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Nonprofiteer
← MINNKOTA POWER COOPERATIVE INC

Form 990 for tax year 2022

Filed by MINNKOTA POWER COOPERATIVE INC.

Totals

Total revenue
$451,623,057
Total expenses
$432,708,147
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$447,046,055
Investment income
$1,262,529
Other revenue
$3,314,473
Total assets, end of year
$1,158,057,527
Total liabilities, end of year
$944,460,489
Net assets or fund balances, end of year
$213,597,038
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: SALE OF ELECTRIC POWER

    total $447,046,055 · related or exempt $447,046,055 · 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 $1,262,529 · related or exempt $1,262,529 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

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

  • 5 · Royalties

    total $1,350,000 · related or exempt $1,350,000 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: MISC. NONOPERATING REVENUE

    total $1,964,473 · related or exempt $1,964,473 · unrelated business $0 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $1,964,473

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $4,814,677

  • 20 · Interest

    total $26,553,711

  • 22 · Depreciation, depletion and amortization

    total $30,705,861

  • 24a · Other expenses: PRODUCTION AND PURCHASED POWER

    total $320,146,187

  • 24b · Other expenses: TRANSMISSION AND SUBSTATION

    total $32,435,473

  • 24c · Other expenses: GENERAL AND ADMINISTRATIVE

    total $18,052,238

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $177,724 · end of year $4,523,637

  • 4 · Accounts receivable

    beginning of year $48,492,608 · end of year $57,423,489

  • 8 · Inventories for sale or use

    beginning of year $34,755,120 · end of year $37,269,255

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,089,149 · end of year $11,858,620

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

    $1,363,748,037

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

    $388,622,676

  • 10c · Land, buildings and equipment, net

    beginning of year $982,070,754 · end of year $975,125,361

  • 12 · Investments: other securities

    beginning of year $62,882,713 · end of year $71,857,165

  • 17 · Accounts payable and accrued expenses

    beginning of year $91,267,703 · end of year $81,103,237

  • 23 · Secured mortgages and notes payable

    beginning of year $804,460,468 · end of year $803,851,236

  • 25 · Other liabilities

    beginning of year $54,145,605 · end of year $59,506,016

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,136 · end of year $1,136

  • 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 $190,593,156 · end of year $213,595,902

Mission and programs · 2022

Mission

Minnkota Power is a rural electric cooperative that generates and transmits electric power.

Activities or mission (Part I)

Minnkota Power Cooperative is a rural electric cooperative that generates and transmits electric power for eleven member cooperatives.

  • Minnkota Power is a rural electric cooperative that generates and transmits electric power.

As filed on the 2022 return.

Listed in Part VII

  • Robert McLennan

    President & CEO

    Total calculated
    $1,172,472
    From this org
    $986,822
    From related orgs
    $0
    Other
    $185,650
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $856,898
    Bonus
    $108,987
    Other
    $20,938
    Deferred
    $173,800
    Nontaxable benefits
    $11,850
    Filer's total
    $1,172,473

  • Lowell Stave

    Vice President and COO

    Total calculated
    $454,752
    From this org
    $376,329
    From related orgs
    $0
    Other
    $78,423
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $327,330
    Bonus
    $11,132
    Other
    $37,867
    Deferred
    $48,800
    Nontaxable benefits
    $29,623
    Filer's total
    $454,752

  • Gerad Paul

    General Counsel-VP of Legal, Compliance & Risk Mgmt

    Total calculated
    $423,910
    From this org
    $346,487
    From related orgs
    $0
    Other
    $77,423
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $318,060
    Bonus
    $7,489
    Other
    $20,938
    Deferred
    $48,800
    Nontaxable benefits
    $28,623
    Filer's total
    $423,910

  • Jami Hovet

    Vice President of Administration

    Total calculated
    $362,361
    From this org
    $290,622
    From related orgs
    $0
    Other
    $71,739
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $290,221
    Bonus
    $0
    Other
    $401
    Deferred
    $47,129
    Nontaxable benefits
    $24,610
    Filer's total
    $362,361

  • Kay Schraeder

    Vice President and CFO

    Total calculated
    $360,998
    From this org
    $285,877
    From related orgs
    $0
    Other
    $75,121
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $278,398
    Bonus
    $0
    Other
    $7,478
    Deferred
    $46,498
    Nontaxable benefits
    $28,623
    Filer's total
    $360,997

  • Craig Bleth

    Vice President of Project Development

    Total calculated
    $340,357
    From this org
    $267,771
    From related orgs
    $0
    Other
    $72,586
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $267,370
    Bonus
    $0
    Other
    $401
    Deferred
    $42,963
    Nontaxable benefits
    $29,623
    Filer's total
    $340,357

  • Dan Inman

    Vice President and CISO

    Total calculated
    $332,929
    From this org
    $267,538
    From related orgs
    $0
    Other
    $65,391
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $267,137
    Bonus
    $0
    Other
    $401
    Deferred
    $43,662
    Nontaxable benefits
    $21,729
    Filer's total
    $332,929

  • Gerry Pfau

    Senior Manager of Project Development

    Total calculated
    $304,676
    From this org
    $261,782
    From related orgs
    $0
    Other
    $42,894
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,993
    Bonus
    $0
    Other
    $138,789
    Deferred
    $22,156
    Nontaxable benefits
    $20,738
    Filer's total
    $304,676

  • Todd Sailer

    Vice President of Power Supply

    Total calculated
    $293,501
    From this org
    $228,758
    From related orgs
    $0
    Other
    $64,743
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,013
    Bonus
    $0
    Other
    $21,745
    Deferred
    $36,120
    Nontaxable benefits
    $28,623
    Filer's total
    $293,501

  • Andrew Sorbo

    Vice President Strategic Initiatives

    Total calculated
    $266,428
    From this org
    $206,250
    From related orgs
    $0
    Other
    $60,178
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,812
    Bonus
    $0
    Other
    $438
    Deferred
    $31,555
    Nontaxable benefits
    $28,623
    Filer's total
    $266,428

  • Grant Gunderson

    Senior Manager Power Delivery Operations

    Total calculated
    $259,465
    From this org
    $198,065
    From related orgs
    $0
    Other
    $61,400
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,597
    Bonus
    $0
    Other
    $468
    Deferred
    $32,777
    Nontaxable benefits
    $28,623
    Filer's total
    $259,465

  • Brendan Kennelly

    Vice President of Power Delivery

    Total calculated
    $254,168
    From this org
    $192,776
    From related orgs
    $0
    Other
    $61,392
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,338
    Bonus
    $0
    Other
    $438
    Deferred
    $32,769
    Nontaxable benefits
    $28,623
    Filer's total
    $254,168

  • Stacey Dahl

    Senior Manager of External Affairs

    Total calculated
    $253,411
    From this org
    $192,282
    From related orgs
    $0
    Other
    $61,129
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,844
    Bonus
    $0
    Other
    $438
    Deferred
    $32,506
    Nontaxable benefits
    $28,623
    Filer's total
    $253,411

  • Theresa Brorby

    Senior Manager of Internal Audit and Risk

    Total calculated
    $245,219
    From this org
    $185,848
    From related orgs
    $0
    Other
    $59,371
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,940
    Bonus
    $0
    Other
    $3,908
    Deferred
    $30,748
    Nontaxable benefits
    $28,623
    Filer's total
    $245,219

  • Tim Hagerott

    Senior Manager of Power Production

    Total calculated
    $240,167
    From this org
    $183,066
    From related orgs
    $0
    Other
    $57,101
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,628
    Bonus
    $0
    Other
    $438
    Deferred
    $29,915
    Nontaxable benefits
    $27,186
    Filer's total
    $240,167

  • Andrew Freidt

    Senior Manager or Resource PLanning

    Total calculated
    $232,638
    From this org
    $185,740
    From related orgs
    $0
    Other
    $46,898
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,302
    Bonus
    $0
    Other
    $438
    Deferred
    $29,949
    Nontaxable benefits
    $16,949
    Filer's total
    $232,638

  • Les Windjue

    Board Chair

    Total calculated
    $24,920
    From this org
    $3,040
    From related orgs
    $0
    Other
    $21,880
    Hours/week
    3.4

  • Rick Coe

    Board Member

    Total calculated
    $22,280
    From this org
    $22,280
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1

  • Colette Kujava

    Board Secretary/Treasurer

    Total calculated
    $17,914
    From this org
    $17,914
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Mark Habedank

    Board Vice Chair

    Total calculated
    $16,060
    From this org
    $16,060
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Greg Spaulding

    Board Member

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Steve Arnesen

    Board Member

    Total calculated
    $14,910
    From this org
    $14,910
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Mike Wahl

    Board Member

    Total calculated
    $14,550
    From this org
    $14,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Anthony Ottem

    Board Member

    Total calculated
    $14,480
    From this org
    $14,480
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Kalvin Hoff

    Board Member

    Total calculated
    $13,160
    From this org
    $13,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1

  • Roger Krostue

    Board Member

    Total calculated
    $12,160
    From this org
    $12,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Tom Woinarowicz

    Board Member

    Total calculated
    $11,450
    From this org
    $11,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Marcy Svenningsen

    Board Member

    Total calculated
    $3,060
    From this org
    $3,060
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

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 survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
Robert McLennan, Lowell Stave, and Gerad Paul receive gross up non-qualified retirement plan compensation. All employees received a year end grossed up bonus.
Schedule J, Part I, Line 4
The Board of Directors has adopted a 457(f) plan in which Robert McLennan may receive incentive compensation in 2026 and 2028, if all the terms of the plan are met.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Lignite Electric Power Cooperative Inc

    C · Coal Leases · ND · 100% owned · share of income $518 · share of assets $2,350

    Directly controlled by Minnkota Power Coop

Provenance

Return type
form_990
Tax year
2022
Filed
15 May 2023
IRS schema version
2022v5.0
Source object
202331289349300043

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