Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC SERVICE

  total $13,469,400 · related or exempt $13,469,400

• 3 · Investment income

  total $211,425 · excluded $211,425

• 6a · Gross rents

  real property $27,402

• 6b · Less rental expenses

  real property $1,840

• 6c · Rental income or loss

  real property $25,562

• 6d · Net rental income or loss

  total $25,562 · excluded $25,562

• 7a · Gross sales of assets other than inventory

  other assets $3,500

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

  other assets $0

• 7c · Gain or loss

  other assets $3,500

• 7d · Net gain or loss

  total $3,500 · excluded $3,500

• 10a · Gross sales of inventory

  $207,582

• 10b · Cost of goods sold

  $177,619

• 10c · Net income from sales of inventory

  total $29,963 · related or exempt $23,331 · unrelated business $6,632

• 11a · Other revenue: CAPITAL CREDITS

  total $663,686 · related or exempt $663,686

• 11e · Other revenue, total

  $663,686

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $1,089,145

• 5 · Compensation of officers, directors and key employees

  total $326,915

• 20 · Interest

  total $848,817

• 22 · Depreciation, depletion and amortization

  total $1,227,136

• 24a · Other expenses: PURCHASED POWER

  total $8,286,327

• 24b · Other expenses: DISTRIBUTION EXPENSE -

  total $873,538

• 24c · Other expenses: ADMINISTRATIVE AND GENE

  total $799,681

• 24d · Other expenses: DISTRIBUTION EXPENSE -

  total $561,044

• 24e · All other expenses

  total $390,933

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $4,580,843 · end of year $3,444,746

• 4 · Accounts receivable

  beginning of year $911,385 · end of year $970,964

• 7 · Other notes and loans receivable

  beginning of year $105,380 · end of year $73,766

• 8 · Inventories for sale or use

  beginning of year $1,056,158 · end of year $1,011,003

• 9 · Prepaid expenses and deferred charges

  beginning of year $182,142 · end of year $124,175

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

  $42,277,920

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

  $12,972,325

• 10c · Land, buildings and equipment, net

  beginning of year $28,844,658 · end of year $29,305,595

• 12 · Investments: other securities

  beginning of year $8,257,764 · end of year $8,647,208

• 17 · Accounts payable and accrued expenses

  beginning of year $1,054,831 · end of year $1,046,681

• 19 · Deferred revenue

  beginning of year $374,567 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $24,316,439 · end of year $23,716,143

• 24 · Unsecured notes and loans payable

  beginning of year $40,078 · end of year $41,548

• 25 · Other liabilities

  beginning of year $15,850 · end of year $16,600

• 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 $611,997 · end of year $627,938

• 31 · Retained earnings, endowment or other funds

  beginning of year $17,524,568 · end of year $18,128,547

The filer's explanations (Part III)

PART I, LINE 3

OUR HR CONSULTANT MEETS WITH THE BOARD OF DIRECTORS AND FACILITATES THE GM ANNUAL PERFORMANCE REVIEW AND GIVES THE BOARD SALARY COMPARISONS FROM OTHER MN CO-OP'S OUR SIZE AND RECOMMEND A SALARY RANGE. THE BOARD THEN DECIDES ON THE GM'S SALARY.