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Nonprofiteer
← MINNESOTA VALLEY ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by MINNESOTA VALLEY ELECTRIC COOPERATIVE.

Totals

Total revenue
$108,564,734
Total expenses
$107,152,255
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$104,216,799
Investment income
$708,999
Other revenue
$3,638,936
Total assets, end of year
$250,122,932
Total liabilities, end of year
$164,760,999
Net assets or fund balances, end of year
$85,361,933
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: CONSUMER ELECTRIC SALES

    total $104,177,382 · related or exempt $104,177,382

  • 2b · Program service revenue: POLE RENTALS

    total $39,417 · excluded $39,417

  • 3 · Investment income

    total $273,039 · excluded $273,039

  • 7a · Gross sales of assets other than inventory

    other assets $439,509

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

    other assets $3,549

  • 7c · Gain or loss

    other assets $435,960

  • 7d · Net gain or loss

    total $435,960 · excluded $435,960

  • 10a · Gross sales of inventory

    $176,024

  • 10b · Cost of goods sold

    $415,075

  • 10c · Net income from sales of inventory

    total -$239,051 · related or exempt -$239,051

  • 11a · Other revenue: CAPITAL CREDITS

    total $3,879,339 · related or exempt $3,879,339

  • 11b · Other revenue: MVUS LLC

    total -$1,352 · unrelated business -$1,352

  • 11e · Other revenue, total

    $3,877,987

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,480,937

  • 5 · Compensation of officers, directors and key employees

    total $1,415,513

  • 20 · Interest

    total $4,454,216

  • 22 · Depreciation, depletion and amortization

    total $6,617,313

  • 24a · Other expenses: COST OF POWER

    total $71,919,171

  • 24b · Other expenses: DISTRIBUTION EXPENSE -

    total $9,470,889

  • 24c · Other expenses: GENERAL AND ADMINISTRAT

    total $5,789,666

  • 24d · Other expenses: CONSUMER ACCOUNTS - LAB

    total $2,403,913

  • 24e · All other expenses

    total $1,600,637

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $726,344 · end of year $4,318,805

  • 2 · Savings and temporary cash investments

    beginning of year $3,000,000 · end of year $3,000,000

  • 4 · Accounts receivable

    beginning of year $15,188,307 · end of year $13,226,759

  • 7 · Other notes and loans receivable

    beginning of year $175,786 · end of year $151,601

  • 8 · Inventories for sale or use

    beginning of year $3,436,329 · end of year $4,638,580

  • 9 · Prepaid expenses and deferred charges

    beginning of year $318,439 · end of year $390,426

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

    $236,092,767

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

    $65,575,806

  • 10c · Land, buildings and equipment, net

    beginning of year $163,100,958 · end of year $170,516,961

  • 13 · Investments: program-related

    beginning of year $50,105,332 · end of year $53,872,114

  • 15 · Other assets

    beginning of year $4,538,377 · end of year $7,686

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,923,639 · end of year $15,131,872

  • 23 · Secured mortgages and notes payable

    beginning of year $123,722,345 · end of year $133,621,555

  • 24 · Unsecured notes and loans payable

    beginning of year $14,650,000 · end of year $13,000,000

  • 25 · Other liabilities

    beginning of year $2,947,598 · end of year $3,007,572

  • 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 $81,346,290 · end of year $85,361,933

Mission and programs · 2023

Mission

PROVIDE ELECTRIC SERVICE TO MEMBERS

  • PROVIDE ELECTRIC SERVICE TO MEMBERS

As filed on the 2023 return.

Listed in Part VII

  • Deborah Erickson

    PRESIDENT

    Total calculated
    $22,220
    From this org
    $22,220
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Brent Lawrence

    DIRECTOR

    Total calculated
    $19,100
    From this org
    $19,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Thomas Wolf

    SECRETARY/TREASURER

    Total calculated
    $18,635
    From this org
    $18,635
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Kevin Gibbs

    VICE PRESIDENT

    Total calculated
    $18,410
    From this org
    $18,410
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Michelle Morrison

    DIRECTOR

    Total calculated
    $18,245
    From this org
    $18,245
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • James Connelly

    DIRECTOR

    Total calculated
    $18,050
    From this org
    $18,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Gary Haberman

    DIRECTOR

    Total calculated
    $18,050
    From this org
    $18,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Elizabeth Krocak

    DIRECTOR

    Total calculated
    $13,550
    From this org
    $13,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Michael Lins

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • William Heinlein

    DIRECTOR (RETIRED)

    Total calculated
    $4,550
    From this org
    $4,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Frances Barten

    VICE PRESIDENT (RETIRED)

    Total calculated
    $4,550
    From this org
    $4,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Marvin Denzer

    CEO

    Total calculated
    $485,254
    From this org
    $364,061
    From related orgs
    $0
    Other
    $121,193
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $353,337
    Bonus
    $1,250
    Other
    $9,474
    Deferred
    $109,306
    Nontaxable benefits
    $12,652
    Filer's total
    $486,019

  • Ryan Hentges

    CEO - THROUGH FEB 2023

    Total calculated
    $132,554
    From this org
    $124,410
    From related orgs
    $0
    Other
    $8,144
    Hours/week
    40

  • Randy Erdman

    VP OF FINANCE

    Total calculated
    $119,387
    From this org
    $118,539
    From related orgs
    $0
    Other
    $848
    Hours/week
    40

  • Joanne Kolb

    CFO - THROUGH MARCH 2023

    Total calculated
    $97,265
    From this org
    $88,071
    From related orgs
    $0
    Other
    $9,194
    Hours/week
    40

  • Michael Dietz

    VP OF OPERATIONS

    Total calculated
    $236,271
    From this org
    $175,127
    From related orgs
    $0
    Other
    $61,144
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,725
    Bonus
    $1,250
    Other
    $5,152
    Deferred
    $49,862
    Nontaxable benefits
    $12,034
    Filer's total
    $237,023

  • Sarah Peterson

    VP OF ENGINEERING

    Total calculated
    $188,262
    From this org
    $172,003
    From related orgs
    $0
    Other
    $16,259
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,295
    Bonus
    $1,250
    Other
    $8,458
    Deferred
    $16,259
    Nontaxable benefits
    $732
    Filer's total
    $188,994

  • Ryan Fedie

    VP ENERGY SERVICES

    Total calculated
    $248,796
    From this org
    $209,585
    From related orgs
    $0
    Other
    $39,211
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,837
    Bonus
    $1,146
    Other
    $602
    Deferred
    $17,626
    Nontaxable benefits
    $22,350
    Filer's total
    $249,561

  • Stuart Haefner

    FOREMAN - LEAD

    Total calculated
    $230,799
    From this org
    $172,345
    From related orgs
    $0
    Other
    $58,454
    Hours/week
    49.26

    Schedule J breakdown matched by us

    Base
    $170,745
    Bonus
    $1,250
    Other
    $350
    Deferred
    $48,565
    Nontaxable benefits
    $10,044
    Filer's total
    $230,954

  • Brandi Adelmann

    DIRECTOR OF HUMAN RESOURCES

    Total calculated
    $200,532
    From this org
    $170,360
    From related orgs
    $0
    Other
    $30,172
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,525
    Bonus
    $1,250
    Other
    $585
    Deferred
    $17,059
    Nontaxable benefits
    $13,865
    Filer's total
    $201,284

  • Joseph Jutz

    FOREMAN - CONSTRUCTION

    Total calculated
    $206,004
    From this org
    $165,356
    From related orgs
    $0
    Other
    $40,648
    Hours/week
    50.51

    Schedule J breakdown matched by us

    Base
    $163,494
    Bonus
    $1,250
    Other
    $612
    Deferred
    $17,494
    Nontaxable benefits
    $23,309
    Filer's total
    $206,159

  • Terri Bakken

    VP MEMBER SERVICES

    Total calculated
    $224,388
    From this org
    $158,171
    From related orgs
    $0
    Other
    $66,217
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,641
    Bonus
    $1,250
    Other
    $1,280
    Deferred
    $44,377
    Nontaxable benefits
    $22,592
    Filer's total
    $225,140

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 · 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.

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.

  • MINNESOTA VALLEY UTILITY SERVICES

    PROVIDES UTILITY CONSULTING SERVICES · MN · income -$1,286 · assets $36,586

    Directly controlled by MINNESOTA VALLEY ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
31 October 2024
IRS schema version
2023v5.1
Source object
202423199349302172

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