NODAK ELECTRIC COOPERATIVE INC

EIN: 450172533

Grand Forks, ND

Total Revenue
$147,271,424
Total Expenses
$145,472,168
Total Assets
$182,450,195
Net Assets
$74,939,206
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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
ND
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 20,000+ accounts in Northeastern ND.

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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%)

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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

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Governance

Voting Members
9
Independent Members
9
Employees
72
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
3
$40,050
Total Directors
10
$123,750
Key Employees
4
$842,938
Highest Compensated
1
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
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