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← FEDERATED RURAL ELECTRIC ASSOCIATION

Form 990 for tax year 2024

Filed by FEDERATED RURAL ELECTRIC ASSOCIATION.

Totals

Total revenue
$41,746,812
Total expenses
$41,458,715
Contributions and grants received
$0
Grants paid
$17,567
Program service revenue
$40,298,916
Investment income
$323,301
Other revenue
$1,124,595
Total assets, end of year
$88,539,380
Total liabilities, end of year
$40,241,685
Net assets or fund balances, end of year
$48,297,695
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 $38,769,490 · related or exempt $38,769,490

  • 2b · Program service revenue: BROADBAND REVENUE

    total $1,529,426 · related or exempt $877,398 · unrelated business $652,028

  • 3 · Investment income

    total $311,039 · excluded $311,039

  • 7a · Gross sales of assets other than inventory

    other assets $31,525

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

    other assets $19,263

  • 7c · Gain or loss

    other assets $12,262

  • 7d · Net gain or loss

    total $12,262 · excluded $12,262

  • 10a · Gross sales of inventory

    $143,573

  • 10b · Cost of goods sold

    $403,421

  • 10c · Net income from sales of inventory

    total -$259,848 · related or exempt -$259,848

  • 11a · Other revenue: CAPITAL CREDITS

    total $1,308,738 · related or exempt $1,308,738

  • 11b · Other revenue: PARTNERSHIP INCOME

    total $43,393 · unrelated business $43,393

  • 11c · Other revenue: CTV INCOME

    total $18,955 · related or exempt $15,761 · unrelated business $3,194

  • 11d · All other revenue

    total $13,357 · excluded $13,357

  • 11e · Other revenue, total

    $1,384,443

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $17,567

  • 4 · Benefits paid to or for members

    total $1,908,233

  • 5 · Compensation of officers, directors and key employees

    total $561,569

  • 7 · Other salaries and wages

    total $2,137,499

  • 8 · Pension plan contributions

    total $351,226

  • 10 · Payroll taxes

    total $197,823

  • 20 · Interest

    total $937,971

  • 22 · Depreciation, depletion and amortization

    total $2,122,516

  • 24a · Other expenses: COST OF POWER

    total $30,451,741

  • 24b · Other expenses: BROADBAND EXPENSES

    total $1,536,665

  • 24c · Other expenses: DISTRIBUTIONS - OPERATI

    total $1,351,530

  • 24d · Other expenses: ADMIN AND GENERAL

    total $1,213,835

  • 24e · All other expenses

    total -$1,329,460

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $106,176 · end of year $105,081

  • 2 · Savings and temporary cash investments

    beginning of year $2,926,965 · end of year $3,915,647

  • 4 · Accounts receivable

    beginning of year $3,099,752 · end of year $3,075,143

  • 7 · Other notes and loans receivable

    beginning of year $621,299 · end of year $496,889

  • 8 · Inventories for sale or use

    beginning of year $1,915,788 · end of year $1,411,286

  • 9 · Prepaid expenses and deferred charges

    beginning of year $952,410 · end of year $1,475,812

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

    $81,664,619

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

    $29,176,013

  • 10c · Land, buildings and equipment, net

    beginning of year $48,032,088 · end of year $52,488,606

  • 12 · Investments: other securities

    beginning of year $2,126,055 · end of year $2,249,055

  • 13 · Investments: program-related

    beginning of year $20,708,297 · end of year $21,609,313

  • 14 · Intangible assets

    beginning of year $1,520,899 · end of year $1,366,642

  • 15 · Other assets

    beginning of year $372,798 · end of year $345,906

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,360,724 · end of year $5,697,038

  • 19 · Deferred revenue

    beginning of year $1,069,645 · end of year $1,545,606

  • 21 · Escrow or custodial account liability

    end of year $2,586

  • 23 · Secured mortgages and notes payable

    beginning of year $27,231,208 · end of year $30,464,326

  • 24 · Unsecured notes and loans payable

    beginning of year $800,000 · end of year $1,000,000

  • 25 · Other liabilities

    beginning of year $1,694,757 · end of year $1,532,129

  • 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 $6,482,038 · end of year $7,441,435

  • 31 · Retained earnings, endowment or other funds

    beginning of year $40,744,155 · end of year $40,856,260

Mission and programs · 2024

Mission

FEDERATED RURAL ELECTRIC ASSOCIATION IS COMMITTED TO PROVIDING SAFE, RELIABLE, AND AFFORDABLE ENERGY AND OTHER ESSENTIAL SERVICES TO OUR MEMBER-OWNERS, WHILE ENHANCING THE LIVES OF THOSE WE SERVE.

Activities or mission (Part I)

TO DISTRIBUTE ENERGY AND SERVICES IN A COST EFFECTIVE, RELIABLE, AND EFFICIENT MANNER.

  • TO PROVIDE RELIABLE ELECTRIC SERVICE TO OVER 5,260 MEMBERS. WITHOUT THE FORMATION OF THIS COOPERATIVE, THESE MEMBERS WOULD NOT HAVE RECEIVED ELECTRIC SERVICE IN 1935. SINCE THAT TIME WE HAVE CONSISTENTLY PROVIDED SERVICE TO ALL RURAL CUSTOMERS IN JACKSON AND MARTIN COUNTIES IN MINNESOTA AS WELL AS SOME SMALLER TOWNS. IN ADDITION, WE PROVIDE ELECTRIC SERVICE TO BOUNDARY CUSTOMERS OF 11 ADDITIONAL COUNTIES INCLUDING APPROXIMATELY 60 MEMBERS IN IOWA.

  • THE COOPERATIVE ACQUIRED A FIXED INTERNET COMPANY WITH 1,100 CUSTOMERS IN 2021 AND SINCE THEN HAS PURSUED EXPANDING THE BROADBAND DIVISION BY SCALING A FIBER NETWORK DEPLOYMENT AND GROWING ITS CUSTOMER BASE TO 1,800. THE COOPERATIVE HAS BEEN AWARDED TWO MINNESOTA GRANTS AND HAS RECEIVED SUPPORT FROM LOCAL COUNTIES WITHIN AND OVERLAPPING THE ELECTRIC SERVICE TERRITORY IN ITS PURSUIT OF PROVIDING THE HIGHEST QUALITY INTERNET SERVICE TO ALL OF OUR CUSTOMERS.

As filed on the 2024 return.

Listed in Part VII

  • David Hansen

    PRESIDENT (THROUGH DECEMBER 2024)

    Total calculated
    $16,200
    From this org
    $16,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Darvin Voss

    SECRETARY/TREASURER

    Total calculated
    $13,950
    From this org
    $13,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Scott Thiesse

    DIRECTOR

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Bruce Brockmann

    DIRECTOR

    Total calculated
    $13,050
    From this org
    $13,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Glenn Dicks

    DIRECTOR

    Total calculated
    $12,300
    From this org
    $12,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • David Meschke

    VICE PRESIDENT

    Total calculated
    $11,400
    From this org
    $11,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jon Saxen

    DIRECTOR

    Total calculated
    $10,350
    From this org
    $10,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Tyler Ayers

    DIRECTOR (START NOVEMBER 2024)

    Total calculated
    $3,013
    From this org
    $3,013
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Scott Reimer

    GENERAL MANAGER

    Total calculated
    $304,879
    From this org
    $232,352
    From related orgs
    $0
    Other
    $72,527
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,397
    Bonus
    $0
    Other
    $955
    Deferred
    $37,600
    Nontaxable benefits
    $36,577
    Filer's total
    $306,529

  • Julie Resch

    CFO/OFFICE MANAGER

    Total calculated
    $163,149
    From this org
    $110,627
    From related orgs
    $0
    Other
    $52,522
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,202
    Bonus
    $0
    Other
    $425
    Deferred
    $18,908
    Nontaxable benefits
    $34,493
    Filer's total
    $164,028

  • Matt Madden

    OPERATIONS MANAGER

    Total calculated
    $165,915
    From this org
    $112,680
    From related orgs
    $0
    Other
    $53,235
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,562
    Bonus
    $0
    Other
    $1,118
    Deferred
    $19,307
    Nontaxable benefits
    $34,850
    Filer's total
    $166,837

  • Alex C Kunz

    LINEMAN

    Total calculated
    $155,354
    From this org
    $111,203
    From related orgs
    $0
    Other
    $44,151
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,865
    Bonus
    $0
    Other
    $338
    Deferred
    $18,809
    Nontaxable benefits
    $26,125
    Filer's total
    $156,137

  • Brandon Clarke

    WELCOME FOREMAN

    Total calculated
    $158,140
    From this org
    $108,420
    From related orgs
    $0
    Other
    $49,720
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $108,038
    Bonus
    $0
    Other
    $382
    Deferred
    $18,221
    Nontaxable benefits
    $32,315
    Filer's total
    $158,956

  • Casey L Schoellermar

    LINEMAN

    Total calculated
    $155,954
    From this org
    $106,780
    From related orgs
    $0
    Other
    $49,174
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $106,422
    Bonus
    $0
    Other
    $358
    Deferred
    $17,981
    Nontaxable benefits
    $31,976
    Filer's total
    $156,737

  • Chris Borchardt

    LINEMAN

    Total calculated
    $159,632
    From this org
    $106,520
    From related orgs
    $0
    Other
    $53,112
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $106,162
    Bonus
    $0
    Other
    $358
    Deferred
    $18,506
    Nontaxable benefits
    $35,389
    Filer's total
    $160,415

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

  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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 I, LINE 1A:
GROSS UPS: PERSONAL USE FRINGE AUTO BENEFIT FOR THE GENERAL MANAGER. BENEFIT WAS INCLUDED IN TAXABLE INCOME.
PART I, LINE 1B:
THE BOARD APPROVES THAT A VEHICLE IS PROVIDED TO THE GENERAL MANGER FOR BUSINESS TRAVEL.

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
2024
Filed
27 October 2025
IRS schema version
2024v5.2
Source object
202533079349302443

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