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Nonprofiteer
← MINNKOTA POWER COOPERATIVE INC

Form 990 for tax year 2023

Filed by MINNKOTA POWER COOPERATIVE INC.

Totals

Total revenue
$449,704,391
Total expenses
$436,669,776
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$443,190,820
Investment income
$4,160,064
Other revenue
$2,353,507
Total assets, end of year
$1,183,715,921
Total liabilities, end of year
$958,382,383
Net assets or fund balances, end of year
$225,333,538
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: Sale of Electric Power

    total $443,190,820 · related or exempt $443,190,820 · 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 $4,160,064 · related or exempt $4,160,064 · unrelated business $0 · excluded $0

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

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

  • 5 · Royalties

    total $1,350,000 · related or exempt $1,350,000 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: Miscellaneous Nonoperating Revenue

    total $1,003,507 · related or exempt $1,003,507 · unrelated business $0 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $1,003,507

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $5,150,462

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $28,260,318

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $30,944,978

  • 23 · Insurance

    total $0

  • 24a · Other expenses: Production and Purchased Power

    total $319,987,202

  • 24b · Other expenses: Transmission and Substation

    total $32,537,463

  • 24c · Other expenses: General and Administrative

    total $19,789,353

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,523,637 · end of year $12,711,545

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $57,423,489 · end of year $48,777,776

  • 8 · Inventories for sale or use

    beginning of year $37,269,255 · end of year $45,063,119

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,858,620 · end of year $11,416,501

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

    $1,411,232,000

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

    $420,035,620

  • 10c · Land, buildings and equipment, net

    beginning of year $975,125,361 · end of year $991,196,380

  • 12 · Investments: other securities

    beginning of year $71,857,165 · end of year $74,550,600

  • 17 · Accounts payable and accrued expenses

    beginning of year $81,103,237 · end of year $70,234,993

  • 23 · Secured mortgages and notes payable

    beginning of year $803,851,236 · end of year $825,890,058

  • 25 · Other liabilities

    beginning of year $59,506,016 · end of year $62,257,332

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,136 · end of year $1,136

  • 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 $213,595,902 · end of year $225,332,402

Mission and programs · 2023

Mission

Minnkota Power is a rural electric cooperative that generates and transmits electric power.

Activities or mission (Part I)

Minnkota Power Cooperative is a rural electric cooperative that generates and transmits electric power for eleven member cooperatives.

  • Minnkota Power is a rural electric cooperative that generates and transmits electric power.

As filed on the 2023 return.

Listed in Part VII

  • Robert McLennan

    President & CEO

    Total calculated
    $1,251,192
    From this org
    $1,042,101
    From related orgs
    $0
    Other
    $209,091
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $904,893
    Bonus
    $114,708
    Other
    $22,500
    Deferred
    $177,800
    Nontaxable benefits
    $31,291
    Filer's total
    $1,251,192

  • Lowell Stave

    Vice President and COO

    Total calculated
    $503,274
    From this org
    $417,183
    From related orgs
    $0
    Other
    $86,091
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $351,005
    Bonus
    $8,558
    Other
    $57,260
    Deferred
    $52,800
    Nontaxable benefits
    $33,291
    Filer's total
    $502,914

  • Gerad Paul

    General Counsel-VP of Legal, Compliance & Risk Mgmt

    Total calculated
    $445,402
    From this org
    $361,327
    From related orgs
    $0
    Other
    $84,075
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $332,735
    Bonus
    $6,092
    Other
    $22,500
    Deferred
    $52,800
    Nontaxable benefits
    $31,275
    Filer's total
    $445,402

  • Jami Hovet

    Vice President of Administration

    Total calculated
    $387,029
    From this org
    $305,943
    From related orgs
    $0
    Other
    $81,086
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $305,943
    Bonus
    $0
    Other
    $0
    Deferred
    $49,795
    Nontaxable benefits
    $31,291
    Filer's total
    $387,029

  • Kay Schraeder

    Vice President and CFO

    Total calculated
    $378,538
    From this org
    $298,448
    From related orgs
    $0
    Other
    $80,090
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $291,248
    Bonus
    $0
    Other
    $7,200
    Deferred
    $48,799
    Nontaxable benefits
    $31,291
    Filer's total
    $378,538

  • Todd Sailer

    Vice President of Power Supply

    Total calculated
    $368,989
    From this org
    $291,069
    From related orgs
    $0
    Other
    $77,920
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $255,645
    Bonus
    $0
    Other
    $35,424
    Deferred
    $45,631
    Nontaxable benefits
    $32,289
    Filer's total
    $368,989

  • Craig Bleth

    Vice President of Project Development

    Total calculated
    $367,273
    From this org
    $287,332
    From related orgs
    $0
    Other
    $79,941
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,332
    Bonus
    $0
    Other
    $0
    Deferred
    $46,650
    Nontaxable benefits
    $33,291
    Filer's total
    $367,273

  • Dan Inman

    Vice President and CISO

    Total calculated
    $351,479
    From this org
    $280,871
    From related orgs
    $0
    Other
    $70,608
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $280,871
    Bonus
    $0
    Other
    $0
    Deferred
    $45,781
    Nontaxable benefits
    $24,827
    Filer's total
    $351,479

  • Brendan Kennelly

    Vice President of Power Delivery

    Total calculated
    $330,147
    From this org
    $256,599
    From related orgs
    $0
    Other
    $73,548
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,599
    Bonus
    $0
    Other
    $0
    Deferred
    $42,257
    Nontaxable benefits
    $31,291
    Filer's total
    $330,147

  • Andrew Sorbo

    Vice President Strategic Initiatives

    Total calculated
    $298,214
    From this org
    $231,184
    From related orgs
    $0
    Other
    $67,030
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,184
    Bonus
    $0
    Other
    $0
    Deferred
    $35,739
    Nontaxable benefits
    $31,291
    Filer's total
    $298,214

  • Shannon Mikula

    Environmental Manager

    Total calculated
    $288,008
    From this org
    $219,513
    From related orgs
    $0
    Other
    $68,495
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $219,513
    Bonus
    $0
    Other
    $0
    Deferred
    $37,204
    Nontaxable benefits
    $31,291
    Filer's total
    $288,008

  • Stacey Dahl

    Vice President of External Affairs

    Total calculated
    $287,109
    From this org
    $219,152
    From related orgs
    $0
    Other
    $67,957
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,874
    Bonus
    $0
    Other
    $278
    Deferred
    $36,958
    Nontaxable benefits
    $30,999
    Filer's total
    $287,109

  • Grant Gunderson

    Senior Manager Resource Planning

    Total calculated
    $277,471
    From this org
    $211,514
    From related orgs
    $0
    Other
    $65,957
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,514
    Bonus
    $0
    Other
    $0
    Deferred
    $34,666
    Nontaxable benefits
    $31,291
    Filer's total
    $277,471

  • Theresa Brorby

    Senior Manager of Audit & Risk

    Total calculated
    $256,622
    From this org
    $192,356
    From related orgs
    $0
    Other
    $64,266
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,356
    Bonus
    $0
    Other
    $0
    Deferred
    $31,975
    Nontaxable benefits
    $32,291
    Filer's total
    $256,622

  • Andrew Freidt

    Senior Manager of Power Production

    Total calculated
    $255,112
    From this org
    $203,520
    From related orgs
    $0
    Other
    $51,592
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,520
    Bonus
    $0
    Other
    $0
    Deferred
    $32,795
    Nontaxable benefits
    $18,797
    Filer's total
    $255,112

  • Tim Hagerott

    Senior Manager of Product Development

    Total calculated
    $254,880
    From this org
    $198,159
    From related orgs
    $0
    Other
    $56,721
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,159
    Bonus
    $0
    Other
    $0
    Deferred
    $32,874
    Nontaxable benefits
    $23,847
    Filer's total
    $254,880

  • Kalvin Hoff

    Board Member

    Total calculated
    $19,910
    From this org
    $19,910
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Rick Coe

    Board Member

    Total calculated
    $19,280
    From this org
    $19,280
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Les Windjue

    Board Member

    Total calculated
    $19,060
    From this org
    $2,000
    From related orgs
    $0
    Other
    $17,060
    Hours/week
    3.6

  • Mark Habedank

    Board Chair

    Total calculated
    $18,640
    From this org
    $18,640
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Colette Kujava

    Board Secretary/Treasurer

    Total calculated
    $16,121
    From this org
    $16,121
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Steve Arnesen

    Board Member

    Total calculated
    $12,840
    From this org
    $12,840
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Mike Wahl

    Board Member

    Total calculated
    $12,100
    From this org
    $12,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.7

  • Tom Woinarowicz

    Board Vice Chair

    Total calculated
    $10,950
    From this org
    $10,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Anthony Ottem

    Board Member

    Total calculated
    $10,020
    From this org
    $10,020
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Roger Krostue

    Board Member

    Total calculated
    $9,640
    From this org
    $9,640
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.7

  • Cheryl Grover

    Board Member

    Total calculated
    $2,650
    From this org
    $2,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

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

  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
Robert McLennan, Lowell Stave, and Gerad Paul receive gross up non-qualified retirement plan compensation.
Schedule J, Part I, Line 4
The Board of Directors adopted a 457(f) plan in which Robert McLennan may receive incentive compensation in 2026 and 2028, if all the terms of the plan are met.

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Lignite Electric Power Cooperative Inc

    C · Coal Leases · ND · 100% owned · share of income $452 · share of assets $2,775

    Directly controlled by Minnkota Power Cooperative

  • Great Plains Tower Services LLC

    C · Tower Maintenance · ND · 100% owned · share of income $0 · share of assets $309,065

    Directly controlled by Minnkota Power Cooperative

Provenance

Return type
form_990
Tax year
2023
Filed
17 April 2024
IRS schema version
2023v5.0
Source object
202421229349302032

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