RED LAKE ELECTRIC COOPERATIVE (EIN 410496565) - 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

1938

Legal Domicile

Principal Officer

CHRISTIE KLIPPING

Phone

2182532168

Tax Period

2024-01-01 to 2024-12-31

RED LAKE ELECTRIC COOPERATIVE, founded in 1938, is a mid-sized nonprofit that reported $15.5M in total revenue in fiscal year 2024.

Mission

IT IS THE MISSION OF THE RED LAKE ELECTRIC COOPERATIVE TO ENHANCE THE QUALITY OF LIFE FOR PEOPLE OF OUR SERVICE AREA BY CONSISTENTLY PROVIDING SAFE, QUALITY ELECTRIC SERVICE AND OTHER SERVICES WHILE HOLDING OUR EMPLOYEES, OUR COMMUNITY AND OUR ENVIRONMENT IN HIGH REGARD.

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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 $15,345,371

Investment Income $64,080

Other Revenue $69,603

TOTAL REVENUE $15,479,054

Expense Breakdown

Grants Paid $0

Salaries & Benefits $249,439

Fundraising Expenses $0

Other Expenses $14,599,911

TOTAL EXPENSES $15,479,053

Year-over-Year Comparison

	2024	2023	Change
Revenue	$15,479,054	$15,634,484	0.0%
Expenses	$15,479,053	$15,634,484	0.0%
Net Income	$1	$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

$222,798

Total Directors

$47,425

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PETE MOSBECK	PRESIDENT	2.70	Officer Director	$6,325	$0	$6,325
BONNIE CHRISTIANS	VICE PRESIDENT	4.20	Officer Director	$7,250	$0	$7,250
COLETTE KUJAVA	SECRETARY/TREASURER	3.20	Officer Director	$3,750	$0	$3,750
AARON CHERVESTAD	DIRECTOR	1.50	Director	$500	$0	$500
STACY BLAWAT	DIRECTOR	2.00	Director	$850	$0	$850
JENNIFER BERNIER-LINDER	DIRECTOR	1.20	Director	$3,250	$0	$3,250
MARK HANSON	DIRECTOR	2.30	Director	$5,250	$0	$5,250
RANDY VERSDAHL	DIRECTOR	2.20	Director	$6,750	$0	$6,750
CECIL ANDERSON	DIRECTOR	3.20	Director	$6,250	$0	$6,250
KRIST OLSON	DIRECTOR	1.30	Director	$3,000	$0	$3,000
LARS DYRUD	DIRECTOR	2.40	Director	$4,250	$0	$4,250
STEPHANIE JOHNSON	GENERAL MANAGER	40.00	Officer	$134,920	$70,553	$205,473
STEVE CONELY	LINE SUPERINTENDENT	40.00	Highest	$121,511	$61,123	$182,634
KELLI BRATENG	MEMBER SERVICES MANAGER	40.00	Highest	$102,962	$25,545	$128,507

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	$15,479,054	$15,479,053	$33,457,329	$1
2023	$15,634,484	$15,634,484	$32,115,982	No data
2022	$15,413,825	$15,413,825	$32,080,315	No data
2021	$15,220,565	$15,243,964	$31,809,117	$-23,399
2020	$14,916,224	$14,949,129	$30,396,390	$-32,905
2019	$15,257,078	$15,303,796	$29,738,961	$-46,718

RED LAKE ELECTRIC COOPERATIVE