Runestone Electric Association
- Assets
- $99.2m
- Revenue
- $31.3m
- Investments
- $0.0
- Employees
- 42
- Location
- Alexandria, MN
- Founding
- 12/1937
- Data as of
- 12/2021
- 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 12/2021, Runestone Electric Association employed 42 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 12/2021, Runestone Electric Association generated $31.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $31.3m during the year ending 12/2021. While expenses have increased by 2.2% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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 14,748 RESIDENTIAL, SEASONAL, AND COMMERCIAL ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Haman CEO | Officer | 42 | $242,452 |
Janet Nelson Manager Of Finance | Officer | 45 | $133,018 |
Susan Lundeen Manager Of Member Services | 42 | $127,124 | |
Susan Gibbons Network & It Administrator | 50 | $126,487 | |
Ryan Rooney Energy Services & Business Development Manager | 43 | $123,877 | |
David Jablonski Line Superintendent | 45 | $121,946 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Star Energy Servcies Llc Engin,mgmt, Safey Services | 12/30/21 | $498,565 |
Integrity Contracting Inc Line Construction & Maint | 12/30/21 | $667,107 |
Nisc Software Service & Support | 12/30/21 | $253,436 |
Carr's Tree Service Tree/brush Cut & Spray | 12/30/21 | $708,509 |
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 | $29,880,036 |
| Investment income | $1,085,611 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $979 |
| Net Gain/Loss on Asset Sales | $31,212 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,252,692 |
| 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 | $2,387,546 |
| Compensation of current officers, directors, key employees. | $661,852 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,990,796 |
| 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 | $1,623,101 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,585,791 |
| Insurance | $0 |
| All other expenses | $16,157 |
| Total functional expenses | $31,252,692 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,520,843 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,907,467 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,750,992 |
| Prepaid expenses and deferred charges | $396,370 |
| Net Land, buildings, and equipment | $76,667,880 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,849,978 |
| Intangible assets | $0 |
| Other assets | $142,405 |
| Total assets | $99,235,935 |
| Accounts payable and accrued expenses | $6,855,262 |
| 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 | $53,173,417 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $961,052 |
| Total liabilities | $60,989,731 |
| 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 | $38,246,204 |
| Total liabilities and net assets/fund balances | $99,235,935 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Northwest Iowa Power Cooperative Le Mars, IA | $209,144,882 | $97,805,529 |
Minnesota Valley Electric Cooperative Jordan, MN | $225,562,606 | $97,633,848 |
Sioux Valley-Southwestern Electric Cooperative Inc Colman, SD | $299,619,509 | $95,033,427 |
Lake Country Power Cohasset, MN | $343,138,601 | $92,478,659 |
Crow Wing Cooperative Power & Light Company Brainerd, MN | $238,884,299 | $79,431,443 |
Roughrider Electric Cooperative Inc Hazen, ND | $306,147,341 | $78,571,891 |
Mienergy Cooperative Rushford, MN | $203,461,309 | $76,660,548 |
Adams-Columbia Electric Co-Op Friendship, WI | $247,246,792 | $77,428,375 |
Stearns Cooperative Electric Association Melrose, MN | $153,957,017 | $65,381,947 |
Iowa Lakes Electric Cooperative Estherville, IA | $166,721,612 | $65,953,608 |