Southern Minnesota Energy Cooperative
- Assets
- $10.7m
- Revenue
- $58.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Rushford, MN
- Founding
- 09/2013
- Data as of
- 12/2021
- EIN
- 46-2932804
Organization Overview
Southern Minnesota Energy Cooperative is located in Rushford, MN. The organization was established in 2013. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Minnesota Energy 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 12/2021, Southern Minnesota Energy Cooperative generated $58.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $58.9m during the year ending 12/2021. While expenses have increased by 8.2% 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
SALE OF ELECTRICITY TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO TWELVE MEMBER COOPERATIVES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Burud CEO | Officer | 3 | $18,990 |
Jim Krueger Treasurer | Trustee | 1.5 | $0 |
Syd Briggs Director | Trustee | 1.5 | $0 |
Adam Tromblay Vice-President | Trustee | 1.5 | $0 |
Brian Krambeer President | Trustee | 1.5 | $0 |
Ryan Hentges Secretary | Trustee | 1.5 | $0 |
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 | $58,809,552 |
| Investment income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,900,363 |
| 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 | $862,508 |
| Compensation of current officers, directors, key employees. | $18,990 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $58,900,363 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,393,711 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,308,210 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $45,272 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,747,193 |
| Accounts payable and accrued expenses | $6,402,413 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,402,413 |
| 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 | $240,000 |
| Retained earnings, endowment, accumulated income, or other funds | $4,104,780 |
| Total liabilities and net assets/fund balances | $10,747,193 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southeastern Electric Cooperative Inc Marion, SD | $202,199,401 | $71,615,783 |
Southern Minnesota Energy Cooperative Rushford, MN | $10,747,193 | $58,900,363 |
Dakota Valley Electric Cooperative Inc Edgeley, ND | $148,670,720 | $58,630,686 |
Freeborn-Mower Cooperative Services Albert Lea, MN | $136,719,563 | $56,762,140 |
Prairie Energy Cooperative Clarion, IA | $68,309,413 | $34,027,726 |
Cooperative Light And Power Association Of Lake County Two Harbors, MN | $32,161,097 | $13,814,099 |
Pamoja Kenya Shakopee, MN | $57,155 | $1,427,470 |
Policemen Relief Association Of The City Of Milwaukee Milwaukee, WI | $10,515,380 | $789,424 |
Joint Well Field Inc Toronto, SD | $2,543,710 | $758,352 |