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← RUNESTONE ELECTRIC ASSOCIATION

Form 990 for tax year 2024

Filed by RUNESTONE ELECTRIC ASSOCIATION.

What the amendment changed

Compared with the return it replaced , filed 5 May 2025. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Those are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$33,444,294
Total expenses
$33,444,294
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$32,232,010
Investment income
$1,136,277
Other revenue
$76,007
Total assets, end of year
$108,251,306
Total liabilities, end of year
$66,989,893
Net assets or fund balances, end of year
$41,261,413
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: Sales of Electric Energy

    total $32,120,020 · related or exempt $32,120,020 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Late Payment Charges

    total $102,063 · related or exempt $102,063 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Service Charge & Other Elec

    total $9,927 · related or exempt $9,927 · 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 $1,096,077 · related or exempt $0 · unrelated business $0 · excluded $1,096,077

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

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

  • 5 · Royalties

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

  • 6a · Gross rents

    real property $6,431 · personal property $0

  • 6b · Less rental expenses

    real property $5,341 · personal property $0

  • 6c · Rental income or loss

    real property $1,090 · personal property $0

  • 6d · Net rental income or loss

    total $1,090 · related or exempt $0 · unrelated business -$1,357 · excluded $2,447

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $40,200

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $40,200

  • 7d · Net gain or loss

    total $40,200 · related or exempt $40,200 · unrelated business $0 · excluded $0

  • 11a · Other revenue: STAR Energy Services LLC

    total $28,061 · related or exempt $0 · unrelated business $28,061 · excluded $0

  • 11b · Other revenue: Heartland Security Services LLC

    total $46,856 · related or exempt $0 · unrelated business $46,856 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $74,917

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,474,510

  • 5 · Compensation of officers, directors and key employees

    total $723,516

  • 7 · Other salaries and wages

    total $2,160,690

  • 20 · Interest

    total $2,038,290

  • 22 · Depreciation, depletion and amortization

    total $4,325,490

  • 24a · Other expenses: Cost of Power

    total $17,551,122

  • 24b · Other expenses: Operations & Maintenance-Distribution

    total $2,369,328

  • 24c · Other expenses: Consumer Accounts & Service

    total $876,834

  • 24d · Other expenses: Admin. & General Property Maint.

    total $888,640

  • 24e · All other expenses

    total $35,874

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,235,764 · end of year $1,837,745

  • 4 · Accounts receivable

    beginning of year $3,107,317 · end of year $3,474,297

  • 8 · Inventories for sale or use

    beginning of year $1,658,177 · end of year $1,885,444

  • 9 · Prepaid expenses and deferred charges

    beginning of year $830,058 · end of year $1,013,056

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

    $119,188,221

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

    $35,029,151

  • 10c · Land, buildings and equipment, net

    beginning of year $79,405,727 · end of year $84,159,070

  • 13 · Investments: program-related

    beginning of year $14,676,115 · end of year $15,325,103

  • 15 · Other assets

    beginning of year $2,134,734 · end of year $556,591

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,090,439 · end of year $6,955,018

  • 23 · Secured mortgages and notes payable

    beginning of year $52,858,634 · end of year $58,682,046

  • 25 · Other liabilities

    beginning of year $1,228,690 · end of year $1,352,829

  • 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 $39,870,129 · end of year $41,261,413

Mission and programs · 2024

Mission

To serve our members with safe, reliable and affordable electricity.

Activities or mission (Part I)

To serve our members with safe, reliable, and affordable electricity.

  • Sales and distribution of electricity to 15,391 residential, seasonal, and commercial accounts.

As filed on the 2024 return.

Listed in Part VII

  • Alan Haman

    CEO

    Total calculated
    $441,834
    From this org
    $291,678
    From related orgs
    $0
    Other
    $150,156
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $290,975
    Bonus
    $700
    Other
    $0
    Deferred
    $129,592
    Nontaxable benefits
    $20,564
    Filer's total
    $441,831

  • Janet Nelson

    Manager of Finance

    Total calculated
    $236,332
    From this org
    $155,967
    From related orgs
    $0
    Other
    $80,365
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $155,267
    Bonus
    $700
    Other
    $0
    Deferred
    $53,248
    Nontaxable benefits
    $27,117
    Filer's total
    $236,332

  • Susan Lundeen

    Manager of Member Services

    Total calculated
    $224,526
    From this org
    $139,474
    From related orgs
    $0
    Other
    $85,052
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $138,774
    Bonus
    $700
    Other
    $0
    Deferred
    $58,477
    Nontaxable benefits
    $26,575
    Filer's total
    $224,526

  • David Jablonski

    Line Superintendent

    Total calculated
    $219,367
    From this org
    $132,486
    From related orgs
    $0
    Other
    $86,881
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $131,786
    Bonus
    $700
    Other
    $0
    Deferred
    $60,575
    Nontaxable benefits
    $26,306
    Filer's total
    $219,367

  • Ryan Rooney

    Energy Services & Business Development Manager

    Total calculated
    $188,057
    From this org
    $138,232
    From related orgs
    $0
    Other
    $49,825
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $137,532
    Bonus
    $700
    Other
    $0
    Deferred
    $23,195
    Nontaxable benefits
    $26,630
    Filer's total
    $188,057

  • Susan Gibbons

    Network & IT Administrator

    Total calculated
    $179,434
    From this org
    $135,541
    From related orgs
    $0
    Other
    $43,893
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $134,841
    Bonus
    $700
    Other
    $0
    Deferred
    $28,779
    Nontaxable benefits
    $15,114
    Filer's total
    $179,434

  • Kyle Blade

    Journeyman Lineman

    Total calculated
    $156,384
    From this org
    $131,040
    From related orgs
    $0
    Other
    $25,344
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $130,340
    Bonus
    $700
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $25,344
    Filer's total
    $156,384

  • Joel Seela

    Director

    Total calculated
    $8,450
    From this org
    $8,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Michael Loken

    Director

    Total calculated
    $7,700
    From this org
    $7,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.4

  • David Staples

    Director

    Total calculated
    $7,300
    From this org
    $7,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Barbara Johnson

    Director

    Total calculated
    $7,250
    From this org
    $7,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.6

  • Gary Anderson

    Director

    Total calculated
    $7,050
    From this org
    $7,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Matthew Mattson

    Director

    Total calculated
    $5,700
    From this org
    $5,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1

  • Audrey Hjelle

    Director

    Total calculated
    $1,900
    From this org
    $1,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · Written employment contract
  • 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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • Runestone Electric Association Community Trust

    501(c)(3) · Distr. charitable funds · MN

Provenance

Return type
form_990
Tax year
2024
Filed
5 May 2025
IRS schema version
2024v5.0
Source object
202542129349301029

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