Alger Delta Cooperative Electric A… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1937

Legal Domicile

Principal Officer

Michael Furmanski

Phone

9064284141

Tax Period

2024-01-01 to 2024-12-31

Alger Delta Cooperative Electric Association, founded in 1937, is a mid-sized nonprofit that reported $18.6M in total revenue in fiscal year 2024.

Mission

Electrical distribution utility providing service to rural areas

Program Service Accomplishments

Program 1

Provided electrical service to the rural areas of Marquette, Alger, Delta, Dickinson, Schoolcraft and Menominee counties in the Upper Peninsula of Michigan a total of 9,091 members were served in...

Provided electrical service to the rural areas of Marquette, Alger, Delta, Dickinson, Schoolcraft and Menominee counties in the Upper Peninsula of Michigan a total of 9,091 members were served in 2024.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $18,554,978

Investment Income $14,021

Other Revenue $0

TOTAL REVENUE $18,568,999

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,731,775

Fundraising Expenses $0

Other Expenses $14,883,989

TOTAL EXPENSES $18,568,999

Year-over-Year Comparison

	2024	2023	Change
Revenue	$18,568,999	$18,515,871	+0.0%
Expenses	$18,568,999	$18,515,871	+0.0%
Net Income	$0	$0	N/A

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$406,131

Total Directors

$61,100

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Mike Lawless	President	1.75	Officer Director	$3,500	$0	$3,500
Jesse Betters	Sec/Treas (Jan-Jun)/Pres (Jul-Dec)	3.06	Officer Director	$6,600	$0	$6,600
Karen Alholm	Vice President	1.80	Officer Director	$6,750	$0	$6,750
Kirk Bruno Director Jan-Jun	Sec/Treas (Jul-Dec)	3.92	Officer Director	$11,100	$0	$11,100
Darryl Small	Director	1.20	Director	$3,850	$0	$3,850
Don Johnson	Director	5.12	Director	$10,600	$0	$10,600
Stephen Wery	Director	2.13	Director	$5,200	$0	$5,200
William Wotruba	Director	0.96	Director	$5,900	$0	$5,900
Stephen Dausey	Director	2.60	Director	$5,050	$0	$5,050
Timothy Jenkins	Director	1.34	Director	$2,550	$0	$2,550
Michael Furmanski	General Manager	40.00	Officer	$162,046	$53,504	$215,550
Lynn Labadie	Finance Manager	40.00	Officer	$113,085	$49,546	$162,631
Brandon Benda	Lineman	51.87	Highest	$148,517	$12,139	$160,656
Jonathan Conger	Lead Lineman	48.93	Highest	$139,681	$37,050	$176,731
Brandon Lind	Lineman	53.69	Highest	$159,831	$37,181	$197,012
Troy Tiernan	Operations Manager	40.00	Highest	$129,385	$49,101	$178,486
Jacob Hart	Lineman	52.67	Highest	$149,290	$10,307	$159,597

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	$18,568,999	$18,568,999	$57,971,488	No data
2023	$18,515,871	$18,515,871	$56,353,683	No data
2022	$18,706,041	$18,706,041	$54,541,428	No data
2021	$17,663,679	$17,663,679	$51,999,429	No data
2020	$15,971,471	$15,971,467	$51,473,019	$4
2019	$15,473,055	$15,473,056	$43,544,160	$-1
2018	$15,568,596	$15,568,592	$42,111,110	$4

Alger Delta Cooperative Electric Association