Minnkota Power Cooperative Inc
- Assets
- $1.1b
- Revenue
- $402.2m
- Investments
- $52.7m
- Employees
- 445
- Location
- Grand Forks, ND
- Founding
- 03/1943
- Data as of
- 12/2019
- 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 12/2019, Minnkota Power Cooperative Inc employed 445 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 12/2019, Minnkota Power Cooperative Inc generated $402.2m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $390.5m during the year ending 12/2019. While expenses have increased by 1.0% per year over the past 5 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
MINNKOTA POWER COOPERATIVE IS A RURAL ELECTRIC COOPERATIVE THAT GENERATES AND TRANSMITS ELECTRIC POWER FOR OUR 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 And CEO | Officer | 40 | $759,533 |
Lowell Stave Vice President Energy Supply And COO | Officer | 40 | $344,275 |
Karen Thingelstad Vice President And CFO | Officer | 40 | $313,197 |
Gerad Paul General Counsel And Vice President For Legal Affairs | Officer | 40 | $301,692 |
Dan Inman Vice President And Ciso | Officer | 40 | $238,053 |
Gerry Pfau Senior Manager Of Project Development | 40 | $224,349 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Industrial Contractors Inc Construction | 12/30/19 | $9,489,474 |
Babcock & Wilcox Construction Co Llc Construction | 12/30/19 | $5,456,561 |
Vadakin Inc Construction | 12/30/19 | $2,407,834 |
Moorhead Electric Llc Construction | 12/30/19 | $2,565,289 |
Baranko Brothers Inc Construction | 12/30/19 | $1,870,725 |
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 | $393,471,100 |
| Investment income | $7,373,520 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,351,734 |
| 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 | $402,196,354 |
| 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. | $3,245,428 |
| 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 | $108,420 |
| Fees for services: Accounting | $139,355 |
| 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 | $32,176,935 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,911,758 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $390,482,354 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $227,693 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $50,629,745 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $31,498,753 |
| Prepaid expenses and deferred charges | $10,759,677 |
| Net Land, buildings, and equipment | $978,973,875 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $52,743,565 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,124,833,308 |
| Accounts payable and accrued expenses | $81,947,303 |
| 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 | $832,046,269 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $54,072,343 |
| Total liabilities | $968,065,915 |
| 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 | $156,766,257 |
| Total liabilities and net assets/fund balances | $1,124,833,308 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Upper Missouri G & T Electric Cooperative Inc Sidney, MT | $334,768,198 | $637,652,492 |
Minnkota Power Cooperative Inc Grand Forks, ND | $1,124,833,308 | $402,196,354 |
Mckenzie Electric Cooperative Inc Watford City, ND | $393,514,370 | $335,917,669 |
Mountrail-Williams Electric Cooperative Inc Williston, ND | $717,404,799 | $318,238,351 |
East River Electric Power Cooperative Inc Madison, SD | $592,324,233 | $293,586,852 |
Dakota Electric Association Farmington, MN | $344,083,597 | $207,935,201 |
Central Power Electric Coop Inc Minot, ND | $390,213,092 | $178,336,721 |
Cass County Electric Cooperative Inc Fargo, ND | $289,161,420 | $140,494,536 |
Flathead Electric Cooperative Inc Kalispell, MT | $283,675,251 | $122,789,085 |
Wright-Hennepin Cooperative Electric Association Rockford, MN | $204,039,453 | $109,420,242 |
Nodak Electric Cooperative Inc Grand Forks, ND | $144,864,960 | $104,223,078 |
Lake Country Power Grand Rapids, MN | $327,288,686 | $92,858,618 |