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Nonprofiteer
← HEARTLAND POWER COOPERATIVE

Form 990 for tax year 2024

Filed by HEARTLAND POWER COOPERATIVE.

Totals

Total revenue
$33,661,165
Total expenses
$33,276,676
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$33,359,886
Investment income
$52,634
Other revenue
$248,645
Total assets, end of year
$69,704,634
Total liabilities, end of year
$31,471,390
Net assets or fund balances, end of year
$38,233,244
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 $32,103,205 · related or exempt $32,103,205

  • 2b · Program service revenue: CAPITAL CREDITS

    total $1,256,681 · related or exempt $1,256,681

  • 3 · Investment income

    total $55,634 · excluded $55,634

  • 6a · Gross rents

    real property $143,150

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $143,150

  • 6d · Net rental income or loss

    total $143,150 · excluded $143,150

  • 7a · Gross sales of assets other than inventory

    other assets $7,000

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

    other assets $10,000

  • 7c · Gain or loss

    other assets -$3,000

  • 7d · Net gain or loss

    total -$3,000 · excluded -$3,000

  • 10a · Gross sales of inventory

    $140,734

  • 10b · Cost of goods sold

    $139,160

  • 10c · Net income from sales of inventory

    total $1,574 · related or exempt $1,574

  • 11a · Other revenue: PARTNERSHIP INCOME

    total $103,921 · unrelated business $18,142 · excluded $85,779

  • 11e · Other revenue, total

    $103,921

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,802,715

  • 5 · Compensation of officers, directors and key employees

    total $575,741

  • 7 · Other salaries and wages

    total $1,621,991

  • 8 · Pension plan contributions

    total $363,717

  • 10 · Payroll taxes

    total $153,098

  • 20 · Interest

    total $756,807

  • 22 · Depreciation, depletion and amortization

    total $1,902,051

  • 24a · Other expenses: COST OF POWER

    total $24,863,877

  • 24b · Other expenses: OTHER OPERATIONS

    total $1,236,679

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $46,768 · end of year $44,475

  • 4 · Accounts receivable

    beginning of year $2,779,571 · end of year $3,070,292

  • 7 · Other notes and loans receivable

    beginning of year $2,686,867 · end of year $2,801,510

  • 8 · Inventories for sale or use

    beginning of year $2,494,033 · end of year $1,140,224

  • 9 · Prepaid expenses and deferred charges

    beginning of year $185,140 · end of year $1,329,314

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

    $64,996,094

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

    $20,564,187

  • 10c · Land, buildings and equipment, net

    beginning of year $38,806,330 · end of year $44,431,907

  • 12 · Investments: other securities

    beginning of year $105,703 · end of year $192,482

  • 13 · Investments: program-related

    beginning of year $15,295,143 · end of year $16,342,130

  • 15 · Other assets

    beginning of year $834,090 · end of year $352,300

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,913,931 · end of year $3,528,140

  • 23 · Secured mortgages and notes payable

    beginning of year $11,350,323 · end of year $16,288,032

  • 24 · Unsecured notes and loans payable

    beginning of year $3,822,404 · end of year $4,522,468

  • 25 · Other liabilities

    beginning of year $8,399,469 · end of year $7,132,750

  • 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 $36,747,518 · end of year $38,233,244

Mission and programs · 2024

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:8 MILES OF OVERHEAD LINE WAS REBUILT37.8 MILES OF UNDERGROUND LINE WAS INSTALLED25 NEW SERVICES CONNECTED421 NEW POLES WERE PLACED FOR NEW LINE, NEW SERVICES, AND FOR ORDINARY REPLACEMENT OF DAMAGED OR DECAYED POLES OR FOR BETTER LINE CLEARANCE4,470 POLES WERE INSPECTED FOR DECAY OR DAMAGE, 54 POLES TAGGED FOR REPLACEMENT767 ARRESTORS WERE ADDED TO LINES TO DRAIN OFF LIGHTNING SURGES48 ELECTRONIC TRIP SAVERS WERE INSTALLED TO IMPROVE RELIABILITY AND REDUCE OUTAGES183 SECURITY LIGHTS WERE REPAIRED116 POLES WITH EQUIPMENT WERE REPAIRED

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Don Knudtson

    PRESIDENT

    Total calculated
    $10,530
    From this org
    $10,530
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Mark Kingland

    VICE PRESIDENT

    Total calculated
    $8,100
    From this org
    $8,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Vince Morische

    SECRETARY

    Total calculated
    $9,775
    From this org
    $9,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.5

  • Gary Pearson

    ASST. SECRETARY-TREASURER UTL. 03/24

    Total calculated
    $825
    From this org
    $825
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Michael Cole

    ASST. SECRETARY TREASURER FROM 03/24

    Total calculated
    $9,500
    From this org
    $9,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.5

  • Roger Solomonson

    DIRECTOR

    Total calculated
    $11,400
    From this org
    $11,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Tricia Jaeger

    TREASURER

    Total calculated
    $9,225
    From this org
    $9,225
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.5

  • Steven Groth

    DIRECTOR FROM 03/24

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jon Leerar

    CEO/GENERAL MANAGER

    Total calculated
    $394,854
    From this org
    $219,798
    From related orgs
    $0
    Other
    $175,056
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $219,798
    Bonus
    $0
    Other
    $0
    Deferred
    $139,079
    Nontaxable benefits
    $35,977
    Filer's total
    $394,854

  • Karrie Pringnitz

    DIRECTOR OF FINANCE

    Total calculated
    $219,513
    From this org
    $132,928
    From related orgs
    $0
    Other
    $86,585
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $132,928
    Bonus
    $0
    Other
    $0
    Deferred
    $52,857
    Nontaxable benefits
    $34,001
    Filer's total
    $219,786

  • Dave Low

    DIRECTOR OF OPERATIONS

    Total calculated
    $214,041
    From this org
    $124,485
    From related orgs
    $0
    Other
    $89,556
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $124,485
    Bonus
    $0
    Other
    $0
    Deferred
    $71,248
    Nontaxable benefits
    $18,308
    Filer's total
    $214,041

  • Jarrett Woods

    FIRST CLASS LINEMAN

    Total calculated
    $128,709
    From this org
    $109,475
    From related orgs
    $0
    Other
    $19,234
    Hours/week
    40

  • Pete Paulson

    LINE FOREMAN

    Total calculated
    $257,752
    From this org
    $108,482
    From related orgs
    $0
    Other
    $149,270
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $108,482
    Bonus
    $0
    Other
    $0
    Deferred
    $114,805
    Nontaxable benefits
    $34,465
    Filer's total
    $257,752

  • Gabe Mayer

    LINE FOREMAN

    Total calculated
    $200,323
    From this org
    $106,511
    From related orgs
    $0
    Other
    $93,812
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $106,511
    Bonus
    $0
    Other
    $0
    Deferred
    $66,934
    Nontaxable benefits
    $26,878
    Filer's total
    $200,323

  • Colton Skarpohl-Ost

    LINEMAN

    Total calculated
    $131,045
    From this org
    $106,264
    From related orgs
    $0
    Other
    $24,781
    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 $133,429. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR JON'S DEFINED BENEFIT PLAN WAS $52,467. INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR PETE PAULSON OF $100,548. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR DAVID'S DEFINED BENEFIT PLAN WAS $27,290. INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR KARRIE PRINGNITZ OF $51,519. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR KARRIE'S DEFINED BENEFIT PLAN WAS $32,428. INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR DAVID LOW OF $59,908. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR DAVID'S DEFINED BENEFIT PLAN WAS $29,216. INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR GABE MAYER OF $65,807. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR DAVID'S DEFINED BENEFIT PLAN WAS $25,871.

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
28 October 2025
IRS schema version
2024v5.2
Source object
202523019349302802

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