RUNESTONE ELECTRIC ASSOCIATION

EIN: 410223597

Alexandria, MN

Total Revenue
$37,517,813
Total Expenses
$37,517,813
Total Assets
$111,530,102
Net Assets
$43,905,460
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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
1935
Legal Domicile
MN
Principal Officer
Alan Haman
Phone
3207621121
Tax Period
2025-01-01 to 2025-12-31

RUNESTONE ELECTRIC ASSOCIATION, founded in 1935, is a mid-sized nonprofit that reported $37.5M in total revenue in fiscal year 2025. Revenue grew 12% year-over-year, indicating healthy expansion.

Mission

To serve our members with safe, reliable, and affordable electricity.

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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%)

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Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $35,098,094
Investment Income $2,374,709
Other Revenue $45,010
TOTAL REVENUE $37,517,813

Expense Breakdown

Grants Paid $0
Salaries & Benefits $2,963,112
Fundraising Expenses $0
Program Expenses $0
Other Expenses $30,783,536
TOTAL EXPENSES $37,517,813

Year-over-Year Comparison

2025 2024 Change
Revenue $37,517,813 $33,444,294 +0.1%
Expenses $37,517,813 $33,444,294 +0.1%
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

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Governance

Voting Members
7
Independent Members
7
Employees
38
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
2
$772,249
Total Directors
7
$56,550
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Alan Haman CEO 42
Officer
$302,713 $196,076 $498,789
Janet Nelson Manager of Finance 45
Officer
$162,495 $110,965 $273,460
Susan Lundeen Manager of Member Services 42
Highest
$147,044 $105,956 $253,000
David Jablonski Line Superintendent 45
Highest
$137,716 $107,568 $245,284
Ryan Rooney Energy Services & Business Development Manager 42
Highest
$144,059 $62,096 $206,155
Susan Gibbons Network & IT Administrator 47
Highest
$144,334 $50,821 $195,155
Kyle Blade Journeyman Lineman 43
Highest
$125,000 $26,183 $151,183
Michael Loken Director 7.1
Director
$9,400 $0 $9,400
Joel Seela Director 3.3
Director
$8,400 $0 $8,400
David Staples Director 3.3
Director
$8,400 $0 $8,400
Barbara Johnson Director 5.5
Director
$8,350 $0 $8,350
Gary Anderson Director 6.5
Director
$7,850 $0 $7,850
Matthew Mattson Director 3.3
Director
$7,450 $0 $7,450
Jon Winter Director 2.8
Director
$6,700 $0 $6,700
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 $37,517,813 $37,517,813 $111,530,102 No data
2024 $33,444,294 $33,444,294 $108,251,306 No data
2024 No data No data No data No data
2023 $32,966,732 $32,966,732 $103,047,892 No data
2022 $31,843,187 $31,843,187 $102,638,988 No data
2021 $31,252,692 $31,252,692 $99,235,935 No data
2020 $29,762,866 $29,762,866 $95,326,425 No data
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