FREEBORN MOWER ELECTRIC COOPERATIVE

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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

1936

Legal Domicile

Phone

5073736421

Tax Period

2023-01-01 to 2023-12-31

FREEBORN MOWER ELECTRIC COOPERATIVE, founded in 1936, is a mid-sized nonprofit in the Mutual Benefit sector that reported $61.7M in total revenue in fiscal year 2023.

Mission

PROVIDE ELECTRIC POWER TO THE MEMBERS OF THE COOPERATIVE WHICH CONSISTS OF APPROXIMATELY 21,100 MEMBERS.

Program Service Accomplishments

Program 1

PROVIDE ELECTRIC POWER TO THE MEMBERS OF THE COOPERATIVE WHICH CONSISTS OF APPROXIMATELY 21,100 MEMBERS.

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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 $59,790,857

Investment Income $138,353

Other Revenue $1,727,673

TOTAL REVENUE $61,656,883

Expense Breakdown

Grants Paid $0

Salaries & Benefits $419,240

Fundraising Expenses $0

Other Expenses $56,840,013

TOTAL EXPENSES $59,885,004

Year-over-Year Comparison

	2023	2022	Change
Revenue	$61,656,883	$62,118,752	0.0%
Expenses	$59,885,004	$61,090,269	0.0%
Net Income	$1,771,879	$1,028,483	+0.7%

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

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

$305,967

Total Directors

$110,126

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN JACK KORMAN	BOARD CHAIR	8.00	Director	$14,107	$0	$14,107
STEVE GARBISCH	TREASURER	3.00	Director	$12,209	$0	$12,209
MATT MARAS	DIRECTOR (STARTED APRIL 2023)	2.00	Director	$7,352	$0	$7,352
DENNIS ANDERSON	VICE CHAIRMAN	4.00	Director	$12,248	$0	$12,248
FRANK FRYER	SECRETARY	3.00	Director	$12,686	$0	$12,686
LARRY IRVINE	DIRECTOR	4.00	Director	$11,114	$0	$11,114
WILLIAM TRYGSTAD	DIRECTOR	5.00	Director	$11,638	$0	$11,638
JOE PACOVSKY	DIRECTOR (THROUGH APRIL 2023)	3.00	Director	$4,669	$0	$4,669
RICHARD SCHAUFLER	DIRECTOR	10.00	Director	$13,189	$0	$13,189
JAY NEITZELL	DIRECTOR	3.00	Director	$10,914	$0	$10,914
JAMES KRUEGER	PRESIDENT/CEO	45.00	Officer	$225,361	$80,606	$305,967
SCOTT SHEELY	JOURNEYMAN LINEWORKER	48.00	Highest	$118,883	$35,718	$154,601
JACK KORTAN	MANAGER OF OPERATIONS	40.00	Highest	$134,884	$78,078	$212,962
BRAD DEVRIES	WORKING FOREMAN	47.00	Highest	$124,534	$38,811	$163,345
AL STADHEIM	DIRECTOR OF ENGIN & OPERAT	40.00	Highest	$162,105	$58,748	$220,853
ETHAN EGGUM	WORKING FOREMAN	46.00	Highest	$120,544	$38,659	$159,203

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	$61,656,883	$59,885,004	$151,110,003	$1,771,879
2022	$62,118,752	$61,090,269	$146,099,899	$1,028,483
2021	$56,762,140	$55,077,011	$136,719,563	$1,685,129
2020	$55,219,825	$55,795,419	$129,165,075	$-575,594
2019	$57,526,719	$59,907,819	$119,556,305	$-2,381,100
2018	$56,486,532	$57,890,230	$114,774,989	$-1,403,698