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Nonprofiteer
← MINNESOTA VALLEY ELECTRIC COOPERATIVE

Form 990 for tax year 2025

Filed by MINNESOTA VALLEY ELECTRIC COOPERATIVE.

Totals

Total revenue
$126,685,812
Total expenses
$126,335,404
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$119,538,106
Investment income
$687,536
Other revenue
$6,460,170
Total assets, end of year
$279,554,796
Total liabilities, end of year
$184,473,390
Net assets or fund balances, end of year
$95,081,406
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 $119,493,511 · related or exempt $119,493,511

  • 2b · Program service revenue: POLE RENTALS

    total $44,595 · excluded $44,595

  • 3 · Investment income

    total $264,741 · excluded $264,741

  • 7a · Gross sales of assets other than inventory

    other assets $429,078

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

    other assets $6,283

  • 7c · Gain or loss

    other assets $422,795

  • 7d · Net gain or loss

    total $422,795 · excluded $422,795

  • 10a · Gross sales of inventory

    $109,459

  • 10b · Cost of goods sold

    $418,711

  • 10c · Net income from sales of inventory

    total -$309,252 · related or exempt -$309,252

  • 11a · Other revenue: CAPITAL CREDITS

    total $6,743,383 · related or exempt $6,743,383

  • 11b · Other revenue: OTHER INCOME

    total $24,891 · excluded $24,891

  • 11c · Other revenue: MVUS LLC

    total $1,148 · unrelated business $1,148

  • 11e · Other revenue, total

    $6,769,422

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,329,117

  • 5 · Compensation of officers, directors and key employees

    total $1,659,788

  • 20 · Interest

    total $5,168,589

  • 22 · Depreciation, depletion and amortization

    total $7,276,117

  • 24a · Other expenses: COST OF POWER

    total $81,306,923

  • 24b · Other expenses: DISTRIBUTION EXPENSE -

    total $11,139,057

  • 24c · Other expenses: GENERAL AND ADMINISTRAT

    total $7,119,727

  • 24d · Other expenses: CONSUMER ACCOUNTS - LAB

    total $2,300,286

  • 24e · All other expenses

    total $2,035,800

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,748,083 · end of year $2,357,930

  • 2 · Savings and temporary cash investments

    beginning of year $5,000,000 · end of year $4,500,000

  • 4 · Accounts receivable

    beginning of year $14,066,803 · end of year $15,923,997

  • 7 · Other notes and loans receivable

    beginning of year $120,138 · end of year $375,455

  • 8 · Inventories for sale or use

    beginning of year $4,482,889 · end of year $4,445,928

  • 9 · Prepaid expenses and deferred charges

    beginning of year $334,659 · end of year $309,865

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

    $263,142,683

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

    $73,319,348

  • 10c · Land, buildings and equipment, net

    beginning of year $182,043,815 · end of year $189,823,335

  • 13 · Investments: program-related

    beginning of year $56,002,367 · end of year $61,811,666

  • 15 · Other assets

    beginning of year $6,620 · end of year $6,620

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,872,708 · end of year $18,326,971

  • 23 · Secured mortgages and notes payable

    beginning of year $139,523,622 · end of year $148,252,145

  • 24 · Unsecured notes and loans payable

    beginning of year $15,241,128 · end of year $11,250,000

  • 25 · Other liabilities

    beginning of year $8,677,582 · end of year $6,644,274

  • 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 $88,490,334 · end of year $95,081,406

Mission and programs · 2025

Mission

PROVIDE ELECTRIC SERVICE TO MEMBERS

  • PROVIDE ELECTRIC SERVICE TO MEMBERS

As filed on the 2025 return.

Listed in Part VII

  • Deborah Erickson

    PRESIDENT

    Total calculated
    $27,500
    From this org
    $27,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    17.5

  • Elizabeth Krocak

    DIRECTOR

    Total calculated
    $23,400
    From this org
    $23,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Thomas Wolf

    VICE PRESIDENT

    Total calculated
    $21,980
    From this org
    $21,980
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Gregory Boe

    DIRECTOR (STARTED APRIL 2025)

    Total calculated
    $20,100
    From this org
    $20,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Michael Lins

    DIRECTOR

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Brent Lawrence

    SECRETARY/TREASURER

    Total calculated
    $19,600
    From this org
    $19,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Kevin Gibbs

    DIRECTOR

    Total calculated
    $19,500
    From this org
    $19,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Michelle Morrison

    DIRECTOR

    Total calculated
    $19,100
    From this org
    $19,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • James Reeder

    DIRECTOR (STARTED JULY 2025)

    Total calculated
    $9,800
    From this org
    $9,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Gary Haberman

    DIRECTOR (ENDED MARCH 2025)

    Total calculated
    $6,100
    From this org
    $6,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Connelly

    DIRECTOR (ENDED MARCH 2025)

    Total calculated
    $5,700
    From this org
    $5,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    25

  • Marvin Denzer

    CEO

    Total calculated
    $769,382
    From this org
    $423,538
    From related orgs
    $0
    Other
    $345,844
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $404,226
    Bonus
    $10,500
    Other
    $8,812
    Deferred
    $334,779
    Nontaxable benefits
    $11,794
    Filer's total
    $770,111

  • Randy Erdman

    VP OF FINANCE

    Total calculated
    $269,059
    From this org
    $243,768
    From related orgs
    $0
    Other
    $25,291
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,021
    Bonus
    $8,250
    Other
    $497
    Deferred
    $23,548
    Nontaxable benefits
    $2,472
    Filer's total
    $269,788

  • Michael Dietz

    VP OF OPERATIONS AND POWER SUPPLY

    Total calculated
    $418,003
    From this org
    $274,724
    From related orgs
    $0
    Other
    $143,279
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $257,156
    Bonus
    $8,250
    Other
    $9,318
    Deferred
    $132,844
    Nontaxable benefits
    $11,163
    Filer's total
    $418,731

  • Sarah Peterson

    VP OF ENGINEERING AND KEY ACCOUNTS

    Total calculated
    $246,426
    From this org
    $204,681
    From related orgs
    $0
    Other
    $41,745
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,597
    Bonus
    $750
    Other
    $6,334
    Deferred
    $21,127
    Nontaxable benefits
    $21,347
    Filer's total
    $247,155

  • Brandi Adelmann

    VP OF HUMAN RESOURCES

    Total calculated
    $237,580
    From this org
    $204,807
    From related orgs
    $0
    Other
    $32,773
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,505
    Bonus
    $750
    Other
    $552
    Deferred
    $20,604
    Nontaxable benefits
    $12,897
    Filer's total
    $238,308

  • Terri Bakken

    VP OF MEMBER SERVICES

    Total calculated
    $297,815
    From this org
    $193,664
    From related orgs
    $0
    Other
    $104,151
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,540
    Bonus
    $750
    Other
    $2,374
    Deferred
    $84,631
    Nontaxable benefits
    $20,248
    Filer's total
    $298,543

  • Kent Schmitt

    FOREMAN - CONSTRUCTION

    Total calculated
    $222,676
    From this org
    $175,829
    From related orgs
    $0
    Other
    $46,847
    Hours/week
    49.77

    Schedule J breakdown matched by us

    Base
    $174,980
    Bonus
    $750
    Other
    $99
    Deferred
    $33,476
    Nontaxable benefits
    $13,519
    Filer's total
    $222,824

  • Chad McGowan

    FOREMAN - CONSTRUCTION

    Total calculated
    $214,164
    From this org
    $171,624
    From related orgs
    $0
    Other
    $42,540
    Hours/week
    48.63

    Schedule J breakdown matched by us

    Base
    $170,718
    Bonus
    $750
    Other
    $156
    Deferred
    $31,685
    Nontaxable benefits
    $11,003
    Filer's total
    $214,312

  • Bruce Klehr

    FOREMAN - MAINTENANCE

    Total calculated
    $219,815
    From this org
    $166,177
    From related orgs
    $0
    Other
    $53,638
    Hours/week
    49.41

    Schedule J breakdown matched by us

    Base
    $165,271
    Bonus
    $750
    Other
    $156
    Deferred
    $34,949
    Nontaxable benefits
    $18,836
    Filer's total
    $219,962

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 $1,148 · assets $34,974

    Directly controlled by MINNESOTA VALLEY ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2025
Filed
15 September 2026
IRS schema version
2025v4.2
Source object
202602589349301355

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