Minnkota Power Cooperative Inc
- Assets
- $1.2b
- Revenue
- $451.6m
- Investments
- $71.9m
- Employees
- 418
- Location
- Grand Forks, ND
- Founding
- 03/1943
- Data as of
- 12/2022
- EIN
- 45-0166406
Organization Overview
Minnkota Power Cooperative Inc is located in Grand Forks, ND. The organization was established in 1943. 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, Minnkota Power Cooperative Inc employed 418 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnkota Power Cooperative Inc 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, Minnkota Power Cooperative Inc generated $451.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $432.7m during the year ending 12/2022. While expenses have increased by 2.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
MINNKOTA POWER COOPERATIVE IS A RURAL ELECTRIC COOPERATIVE THAT GENERATES AND TRANSMITS ELECTRIC POWER FOR ELEVEN MEMBER COOPERATIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MINNKOTA POWER IS A RURAL ELECTRIC COOPERATIVE THAT GENERATES AND TRANSMITS ELECTRIC POWER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Mclennan President & CEO | Officer | 40 | $986,822 |
Lowell Stave Vice President And COO | Officer | 40 | $376,329 |
Gerad Paul General Counsel-Vp Of Legal, Compliance & Risk Mgmt | Officer | 40 | $346,487 |
Jami Hovet Vice President Of Administration | Officer | 40 | $290,622 |
Kay Schraeder Vice President And CFO | Officer | 40 | $285,877 |
Craig Bleth Vice President Of Project Development | Officer | 40 | $267,771 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Babcox And Wilcox Company Construction | 12/30/22 | $16,628,835 |
Fluor Enterprises Inc Construction | 12/30/22 | $4,067,798 |
Industrial Contractors Inc Construction | 12/30/22 | $6,283,087 |
Baranko Brothers Inc Construction | 12/30/22 | $3,834,348 |
St Cotter Turbine Services Inc Construction | 12/30/22 | $3,843,872 |
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 | $447,046,055 |
| Investment income | $1,262,529 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,350,000 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $451,623,057 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $4,814,677 |
| 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 | $26,553,711 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,705,861 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $432,708,147 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,523,637 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $57,423,489 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $37,269,255 |
| Prepaid expenses and deferred charges | $11,858,620 |
| Net Land, buildings, and equipment | $975,125,361 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $71,857,165 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,158,057,527 |
| Accounts payable and accrued expenses | $81,103,237 |
| 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 | $803,851,236 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $59,506,016 |
| Total liabilities | $944,460,489 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,136 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $213,595,902 |
| Total liabilities and net assets/fund balances | $1,158,057,527 |