NODAK ELECTRIC COOPERATIVE INC

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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

1939

Legal Domicile

Principal Officer

Andrew Peterson

Phone

7017464461

Tax Period

2025-01-01 to 2025-12-31

NODAK ELECTRIC COOPERATIVE INC, founded in 1939, is a major nonprofit that reported $147.3M in total revenue in fiscal year 2025.

Mission

Rural Electric Cooperative serving 20000+ accounts in Northeastern ND

Program Service Accomplishments

Program 1

Expenses: $123,429,928 Revenue: $147,271,424

Power cost expense to provide electricity to 20,000 accounts

Program 2

Expenses: $5,022,013 Revenue: $147,271,424

Depreciation expense to provide electric service to 20,000 accounts

Program 3

Expenses: $2,391,036 Revenue: $147,271,424

Interest expense to provide electric service to 20,000 accounts

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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 $144,960,845

Investment Income $789,211

Other Revenue $1,521,368

TOTAL REVENUE $147,271,424

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $145,472,168

Other Expenses $141,769,477

TOTAL EXPENSES $145,472,168

Year-over-Year Comparison

	2025	2024	Change
Revenue	$147,271,424	$139,970,585	+0.1%
Expenses	$145,472,168	$138,254,060	+0.1%
Net Income	$1,799,256	$1,716,525	+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

$40,050

Total Directors

$123,750

Key Employees

$842,938

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Mylo Einarson	President/CEO	50	Highest	$350,879	$97,858	$448,737
Blaine Rekken	Customer and Energy Services Manager	40	Key Emp	$155,382	$75,629	$231,011
Jay Raymond	Line Superintendant	40	Key Emp	$160,793	$68,172	$228,965
Cole Johnson	Engineering Manager	40	Key Emp	$148,137	$55,235	$203,372
Andrew Peterson	Accounting and Finance Manager	40	Key Emp	$135,171	$44,419	$179,590
David Brag	Director	4	Director	$16,200	$0	$16,200
Cheryl Osowski	Director	12	Director	$14,250	$0	$14,250
Pete Naastad	Director	4	Director	$14,100	$0	$14,100
Steve Smaaladen	Vice Chairman	6	Officer Director	$13,800	$0	$13,800
Luther Meberg	Director	12	Director	$13,650	$0	$13,650
Ryan Benson	Secretary / Treasurer	20	Officer Director	$13,650	$0	$13,650
Les Windjue	Chairman	5	Officer Director	$12,600	$0	$12,600
David Kent	Director	10	Director	$12,300	$0	$12,300
David Hagert	Director	3	Director	$7,900	$0	$7,900
Luke Ressler	Director	20	Director	$5,300	$0	$5,300

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	$147,271,424	$145,472,168	$182,450,195	$1,799,256
2024	$139,970,585	$138,254,060	$177,299,391	$1,716,525
2023	$137,633,929	$135,291,143	$171,041,522	$2,342,786
2022	$144,951,964	$141,889,868	$167,870,496	$3,062,096
2021	$119,843,322	$111,750,756	$162,149,817	$8,092,566
2020	$104,223,078	$101,294,173	$144,864,960	$2,928,905