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Nonprofiteer
← RUNESTONE ELECTRIC ASSOCIATION

Form 990 for tax year 2023

Filed by RUNESTONE ELECTRIC ASSOCIATION.

Totals

Total revenue
$32,966,732
Total expenses
$32,966,732
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$31,643,779
Investment income
$1,180,836
Other revenue
$142,117
Total assets, end of year
$103,047,892
Total liabilities, end of year
$63,177,763
Net assets or fund balances, end of year
$39,870,129
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% 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.

  • 2a · Program service revenue: Sales of Electric Energy

    total $31,515,421 · related or exempt $31,515,421 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Late Payment Charges

    total $112,983 · related or exempt $112,983 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Service Charge & Other Elec

    total $15,375 · related or exempt $15,375 · 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 $1,179,836 · related or exempt $0 · unrelated business $0 · excluded $1,179,836

  • 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 $6,674 · personal property $0

  • 6b · Less rental expenses

    real property $5,265 · personal property $0

  • 6c · Rental income or loss

    real property $1,409 · personal property $0

  • 6d · Net rental income or loss

    total $1,409 · related or exempt $0 · unrelated business -$797 · excluded $2,206

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $1,000

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $1,000

  • 7d · Net gain or loss

    total $1,000 · related or exempt $1,000 · unrelated business $0 · excluded $0

  • 11a · Other revenue: STAR Energy Services LLC

    total $42,468 · related or exempt $0 · unrelated business $42,468 · excluded $0

  • 11b · Other revenue: Heartland Security Services LLC

    total $98,240 · related or exempt $0 · unrelated business $98,240 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $140,708

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,566,135

  • 5 · Compensation of officers, directors and key employees

    total $684,916

  • 7 · Other salaries and wages

    total $2,000,759

  • 20 · Interest

    total $1,840,551

  • 22 · Depreciation, depletion and amortization

    total $4,141,848

  • 24a · Other expenses: Cost of Power

    total $17,397,341

  • 24b · Other expenses: Operations & Maintenance-Distribution

    total $2,583,704

  • 24c · Other expenses: Consumer Accounts & Service

    total $842,677

  • 24d · Other expenses: Admin & General Property Maint

    total $886,081

  • 24e · All other expenses

    total $22,720

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,265,143 · end of year $1,235,764

  • 2 · Savings and temporary cash investments

    beginning of year $1,121,041

  • 4 · Accounts receivable

    beginning of year $4,245,922 · end of year $3,107,317

  • 8 · Inventories for sale or use

    beginning of year $2,240,054 · end of year $1,658,177

  • 9 · Prepaid expenses and deferred charges

    beginning of year $259,027 · end of year $830,058

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

    $112,039,494

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

    $32,633,767

  • 10c · Land, buildings and equipment, net

    beginning of year $77,139,747 · end of year $79,405,727

  • 13 · Investments: program-related

    beginning of year $13,896,476 · end of year $14,676,115

  • 15 · Other assets

    beginning of year $471,578 · end of year $2,134,734

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,477,949 · end of year $9,090,439

  • 23 · Secured mortgages and notes payable

    beginning of year $55,436,018 · end of year $52,858,634

  • 25 · Other liabilities

    beginning of year $1,090,401 · end of year $1,228,690

  • 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 $38,634,620 · end of year $39,870,129

Mission and programs · 2023

Mission

To serve our members with safe, reliable and affordable electricity.

Activities or mission (Part I)

To serve our members with safe, reliable, and affordable electricity.

  • Sales and distribution of electricity to 15,239 residential, seasonal, and commercial accounts.

As filed on the 2023 return.

Listed in Part VII

  • Alan Haman

    CEO

    Total calculated
    $419,037
    From this org
    $269,955
    From related orgs
    $0
    Other
    $149,082
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $268,730
    Bonus
    $1,225
    Other
    $0
    Deferred
    $129,592
    Nontaxable benefits
    $19,490
    Filer's total
    $419,037

  • Janet Nelson

    Manager of Finance

    Total calculated
    $223,279
    From this org
    $143,873
    From related orgs
    $0
    Other
    $79,406
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $142,648
    Bonus
    $1,225
    Other
    $0
    Deferred
    $53,248
    Nontaxable benefits
    $26,158
    Filer's total
    $223,279

  • Susan Lundeen

    Manager of Member Services

    Total calculated
    $220,346
    From this org
    $135,764
    From related orgs
    $0
    Other
    $84,582
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $134,539
    Bonus
    $1,225
    Other
    $0
    Deferred
    $58,777
    Nontaxable benefits
    $25,805
    Filer's total
    $220,346

  • David Jablonski

    Line Superintendent

    Total calculated
    $213,900
    From this org
    $127,781
    From related orgs
    $0
    Other
    $86,119
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $126,556
    Bonus
    $1,225
    Other
    $0
    Deferred
    $60,575
    Nontaxable benefits
    $25,544
    Filer's total
    $213,900

  • Susan Gibbons

    Network & IT Administrator

    Total calculated
    $184,575
    From this org
    $141,696
    From related orgs
    $0
    Other
    $42,879
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $140,471
    Bonus
    $1,225
    Other
    $0
    Deferred
    $28,779
    Nontaxable benefits
    $14,100
    Filer's total
    $184,575

  • Ryan Rooney

    Energy Services & Business Development Manager

    Total calculated
    $180,904
    From this org
    $131,945
    From related orgs
    $0
    Other
    $48,959
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,720
    Bonus
    $1,225
    Other
    $0
    Deferred
    $23,195
    Nontaxable benefits
    $25,764
    Filer's total
    $180,904

  • Tyler Doherty

    Journeyman Lineman

    Total calculated
    $151,747
    From this org
    $117,358
    From related orgs
    $0
    Other
    $34,389
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $116,183
    Bonus
    $1,175
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,389
    Filer's total
    $151,747

  • David Staples

    Director

    Total calculated
    $7,750
    From this org
    $7,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Barbara Johnson

    Director

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Gary Anderson

    Director

    Total calculated
    $7,250
    From this org
    $7,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Michael Loken

    Director

    Total calculated
    $6,300
    From this org
    $6,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Matthew Mattson

    Director

    Total calculated
    $4,400
    From this org
    $4,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Audrey Hjelle

    Director

    Total calculated
    $4,050
    From this org
    $4,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Joel Seela

    Director

    Total calculated
    $3,350
    From this org
    $3,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Clifford Patrick

    Director

    Total calculated
    $2,000
    From this org
    $2,000
    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

None.

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.

  • Runestone Electric Association Community Trust

    501(c)(3) · Distr. charitable funds · MN

Provenance

Return type
form_990
Tax year
2023
Filed
13 May 2024
IRS schema version
2023v5.0
Source object
202411349349303136

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