FEDERATED RURAL ELECTRIC

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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

Principal Officer

SCOTT REIMER

Phone

5078473520

Tax Period

2023-01-01 to 2023-12-31

FEDERATED RURAL ELECTRIC, founded in 1935, is a mid-sized nonprofit that reported $43.6M in total revenue in fiscal year 2023. Expenses of $42.2M left a modest 3% surplus.

Mission

FEDERATED RURAL ELECTRIC ASSOCIATION IS COMMITTED TO PROVIDING SAFE, RELIABLE, AND AFFORDABLE ENERGY AND OTHER ESSENTIAL SERVICES TO OUR MEMBER-OWNERS, WHILE ENHANCING THE LIVES OF THOSE WE SERVE.

Program Service Accomplishments

Program 1

TO PROVIDE RELIABLE ELECTRIC SERVICE TO OVER 5,275 MEMBERS. WITHOUT THE FORMATION OF THIS COOPERATIVE, THESE MEMBERS WOULD NOT HAVE RECEIVED ELECTRIC SERVICE IN 1935. SINCE THAT TIME WE HAVE...

TO PROVIDE RELIABLE ELECTRIC SERVICE TO OVER 5,275 MEMBERS. WITHOUT THE FORMATION OF THIS COOPERATIVE, THESE MEMBERS WOULD NOT HAVE RECEIVED ELECTRIC SERVICE IN 1935. SINCE THAT TIME WE HAVE CONSISTENTLY PROVIDED SERVICE TO ALL RURAL CUSTOMERS IN JACKSON AND MARTIN COUNTIES IN MINNESOTA AS WELL AS SOME SMALLER TOWNS. IN ADDITION, WE PROVIDE ELECTRIC SERVICE TO BOUNDARY CUSTOMERS OF 11 ADDITIONAL COUNTIES INCLUDING APPROXIMATELY 60 MEMBERS IN IOWA.

Program 2

THE COOPERATIVE'S ACQUISITION OF A FIXED INTERNET COMPANY WITH 1,100 CUSTOMERS IN 2021 WAS THE START OF THE BROADBAND DIVISION "FEDERATED BROADBAND." INTERNET SERVICES WERE PROVIDED TO APPROXIMATELY 1,600 CUSTOMERS BY THE END OF 2023. THE COOPERATIVE WAS AWARDED TWO BROADBAND GRANTS TO BUILD FIBER TO THE HOME AND HELP SERVICE AREAS WITHIN AND OVERLAPPING THE ELECTRIC SERVICE TERRITORY.

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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 $41,594,550

Investment Income $338,641

Other Revenue $1,702,979

TOTAL REVENUE $43,636,170

Expense Breakdown

Grants Paid $19,296

Salaries & Benefits $3,027,730

Fundraising Expenses $0

Other Expenses $37,085,123

TOTAL EXPENSES $42,236,380

Year-over-Year Comparison

	2023	2022	Change
Revenue	$43,636,170	$40,566,669	+0.1%
Expenses	$42,236,380	$40,252,521	+0.0%
Net Income	$1,399,790	$314,148	+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

$483,731

Total Directors

$94,650

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID HANSEN	PRESIDENT	6.00	Officer Director	$15,900	$0	$15,900
DAVID MESCHKE	VICE PRESIDENT	4.00	Officer Director	$12,600	$0	$12,600
DARVIN VOSS	SECRETARY/TREASURER	4.00	Officer Director	$15,900	$0	$15,900
BRUCE BROCKMANN	DIRECTOR	3.00	Director	$12,300	$0	$12,300
GLENN DICKS	DIRECTOR	2.00	Director	$11,400	$0	$11,400
JON SAXEN	DIRECTOR	2.00	Director	$10,650	$0	$10,650
SCOTT THIESSE	DIRECTOR	6.00	Director	$15,900	$0	$15,900
SCOTT REIMER	GENERAL MANAGER	40.00	Officer	$220,147	$66,942	$287,089
JULIE RESCH	CFO/OFFICE MANAGER	40.00	Officer	$103,878	$48,364	$152,242
MATT MADDEN	OPERATIONS MANAGER	40.00	Highest	$113,526	$46,572	$160,098
KOLLIN VANDEVERE	JACKSON AREA FOREMAN	40.00	Highest	$105,508	$44,671	$150,179
BRANDON CLARKE	WELCOME FOREMAN	40.00	Highest	$105,050	$49,464	$154,514
CASEY L SCHOELLERMAR	LINEMAN	40.00	Highest	$104,891	$46,341	$151,232
ALEX C KUNZ	LINEMAN	40.00	Highest	$102,389	$29,929	$132,318

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	$43,636,170	$42,236,380	$82,382,527	$1,399,790
2022	$40,566,669	$40,252,521	$81,081,160	$314,148
2021	$36,024,282	$35,415,519	$74,873,988	$608,763
2020	$35,615,234	$35,326,253	$71,029,888	$288,981
2019	$38,135,236	$38,130,181	$68,184,176	$5,055
2018	$39,003,990	$38,827,855	$64,668,759	$176,135