CLOVERLAND ELECTRIC COOPERATIVE (EIN 380429495) - Form 990 Financial Analysis & Trantor Score

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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

1938

Legal Domicile

Principal Officer

MICHAEL HEISE

Phone

9066356800

Tax Period

2023-01-01 to 2023-12-31

CLOVERLAND ELECTRIC COOPERATIVE, founded in 1938, is a mid-sized nonprofit that reported $90.7M in total revenue in fiscal year 2023. Expenses of $83.7M left a modest 8% surplus.

Mission

ELECTRIC COOPERATIVE

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $89,165,455

Investment Income $1,599,613

Other Revenue $-31,395

TOTAL REVENUE $90,733,673

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,125,622

Fundraising Expenses $0

Other Expenses $81,505,832

TOTAL EXPENSES $83,672,248

Year-over-Year Comparison

	2023	2022	Change
Revenue	$90,733,673	$89,448,818	+0.0%
Expenses	$83,672,248	$86,833,977	0.0%
Net Income	$7,061,425	$2,614,841	+1.7%

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

132

Volunteers

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

$1,106,638

Total Directors

$86,162

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WILLIAM LALONDE	CHAIRPERSON	10.00	Officer Director	$10,650	$802	$11,452
JOHN SAWRUK	VICE CHAIRPERSON	5.00	Officer Director	$9,200	$802	$10,002
CARMINE BONACCI JR	SECRETARY/TREASURER	5.00	Officer Director	$9,600	$802	$10,402
JASON OBERLE	DIRECTOR	5.00	Director	$10,400	$802	$11,202
VIRGIL MONROE	DIRECTOR	5.00	Director	$7,400	$796	$8,196
RONALD PROVO	DIRECTOR	5.00	Director	$7,500	$793	$8,293
JASON ST ONGE	DIRECTOR	5.00	Director	$7,200	$811	$8,011
GERALD NETTLETON	DIRECTOR	5.00	Director	$7,800	$802	$8,602
KEVIN VANATTA	DIRECTOR	5.00	Director	$2,200	$7,802	$10,002
MICHAEL HEISE	PRESIDENT/CEO	40.00	Officer	$367,755	$150,745	$518,500
PATRICK FRAZIER	COO	40.00	Officer	$297,815	$70,582	$368,397
JILLIAN KING	DIRECTOR OF FINANCE	40.00	Officer	$133,532	$54,353	$187,885
ROGER LINE	DIR OF GENERATION	40.00	Highest	$147,389	$46,881	$194,270
BRIAN LAVEY	DIR OF ENGINEERING	40.00	Highest	$144,362	$61,143	$205,505
JARED KANGAS	LINE FOREMAN	40.00	Highest	$150,226	$45,001	$195,227
MIKE TALSMA	LINE FOREMAN	40.00	Highest	$143,112	$40,279	$183,391
TRAVIS TEMPLETON	LINEMAN	40.00	Highest	$142,178	$44,109	$186,287

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
2024	No data	No data	No data	No data
2023	$90,733,673	$83,672,248	$223,251,430	$7,061,425
2022	$89,448,818	$86,833,977	$214,176,437	$2,614,841
2021	$87,157,838	$77,884,316	$210,343,579	$9,273,522
2020	$81,703,747	$72,554,496	$203,278,204	$9,149,251
2019	$81,901,012	$76,577,700	$198,578,715	$5,323,312
2018	$83,801,221	$79,397,910	$199,181,494	$4,403,311

CLOVERLAND ELECTRIC COOPERATIVE