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Nonprofiteer
← MINNESOTA VALLEY ELECTRIC COOPERATIVE

Form 990 for tax year 2024

Filed by MINNESOTA VALLEY ELECTRIC COOPERATIVE.

Totals

Total revenue
$108,271,085
Total expenses
$110,577,794
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$104,854,911
Investment income
$703,439
Other revenue
$2,712,735
Total assets, end of year
$268,805,374
Total liabilities, end of year
$180,315,040
Net assets or fund balances, end of year
$88,490,334
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 $104,807,898 · related or exempt $104,807,898

  • 2b · Program service revenue: POLE RENTALS

    total $47,013 · excluded $47,013

  • 3 · Investment income

    total $290,703 · excluded $290,703

  • 7a · Gross sales of assets other than inventory

    other assets $506,291

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

    other assets $93,555

  • 7c · Gain or loss

    other assets $412,736

  • 7d · Net gain or loss

    total $412,736 · excluded $412,736

  • 10a · Gross sales of inventory

    $111,137

  • 10b · Cost of goods sold

    $347,021

  • 10c · Net income from sales of inventory

    total -$235,884 · related or exempt -$235,884

  • 11a · Other revenue: CAPITAL CREDITS

    total $2,935,464 · related or exempt $2,935,464

  • 11b · Other revenue: OTHER INCOME

    total $15,442 · excluded $15,442

  • 11c · Other revenue: MVUS LLC

    total -$2,287 · unrelated business -$2,287

  • 11e · Other revenue, total

    $2,948,619

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $6,965,125

  • 5 · Compensation of officers, directors and key employees

    total $1,415,617

  • 20 · Interest

    total $4,839,466

  • 22 · Depreciation, depletion and amortization

    total $6,812,790

  • 24a · Other expenses: COST OF POWER

    total $69,325,665

  • 24b · Other expenses: DISTRIBUTION EXPENSE -

    total $9,995,925

  • 24c · Other expenses: GENERAL AND ADMINISTRAT

    total $6,600,781

  • 24d · Other expenses: CONSUMER ACCOUNTS - LAB

    total $2,615,282

  • 24e · All other expenses

    total $2,007,143

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,318,805 · end of year $6,748,083

  • 2 · Savings and temporary cash investments

    beginning of year $3,000,000 · end of year $5,000,000

  • 4 · Accounts receivable

    beginning of year $13,226,759 · end of year $14,066,803

  • 7 · Other notes and loans receivable

    beginning of year $151,601 · end of year $120,138

  • 8 · Inventories for sale or use

    beginning of year $4,638,580 · end of year $4,482,889

  • 9 · Prepaid expenses and deferred charges

    beginning of year $390,426 · end of year $334,659

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

    $251,152,746

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

    $69,108,931

  • 10c · Land, buildings and equipment, net

    beginning of year $170,516,961 · end of year $182,043,815

  • 13 · Investments: program-related

    beginning of year $53,872,114 · end of year $56,002,367

  • 15 · Other assets

    beginning of year $7,686 · end of year $6,620

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,131,872 · end of year $16,872,708

  • 23 · Secured mortgages and notes payable

    beginning of year $133,621,555 · end of year $139,523,622

  • 24 · Unsecured notes and loans payable

    beginning of year $13,000,000 · end of year $15,241,128

  • 25 · Other liabilities

    beginning of year $3,007,572 · end of year $8,677,582

  • 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 $85,361,933 · end of year $88,490,334

Mission and programs · 2024

Mission

PROVIDE ELECTRIC SERVICE TO MEMBERS

  • PROVIDE ELECTRIC SERVICE TO MEMBERS

As filed on the 2024 return.

Listed in Part VII

  • Deborah Erickson

    PRESIDENT

    Total calculated
    $22,220
    From this org
    $22,220
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Elizabeth Krocak

    SECRETARY/TREASURER

    Total calculated
    $18,585
    From this org
    $18,585
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Thomas Wolf

    VICE PRESIDENT

    Total calculated
    $18,555
    From this org
    $18,555
    From related orgs
    $0
    Other
    $0
    Hours/week
    25

  • Kevin Gibbs

    DIRECTOR

    Total calculated
    $18,120
    From this org
    $18,120
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Gary Haberman

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Connelly

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    25

  • Michelle Morrison

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Brent Lawrence

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Michael Lins

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Marvin Denzer

    CEO

    Total calculated
    $677,998
    From this org
    $389,792
    From related orgs
    $0
    Other
    $288,206
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $379,334
    Bonus
    $0
    Other
    $10,458
    Deferred
    $276,820
    Nontaxable benefits
    $12,114
    Filer's total
    $678,726

  • Randy Erdman

    VP OF FINANCE

    Total calculated
    $230,010
    From this org
    $215,775
    From related orgs
    $0
    Other
    $14,235
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,926
    Bonus
    $333
    Other
    $516
    Deferred
    $12,539
    Nontaxable benefits
    $2,424
    Filer's total
    $230,738

  • Michael Dietz

    VP OF OPERATIONS

    Total calculated
    $276,269
    From this org
    $199,318
    From related orgs
    $0
    Other
    $76,951
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,580
    Bonus
    $500
    Other
    $8,238
    Deferred
    $66,236
    Nontaxable benefits
    $11,443
    Filer's total
    $276,997

  • Sarah Peterson

    VP OF ENGINEERING

    Total calculated
    $209,809
    From this org
    $191,386
    From related orgs
    $0
    Other
    $18,423
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,229
    Bonus
    $500
    Other
    $6,657
    Deferred
    $18,423
    Nontaxable benefits
    $728
    Filer's total
    $210,537

  • Ryan Fedie

    VP ENERGY SERVICES THRU SEPT 2024

    Total calculated
    $220,568
    From this org
    $198,837
    From related orgs
    $0
    Other
    $21,731
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,934
    Bonus
    $500
    Other
    $403
    Deferred
    $20,144
    Nontaxable benefits
    $2,133
    Filer's total
    $221,114

  • Brandi Adelmann

    DIRECTOR OF HUMAN RESOURCES

    Total calculated
    $218,442
    From this org
    $187,115
    From related orgs
    $0
    Other
    $31,327
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,063
    Bonus
    $500
    Other
    $552
    Deferred
    $18,843
    Nontaxable benefits
    $13,213
    Filer's total
    $219,171

  • Joseph Jutz

    FOREMAN - CONSTRUCTION

    Total calculated
    $226,674
    From this org
    $183,541
    From related orgs
    $0
    Other
    $43,133
    Hours/week
    52.67

    Schedule J breakdown matched by us

    Base
    $182,935
    Bonus
    $500
    Other
    $106
    Deferred
    $21,126
    Nontaxable benefits
    $22,154
    Filer's total
    $226,821

  • Terri Bakken

    VP MEMBER SERVICES

    Total calculated
    $257,483
    From this org
    $176,968
    From related orgs
    $0
    Other
    $80,515
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,198
    Bonus
    $500
    Other
    $1,270
    Deferred
    $59,995
    Nontaxable benefits
    $21,248
    Filer's total
    $258,211

  • Stuart Haefner

    FOREMAN - LEAD

    Total calculated
    $245,596
    From this org
    $175,044
    From related orgs
    $0
    Other
    $70,552
    Hours/week
    49.41

    Schedule J breakdown matched by us

    Base
    $174,216
    Bonus
    $500
    Other
    $328
    Deferred
    $60,793
    Nontaxable benefits
    $9,906
    Filer's total
    $245,743

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 -$2,260 · assets $19,840

    Directly controlled by MINNESOTA VALLEY ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2024
Filed
30 October 2025
IRS schema version
2024v5.2
Source object
202543099349301874

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