MIDLAND POWER COOPERATIVE (EIN 421378565) - 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

1991

Legal Domicile

Principal Officer

WILLIAM MCKIM

Phone

5153864111

Tax Period

2024-01-01 to 2024-12-31

MIDLAND POWER COOPERATIVE, founded in 1991, is a mid-sized nonprofit that reported $60.1M in total revenue in fiscal year 2024. Expenses of $54.4M left a modest 9% surplus.

Mission

SALE OF ELECTRICITY TO MEMBERS IN CENTRAL IOWA.

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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 $57,988,315

Investment Income $2,057,397

Other Revenue $20,873

TOTAL REVENUE $60,066,585

Expense Breakdown

Grants Paid $8,126

Salaries & Benefits $4,614,958

Fundraising Expenses $0

Other Expenses $47,200,083

TOTAL EXPENSES $54,373,167

Year-over-Year Comparison

	2024	2023	Change
Revenue	$60,066,585	$57,409,878	+0.0%
Expenses	$54,373,167	$54,154,849	+0.0%
Net Income	$5,693,418	$3,255,029	+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

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

$768,231

Total Directors

$100,575

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MIKE COLEMAN	PRESIDENT	8.70	Officer Director	$18,196	$0	$18,196
RICK THOMPSON	VICE PRESIDENT	2.90	Officer Director	$6,647	$0	$6,647
KIMBERLEY RINKER	TREASURER	4.50	Officer Director	$9,142	$0	$9,142
RANDY CHRISTENSEN	SECRETARY	3.50	Officer Director	$5,821	$0	$5,821
JOEL SKOW	ASSIST SECRETARY/TREASURER	6.40	Officer Director	$11,978	$0	$11,978
JAMES BYRIEL	DIRECTOR	5.40	Director	$11,060	$0	$11,060
WILLIAM HARLEEN	DIRECTOR	3.10	Director	$5,522	$0	$5,522
PAUL HEINEMAN	DIRECTOR	3.10	Director	$6,069	$0	$6,069
TOM INGEBRITSON	DIRECTOR (UNTIL 08/24)	5.10	Director	$6,842	$0	$6,842
FRANCIS BUCKEL	DIRECTOR (BEG 08/24)	3.00	Director	$3,656	$0	$3,656
DOUG ROBEY	DIRECTOR	3.00	Director	$4,832	$0	$4,832
PAUL SKARTVEDT	DIRECTOR (BEG 07/24)	1.30	Director	$3,780	$0	$3,780
JAMES VIEKANDT	DIRECTOR	1.70	Director	$7,030	$0	$7,030
WILLIAM MCKIM	CEO	50.50	Officer	$218,722	$96,231	$314,953
DAN KYLE	VP OF OPERATIONS	42.00	Officer	$141,799	$79,180	$220,979
JILL GANNON	VP OF ADMINISTRATION	41.90	Officer	$136,886	$43,629	$180,515
SCOTT BENZ	LINE FOREMAN	57.50	Highest	$150,962	$47,142	$198,104
JUSTIN SCHMIDT	LINE FOREMAN	49.90	Highest	$142,836	$43,316	$186,152
BRIAN KILLEEN	LINE SUPERINTENDENT	41.50	Highest	$130,372	$38,978	$169,350
BARRY MUNSON	LINE FOREMAN	48.10	Highest	$134,030	$26,415	$160,445
LUCAS SHIPLEY	LINEMAN	48.10	Highest	$122,339	$43,120	$165,459

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	$60,066,585	$54,373,167	$169,295,526	$5,693,418
2023	$57,409,878	$54,154,849	$162,700,513	$3,255,029
2022	$57,765,405	$54,339,214	$157,689,289	$3,426,191
2021	$53,511,137	$51,159,361	$144,949,480	$2,351,776
2020	$52,323,217	$49,322,524	$136,118,591	$3,000,693
2019	$52,341,800	$49,342,072	$127,845,104	$2,999,728
2018	$56,414,515	$52,543,908	$124,903,479	$3,870,607

MIDLAND POWER COOPERATIVE