

    Total calculated
    $328,201
    From this org
    $257,802
    From related orgs
    $0
    Other
    $70,399
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,202
    Bonus
    $12,500
    Other
    $100
    Deferred
    $37,968
    Nontaxable benefits
    $32,431
    Filer's total
    $328,201

  • Stacey Dahl

    Vice President of External Affairs

    Total calculated
    $321,083
    From this org
    $248,807
    From related orgs
    $0
    Other
    $72,276
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $236,061
    Bonus
    $12,500
    Other
    $246
    Deferred
    $39,845
    Nontaxable benefits
    $32,431
    Filer's total
    $321,083

  • Shannon Mikula

    Environmental Manager

    Total calculated
    $312,337
    From this org
    $240,891
    From related orgs
    $0
    Other
    $71,446
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,791
    Bonus
    $10,000
    Other
    $100
    Deferred
    $39,015
    Nontaxable benefits
    $32,431
    Filer's total
    $312,337

  • Grant Gunderson

    Senior Manager Resource Planning & Markets

    Total calculated
    $303,513
    From this org
    $233,376
    From related orgs
    $0
    Other
    $70,137
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $228,276
    Bonus
    $5,000
    Other
    $100
    Deferred
    $37,706
    Nontaxable benefits
    $32,431
    Filer's total
    $303,513

  • Andrew Freidt

    Senior Manager of Power Production

    Total calculated
    $281,907
    From this org
    $227,012
    From related orgs
    $0
    Other
    $54,895
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,912
    Bonus
    $5,000
    Other
    $100
    Deferred
    $35,786
    Nontaxable benefits
    $19,110
    Filer's total
    $281,908

  • Theresa Brorby

    Senior Manager of Audit & Risk

    Total calculated
    $274,565
    From this org
    $208,464
    From related orgs
    $0
    Other
    $66,101
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,459
    Bonus
    $5,000
    Other
    $3,004
    Deferred
    $33,670
    Nontaxable benefits
    $32,431
    Filer's total
    $274,564

  • Tim Hagerott

    Senior Manager of Generation & Development

    Total calculated
    $273,660
    From this org
    $214,395
    From related orgs
    $0
    Other
    $59,265
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,295
    Bonus
    $6,000
    Other
    $100
    Deferred
    $34,502
    Nontaxable benefits
    $24,763
    Filer's total
    $273,660

  • Colette Kujava

    Board Secretary/Treasurer

    Total calculated
    $21,890
    From this org
    $21,890
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9

  • Mark Habedank

    Board Chair

    Total calculated
    $18,560
    From this org
    $18,560
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9

  • Rick Coe

    Board Member

    Total calculated
    $17,220
    From this org
    $17,220
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.7

  • Tom Woinarowicz

    Board Vice Chair

    Total calculated
    $16,540
    From this org
    $16,540
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9

  • Les Windjue

    Board Member

    Total calculated
    $16,420
    From this org
    $1,000
    From related orgs
    $0
    Other
    $15,420
    Hours/week
    4.7

  • Kalvin Hoff

    Board Member

    Total calculated
    $16,180
    From this org
    $16,180
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.8

  • Cheryl Grover

    Board Member

    Total calculated
    $15,160
    From this org
    $15,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Mike Wahl

    Board Member

    Total calculated
    $13,600
    From this org
    $13,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.7

  • Steve Arnesen

    Board Member

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.7

  • Anthony Ottem

    Board Member

    Total calculated
    $10,560
    From this org
    $10,560
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.7

  • Roger Krostue

    Board Member

    Total calculated
    $10,150
    From this org
    $10,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.7

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 · First-class or charter travel
  • 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, Stacy Dahl, and Brenden Kennelly used the Minnkota aircraft for personal use. This was reported as income on their W-2. Robert McLennan, Lowell Stave, and Gerad Paul 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 $135,285 · assets $7,629,002

    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 $411 · share of assets $2,958

    Directly controlled by Minnkota Power Cooperative

  • Great Plains Tower Services LLC

    C · Tower Maintenance · ND · 100% owned · share of income $1,028,641 · share of assets $809,968

    Directly controlled by Minnkota Power Cooperative

Provenance

Return type
form_990
Tax year
2024
Filed
20 March 2025
IRS schema version
2024v5.0
Source object
202541269349300729

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