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Nonprofiteer
← STEARNS COOPERATIVE ELECTRIC ASSOCIATION

Form 990 for tax year 2024

Filed by STEARNS COOPERATIVE ELECTRIC ASSOCIATION.

Totals

Total revenue
$71,510,283
Total expenses
$71,510,283
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$68,905,868
Investment income
$558,855
Other revenue
$2,045,560
Total assets, end of year
$190,422,858
Total liabilities, end of year
$106,763,853
Net assets or fund balances, end of year
$83,659,005
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 ELECTRICITY

    total $68,905,868 · related or exempt $68,905,868

  • 3 · Investment income

    total $555,311 · excluded $555,311

  • 6a · Gross rents

    real property $45,867

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $45,867

  • 6d · Net rental income or loss

    total $45,867 · excluded $45,867

  • 7a · Gross sales of assets other than inventory

    other assets $87,982

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

    other assets $84,438

  • 7c · Gain or loss

    other assets $3,544

  • 7d · Net gain or loss

    total $3,544 · excluded $3,544

  • 10a · Gross sales of inventory

    $232,228

  • 10b · Cost of goods sold

    $233,882

  • 10c · Net income from sales of inventory

    total -$1,654 · related or exempt -$1,654

  • 11a · Other revenue: CAPITAL CREDITS

    total $1,897,007 · related or exempt $1,897,007

  • 11b · Other revenue: SUBSIDIARY INCOME

    total $94,336 · related or exempt $23,746 · unrelated business $70,590

  • 11c · Other revenue: MISCELLANEOUS FEES

    total $10,004 · related or exempt $10,004

  • 11e · Other revenue, total

    $2,001,347

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $6,632,331

  • 5 · Compensation of officers, directors and key employees

    total $839,703

  • 20 · Interest

    total $2,428,448

  • 22 · Depreciation, depletion and amortization

    total $5,237,243

  • 24a · Other expenses: COST OF POWER

    total $42,433,055

  • 24b · Other expenses: MAINTENANCE

    total $4,290,066

  • 24c · Other expenses: OPERATIONS

    total $4,143,891

  • 24d · Other expenses: GENERAL & ADMIN

    total $3,048,973

  • 24e · All other expenses

    total $2,456,573

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,568,470 · end of year $1,517,414

  • 2 · Savings and temporary cash investments

    beginning of year $693,520 · end of year $9,021,713

  • 4 · Accounts receivable

    beginning of year $6,373,420 · end of year $7,372,762

  • 8 · Inventories for sale or use

    beginning of year $3,940,563 · end of year $4,261,955

  • 9 · Prepaid expenses and deferred charges

    beginning of year $551,321 · end of year $443,893

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

    $179,710,051

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

    $54,113,231

  • 10c · Land, buildings and equipment, net

    beginning of year $111,285,372 · end of year $125,596,820

  • 12 · Investments: other securities

    beginning of year $39,343,619 · end of year $41,698,262

  • 15 · Other assets

    beginning of year $672,102 · end of year $510,039

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,233,350 · end of year $11,425,405

  • 23 · Secured mortgages and notes payable

    beginning of year $69,848,504 · end of year $90,333,076

  • 25 · Other liabilities

    beginning of year $5,202,662 · end of year $5,005,372

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $79,143,871 · end of year $83,659,005

Mission and programs · 2024

Mission

GENERATION AND PURCHASE OF ELECTRICITY FOR DISTRIBUTION AND SALE ON A COOPERATIVE BASIS TO MEMBERS.

Activities or mission (Part I)

GENERATION AND PURCHASE OF ELECTRICITY FOR DISTRIBUTION ON A COOPERATIVE BASIS TO MEMBERS.

  • SOLD 524,306,568 KWH'S TO OUR COOPERATIVE MEMBERS IN 2024. THE AVERAGE NUMBER OF TOTAL SERVICES WAS 28,559. WE OPERATE ON A COOPERATIVE BASIS TO GENERATE, PURCHASE, DISTRIBUTE, AND SELL ELECTRICITY TO OUR MEMBERS. NET PATRONAGE MARGINS, OUR NET INCOME, IS USED TO GROW OUR PLANT AND RETIRE CAPITAL CREDITS. NET MARGINS ARE ALLOCATED TO MEMBERS AND RETURNED TO OUR MEMBERS OVER TIME.

As filed on the 2024 return.

Listed in Part VII

  • Eric Peterson

    PRESIDENT

    Total calculated
    $21,050
    From this org
    $21,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Randall Rothstein

    VICE PRESIDENT

    Total calculated
    $17,000
    From this org
    $17,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Michael Cramer

    SECRETARY/TREASURER

    Total calculated
    $20,550
    From this org
    $20,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Robert Niehaus

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Arlyn Lawrenz

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Greg Blaine

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jerome Fries

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Jeff Koehler

    DIRECTOR

    Total calculated
    $15,750
    From this org
    $15,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Scott Dirkes

    DIRECTOR

    Total calculated
    $18,500
    From this org
    $18,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Matthew O'Shea

    CEO

    Total calculated
    $396,864
    From this org
    $280,547
    From related orgs
    $0
    Other
    $116,317
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $257,221
    Bonus
    $11,638
    Other
    $11,688
    Deferred
    $82,908
    Nontaxable benefits
    $33,409
    Filer's total
    $396,864

  • Victoria A Herkenhoff

    VP OF ADMINISTRATION AND FINANCE

    Total calculated
    $285,989
    From this org
    $192,344
    From related orgs
    $0
    Other
    $93,645
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $177,507
    Bonus
    $10,474
    Other
    $4,363
    Deferred
    $60,612
    Nontaxable benefits
    $33,033
    Filer's total
    $285,989

  • Cindy Anderson

    MANAGER OF FINANCE

    Total calculated
    $230,573
    From this org
    $149,559
    From related orgs
    $0
    Other
    $81,014
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $139,026
    Bonus
    $9,310
    Other
    $1,223
    Deferred
    $48,198
    Nontaxable benefits
    $32,816
    Filer's total
    $230,573

  • Glenn Blommel

    MANAGER OF OPERATIONS

    Total calculated
    $265,746
    From this org
    $176,921
    From related orgs
    $0
    Other
    $88,825
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $157,921
    Bonus
    $9,310
    Other
    $9,690
    Deferred
    $54,891
    Nontaxable benefits
    $33,934
    Filer's total
    $265,746

  • Ryan Zierden

    MANAGER OF IT

    Total calculated
    $231,248
    From this org
    $163,745
    From related orgs
    $0
    Other
    $67,503
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $153,705
    Bonus
    $9,310
    Other
    $730
    Deferred
    $51,175
    Nontaxable benefits
    $16,328
    Filer's total
    $231,248

  • James Turner

    MANAGER OF ENGINEERING

    Total calculated
    $198,706
    From this org
    $147,008
    From related orgs
    $0
    Other
    $51,698
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $137,619
    Bonus
    $6,445
    Other
    $2,944
    Deferred
    $18,916
    Nontaxable benefits
    $32,782
    Filer's total
    $198,706

  • Jacob Ronning

    JOUNEYMAN LINEMAN

    Total calculated
    $170,810
    From this org
    $142,966
    From related orgs
    $0
    Other
    $27,844
    Hours/week
    47.27

    Schedule J breakdown matched by us

    Base
    $140,253
    Bonus
    $2,328
    Other
    $385
    Deferred
    $11,143
    Nontaxable benefits
    $16,701
    Filer's total
    $170,810

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

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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.

Provenance

Return type
form_990
Tax year
2024
Filed
2 September 2025
IRS schema version
2024v5.2
Source object
202512799349301446

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