Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC SALES

  total $22,483,563 · related or exempt $22,483,563

• 3 · Investment income

  total $151,028 · excluded $151,028

• 7a · Gross sales of assets other than inventory

  other assets $46,850

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

  other assets $2,030

• 7c · Gain or loss

  other assets $44,820

• 7d · Net gain or loss

  total $44,820 · related or exempt $44,820

• 10a · Gross sales of inventory

  $1,340,090

• 10b · Cost of goods sold

  $1,121,366

• 10c · Net income from sales of inventory

  total $218,724 · unrelated business $218,724

• 11a · Other revenue: CAPITAL CREDITS

  total $1,400,632 · related or exempt $1,400,632

• 11b · Other revenue: MANAGEMENT FEE FROM SUBSIDIARY

  total $151,000 · unrelated business $151,000

• 11c · Other revenue: GRANITE FALLS ENERGY, LLC K-1

  total $77,546 · unrelated business $75,851 · excluded $1,695

• 11e · Other revenue, total

  $1,629,178

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $95

• 4 · Benefits paid to or for members

  total $3,309,787

• 5 · Compensation of officers, directors and key employees

  total $926,087

• 20 · Interest

  total $1,081,707

• 22 · Depreciation, depletion and amortization

  total $2,551,915

• 24a · Other expenses: COST OF POWER

  total $11,038,400

• 24b · Other expenses: DISTRIBUTION/MAINTENANC

  total $1,873,753

• 24c · Other expenses: DISTRIBUTION/OPERATIONS

  total $1,614,348

• 24d · Other expenses: GENERAL AND ADMIN

  total $938,874

• 24e · All other expenses

  total $1,799,174

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,394,542 · end of year $1,921,563

• 4 · Accounts receivable

  beginning of year $2,474,233 · end of year $2,632,680

• 8 · Inventories for sale or use

  beginning of year $1,475,552 · end of year $4,966,731

• 9 · Prepaid expenses and deferred charges

  beginning of year $409,207 · end of year $156,396

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

  $91,628,605

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

  $32,691,673

• 10c · Land, buildings and equipment, net

  beginning of year $55,918,996 · end of year $58,936,932

• 12 · Investments: other securities

  beginning of year $5,505,204 · end of year $5,227,634

• 13 · Investments: program-related

  beginning of year $10,629,525 · end of year $11,426,209

• 15 · Other assets

  beginning of year $19,758 · end of year $19,763

• 17 · Accounts payable and accrued expenses

  beginning of year $1,450,865 · end of year $1,502,170

• 19 · Deferred revenue

  beginning of year $273,573 · end of year $343,411

• 23 · Secured mortgages and notes payable

  beginning of year $43,460,547 · end of year $47,044,461

• 24 · Unsecured notes and loans payable

  end of year $3,300,000

• 25 · Other liabilities

  beginning of year $2,325,064 · end of year $1,992,573

• 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 $30,316,968 · end of year $31,105,293

The filer's explanations (Part III)

SCHEDULE J, PART II, COLUMN C

INCLUDED IN SCHEDULE J, PART II, COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. FOR THE FOLLOWING EMPLOYEES, THE ESTIMATED INCREASE IS AS FOLLOWS: PATRICK CARRUTH: $172,498 ERIC WOLLSCHLAGER: $61,247 JAMES HUGHES: $95,625 KENT SMITH: $37,602 JILL ROTHSCHADL: $30,362 SCOTT KUBESH: $77,562 ANDREW JOHNSON: $49,958 THESE ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLANS AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. CURRENT YEAR CONTRIBUTIONS INTO THE DEFINED BENEFIT PLAN WERE AS FOLLOWS: PATRICK CARRUTH: $88,084 ERIC WOLLSCHLAGER: $29,885 JAMES HUGHES: $24,268 KENT SMITH: $24,268 JILL ROTHSCHADL: $44,186 SCOTT KUBESH: $37,544 ANDREW JOHNSON: $23,484 THESE AMOUNTS ARE INCLUDED IN THE ABOVE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• MINNESOTA VALLEY TREE SERVICE

  TREE TRIMMING AND CLEARING · MN

  Directly controlled by MINNESOTA VALLEY COOPERATIVE LIGHT & POWER HOLDING COMPANY

• KARIANPETERSON POWER LINE

  POWER LINE CONSTRUCTION · MN

  Directly controlled by MINNESOTA VALLEY COOPERATIVE LIGHT & POWER HOLDING COMPANY

Related corporations and trusts

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

• MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY

  C · MANAGEMENT OF COMPANIES · MN · 100% owned · share of income $5,893,592 · share of assets $6,536,677 · controlled entity

  Directly controlled by MINNESOTA VALLEY COOPERATIVE LIGHT & POWER ASSOCIATION