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Nonprofiteer
← MILLE LACS ENERGY COOPERATIVE

Form 990 for tax year 2023

Filed by MILLE LACS ENERGY COOPERATIVE.

Totals

Total revenue
$32,476,630
Total expenses
$31,688,640
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$31,832,911
Investment income
$564,374
Other revenue
$79,345
Total assets, end of year
$100,842,123
Total liabilities, end of year
$65,923,240
Net assets or fund balances, end of year
$34,918,883
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: Electric Sales

    total $30,312,172 · related or exempt $30,312,172

  • 2b · Program service revenue: Capital Credits

    total $1,146,569 · related or exempt $1,146,569

  • 2c · Program service revenue: Other Sales

    total $374,170 · related or exempt $374,170

  • 3 · Investment income

    total $563,516 · excluded $563,516

  • 7a · Gross sales of assets other than inventory

    other assets $858

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

    other assets $0

  • 7c · Gain or loss

    other assets $858

  • 7d · Net gain or loss

    total $858 · excluded $858

  • 11a · Other revenue: Internet & LD

    total $135,581 · unrelated business $135,581

  • 11b · Other revenue: Generator Sales

    total -$619 · unrelated business -$619

  • 11c · Other revenue: Meter Loops & Sewer District

    total -$55,617 · related or exempt -$55,617

  • 11e · Other revenue, total

    $79,345

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,692,725

  • 5 · Compensation of officers, directors and key employees

    total $490,126

  • 7 · Other salaries and wages

    total $4,190,204

  • 8 · Pension plan contributions

    total $431,844

  • 10 · Payroll taxes

    total $343,188

  • 20 · Interest

    total $1,248,800

  • 22 · Depreciation, depletion and amortization

    total $2,334,102

  • 24a · Other expenses: Cost of Power

    total $16,114,345

  • 24b · Other expenses: Distribution

    total $5,268,510

  • 24c · Other expenses: Admin & General

    total $2,285,957

  • 24d · Other expenses: Customers Accts & Servi

    total $1,742,843

  • 24e · All other expenses

    total -$5,454,004

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,229,205 · end of year $3,119,993

  • 2 · Savings and temporary cash investments

    beginning of year $4,649,794 · end of year $6,266,421

  • 4 · Accounts receivable

    beginning of year $3,496,092 · end of year $4,827,414

  • 8 · Inventories for sale or use

    beginning of year $1,622,695 · end of year $1,504,508

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,589,804 · end of year $463,855

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

    $99,296,209

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

    $32,548,236

  • 10c · Land, buildings and equipment, net

    beginning of year $56,472,478 · end of year $66,747,973

  • 13 · Investments: program-related

    beginning of year $14,920,018 · end of year $15,889,806

  • 15 · Other assets

    beginning of year $2,005,869 · end of year $2,022,153

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,078,957 · end of year $9,193,720

  • 19 · Deferred revenue

    beginning of year $2,080,528 · end of year $2,108,707

  • 21 · Escrow or custodial account liability

    beginning of year $6,654 · end of year $6,696

  • 23 · Secured mortgages and notes payable

    beginning of year $48,754,130 · end of year $53,173,130

  • 25 · Other liabilities

    beginning of year $1,823,849 · end of year $1,440,987

  • 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 $32,241,837 · end of year $34,918,883

Mission and programs · 2023

Mission

It is our mission to responsibly provide reliable, competitively priced energy, services and products to meet the needs of our members and customers.

Activities or mission (Part I)

Provides electric distribution service to 13,616 members of the cooperative.

  • Provided electric distribution service to 13,616 members of the cooperative and build/maintain 2,018 miles in of line in 2023.

As filed on the 2023 return.

Listed in Part VII

  • Harold Harms

    President

    Total calculated
    $15,207
    From this org
    $15,207
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • Mike Reem

    Vice President

    Total calculated
    $13,207
    From this org
    $13,207
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.7

  • Bruce Robinson

    Assist Secretary/Treasurer

    Total calculated
    $13,907
    From this org
    $13,907
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.7

  • Aileen Demenge

    Secretary/Treasurer

    Total calculated
    $12,637
    From this org
    $12,637
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.7

  • Don Appel

    Director

    Total calculated
    $10,757
    From this org
    $10,757
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.6

  • Derik Midthun

    Director

    Total calculated
    $11,382
    From this org
    $11,382
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Mark Anderson

    Director

    Total calculated
    $12,660
    From this org
    $12,660
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.1

  • Lincoln Messner

    Accounting & Finance Mgr

    Total calculated
    $125,441
    From this org
    $108,157
    From related orgs
    $0
    Other
    $17,284
    Hours/week
    40

  • Sarah Cron

    CEO

    Total calculated
    $274,796
    From this org
    $222,127
    From related orgs
    $0
    Other
    $52,669
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,296
    Bonus
    $0
    Other
    $3,831
    Deferred
    $24,916
    Nontaxable benefits
    $27,759
    Filer's total
    $274,802

  • Tanner Clasen

    Lineman

    Total calculated
    $148,982
    From this org
    $122,027
    From related orgs
    $0
    Other
    $26,955
    Hours/week
    44.7

  • Nikolaus Borchert

    Lineman

    Total calculated
    $164,302
    From this org
    $122,506
    From related orgs
    $0
    Other
    $41,796
    Hours/week
    45.5

    Schedule J breakdown matched by us

    Base
    $120,610
    Bonus
    $0
    Other
    $1,896
    Deferred
    $14,158
    Nontaxable benefits
    $27,779
    Filer's total
    $164,443

  • Cory Brix

    Operations Manager

    Total calculated
    $156,542
    From this org
    $124,786
    From related orgs
    $0
    Other
    $31,756
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,675
    Bonus
    $0
    Other
    $2,111
    Deferred
    $13,822
    Nontaxable benefits
    $17,958
    Filer's total
    $156,566

  • Jay Eide

    Lineman

    Total calculated
    $138,162
    From this org
    $124,663
    From related orgs
    $0
    Other
    $13,499
    Hours/week
    43

  • Gregory Greely

    Lineman

    Total calculated
    $138,366
    From this org
    $127,858
    From related orgs
    $0
    Other
    $10,508
    Hours/week
    45.4

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
28 April 2024
IRS schema version
2023v5.0
Source object
202421209349301667

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