Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALE OF POWER

  total $60,707,650 · related or exempt $60,707,650

• 3 · Investment income

  total $165,252 · excluded $165,252

• 7a · Gross sales of assets other than inventory

  securities $330,554 · other assets $11,982

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

  securities $281,234 · other assets $114,364

• 7c · Gain or loss

  securities $49,320 · other assets -$102,382

• 7d · Net gain or loss

  total -$53,062 · excluded -$53,062

• 10a · Gross sales of inventory

  $137,362

• 10b · Cost of goods sold

  $144,363

• 10c · Net income from sales of inventory

  total -$7,001 · unrelated business -$7,001

• 11a · Other revenue: CAPITAL CREDITS

  total $1,273,045 · related or exempt $1,273,045

• 11b · Other revenue: HEARTLAND SECURITY SERVICES, LLC

  total $22,434 · unrelated business $21,821 · excluded $613

• 11c · Other revenue: MINNESOTA THREE LLC #46-2958241

  total $9,288 · unrelated business $6,383 · excluded $2,905

• 11d · All other revenue

  total $1,146 · unrelated business $1,146

• 11e · Other revenue, total

  $1,305,913

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $1,981,033

• 5 · Compensation of officers, directors and key employees

  total $401,487

• 20 · Interest

  total $2,445,105

• 22 · Depreciation, depletion and amortization

  total $4,269,157

• 24a · Other expenses: COST OF POWER

  total $42,466,412

• 24b · Other expenses: DISTRIBUTION EXPENSE -

  total $2,569,001

• 24c · Other expenses: DISTRIBUTION EXPENSE -

  total $2,494,225

• 24d · Other expenses: ADMINISTRATION & GENERA

  total $2,062,111

• 24e · All other expenses

  total $2,401,738

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,575,908 · end of year $3,944,828

• 2 · Savings and temporary cash investments

  beginning of year $463,082 · end of year $462,462

• 4 · Accounts receivable

  beginning of year $5,793,026 · end of year $6,465,285

• 8 · Inventories for sale or use

  beginning of year $1,090,787 · end of year $2,406,518

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,348,391 · end of year $1,036,239

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

  $141,149,933

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

  $28,262,766

• 10c · Land, buildings and equipment, net

  beginning of year $107,400,425 · end of year $112,887,167

• 12 · Investments: other securities

  beginning of year $2,504,097 · end of year $2,136,479

• 13 · Investments: program-related

  beginning of year $16,543,847 · end of year $16,760,921

• 17 · Accounts payable and accrued expenses

  beginning of year $6,152,240 · end of year $6,328,481

• 23 · Secured mortgages and notes payable

  beginning of year $88,202,152 · end of year $92,981,856

• 24 · Unsecured notes and loans payable

  end of year $3,000,000

• 25 · Other liabilities

  beginning of year $799,425 · end of year $681,590

• 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 $41,565,746 · end of year $43,107,972

The filer's explanations (Part III)

SCHEDULE J, PART II, COLUMN C

INCLUDED IN COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE (DECREASE) IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. FOR THE FOLLOWING INDIVIDUALS, THE ESTIMATED INCREASE (DECREASE) IS: JAMES KRUEGER: $49,731 ALAN CASTERTON: $31,816 JACK KORTAN: $52,084 BRAD DEVRIES: $10,478 AL STADHEIM: $28,249 ETHAN EGGUM: $10,921 THESE AMOUNTS ARE ESTIMATES IN THE INCREASE (DECREASE) OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE.

Disregarded entities

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

• FREEBORN-MOWER CONSTRUCTION COMPANY

  CONSTRUCTION COMPANY · MN

  Directly controlled by FREEBORN MOWER ELECTRIC COOPERATIVE

Related partnerships

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

• MINNESOTA THREE LLC

  UNRELATED · SOLAR GENERATION PLANT · MN · 33.33% owned · share of income $9,288 · share of assets $343,527 · general or managing partner

  Directly controlled by FREEBORN MOWER ELECTRIC COOPERATIVE