WRIGHT-HENNEPIN COOPERATIVE ELECTRIC ASSOCIATION (EIN 410621437) - 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

TIMOTHY SULLIVAN

Phone

7634773000

Tax Period

2024-01-01 to 2024-12-31

WRIGHT-HENNEPIN COOPERATIVE ELECTRIC ASSOCIATION, founded in 1937, is a major nonprofit that reported $125.2M in total revenue in fiscal year 2024.

Mission

WHCEA IS A MEMBER-OWNED, NOT-FOR-PROFIT ELECTRIC COOPERATIVE. ELECTRIC UTILITY THAT PROVIDES POWER TO RURAL WRIGHT COUNTY AND WESTERN HENNEPIN COUNTY.

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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 $121,040,171

Investment Income $184,288

Other Revenue $3,975,498

TOTAL REVENUE $125,199,957

Expense Breakdown

Grants Paid $12,593

Salaries & Benefits $2,667,675

Fundraising Expenses $0

Other Expenses $111,593,559

TOTAL EXPENSES $124,257,867

Year-over-Year Comparison

	2024	2023	Change
Revenue	$125,199,957	$125,052,995	+0.0%
Expenses	$124,257,867	$121,841,198	+0.0%
Net Income	$942,090	$3,211,797	-0.7%

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

136

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

$1,058,284

Total Directors

$359,825

Key Employees

$1,712,368

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERICK HEINZ	CHAIR	9.00	Officer Director	$26,765	$0	$43,325
TIMOTHY YOUNG	VICE CHAIR/DIRECTOR (BEG APR)	4.40	Officer Director	$20,000	$0	$35,925
JOHN REYNOLDS	DIRECTOR/VICE CHAIR (BEG APR)	5.25	Officer Director	$19,411	$0	$36,275
MICHAEL TIEVA	SECRETARY-TREASURER	9.70	Officer Director	$26,265	$0	$43,725
PAT BAKEBERG	DIRECTOR	6.00	Director	$20,495	$0	$36,075
AUDREY BRITTON	DIRECTOR	7.40	Director	$25,501	$0	$43,625
CHRIS LANTTO	DIRECTOR	8.30	Director	$23,977	$0	$41,325
DUANE LINDENFELSER	DIRECTOR	10.00	Director	$21,487	$0	$38,675
MARK SKINNER	DIRECTOR	6.00	Director	$23,711	$0	$40,875
TIMOTHY SULLIVAN	PRESIDENT & CEO	42.50	Officer	$521,284	$103,341	$655,288
SUSAN SORENSEN	CFO (BEG MAR)	27.00	Officer	$123,671	$37,627	$243,746
ROB DEWOLFE	CFO (END MAR)	13.00	Officer	$0	$0	$0
ROBERT SANDBERG	VP OF POWER SUPPLY	45.00	Key Emp	$295,750	$290,911	$586,661
CURTIS CORDT	ENGINEERING DIRECTOR	45.00	Key Emp	$217,318	$67,963	$285,281
LEE NORDBY	OPERATIONS DIRECTOR	45.00	Key Emp	$243,078	$44,204	$287,282
JENNIFER SEVERSON	VP OF HUMAN RESOURCES	30.00	Key Emp	$153,384	$75,789	$305,865
MARTHA WEST	VP OF COMMUNICATIONS	39.00	Key Emp	$160,644	$61,921	$247,279
SCOTT GEAREY	LINE CREW FOREMAN	54.64	Highest	$204,831	$59,809	$264,640
JOHN STUEVEN	RELIEF LINE CREW FOREMAN	53.40	Highest	$197,844	$37,033	$234,877
DANIEL MORRIS	RELIEF LINE CREW FOREMAN	54.05	Highest	$196,219	$56,675	$252,894
KEITH BURANDT	LINE CREW FOREMAN	52.16	Highest	$189,330	$60,248	$249,578
NICK MATTSON	RELIEF LINE CREW FOREMAN	52.88	Highest	$185,021	$51,815	$236,836
BRIAN SWANSON	FORMER CFO	0.00		$106,878	$0	$106,878

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	$125,199,957	$124,257,867	$284,291,714	$942,090
2023	$125,052,995	$121,841,198	$262,748,920	$3,211,797
2022	$125,595,485	$120,136,621	$243,904,716	$5,458,864
2021	$112,957,716	$102,890,600	$233,547,306	$10,067,116
2020	$105,067,587	$110,134,219	$224,862,263	$-5,066,632

WRIGHT-HENNEPIN COOPERATIVE ELECTRIC ASSOCIATION