MINNESOTA VALLEY ELECTRIC COOPERATIVE (EIN 410419150) - Form 990 Financial Analysis & Trantor Score

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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

1937

Legal Domicile

Principal Officer

RANDY ERDMAN

Phone

9524922313

Tax Period

2023-01-01 to 2023-12-31

MINNESOTA VALLEY ELECTRIC COOPERATIVE, founded in 1937, is a major nonprofit that reported $108.6M in total revenue in fiscal year 2023.

Mission

PROVIDE ELECTRIC SERVICE TO 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 $104,216,799

Investment Income $708,999

Other Revenue $3,638,936

TOTAL REVENUE $108,564,734

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,415,513

Fundraising Expenses $0

Other Expenses $102,255,805

TOTAL EXPENSES $107,152,255

Year-over-Year Comparison

	2023	2022	Change
Revenue	$108,564,734	$112,862,188	0.0%
Expenses	$107,152,255	$109,796,025	0.0%
Net Income	$1,412,479	$3,066,163	-0.5%

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

115

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

$834,460

Total Directors

$161,360

Key Employees

$424,533

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DEBORAH ERICKSON	PRESIDENT	9.00	Director	$22,220	$0	$22,220
BRENT LAWRENCE	DIRECTOR	7.00	Director	$19,100	$0	$19,100
THOMAS WOLF	SECRETARY/TREASURER	9.00	Director	$18,635	$0	$18,635
KEVIN GIBBS	VICE PRESIDENT	9.00	Director	$18,410	$0	$18,410
MICHELLE MORRISON	DIRECTOR	7.00	Director	$18,245	$0	$18,245
JAMES CONNELLY	DIRECTOR	7.00	Director	$18,050	$0	$18,050
GARY HABERMAN	DIRECTOR	7.00	Director	$18,050	$0	$18,050
ELIZABETH KROCAK	DIRECTOR	7.00	Director	$13,550	$0	$13,550
MICHAEL LINS	DIRECTOR	7.00	Director	$6,000	$0	$6,000
WILLIAM HEINLEIN	DIRECTOR (RETIRED)	7.00	Director	$4,550	$0	$4,550
FRANCES BARTEN	VICE PRESIDENT (RETIRED)	9.00	Director	$4,550	$0	$4,550
MARVIN DENZER	CEO	40.00	Officer	$364,061	$121,193	$485,254
RYAN HENTGES	CEO - THROUGH FEB 2023	40.00	Officer	$124,410	$8,144	$132,554
RANDY ERDMAN	VP OF FINANCE	40.00	Officer	$118,539	$848	$119,387
JOANNE KOLB	CFO - THROUGH MARCH 2023	40.00	Officer	$88,071	$9,194	$97,265
MICHAEL DIETZ	VP OF OPERATIONS	40.00	Key Emp	$175,127	$61,144	$236,271
SARAH PETERSON	VP OF ENGINEERING	40.00	Key Emp	$172,003	$16,259	$188,262
RYAN FEDIE	VP ENERGY SERVICES	40.00	Highest	$209,585	$39,211	$248,796
STUART HAEFNER	FOREMAN - LEAD	49.26	Highest	$172,345	$58,454	$230,799
BRANDI ADELMANN	DIRECTOR OF HUMAN RESOURCES	40.00	Highest	$170,360	$30,172	$200,532
JOSEPH JUTZ	FOREMAN - CONSTRUCTION	50.51	Highest	$165,356	$40,648	$206,004
TERRI BAKKEN	VP MEMBER SERVICES	40.00	Highest	$158,171	$66,217	$224,388

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	$108,564,734	$107,152,255	$250,122,932	$1,412,479
2022	$112,862,188	$109,796,025	$240,589,872	$3,066,163
2021	$97,633,848	$96,823,868	$225,562,606	$809,980
2020	$93,961,370	$94,080,870	$221,519,963	$-119,500
2019	$92,655,686	$92,342,792	$213,393,836	$312,894
2018	$96,408,322	$96,525,782	$203,198,407	$-117,460

MINNESOTA VALLEY ELECTRIC COOPERATIVE