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Nonprofiteer
← MIENERGY COOPERATIVE

Form 990 for tax year 2023

Filed by MIENERGY COOPERATIVE.

Totals

Total revenue
$82,515,576
Total expenses
$81,851,864
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$82,106,413
Investment income
$418,678
Other revenue
-$9,515
Total assets, end of year
$226,012,966
Total liabilities, end of year
$144,693,167
Net assets or fund balances, end of year
$81,319,799
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: OPERATING REVENUES

    total $79,302,755 · related or exempt $79,302,755

  • 2b · Program service revenue: CAPITAL CREDITS

    total $2,541,927 · related or exempt $2,541,927

  • 2c · Program service revenue: EQUITY EARNINGS

    total $261,731 · related or exempt $272,431 · unrelated business -$10,700

  • 3 · Investment income

    total $276,628 · excluded $276,628

  • 7a · Gross sales of assets other than inventory

    other assets $238,148

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

    other assets $96,098

  • 7c · Gain or loss

    other assets $142,050

  • 7d · Net gain or loss

    total $142,050 · excluded $142,050

  • 10a · Gross sales of inventory

    $366,375

  • 10b · Cost of goods sold

    $381,290

  • 10c · Net income from sales of inventory

    total -$14,915 · related or exempt -$9,934 · unrelated business -$4,981

  • 11a · Other revenue: OTHER NONOPERATING MARGINS

    total $5,400 · related or exempt $5,400

  • 11e · Other revenue, total

    $5,400

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $5,346,868

  • 5 · Compensation of officers, directors and key employees

    total $914,476

  • 7 · Other salaries and wages

    total $6,874,940

  • 8 · Pension plan contributions

    total $2,066,477

  • 10 · Payroll taxes

    total $555,540

  • 12 · Advertising and promotion

    total $163,735

  • 20 · Interest

    total $3,797,192

  • 22 · Depreciation, depletion and amortization

    total $7,161,102

  • 23 · Insurance

    total $191,418

  • 24a · Other expenses: COST OF POWER

    total $48,712,578

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $5,227,812

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $4,076,916

  • 24d · Other expenses: UBI TAXES

    total $4,961

  • 24e · All other expenses

    total -$3,242,151

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,197,279 · end of year $905,244

  • 4 · Accounts receivable

    beginning of year $8,734,621 · end of year $8,640,649

  • 7 · Other notes and loans receivable

    beginning of year $681,167 · end of year $300,000

  • 8 · Inventories for sale or use

    beginning of year $7,507,465 · end of year $9,342,655

  • 9 · Prepaid expenses and deferred charges

    beginning of year $941,904 · end of year $773,762

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

    $224,697,071

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

    $69,040,171

  • 10c · Land, buildings and equipment, net

    beginning of year $150,287,648 · end of year $155,656,900

  • 12 · Investments: other securities

    beginning of year $499,979 · end of year $692,654

  • 13 · Investments: program-related

    beginning of year $38,446,650 · end of year $40,975,651

  • 15 · Other assets

    beginning of year $7,312,459 · end of year $8,725,451

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,114,157 · end of year $8,954,492

  • 21 · Escrow or custodial account liability

    beginning of year $42,450 · end of year $40,193

  • 23 · Secured mortgages and notes payable

    beginning of year $117,406,756 · end of year $124,341,621

  • 24 · Unsecured notes and loans payable

    beginning of year $3,500,000 · end of year $3,700,000

  • 25 · Other liabilities

    beginning of year $8,236,932 · end of year $7,656,861

  • 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 $77,308,877 · end of year $81,319,799

Mission and programs · 2023

Mission

TO DELIVER HIGH-QUALITY ENERGY SERVICES AT REASONABLE PRICES AND MAXIMIZE VALUE TO OUR MEMBERS CONSISTENT WITH THE WISE USE OF RESOURCES.

Activities or mission (Part I)

TO DELIVER HIGH-QUALITY ENERGY SERVICES AT REASONABLE PRICES AND MAXIMIZE VALUE TO OUR MEMBERS.

  • PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 19,223 MEMBERS AND MAINTAINED 5,579 MILES OF LINES PRIMARILY IN RURAL AREAS.

As filed on the 2023 return.

Listed in Part VII

  • Dean Nierling

    PRESIDENT

    Total calculated
    $20,300
    From this org
    $20,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Ronald Stevens

    VICE PRESIDENT

    Total calculated
    $17,675
    From this org
    $17,675
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Don Petersen

    TREASURER

    Total calculated
    $20,075
    From this org
    $20,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Dennis Ptacek

    SECRETARY

    Total calculated
    $17,911
    From this org
    $17,911
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Kyle Holthaus

    DIRECTOR

    Total calculated
    $17,375
    From this org
    $17,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Beth Olson

    DIRECTOR

    Total calculated
    $19,025
    From this org
    $19,025
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Jeff Redalen

    DIRECTOR

    Total calculated
    $16,571
    From this org
    $16,571
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Carl Reicks

    DIRECTOR

    Total calculated
    $14,075
    From this org
    $14,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jennifer Scharmer

    DIRECTOR

    Total calculated
    $17,375
    From this org
    $17,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Al Skip Wieser

    DIRECTOR

    Total calculated
    $13,075
    From this org
    $13,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Dennis Young

    DIRECTOR

    Total calculated
    $16,075
    From this org
    $16,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Brian Krambeer

    CEO

    Total calculated
    $551,454
    From this org
    $346,377
    From related orgs
    $0
    Other
    $205,077
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $314,813
    Bonus
    $31,079
    Other
    $485
    Deferred
    $180,706
    Nontaxable benefits
    $26,716
    Filer's total
    $553,799

  • Shelly Hove

    CFO

    Total calculated
    $259,477
    From this org
    $176,872
    From related orgs
    $0
    Other
    $82,605
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,622
    Bonus
    $0
    Other
    $250
    Deferred
    $59,814
    Nontaxable benefits
    $24,457
    Filer's total
    $261,143

  • Tyler Eide

    JOURNEYMAN FOREMAN

    Total calculated
    $147,329
    From this org
    $123,611
    From related orgs
    $0
    Other
    $23,718
    Hours/week
    40

  • Michael Walton

    VP OF ENGINEERING & SYSTEM PLANNING

    Total calculated
    $251,273
    From this org
    $147,756
    From related orgs
    $0
    Other
    $103,517
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,506
    Bonus
    $250
    Other
    $0
    Deferred
    $73,840
    Nontaxable benefits
    $31,238
    Filer's total
    $252,834

  • Vassil Vutov

    VP OF INFORMATION TECHNOLOGY

    Total calculated
    $218,589
    From this org
    $156,833
    From related orgs
    $0
    Other
    $61,756
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,583
    Bonus
    $0
    Other
    $250
    Deferred
    $33,930
    Nontaxable benefits
    $29,399
    Filer's total
    $220,162

  • Steven Oian

    VP OF SYSTEM OPERATIONS

    Total calculated
    $299,838
    From this org
    $155,400
    From related orgs
    $0
    Other
    $144,438
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,150
    Bonus
    $0
    Other
    $250
    Deferred
    $116,683
    Nontaxable benefits
    $29,315
    Filer's total
    $301,398

  • Davin Thompson

    DIRECTOR OF OPERATIONS

    Total calculated
    $187,798
    From this org
    $115,919
    From related orgs
    $0
    Other
    $71,879
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,469
    Bonus
    $450
    Other
    $0
    Deferred
    $44,509
    Nontaxable benefits
    $28,659
    Filer's total
    $189,087

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 · 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)

FORM 990, PART VII, SECTION A, LINE 5
PER THE INSTRUCTIONS, INCLUDED IN COLUMN (C) IS THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR 2023. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR BRIAN KRAMBEER IS $165,399. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $79,650. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR SHELLY HOVE IS $50,790. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $46,541. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR VASSIL VUTOV IS $26,169. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $40,834. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR STEVEN OIAN IS $108,994. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $39,579. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR MICHAEL WALTON IS $66,148. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $39,590. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR DAVIN THOMPSON IS $38,510. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $31,610.

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • MIBROADBAND LLC

    RELATED · PROVIDE BROADBAND SERVICE · MN · 33% owned · share of income $419,152 · general or managing partner

    Directly controlled by MIENERGY COOPERATIVE

  • MINNESOTA THREE LLC

    UNRELATED · ELECTRIC AND OTHER SERVICES · MN · 33% owned · share of income $5,157 · share of assets $348,687 · general or managing partner

    Directly controlled by MIENERGY COOPERATIVE

  • TEC COMMUNITY SOLAR I LLC

    SOLAR ENERGY · MN

  • HAWKEYE COMMUNITY SOLAR I LLC

    COMMUNITY SOLAR PROJECT · IA

  • HARMONY TELEPHONE COMPANY LLC

    RELATED · PROVIDE BROADBAND SERVICE · MN · 33% owned · share of income -$269,251 · share of assets $2,990,243

    Directly controlled by MIENERGY COOPERATIVE

Related corporations and trusts

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

  • TEC COMMUNITY SOLAR HOLDINGS

    C · SOLAR POWER INVESTMENT · MN · 100% owned · share of income $78 · share of assets $3,825 · controlled entity

    Directly controlled by MIENERGY COOPERATIVE

  • HTC DEVELOPMENT CORPORATION

    C · HOUSING DEVELOPMENT · IA · 100% owned · share of income $207,443 · share of assets $688,090 · controlled entity

    Directly controlled by MIENERGY COOPERATIVE

  • HREC COMMUNITY SOLAR HOLDINGS LLC

    C · COMMUNITY SOLAR PROJECT · IA · 100% owned · share of income $24 · controlled entity

    Directly controlled by MIENERGY COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
15 October 2024
IRS schema version
2023v5.1
Source object
202402899349302250

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