Form 990 for tax year 2024

Filed by VERENDRYE ELECTRIC COOPERATIVE INC.

Totals

Total revenue: $57,430,112
Total expenses: $55,790,750
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $56,422,604
Investment income: $978,560
Other revenue: $28,948
Total assets, end of year: $182,942,138
Total liabilities, end of year: $112,543,165
Net assets or fund balances, end of year: $70,398,973
Program services expenses (Part IX): $55,790,750
Management and general expenses: $0
Fundraising expenses: $0
Program service expenses (Part III): $0

Program services were 100.0% 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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$0
1g · Noncash contributions included above

$0
2a · Program service revenue: ELECTRIC REVENUE

total $53,789,653 · related or exempt $53,789,653 · unrelated business $0 · excluded $0
2b · Program service revenue: CAPITAL CREDIT ALLOCATIONS

total $2,632,951 · related or exempt $2,632,951 · unrelated business $0 · excluded $0
2c · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2d · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2e · Program service revenue

total $0 · related or exempt $0 · 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 $949,045 · related or exempt $0 · unrelated business $0 · excluded $949,045
4 · Income from investment of tax-exempt bond proceeds

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

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6a · Gross rents

real property $0 · personal property $0
6b · Less rental expenses

real property $0 · personal property $0
6c · Rental income or loss

real property $0 · personal property $0
6d · Net rental income or loss

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
7a · Gross sales of assets other than inventory

securities $0 · other assets $30,988
7b · Less cost or other basis and sales expenses

securities $0 · other assets $1,473
7c · Gain or loss

securities $0 · other assets $29,515
7d · Net gain or loss

total $29,515 · related or exempt $29,515 · unrelated business $0 · excluded $0
8a · Fundraising events: gross income

$0
8a · Fundraising events: contributions included on line 1c

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0 · unrelated business $0 · excluded $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
10a · Gross sales of inventory

$146,208
10b · Cost of goods sold

$117,260
10c · Net income from sales of inventory

total $28,948 · related or exempt $0 · unrelated business $0 · excluded $0
11a · Other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11b · Other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11c · Other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0 · program services $0
2 · Grants to domestic individuals

total $0 · program services $0
3 · Grants to foreign organizations and individuals

total $0 · program services $0
4 · Benefits paid to or for members

total $2,506,445 · program services $2,506,445
5 · Compensation of officers, directors and key employees

total $978,267 · program services $978,267 · management and general $0 · fundraising $0
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0 · fundraising $0
7 · Other salaries and wages

total $6,767,098 · program services $6,767,098 · management and general $0 · fundraising $0
8 · Pension plan contributions

total $2,058,159 · program services $2,058,159 · management and general $0 · fundraising $0
9 · Other employee benefits

total $1,022,224 · program services $1,022,224 · management and general $0 · fundraising $0
10 · Payroll taxes

total $530,984 · program services $530,984 · management and general $0 · fundraising $0
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $0 · program services $0 · management and general $0 · fundraising $0
11c · Fees: accounting

total $0 · program services $0 · management and general $0 · fundraising $0
11d · Fees: lobbying

total $0 · program services $0 · management and general $0 · fundraising $0
11e · Fees: professional fundraising services

total $0 · fundraising $0
11f · Fees: investment management

total $0 · program services $0 · management and general $0 · fundraising $0
11g · Fees: other

total $0 · program services $0 · management and general $0 · fundraising $0
12 · Advertising and promotion

total $0 · program services $0 · management and general $0 · fundraising $0
13 · Office expenses

total $0 · program services $0 · management and general $0 · fundraising $0
14 · Information technology

total $0 · program services $0 · management and general $0 · fundraising $0
15 · Royalties

total $0 · program services $0 · management and general $0 · fundraising $0
16 · Occupancy

total $0 · program services $0 · management and general $0 · fundraising $0
17 · Travel

total $0 · program services $0 · management and general $0 · fundraising $0
18 · Travel or entertainment for public officials

total $0 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $0 · program services $0 · management and general $0 · fundraising $0
20 · Interest

total $2,375,353 · program services $2,375,353 · management and general $0 · fundraising $0
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $3,766,473 · program services $3,766,473 · management and general $0 · fundraising $0
23 · Insurance

total $0 · program services $0 · management and general $0 · fundraising $0
24a · Other expenses: COST OF POWER

total $36,619,015 · program services $36,619,015 · management and general $0 · fundraising $0
24b · Other expenses: DISTRIBUTION COSTS

total $5,783,108 · program services $5,783,108 · management and general $0 · fundraising $0
24c · Other expenses: ADMIN & GENERAL

total $2,428,124 · program services $2,428,124 · management and general $0 · fundraising $0
24d · Other expenses: CUSTOMER SERVICE

total $1,867,469 · program services $1,867,469 · management and general $0 · fundraising $0
24e · All other expenses

total -$10,911,969 · program services -$10,911,969 · management and general $0 · fundraising $0
26 · Joint costs (an allocation of the lines above)

total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $0 · end of year $0
2 · Savings and temporary cash investments

beginning of year $16,300,135 · end of year $12,115,286
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $7,411,393 · end of year $7,426,580
5 · Loans and receivables from officers and key people

beginning of year $34,366 · end of year $25,027
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $142,228 · end of year $49,327
8 · Inventories for sale or use

beginning of year $6,287,187 · end of year $7,726,631
9 · Prepaid expenses and deferred charges

beginning of year $270,723 · end of year $296,540
10a · Land, buildings and equipment: cost or other basis

$157,207,171
10b · Land, buildings and equipment: accumulated depreciation

$44,133,601
10c · Land, buildings and equipment, net

beginning of year $110,030,082 · end of year $113,073,570
11 · Investments: publicly traded securities

beginning of year $0 · end of year $0
12 · Investments: other securities

beginning of year $0 · end of year $0
13 · Investments: program-related

beginning of year $40,723,858 · end of year $42,229,177
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $0 · end of year $0
17 · Accounts payable and accrued expenses

beginning of year $21,454,786 · end of year $24,628,877
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $5,000,000 · end of year $5,000,000
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $86,249,038 · end of year $82,914,288
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $0 · end of year $0
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 $68,496,148 · end of year $70,398,973
31 · Retained earnings, endowment or other funds

beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

TO PROVIDE QUALITY ELECTRIC SERVICE AT A COMPETITIVE COST STRENGTHEN THE AREA ECONOMY & LEAD IN IMPROVING THE REGIONS QUALITY OF LIFE THROUGH INNOVATION WHILE OPERATING WITHIN THE COOPERATIVE PRINCIPLES

VERENDRYE ELECTRIC COOPERATIVE DISTRIBUTED ELECTRICITY TO 12,823 MEMBERS AT 16,793 METERING POINTS. VERENDRYE HAD 2,319 MILES OF OVERHEAD DISTRIBUTION LINE AND 2,300 MILES OF UNDERGROUND DISTRIBUTION LINE FOR A TOTAL OF 4,619 MILES OF ENERGIZED LINE.
VERENDRYE ELECTRIC COOPERATIVE PROVIDES TO ITS MEMBERS PROGRAMS THAT PROMOTE ENERGY CONSERVATION AND EFFICIENCY SUCH AS WEATHERIZATION LOANS ENERGY AUDITS HIGH EFFICIENCY WATER HEATERS AND HEAT PUMPS. VERENDRYE ALSO HAS RENEWABLE ENERGY PROGRAMS SUCH AS SOLAR WATER PUMPING AND WIND ENERGY.
VERENDRYE ELECTRIC COOPERATIVE PROVIDES ELECTRICAL SAFETY PROGRAMS TO AREA SCHOOLS AND ORGANIZATIONS AND SPONSORS YOUTH PROGRAMS SUCH AS SCHOLARSHIPS AND A YOUTH TOUR TO THE NATIONS CAPITAL.

As filed on the 2024 return.

Listed in Part VII

Brad DollBRAD DOLL

GENERAL MANAGER

Total calculated

$331,622

From this org

$234,971

From related orgs

$0

Other

$96,651

Hours/week

48

Schedule J breakdown matched by us

Base

$231,565

Bonus

$0

Other

$3,407

Deferred

$87,725

Nontaxable benefits

$11,020

Filer's total

$333,717
Christel LaskowskiCHRISTEL LASKOWSKI

BUSINESS MANAGER

Total calculated

$246,630

From this org

$182,313

From related orgs

$0

Other

$64,317

Hours/week

48

Schedule J breakdown matched by us

Base

$181,652

Bonus

$0

Other

$661

Deferred

$42,249

Nontaxable benefits

$23,849

Filer's total

$248,411
Tim KrumwiedeTIM KRUMWIEDE

OPERATIONS MANAGER

Total calculated

$237,536

From this org

$159,841

From related orgs

$0

Other

$77,695

Hours/week

48

Schedule J breakdown matched by us

Base

$157,849

Bonus

$0

Other

$1,992

Deferred

$55,627

Nontaxable benefits

$23,553

Filer's total

$239,021
Dj RandolphDJ RANDOLPH

COMPUTER ENGINEER

Total calculated

$214,895

From this org

$141,486

From related orgs

$0

Other

$73,409

Hours/week

48

Schedule J breakdown matched by us

Base

$140,158

Bonus

$0

Other

$1,328

Deferred

$51,342

Nontaxable benefits

$23,540

Filer's total

$216,368
Rick EricksonRICK ERICKSON

AREA FOREMAN

Total calculated

$190,906

From this org

$126,069

From related orgs

$0

Other

$64,837

Hours/week

42

Schedule J breakdown matched by us

Base

$125,043

Bonus

$0

Other

$1,026

Deferred

$42,770

Nontaxable benefits

$23,328

Filer's total

$192,167
Tom RaffertyTOM RAFFERTY

MEMBER SERVICE MANAGER

Total calculated

$185,722

From this org

$133,860

From related orgs

$0

Other

$51,862

Hours/week

48

Schedule J breakdown matched by us

Base

$133,244

Bonus

$0

Other

$616

Deferred

$29,794

Nontaxable benefits

$23,459

Filer's total

$187,113
Curt PetersonCURT PETERSON

LINEMAN

Total calculated

$187,127

From this org

$131,065

From related orgs

$0

Other

$56,062

Hours/week

45

Schedule J breakdown matched by us

Base

$130,560

Bonus

$0

Other

$505

Deferred

$40,847

Nontaxable benefits

$16,376

Filer's total

$188,288
Bryan SchwanBRYAN SCHWAN

LINEMAN

Total calculated

$189,925

From this org

$127,151

From related orgs

$0

Other

$62,774

Hours/week

45

Schedule J breakdown matched by us

Base

$126,794

Bonus

$0

Other

$358

Deferred

$40,706

Nontaxable benefits

$23,245

Filer's total

$191,103
Clint GjellstadCLINT GJELLSTAD

PRESIDENT

Total calculated

$11,713

From this org

$11,713

From related orgs

$0

Other

$0

Hours/week

5
Karen HennessyKAREN HENNESSY

VICE PRESIDENT

Total calculated

$15,813

From this org

$15,813

From related orgs

$0

Other

$0

Hours/week

7
Shawn KaylorSHAWN KAYLOR

SECRETARY TREASURER

Total calculated

$10,013

From this org

$10,013

From related orgs

$0

Other

$0

Hours/week

4
Maxine RognlienMAXINE ROGNLIEN

ASST SECRETARY TREASURER

Total calculated

$16,613

From this org

$16,613

From related orgs

$0

Other

$0

Hours/week

7
Blaine BrunerBLAINE BRUNER

DIRECTOR

Total calculated

$8,213

From this org

$8,213

From related orgs

$0

Other

$0

Hours/week

4
Jon HansenJON HANSEN

DIRECTOR

Total calculated

$9,213

From this org

$9,213

From related orgs

$0

Other

$0

Hours/week

4
Ken SchildKEN SCHILD

DIRECTOR

Total calculated

$8,013

From this org

$8,013

From related orgs

$0

Other

$0

Hours/week

4
Robert WolfROBERT WOLF

DIRECTOR

Total calculated

$6,713

From this org

$6,713

From related orgs

$0

Other

$0

Hours/week

3
Robert HargraveROBERT HARGRAVE

DIRECTOR

Total calculated

$17,713

From this org

$17,713

From related orgs

$0

Other

$0

Hours/week

7

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 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)

Part II Line 1: | Name :, Title:, Item Selected:, Description:| ALL, PART II COLUMN C: INCLUDED IN VALUE IS ESTIMATED CURRENT YEAR INCREASE IN ACTUARIAL VALUE OF DEFINED BENEFIT PLAN|

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: 6 November 2025
IRS schema version: 2024v5.1
Source object: 202543109349300009

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