BELTRAMI ELECTRIC COOPERATIVE INC

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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

1940

Legal Domicile

Principal Officer

JARED ECHTERNACH

Phone

2184443632

Tax Period

2023-01-01 to 2023-12-31

BELTRAMI ELECTRIC COOPERATIVE INC, founded in 1940, is a mid-sized nonprofit that reported $62.5M in total revenue in fiscal year 2023.

Mission

TO PROVIDE EXCELLENT VALUE TO OUR MEMBERS THROUGH THE SAFE DELIVERY OF RELIABLE ELECTRIC SERVICE, EXCELLENT MEMBER SERVICE, AND INNOVATIVE ENERGY SOLUTIONS AT FAIR AND REASONABLE PRICES.

Program Service Accomplishments

Program 1

PROVIDED ENERGY TO 18,342 MEMBERS AND 22,295 CUSTOMERS.

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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 $61,854,093

Investment Income $278,757

Other Revenue $356,389

TOTAL REVENUE $62,489,239

Expense Breakdown

Grants Paid $24,123

Salaries & Benefits $8,014,628

Fundraising Expenses $0

Other Expenses $52,168,493

TOTAL EXPENSES $61,555,125

Year-over-Year Comparison

	2023	2022	Change
Revenue	$62,489,239	$59,261,181	+0.1%
Expenses	$61,555,125	$59,055,422	+0.0%
Net Income	$934,114	$205,759	+3.5%

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

$752,066

Total Directors

$129,812

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD COE	DIRECTOR	5.60	Director	$9,956	$0	$9,956
JOHN LUND	PRESIDENT/DIRECTOR	4.40	Director	$19,771	$0	$19,771
MURL NORD	SECRETARY/DIRECTOR	5.80	Director	$13,133	$0	$13,133
CRAIG GAASVIG	DIRECTOR	3.40	Director	$13,040	$0	$13,040
ROBERT WALLNER	DIRECTOR	3.00	Director	$12,798	$0	$12,798
SUZANNE KRINGEN	VICE PRES/DIRECTOR	5.70	Director	$20,812	$0	$20,812
DONALD PERKINS	DIRECTOR	3.80	Director	$11,534	$0	$11,534
SHARON LEMBKE	TREASURER/DIRECTOR	4.20	Director	$12,699	$0	$12,699
MICHAEL MONSRUD	DIRECTOR	6.30	Director	$16,069	$0	$16,069
JARED ECHTERNACH	CEO	53.18	Officer	$293,802	$111,264	$405,066
ARLENE HOGQUIST	DIRECTOR OF FINANCE & CORPORATE SERVICES	46.83	Officer	$168,477	$178,523	$347,000
RICHARD RIEWER	MANAGER OF ENGINEERING	41.37	Highest	$160,109	$72,275	$232,384
ERIC SPLICHAL	JOURNEYMAN LINEMAN	45.77	Highest	$124,606	$38,214	$162,820
MIKE BIRKELAND	VP OF ELECTRIFICATION & MEMBER EXPERIENCE	43.75	Highest	$168,853	$53,237	$222,090
LEE PEMBERTON	MANAGER OF OPERATIONS	43.78	Highest	$136,969	$87,864	$224,833
RICHARD HARRIS	OCR TECH LINEMAN	45.56	Highest	$124,949	$40,137	$165,086

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	$62,489,239	$61,555,125	$137,462,177	$934,114
2022	$59,261,181	$59,055,422	$138,158,231	$205,759
2021	$58,653,821	$56,341,936	$132,948,143	$2,311,885
2020	$57,188,774	$55,901,987	$130,639,588	$1,286,787
2019	$57,498,989	$56,697,020	$128,374,148	$801,969
2018	$55,560,304	$54,513,066	$126,757,733	$1,047,238