NORTH STAR ELECTRIC COOP

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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

STEVE ARNESEN

Phone

2186342202

Tax Period

2024-01-01 to 2024-12-31

NORTH STAR ELECTRIC COOP, founded in 1940, is a mid-sized nonprofit that reported $16.2M in total revenue in fiscal year 2024.

Mission

TO PROVIDE SAFE, RELIABLE ELECTRIC SERVICES TO IMPROVE THE QUALITY OF LIFE IN THE COMMUNITIES WE SERVE.

Program Service Accomplishments

Program 1

TO PROVIDE ELECTRIC AND UTILITY SERVICE TO 5,615 MEMBERS UNDER THE GUIDANCE OF THE RURAL UTILITY SERVICE DIVISION OF THE USDA.

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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 $15,778,937

Investment Income $111,329

Other Revenue $340,241

TOTAL REVENUE $16,230,507

Expense Breakdown

Grants Paid $0

Salaries & Benefits $666,019

Fundraising Expenses $0

Other Expenses $14,077,528

TOTAL EXPENSES $16,230,507

Year-over-Year Comparison

	2024	2023	Change
Revenue	$16,230,507	$16,130,658	+0.0%
Expenses	$16,230,507	$16,130,658	+0.0%
Net Income	$0	$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

$645,319

Total Directors

$62,100

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEVE ARNESEN	PRESIDENT	11.00	Officer Director	$12,000	$0	$12,000
MICHAEL HANSON	VICE PRESIDENT	9.00	Officer Director	$11,400	$0	$11,400
LORRAINE NYGAARD	SECRETARY-TREASURER - PART YEAR	2.00	Officer Director	$4,200	$0	$4,200
SHELLEY SPEARS	DIRECTOR/SECRETARY-TREASURER	5.00	Officer Director	$6,900	$0	$6,900
TOM SMITH	DIRECTOR	15.00	Director	$10,800	$0	$10,800
DOUGLAS KING	DIRECTOR	9.00	Director	$9,600	$0	$9,600
RANDALL BERGAN	DIRECTOR	3.00	Director	$7,200	$0	$7,200
RICHARD FERGUSON JR	DIRECTOR	1.00	Director	$0	$0	$0
KEVIN HOLEN	GENERAL MANAGER	50.00	Officer	$180,971	$217,681	$398,652
ROBYN SONSTEGARD	FINANCE MANAGER	50.00	Officer	$135,232	$76,935	$212,167
TIMOTHY PELACH	OPERATIONS MANAGER	50.00	Highest	$136,027	$131,826	$267,853
JESSE HUOT	SUB-FOREMAN	44.00	Highest	$124,873	$33,816	$158,689
TODD HIGGINS	FOREMAN	43.00	Highest	$124,356	$38,812	$163,168
TODD THYDEAN	FOREMAN	43.00	Highest	$122,755	$75,842	$198,597
PRESTON KENNEDY	SUB-FOREMAN	43.00	Highest	$121,545	$33,779	$155,324

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
2025	No data	No data	No data	No data
2024	$16,230,507	$16,230,507	$43,936,328	No data
2023	$16,130,658	$16,130,658	$42,216,577	No data
2022	$16,601,117	$16,601,117	$42,168,414	No data
2021	$15,284,833	$15,284,833	$41,270,845	No data
2020	$15,290,067	$15,290,067	$39,856,635	No data
2019	$15,847,575	$15,847,575	$37,153,361	No data
2018	$15,778,616	$15,778,616	$34,510,981	No data