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Nonprofiteer
← STEARNS ELECTRIC ASSOCIATION TRUST

Form 990 for tax year 2024

Filed by STEARNS ELECTRIC ASSOCIATION TRUST.

Totals

Total revenue
$202,713
Total expenses
$190,953
Contributions and grants received
$202,254
Grants paid
$187,100
Program service revenue
$0
Investment income
$459
Other revenue
$0
Total assets, end of year
$68,847
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$68,847
Program services expenses (Part IX)
$187,100
Management and general expenses
$3,853
Fundraising expenses
$0
Program service expenses (Part III)
$187,100

Program services were 98.0% 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.

  • 1c · Fundraising events

    $7,110

  • 1f · All other contributions, gifts and grants

    $195,144

  • 3 · Investment income

    total $459 · excluded $459

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $7,110

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $187,100 · program services $187,100

  • 5 · Compensation of officers, directors and key employees

    total $2,800 · management and general $2,800

  • 17 · Travel

    total $1,028 · management and general $1,028

  • 24a · Other expenses: MN STATE FILING FEE

    total $25 · management and general $25

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $46,574 · end of year $58,274

  • 3 · Pledges and grants receivable

    beginning of year $10,513 · end of year $10,573

  • 27 · Net assets without donor restrictions

    beginning of year $57,087 · end of year $68,847

Mission and programs · 2024

Mission

TO SERVE AS RESPONSIBLE STEWARDS OF THE GENEROSITY OF STEARNS ELECTRIC ASSOCIATION MEMBER-CONSUMERS AND DISTRIBUTE GRANT FUNDS IN A MANNER THAT ENHANCES THE OVERALL QUALITY OF LIFE IN OUR LOCAL COMMUNITY.

  • THE ORGANIZATION COLLECTS AND DISBURSES FUNDS FOR CHARITABLE AND EDUCATIONAL PURPOSES IN THE AREA SERVED BY STEARNS COOPERATIVE ELECTRIC ASSOCIATION. GRANTS ARE GIVEN TO CHARITABLE ORGANIZATIONS, WORTHY CAUSES, & INDIVIDUALS IN NEED AFTER THE BOARD REVIEWS AN "OPERATION ROUND UP APPLICATION" REQUESTING FUNDS. ORGANIZATIONS OR INDIVIDUALS REQUESTING FUNDS EXPLAIN WHAT THE FUNDS WILL BE USED FOR AND WHY THEY ARE IN NEED. PROFILE INFORMATION ON THE APPLICATION IS ALSO USED AS THE BASIS FOR A GRANT.

    Expenses $187,100 · Grants $187,100

As filed on the 2024 return.

Listed in Part VII

  • Ronald Paulsen

    PRESIDENT

    Total calculated
    $300
    From this org
    $300
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.29

  • Marcy Johnson

    VICE PRESIDENT

    Total calculated
    $400
    From this org
    $400
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.33

  • Jen Heinen

    SECRETARY/TREASURER

    Total calculated
    $300
    From this org
    $300
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.33

  • Al Poser

    DIRECTOR

    Total calculated
    $300
    From this org
    $300
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.31

  • Chris Bergman

    DIRECTOR

    Total calculated
    $400
    From this org
    $400
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.29

  • Steve Gudgell

    DIRECTOR

    Total calculated
    $200
    From this org
    $200
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.25

  • Meredith Ulrich

    DIRECTOR

    Total calculated
    $300
    From this org
    $300
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.29

  • David Cebulla

    DIRECTOR

    Total calculated
    $300
    From this org
    $300
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.31

  • Ann Reischl

    DIRECTOR

    Total calculated
    $300
    From this org
    $300
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.29

  • Matt O'Shea

    CEO - STEARNS ELECTRIC ASSOCIATION

    Total calculated
    $396,865
    From this org
    $0
    From related orgs
    $280,548
    Other
    $116,317
    Hours/week
    0 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $257,221 related
    Bonus
    $0 + $11,638 related
    Other
    $0 + $11,689 related
    Deferred
    $0 + $82,908 related
    Nontaxable benefits
    $0 + $33,409 related
    Filer's total
    $0 + $396,865 related

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
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

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
10 March 2025
IRS schema version
2024v5.0
Source object
202500789349300245

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