Minnkota Power Cooperative Inc
- Assets
- $1.1b
- Revenue
- $406.7m
- Investments
- $62.9m
- Employees
- 428
- Location
- Grand Forks, ND
- Founding
- 03/1943
- Data as of
- 12/2021
- 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 12/2021, Minnkota Power Cooperative Inc employed 428 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 12/2021, Minnkota Power Cooperative Inc generated $406.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $385.2m during the year ending 12/2021. While expenses have increased by 0.5% 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
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 | $953,278 |
Lowell Stave Vice President And COO | Officer | 40 | $376,329 |
Gerad Paul General Counsel-Vp Of Legal, Compliance & Risk Mgmt | Officer | 40 | $333,729 |
Jami Hovet Vice President Of Administration | Officer | 40 | $285,628 |
Kay Schraeder Vice President And CFO | Officer | 40 | $280,789 |
Dan Inman Vice President And Ciso | Officer | 40 | $259,217 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Babcox And Wilcox Company Construction | 12/30/21 | $11,131,054 |
Ge Steam Power Construction | 12/30/21 | $2,873,567 |
Industrial Contractors Inc Construction | 12/30/21 | $4,700,468 |
Fluor Enterprises Inc Construction | 12/30/21 | $3,741,744 |
Vadakin Inc Construction | 12/30/21 | $2,716,342 |
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 | $402,032,396 |
| Investment income | $1,563,539 |
| 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 | $406,680,982 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $3,815,168 |
| 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 | $26,509,609 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,178,580 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $385,173,456 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $177,724 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $48,492,608 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $34,755,120 |
| Prepaid expenses and deferred charges | $12,089,149 |
| Net Land, buildings, and equipment | $982,070,754 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $62,882,713 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,140,468,068 |
| Accounts payable and accrued expenses | $91,267,703 |
| 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 | $804,460,468 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $54,145,605 |
| Total liabilities | $949,873,776 |
| 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 | $190,593,156 |
| Total liabilities and net assets/fund balances | $1,140,468,068 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Upper Missouri G & T Electric Cooperative Inc Sidney, MT | $346,340,988 | $649,145,791 |
Minnkota Power Cooperative Inc Grand Forks, ND | $1,140,468,068 | $406,680,982 |
Mckenzie Electric Cooperative Inc Watford City, ND | $422,129,232 | $371,972,199 |
Mountrail-Williams Electric Cooperative Inc Williston, ND | $729,403,133 | $319,591,434 |
East River Electric Power Cooperative Inc Madison, SD | $750,935,062 | $299,322,334 |
Dakota Electric Association Farmington, MN | $386,937,429 | $228,776,645 |
Central Power Electric Coop Inc Minot, ND | $419,743,548 | $167,780,988 |
Cass County Electric Cooperative Inc Fargo, ND | $311,989,434 | $149,157,181 |
Flathead Electric Cooperative Inc Kalispell, MT | $284,506,383 | $127,930,773 |
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 |
Minnesota Valley Electric Cooperative Jordan, MN | $225,562,606 | $97,633,848 |