Mille Lacs Energy 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

1939

Legal Domicile

Principal Officer

Sarah Cron

Phone

2189272191

Tax Period

2024-01-01 to 2024-12-31

Mille Lacs Energy Cooperative, founded in 1939, is a mid-sized nonprofit in the Public & Societal Benefit sector that reported $32.3M in total revenue in fiscal year 2024.

Mission

It is our mission to responsibly provide reliable, competitively priced energy, services and products to meet the needs of our members and customers.

Program Service Accomplishments

Program 1

Provided electric distribution service to 13,666 members of the cooperative and build/maintain 2,027 miles of line in 2024.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $31,824,962

Investment Income $458,653

Other Revenue $61,985

TOTAL REVENUE $32,345,600

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,738,527

Fundraising Expenses $0

Other Expenses $23,722,434

TOTAL EXPENSES $31,632,285

Year-over-Year Comparison

	2024	2023	Change
Revenue	$32,345,600	$32,476,630	0.0%
Expenses	$31,632,285	$31,688,640	0.0%
Net Income	$713,315	$787,990	-0.1%

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

$561,949

Total Directors

$99,459

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Harold Harms	President	4.90	Officer Director	$14,810	$0	$14,810
Mike Reem	Vice President	6.40	Officer Director	$14,104	$0	$14,104
Bruce Robinson	Assist Secretary/Treasurer	5.70	Officer Director	$14,786	$0	$14,786
Aileen Demenge	Secretary/Treasurer	3.90	Officer Director	$14,211	$0	$14,211
Don Appel	Director (Until Sep 2024)	4.20	Director	$8,441	$0	$8,441
Derik Midthun	Director (Until May 2024)	2.40	Director	$3,955	$0	$3,955
Mark Anderson	Director	3.60	Director	$13,966	$0	$13,966
Carol Pundt	Director (As of May 2024)	4.10	Director	$8,961	$0	$8,961
Patrick Murphy	Director (As of Sep 2024)	5.10	Director	$6,225	$0	$6,225
Lincoln Messner	Accounting & Finance Mgr (Until April)	40.00	Officer	$72,390	$6,714	$79,104
Sarah Cron	CEO	40.00	Officer	$237,929	$51,271	$289,200
Mark Vosacek	Accounting & Finance Mgr (As of June)	40.00	Officer	$99,205	$36,529	$135,734
Tanner Clasen	Lineman	46.20	Highest	$140,005	$27,665	$167,670
Nikolaus Borchert	Lineman	48.30	Highest	$146,456	$44,775	$191,231
Cory Brix	Operations Manager	40.00	Highest	$138,570	$35,078	$173,648
Calvin Seguin	Lineman	48.00	Highest	$146,632	$29,205	$175,837
Anthony Klee	Lineman	46.40	Highest	$144,954	$48,239	$193,193

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	$32,345,600	$31,632,285	$107,520,331	$713,315
2023	$32,476,630	$31,688,640	$100,842,123	$787,990
2022	$29,203,634	$28,814,017	$88,985,955	$389,617
2021	$29,692,681	$29,538,691	$86,769,519	$153,990
2020	$28,320,088	$27,799,006	$82,311,330	$521,082
2019	$29,742,616	$28,318,487	$83,188,878	$1,424,129
2018	$27,117,494	$27,467,494	$76,403,010	$-350,000
2017	$26,043,531	$26,543,529	$74,254,117	$-499,998