HEARTLAND POWER COOPERATIVE (EIN 421468305) - 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

1997

Legal Domicile

Principal Officer

JON LEERAR

Phone

6415842251

Tax Period

2023-01-01 to 2023-12-31

HEARTLAND POWER COOPERATIVE, founded in 1997, is a mid-sized nonprofit that reported $31.3M in total revenue in fiscal year 2023. Expenses of $29.8M left a modest 5% surplus.

Mission

TO PROVIDE ELECTRICITY TO RURAL COMMUNITIES.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $31,107,162

Investment Income $51,185

Other Revenue $136,708

TOTAL REVENUE $31,295,055

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,732,170

Fundraising Expenses $0

Other Expenses $25,311,193

TOTAL EXPENSES $29,841,744

Year-over-Year Comparison

	2023	2022	Change
Revenue	$31,295,055	$29,708,110	+0.1%
Expenses	$29,841,744	$29,197,113	+0.0%
Net Income	$1,453,311	$510,997	+1.8%

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

$558,403

Total Directors

$67,250

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DON KNUDTSON	PRESIDENT	8.00	Officer Director	$11,250	$0	$11,250
MARK KINGLAND	VICE PRESIDENT	6.00	Officer Director	$7,500	$0	$7,500
VINCE MORISCHE	SECRETARY	6.00	Officer Director	$10,025	$0	$10,025
GARY PEARSON	ASST. SECRETARY-TREASURER	4.00	Officer Director	$5,850	$0	$5,850
MICHAEL COLE	DIRECTOR	6.00	Director	$10,350	$0	$10,350
ROGER SOLOMONSON	DIRECTOR	7.00	Director	$7,425	$0	$7,425
ROGER TJARKS	DIRECTOR UNTIL 09/2023	4.00	Director	$5,700	$0	$5,700
TRICIA JAEGER	TREASURER	6.00	Officer Director	$9,150	$0	$9,150
JON LEERAR	CEO/GENERAL MANAGER	50.00	Officer	$193,122	$122,945	$316,067
KARRIE PRINGNITZ	DIRECTOR OF FINANCE	50.00	Officer	$124,399	$74,162	$198,561
DAVE LOW	DIRECTOR OF OPERATIONS	50.00	Highest	$119,195	$76,655	$195,850
JARRETT WOODS	FIRST CLASS LINEMAN	40.00	Highest	$100,597	$17,640	$118,237

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	No data	No data	No data	No data
2023	$31,295,055	$29,841,744	$63,233,645	$1,453,311
2022	$29,708,110	$29,197,113	$58,299,150	$510,997
2021	$24,643,781	$23,914,066	$55,926,018	$729,715
2020	$27,879,416	$27,655,584	$54,949,765	$223,832
2019	$29,909,949	$29,534,949	$57,654,349	$375,000
2018	$29,461,187	$29,159,906	$50,865,057	$301,281

HEARTLAND POWER COOPERATIVE