Form 990 for tax year 2025

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC SALES

  total $26,991,688 · related or exempt $26,991,688

• 3 · Investment income

  total $697,824 · excluded $697,824

• 7a · Gross sales of assets other than inventory

  other assets $52,605

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

  other assets $0

• 7c · Gain or loss

  other assets $52,605

• 7d · Net gain or loss

  total $52,605 · excluded $52,605

• 10a · Gross sales of inventory

  $1,018,805

• 10b · Cost of goods sold

  $921,812

• 10c · Net income from sales of inventory

  total $96,993 · unrelated business $96,993

• 11a · Other revenue: CAPITAL CREDITS

  total $947,214 · related or exempt $947,214

• 11b · Other revenue: MANAGEMENT FEE FROM SUBSIDIARY

  total $300,000 · unrelated business $300,000

• 11c · Other revenue: GRANITE FALLS ENERGY, LLC K-1

  total $52,228 · unrelated business $49,907 · excluded $2,321

• 11e · Other revenue, total

  $1,299,442

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $53

• 4 · Benefits paid to or for members

  total $3,361,018

• 5 · Compensation of officers, directors and key employees

  total $1,215,523

• 20 · Interest

  total $1,836,037

• 22 · Depreciation, depletion and amortization

  total $2,964,434

• 24a · Other expenses: COST OF POWER

  total $12,925,152

• 24b · Other expenses: DISTRIBUTION/MAINTENANC

  total $2,228,200

• 24c · Other expenses: DISTRIBUTION/OPERATIONS

  total $2,218,975

• 24d · Other expenses: GENERAL AND ADMIN

  total $1,078,767

• 24e · All other expenses

  total $1,463,666

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $642,228 · end of year $1,333,522

• 3 · Pledges and grants receivable

  beginning of year $831,503 · end of year $714,816

• 4 · Accounts receivable

  beginning of year $3,077,280 · end of year $2,971,518

• 8 · Inventories for sale or use

  beginning of year $6,600,091 · end of year $4,942,549

• 9 · Prepaid expenses and deferred charges

  beginning of year $329,313 · end of year $319,620

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

  $114,643,863

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

  $37,316,301

• 10c · Land, buildings and equipment, net

  beginning of year $71,659,611 · end of year $77,327,562

• 12 · Investments: other securities

  beginning of year $5,125,090 · end of year $5,414,935

• 13 · Investments: program-related

  beginning of year $12,645,069 · end of year $12,931,242

• 14 · Intangible assets

  beginning of year $179,732 · end of year $172,703

• 15 · Other assets

  beginning of year $19,763 · end of year $19,725

• 17 · Accounts payable and accrued expenses

  beginning of year $1,682,497 · end of year $1,585,797

• 19 · Deferred revenue

  beginning of year $283,606 · end of year $267,207

• 23 · Secured mortgages and notes payable

  beginning of year $58,952,719 · end of year $64,340,875

• 24 · Unsecured notes and loans payable

  beginning of year $3,300,000 · end of year $1,200,000

• 25 · Other liabilities

  beginning of year $1,598,289 · end of year $2,066,583

• 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 $35,292,569 · end of year $36,687,730

The filer's explanations (Part III)

SCHEDULE J, PART II, COLUMN C

INCLUDED IN SCHEDULE J, PART II, COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE COOPERATIVE'S DEFINED BENEFIT PENSION PLANS. BELOW IS INFORMATION ON EACH OF THE PLANS. THE COOPERATIVE PARTICIPATES IN THE NRECA RETIREMENT SECURITY PLAN, A MULTI EMPLOYER PLAN. FOR THE FOLLOWING EMPLOYEES, THE ESTIMATED INCREASE IS AS FOLLOWS: PATRICK CARRUTH: $123,361 TODD BOLKEMA: $31,572 ANTHONY BEDNAREK: $10,599 KENT SMITH: $36,922 JILL ROTHSCHADL: $31,273 SCOTT KUBESH: $101,119 TYLER DEZEEUW: $5,110 THESE ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. CURRENT YEAR EXPENSE IS THE CONTRIBUTIONS TO THE DEFINED BENEFIT PLAN. CONTRIBUTIONS WERE AS FOLLOWS: PATRICK CARRUTH: $101,710 TODD BOLKEMA: $58,120 ANTHONY BEDNAREK: $26,850 KENT SMITH: $29,136 JILL ROTHSCHADL: $55,214 SCOTT KUBESH: $47,949 TYLER DEZEEUW: $26,850 ADDITIONALLY, THE COOPERATIVE SPONSORS AN EXECUTIVE BENEFIT RESTORATION PLAN, WHICH IS A SINGLE EMPLOYER DEFINED BENEFIT PLAN. PATRCK CARRUTH IS THE ONLY PARTICIPANT IN THE PLAN. THE ESTIMATED ACTUARIAL INCREASE IS $117,139. CURRENT YEAR EXPENSE OF $121,426 IS RECOGNIZED BASED ON GAAP STANDARDS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• MINNESOTA VALLEY TREE SERVICE

  TREE TRIMMING AND CLEARING · MN

  Directly controlled by MINNESOTA VALLEY COOPERATIVE LIGHT & POWER HOLDING COMPANY

• KARIANPETERSON POWER LINE

  POWER LINE CONSTRUCTION · MN

  Directly controlled by MINNESOTA VALLEY COOPERATIVE LIGHT & POWER HOLDING COMPANY

Related corporations and trusts

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

• MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY

  C · MANAGEMENT OF COMPANIES · MN · 100% owned · share of income $6,779,715 · share of assets $5,875,487 · controlled entity

  Directly controlled by MINNESOTA VALLEY COOPERATIVE LIGHT & POWER ASSOCIATION