NORTH ITASCA ELECTRIC COOPERATIVE … - Form 990 Financial Data

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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

1940

Legal Domicile

Principal Officer

BRAD DOLINSKI

Phone

2187433131

Tax Period

2024-01-01 to 2024-12-31

NORTH ITASCA ELECTRIC COOPERATIVE INC, founded in 1940, is a community nonprofit that reported $9.7M in total revenue in fiscal year 2024.

Mission

DELIVERING VALUE TO OUR MEMBERS AND COMMUNITIES BY PROVIDING SAFE, RELIABLE AND PROGRESSIVE ENERGY AND OTHER SERVICES.

Program Service Accomplishments

Program 1

NORTH ITASCA ELECTRIC COOPERATIVE SERVES 5,053 MEMBERS IN THE MINNESOTA COUNTIES OF ITASCA, KOOCHICHING AND BELTRAMI. THE COOPERATIVE SERVICES 679.56 MILES OF LINE OVERHEAD AND 614.06 MILES...

NORTH ITASCA ELECTRIC COOPERATIVE SERVES 5,053 MEMBERS IN THE MINNESOTA COUNTIES OF ITASCA, KOOCHICHING AND BELTRAMI. THE COOPERATIVE SERVICES 679.56 MILES OF LINE OVERHEAD AND 614.06 MILES UNDERGROUND.

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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 $9,545,075

Investment Income $49,505

Other Revenue $150,666

TOTAL REVENUE $9,745,246

Expense Breakdown

Grants Paid $0

Salaries & Benefits $524,826

Fundraising Expenses $0

Other Expenses $8,798,693

TOTAL EXPENSES $9,745,295

Year-over-Year Comparison

	2024	2023	Change
Revenue	$9,745,246	$9,326,357	+0.0%
Expenses	$9,745,295	$9,326,357	+0.0%
Net Income	$-49	$0	N/A

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

$511,497

Total Directors

$68,822

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LLOYD KONGSJORD	SECRETARY	12.60	Director	$15,532	$0	$15,532
LARRY SALMELA	PRESIDENT	10.73	Director	$10,414	$0	$10,414
TODD CHRISTENSEN	DIRECTOR	5.92	Director	$7,405	$0	$7,405
JAMES WHITE	DIRECTOR	3.54	Director	$7,215	$0	$7,215
JEFFREY KILLIAN	DIRECTOR	4.69	Director	$6,305	$0	$6,305
WESLEY WALLER	VICE PRESIDENT	6.73	Director	$6,103	$0	$6,103
ROY BAIN	TREASURER	5.25	Director	$5,777	$0	$5,777
MARY RAHIER	DIRECTOR	2.90	Director	$5,445	$0	$5,445
TOM KALLIO	DIRECTOR (JOINED JUNE 2024)	5.69	Director	$4,626	$0	$4,626
BRUCE LEINO	DIRECTOR (LEFT FEBRUARY 2024)	0.00	Director	$0	$0	$0
BRAD DOLINSKI	CEO	45.30	Officer	$192,373	$91,011	$283,384
TINA DANIELSON	CFO	50.25	Officer	$128,626	$99,487	$228,113
JOHN RAHIER JR	LINEMAN/LEAD	45.00	Highest	$123,672	$76,270	$199,942
CODY EISCHENS	LINEMAN	45.75	Highest	$121,524	$62,734	$184,258
JOSHUA HUBBARD	LINEMAN	45.75	Highest	$121,328	$58,137	$179,465
CHARLES PECK	LINEMAN/LEAD	44.75	Highest	$122,240	$78,115	$200,355
JAKE BOWERS	LINEMAN	45.50	Highest	$120,154	$59,410	$179,564

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	$9,745,246	$9,745,295	$36,856,720	$-49
2023	$9,326,357	$9,326,357	$35,556,302	No data
2022	$9,342,322	$9,343,985	$34,073,699	$-1,663
2021	$9,276,458	$9,283,962	$32,719,376	$-7,504
2020	$8,922,668	$8,900,682	$31,085,711	$21,986
2019	$8,933,222	$8,933,157	$31,762,404	$65
2018	$8,820,350	$8,567,083	$30,899,389	$253,267

NORTH ITASCA ELECTRIC COOPERATIVE INC