MINNKOTA POWER COOPERATIVE INC (EIN 450166406) - 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

1940

Legal Domicile

Principal Officer

Robert McLennan

Phone

7017954000

Tax Period

2025-01-01 to 2025-12-31

MINNKOTA POWER COOPERATIVE INC, founded in 1940, is a major nonprofit that reported $487.0M in total revenue in fiscal year 2025.

Mission

Minnkota Power Cooperative is a rural electric cooperative that generates and transmits electric power for eleven member cooperatives.

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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 $481,518,031

Investment Income $3,325,892

Other Revenue $2,142,673

TOTAL REVENUE $486,986,596

Expense Breakdown

Grants Paid $0

Salaries & Benefits $6,484,879

Fundraising Expenses $0

Program Expenses $0

Other Expenses $470,849,483

TOTAL EXPENSES $477,334,362

Year-over-Year Comparison

	2025	2024	Change
Revenue	$486,986,596	$472,008,366	+0.0%
Expenses	$477,334,362	$462,753,449	+0.0%
Net Income	$9,652,234	$9,254,917	+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

456

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

$6,381,799

Total Directors

$232,590

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Robert McLennan	President & CEO	40	Officer	$1,219,485	$210,431	$1,429,916
Gerad Paul	Executive VP, Chief Legal Officer	40	Officer	$400,375	$89,681	$490,056
Brendan Kennelly	Executive VP, Chief Operating Officer	40	Officer	$363,994	$88,681	$452,675
Dan Inman	Senior VP of Power Delivery, CITO	40	Officer	$335,740	$86,614	$422,354
Jami Hovet	Executive VP, Chief Administrative Officer	40	Officer	$334,258	$86,695	$420,953
Lowell Stave	VP, Chief Operating Officer	40	Officer	$389,326	$28,401	$417,727
Kay Schraeder	Executive VP, Chief Financial Officer	40	Officer	$329,040	$85,750	$414,790
Todd Sailer	Vice President of Power Supply	40	Officer	$329,089	$84,125	$413,214
Andrew Sorbo	Senior VP of Power Supply	40	Officer	$300,553	$80,005	$380,558
Grant Gunderson	Vice President Resource Planning & Markets	40	Officer	$273,323	$74,809	$348,132
Stacey Dahl	Vice President of External Affairs	40	Officer	$251,459	$74,333	$325,792
Shannon Mikula	Environmental Manager	40	Highest	$246,815	$73,425	$320,240
Theresa Brorby	Vice President of Compliance & Risk	40	Officer	$242,042	$70,683	$312,725
Tim Hagerott	Vice President of Generation & Development	40	Officer	$238,817	$63,379	$302,196
Andrew Freidt	Senior Manager of Power Production	40	Highest	$239,323	$56,796	$296,119
Samuel Schmitz	Senior Manager of Legal Services	40	Highest	$208,960	$67,087	$276,047
Kasey Borboa	Senior Manager of Power Delivery Engineering	40	Highest	$203,612	$65,594	$269,206
Neil Kramar	Plant Manager	40	Highest	$193,880	$60,476	$254,356
Marcy Douglas	Executive VP, Chief Member Services Officer	40	Officer	$161,548	$7,463	$169,011
Mark Habedank	Board Chair	6.00	Officer Director	$42,240	$0	$42,240
Kalvin Hoff	Board Member	5	Director	$25,220	$0	$25,220
Rick Coe	Board Member	5	Director	$24,540	$0	$24,540
Tom Woinarowicz	Board Vice Chair	6.00	Officer Director	$20,040	$0	$20,040
Mike Wahl	Board Member	5	Director	$19,600	$0	$19,600
Colette Kujava	Board Secretary/Treasurer	6.00	Officer Director	$19,420	$0	$19,420
Les Windjue	Board Member	5	Director	$8,700	$9,350	$18,050
Steve Arnesen	Board Member	5	Director	$17,910	$0	$17,910
Cheryl Grover	Board Member	5	Director	$16,960	$0	$16,960
Anthony Ottem	Board Member	5	Director	$14,440	$0	$14,440
Roger Krostue	Board Member	5	Director	$14,170	$0	$14,170

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	$486,986,596	$477,334,362	$1,230,034,108	$9,652,234
2024	No data	No data	No data	No data
2023	$449,704,391	$436,669,776	$1,183,715,921	$13,034,615
2022	$451,623,057	$432,708,147	$1,158,057,527	$18,914,910
2021	$406,680,982	$385,173,456	$1,140,468,068	$21,507,526
2020	$395,276,944	$387,606,652	$1,139,298,514	$7,670,292
2019	$402,196,354	$390,482,354	$1,124,833,308	$11,714,000
2018	$414,061,515	$403,962,515	$1,060,797,950	$10,099,000

MINNKOTA POWER COOPERATIVE INC