Dakota Electric Association
- Assets
- $386.9m
- Revenue
- $228.8m
- Investments
- $3.6m
- Employees
- 219
- Location
- Farmington, MN
- Founding
- 12/1938
- Data as of
- 12/2021
- EIN
- 41-0212180
Organization Overview
Dakota Electric Association is located in Farmington, MN. The organization was established in 1938. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Dakota Electric Association employed 219 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dakota Electric Association is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Dakota Electric Association generated $228.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $219.3m during the year ending 12/2021. While expenses have increased by 1.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Dakota Electric Association has awarded 23 individual grants totaling $1,828,025. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ELECTRIC DISTRIBUTION COOP
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC AND RELATED SERVICES AND PRODUCTS FOR APPROXIMATELY 113,000 MEMBERS/CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Miller President/ceo | Officer | 40 | $1,018,890 |
Michael Nelson Vp-Information Services | Officer | 40 | $249,686 |
Jeffrey Schoenecker Vp-Utility Services | Officer | 40 | $242,565 |
Michael Fosse Vp-Energy/member Service Until 12/21 | Officer | 40 | $234,398 |
Betty Jo Kiesow Vp-Engineering Services | Officer | 40 | $226,340 |
Corey Hintz Vp-Finance/cfo | Officer | 40 | $202,121 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Carr's Tree Service Tree Trimming | 12/30/21 | $1,273,798 |
Powerhouse Electric Inc Advanced Grid Infrastructure Implementat | 12/30/21 | $1,273,587 |
Npl Construction Co Underground Construction | 12/30/21 | $2,789,597 |
Anixter Advanced Grid Infrastructure Implementat | 12/30/21 | $1,300,750 |
Kubra America South East Inc Customer Billing | 12/30/21 | $675,060 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $228,610,759 |
| Investment income | $160,834 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $5,052 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $228,776,645 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $408,308 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $4,844,271 |
| Compensation of current officers, directors, key employees. | $3,278,439 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,347,646 |
| Pension plan accruals and contributions | $2,958,815 |
| Other employee benefits | $2,496,651 |
| Payroll taxes | $1,245,707 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $87,646 |
| Fees for services: Accounting | $42,025 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,873,433 |
| Advertising and promotion | $2,039,329 |
| Office expenses | $2,797,063 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $189,175 |
| Travel | $62,411 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,506,103 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,299,719 |
| Insurance | $461,647 |
| All other expenses | $949,593 |
| Total functional expenses | $219,328,463 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $197,287 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,738,681 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,103,342 |
| Prepaid expenses and deferred charges | $4,167,486 |
| Net Land, buildings, and equipment | $206,621,785 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,563,587 |
| Investments—program-related | $129,957,833 |
| Intangible assets | $0 |
| Other assets | $4,587,428 |
| Total assets | $386,937,429 |
| Accounts payable and accrued expenses | $42,791,418 |
| Grants payable | $0 |
| Deferred revenue | $104,200 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $581,118 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $133,198,833 |
| Unsecured mortgages and notes payable | $15,300,000 |
| Other liabilities | $7,262,828 |
| Total liabilities | $199,238,397 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $187,699,032 |
| Total liabilities and net assets/fund balances | $386,937,429 |
Grants Awarded
Over the last fiscal year, Dakota Electric Association has awarded $355,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Rosemount, MN PURPOSE: SCHOLARSHIPS FOR EDUCATIONAL PURPOSES | $343,000 |
Burnsville, MN PURPOSE: FOOD SHELF/ENERGY ASSISTANCE AND COVID ASSISTANCE | $12,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dairyland Power Cooperative La Crosse, WI | $1,543,973,952 | $466,517,279 |
Minnkota Power Cooperative Inc Grand Forks, ND | $1,140,468,068 | $406,680,982 |
Mckenzie Electric Cooperative Inc Watford City, ND | $422,129,232 | $371,972,199 |
Mountrail-Williams Electric Cooperative Inc Williston, ND | $729,403,133 | $319,591,434 |
East River Electric Power Cooperative Inc Madison, SD | $750,935,062 | $299,322,334 |
Dakota Electric Association Farmington, MN | $386,937,429 | $228,776,645 |
Central Iowa Power Cooperative Cedar Rapids, IA | $899,434,034 | $189,203,690 |
Corn Belt Power Cooperative Humboldt, IA | $515,608,745 | $168,893,187 |
Central Power Electric Coop Inc Minot, ND | $419,743,548 | $167,780,988 |
Cass County Electric Cooperative Inc Fargo, ND | $311,989,434 | $149,157,181 |
Nodak Electric Cooperative Inc Grand Forks, ND | $162,149,817 | $119,843,322 |
Wright-Hennepin Cooperative Electric Association Rockford, MN | $233,547,306 | $112,957,716 |