Runestone Electric Association
- Assets
- $102.6m
- Revenue
- $31.8m
- Investments
- $0.0
- Employees
- 40
- Location
- Alexandria, MN
- Founding
- 12/1937
- Data as of
- 12/2022
- EIN
- 41-0223597
Organization Overview
Runestone Electric Association is located in Alexandria, MN. The organization was established in 1937. 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 12/2022, Runestone Electric Association employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Runestone 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 12/2022, Runestone Electric Association generated $31.8m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $31.8m during the year ending 12/2022. While expenses have increased by 1.7% per year over the past 4 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE OUR MEMBERS WITH SAFE, RELIABLE, AND AFFORDABLE ELECTRICITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALES AND DISTRIBUTION OF ELECTRICITY TO 15,089 RESIDENTIAL, SEASONAL, AND COMMERCIAL ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Haman CEO | Officer | 44 | $261,834 |
David Jablonski Line Superintendent | 45 | $130,544 | |
Janet Nelson Manager Of Finance | Officer | 45 | $136,895 |
Susan Lundeen Manager Of Member Services | 43 | $130,834 | |
Susan Gibbons Network & It Administrator | 50 | $134,896 | |
Ryan Rooney Energy Services & Business Development Manager | 42 | $127,359 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Carr's Tree Service Tree/brush Cut & Spray | 12/30/22 | $582,016 |
Star Energy Servcies Llc Engin,mgmt, Safey Services | 12/30/22 | $648,588 |
Integrity Contracting Inc Line Construction & Maint | 12/30/22 | $349,516 |
Nisc Software Service & Support | 12/30/22 | $276,962 |
Legacy Power Line Inc Line Construction & Maintenance | 12/30/22 | $231,711 |
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 | $31,171,518 |
| Investment income | $528,568 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,418 |
| Net Gain/Loss on Asset Sales | $14,250 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,843,187 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,993,590 |
| Compensation of current officers, directors, key employees. | $710,688 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,192,834 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,679,025 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,892,107 |
| Insurance | $0 |
| All other expenses | -$8,915 |
| Total functional expenses | $31,843,187 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,265,143 |
| Savings and temporary cash investments | $1,121,041 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,245,922 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,240,054 |
| Prepaid expenses and deferred charges | $259,027 |
| Net Land, buildings, and equipment | $77,139,747 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,896,476 |
| Intangible assets | $0 |
| Other assets | $471,578 |
| Total assets | $102,638,988 |
| Accounts payable and accrued expenses | $7,477,949 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $55,436,018 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,090,401 |
| Total liabilities | $64,004,368 |
| 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 | $38,634,620 |
| Total liabilities and net assets/fund balances | $102,638,988 |