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Nonprofiteer
← HEARTLAND POWER COOPERATIVE

Form 990 for tax year 2023

Filed by HEARTLAND POWER COOPERATIVE.

Totals

Total revenue
$31,295,055
Total expenses
$29,841,744
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$31,107,162
Investment income
$51,185
Other revenue
$136,708
Total assets, end of year
$63,233,645
Total liabilities, end of year
$26,486,127
Net assets or fund balances, end of year
$36,747,518
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 POWER

    total $30,016,509 · related or exempt $30,016,509

  • 2b · Program service revenue: CAPITAL CREDITS

    total $1,090,653 · related or exempt $1,090,653

  • 3 · Investment income

    total $51,185 · excluded $51,185

  • 6a · Gross rents

    real property $80,633

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $80,633

  • 6d · Net rental income or loss

    total $80,633 · excluded $80,633

  • 10a · Gross sales of inventory

    $179,619

  • 10b · Cost of goods sold

    $157,087

  • 10c · Net income from sales of inventory

    total $22,532 · related or exempt $22,532

  • 11a · Other revenue: PARTNERSHIP INCOME

    total $33,543 · unrelated business $33,543

  • 11e · Other revenue, total

    $33,543

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,798,381

  • 5 · Compensation of officers, directors and key employees

    total $541,091

  • 7 · Other salaries and wages

    total $1,657,837

  • 8 · Pension plan contributions

    total $380,144

  • 10 · Payroll taxes

    total $153,098

  • 20 · Interest

    total $495,578

  • 22 · Depreciation, depletion and amortization

    total $1,771,674

  • 24a · Other expenses: COST OF POWER

    total $22,127,590

  • 24b · Other expenses: OTHER OPERATIONS

    total $916,351

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $185,883 · end of year $46,768

  • 4 · Accounts receivable

    beginning of year $2,736,763 · end of year $2,779,571

  • 7 · Other notes and loans receivable

    beginning of year $1,661,714 · end of year $2,686,867

  • 8 · Inventories for sale or use

    beginning of year $1,871,419 · end of year $2,494,033

  • 9 · Prepaid expenses and deferred charges

    beginning of year $21,407 · end of year $185,140

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

    $58,443,875

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

    $19,637,545

  • 10c · Land, buildings and equipment, net

    beginning of year $36,636,513 · end of year $38,806,330

  • 12 · Investments: other securities

    beginning of year $105,703 · end of year $105,703

  • 13 · Investments: program-related

    beginning of year $14,401,648 · end of year $15,295,143

  • 15 · Other assets

    beginning of year $678,100 · end of year $834,090

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,717,183 · end of year $2,913,931

  • 23 · Secured mortgages and notes payable

    beginning of year $10,799,482 · end of year $11,350,323

  • 24 · Unsecured notes and loans payable

    beginning of year $1,256,686 · end of year $3,822,404

  • 25 · Other liabilities

    beginning of year $9,249,375 · end of year $8,399,469

  • 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 $34,276,424 · end of year $36,747,518

Mission and programs · 2023

Mission

OUR VISION IS TO BE THE PROVIDER OF CHOICE FOR ENERGY AND SERVICES BY ALL CONSUMERS. OUR PRIMARY PURPOSE IS TO PROVIDE ELECTRICAL ENERGY AND OTHER SERVICES THAT ENHANCE THE QUALITY OF LIFE OF OUR MEMBERS AND THE ECONOMIC AND SOCIAL WELL-BEING OF THE REGION AT THE LOWEST POSSIBLE COST CONSISTENT WITH SOUND ECONOMIC AND MANAGEMENT DECISIONS.

Activities or mission (Part I)

TO PROVIDE ELECTRICITY TO RURAL COMMUNITIES.

  • HEARTLAND POWER COOPERATIVE INVESTED IN NEW SERVICE LINES, LINE AND SERVICE IMPROVEMENTS, AND ORDINARY REPLACEMENT OF EXISTING LINE TO KEEP UP THE CONDITION OF OUR DISTRIBUTION SYSTEM. A SUMMARY OF THESE IMPROVEMENTS IS LISTED BELOW:15 MILES OF OVERHEAD LINE WAS REBUILT22 MILES OF UNDERGROUND LINE WAS INSTALLED35 NEW SERVICES CONNECTED467 NEW POLES WERE PLACED FOR NEW LINE, NEW SERVICES, AND FOR ORDINARY REPLACEMENT OF DAMAGED OR DECAYED POLES OR FOR BETTER LINE CLEARANCE3,056 POLES WERE INSPECTED FOR DECAY OR DAMAGE, 36 POLES TAGGED FOR REPLACEMENT306 ARRESTORS WERE ADDED TO LINES TO DRAIN OFF LIGHTNING SURGES48 ELECTRONIC TRIP SAVERS WERE INSTALLED TO IMPROVE RELIABILITY AND REDUCE OUTAGES165 SECURITY LIGHTS WERE REPAIRED

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Don Knudtson

    PRESIDENT

    Total calculated
    $11,250
    From this org
    $11,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Mark Kingland

    VICE PRESIDENT

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Vince Morische

    SECRETARY

    Total calculated
    $10,025
    From this org
    $10,025
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Gary Pearson

    ASST. SECRETARY-TREASURER

    Total calculated
    $5,850
    From this org
    $5,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Michael Cole

    DIRECTOR

    Total calculated
    $10,350
    From this org
    $10,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Roger Solomonson

    DIRECTOR

    Total calculated
    $7,425
    From this org
    $7,425
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Roger Tjarks

    DIRECTOR UNTIL 09/2023

    Total calculated
    $5,700
    From this org
    $5,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Tricia Jaeger

    TREASURER

    Total calculated
    $9,150
    From this org
    $9,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Jon Leerar

    CEO/GENERAL MANAGER

    Total calculated
    $316,067
    From this org
    $193,122
    From related orgs
    $0
    Other
    $122,945
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $193,122
    Bonus
    $0
    Other
    $0
    Deferred
    $88,860
    Nontaxable benefits
    $34,085
    Filer's total
    $316,067

  • Karrie Pringnitz

    DIRECTOR OF FINANCE

    Total calculated
    $198,561
    From this org
    $124,399
    From related orgs
    $0
    Other
    $74,162
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $124,399
    Bonus
    $0
    Other
    $0
    Deferred
    $41,383
    Nontaxable benefits
    $32,779
    Filer's total
    $198,561

  • Dave Low

    DIRECTOR OF OPERATIONS

    Total calculated
    $195,850
    From this org
    $119,195
    From related orgs
    $0
    Other
    $76,655
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $119,195
    Bonus
    $0
    Other
    $0
    Deferred
    $55,411
    Nontaxable benefits
    $21,244
    Filer's total
    $195,850

  • Jarrett Woods

    FIRST CLASS LINEMAN

    Total calculated
    $118,237
    From this org
    $100,597
    From related orgs
    $0
    Other
    $17,640
    Hours/week
    40

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 committee
  • 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

The filer's explanations (Part III)

SCHEDULE J, PART II COL (C)
INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR JON LEERAR OF $83,354. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR JON'S DEFINED BENEFIT PLAN WAS $49,820. INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR KARRIE PRINGNITZ OF $40,098. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR KARRIE'S DEFINED BENEFIT PLAN WAS $32,845. INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR DAVID LOW OF $45,311. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR DAVID'S DEFINED BENEFIT PLAN WAS $29,320.

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
2023
Filed
23 October 2024
IRS schema version
2023v5.1
Source object
202443029349300934

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