FREEBORN MOWER ELECTRIC COOPERATIVE

EIN: 410266055 Mutual Benefit

ALBERT LEA, MN

Total Revenue
$61,656,883
Total Expenses
$59,885,004
Total Assets
$151,110,003
Net Assets
$47,006,142
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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
MN
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.

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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 (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

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Governance

Voting Members
9
Independent Members
9
Employees
71
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
1
$305,967
Total Directors
10
$110,126
Key Employees
0
$0
Highest Compensated
5
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
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