Minnesota Valley Electric Cooperative
- Assets
- $240.6m
- Revenue
- $112.9m
- Investments
- $0.0
- Employees
- 123
- Location
- Jordan, MN
- Founding
- 11/1939
- Data as of
- 12/2022
- EIN
- 41-0419150
Organization Overview
Minnesota Valley Electric Cooperative is located in Jordan, MN. The organization was established in 1939. 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, Minnesota Valley Electric Cooperative employed 123 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Valley Electric Cooperative 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, Minnesota Valley Electric Cooperative generated $112.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $109.8m during the year ending 12/2022. While expenses have increased by 4.3% per year over the past 8 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
PROVIDE ELECTRIC SERVICE TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO MEMBERS
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Connelly Director | Trustee | 7 | $18,000 |
Thomas Wolf Director | Trustee | 7 | $18,000 |
Michelle Morrison Secretary/treasurer | Trustee | 9 | $18,806 |
William Heinlein Director | Trustee | 7 | $18,000 |
Gary Haberman Director | Trustee | 7 | $18,480 |
Kevin Gibbs Director | Trustee | 7 | $18,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Donlie Underground Inc Underground Installation | 12/30/22 | $3,079,470 |
Highline Construction Inc Construction | 12/30/22 | $833,116 |
Carr's Tree Service Inc Tree Trimming | 12/30/22 | $2,382,211 |
Usic Locating Services Llc Locates | 12/30/22 | $372,656 |
Karian Peterson Powerline Contracting Ll Construction | 12/30/22 | $552,203 |
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 | $108,269,661 |
| Investment income | $210,804 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $558,921 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$175,239 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $112,862,188 |
| 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 | $2,423,758 |
| Compensation of current officers, directors, key employees. | $1,180,831 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| 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 | $3,853,512 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,268,147 |
| Insurance | $0 |
| All other expenses | $2,086,629 |
| Total functional expenses | $109,796,025 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $726,344 |
| Savings and temporary cash investments | $3,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,188,307 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $175,786 |
| Inventories for sale or use | $3,436,329 |
| Prepaid expenses and deferred charges | $318,439 |
| Net Land, buildings, and equipment | $163,100,958 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $50,105,332 |
| Intangible assets | $0 |
| Other assets | $4,538,377 |
| Total assets | $240,589,872 |
| Accounts payable and accrued expenses | $17,923,639 |
| 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 | $123,722,345 |
| Unsecured mortgages and notes payable | $14,650,000 |
| Other liabilities | $2,947,598 |
| Total liabilities | $159,243,582 |
| 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 | $81,346,290 |
| Total liabilities and net assets/fund balances | $240,589,872 |