CORN BELT POWER COOPERATIVE

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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

1947

Legal Domicile

Principal Officer

Jacob Olberding

Phone

5153322571

Tax Period

2025-01-01 to 2025-12-31

CORN BELT POWER COOPERATIVE, founded in 1947, is a major nonprofit that reported $179.9M in total revenue in fiscal year 2025.

Mission

To enhance the quality of life for our members, employees and communities.

Program Service Accomplishments

Program 1

Each activity is part of the whole process of generating and transmitting electrical energy to our 9 member rural service cooperatives and our one member municipal electrical cooperative.

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $178,108,269

Investment Income $1,743,825

Other Revenue $5,727

TOTAL REVENUE $179,857,821

Expense Breakdown

Grants Paid $0

Salaries & Benefits $12,897,504

Fundraising Expenses $0

Program Expenses $0

Other Expenses $149,669,768

TOTAL EXPENSES $177,333,272

Year-over-Year Comparison

	2025	2024	Change
Revenue	$179,857,821	$171,564,846	+0.0%
Expenses	$177,333,272	$168,932,021	+0.0%
Net Income	$2,524,549	$2,632,825	0.0%

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

$1,746,518

Total Directors

$142,200

Key Employees

$27,600

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Jacob Olberding	Executive VP and General Manager	40	Officer	$303,671	$55,607	$359,278
Michael Finnegan	VP Engineering and System Operations	40	Officer	$193,950	$148,352	$342,302
Michael Thatcher	VP Power Supply	40	Officer	$225,869	$50,526	$276,395
Patrick Connor	Plant Manager	40	Highest	$174,195	$86,193	$260,388
Ryan Cornelius	VP Corporate Relations	40	Officer	$210,017	$30,511	$240,528
Brittany Dickey	VP Business Development	40	Officer	$189,476	$45,804	$235,280
Faith Warden	VP Finance and Administration	40	Officer	$201,067	$32,068	$233,135
Larry Brusseau	Compliance Director	40	Highest	$154,989	$53,188	$208,177
Brad Hill	Communications Superintendent	40	Highest	$143,318	$38,983	$182,301
Jon Behounek	Chief System Operator	40	Highest	$145,033	$18,714	$163,747
Jon Myer	Manger of Information Technology	40	Highest	$142,369	$19,963	$162,332
David Onken	President	10	Director Key Emp	$27,600	$0	$27,600
Larry Rohach	Treasurer	7	Officer Director	$18,200	$0	$18,200
Dale Schaefer	Vice President	7	Officer Director	$16,400	$0	$16,400
Rick Thompson	Director	3	Director	$15,600	$0	$15,600
Brad Honold	Director	7	Director	$14,800	$0	$14,800
Gary Poppe	Asst Secretary/Treasurer	5	Officer Director	$14,800	$0	$14,800
Steve Boedecker	Director	3	Director	$13,800	$0	$13,800
Ted Hall	Director	5	Director	$10,800	$0	$10,800
Jerry Beck	Secretary	6	Officer Director	$10,200	$0	$10,200

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	$179,857,821	$177,333,272	$600,300,691	$2,524,549
2024	$171,564,846	$168,932,021	$570,127,492	$2,632,825
2023	$172,579,186	$171,220,431	$542,332,165	$1,358,755
2022	$168,893,187	$167,570,093	$515,608,745	$1,323,094
2021	$160,842,985	$159,503,641	$481,545,574	$1,339,344
2020	$162,299,808	$148,947,263	$480,770,132	$13,352,545