SOUTH DAKOTA RURAL ELECTRIC ASSOCIATION (EIN 460231254) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1942

Legal Domicile

Principal Officer

STEVE BARNETT

Phone

6052248823

Tax Period

2024-01-01 to 2024-12-31

SOUTH DAKOTA RURAL ELECTRIC ASSOCIATION, founded in 1942, is a community nonprofit that reported $2.8M in total revenue in fiscal year 2018.

Mission

TO SERVE THE RURAL ELECTRIC COOPERATIVES IN SOUTH DAKOTA, TO PROMOTE THE EFFECTIVE DEVELOPMENT OF RURAL ELECTRIFICATION IN SOUTH DAKOTA ON A COOPERATIVE, NON-PROFIT BASIS.

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $22,050

Program Service Revenue $3,456,282

Investment Income $93,652

Other Revenue $0

TOTAL REVENUE $3,571,984

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,605,314

Fundraising Expenses $0

Other Expenses $1,732,004

TOTAL EXPENSES $3,337,318

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,571,984	$3,424,925	+0.0%
Expenses	$3,337,318	$3,024,835	+0.1%
Net Income	$234,666	$400,090	-0.4%

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

$274,769

Total Directors

$124,175

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DON HEEREN	PRESIDENT	1.00	Officer Director	$9,355	$0	$9,355
JOHN LONG	VICE PRESIDENT	1.00	Officer Director	$4,198	$0	$4,198
RICHARD ABRAHAMSON	SECRETARY	1.00	Officer Director	$3,765	$0	$3,765
WHITNEY MEEK	TREASURER	1.00	Officer Director	$3,913	$0	$3,913
STAN ANDERS	DIRECTOR	1.00	Director	$2,603	$0	$2,603
JOEL BAIER	DIRECTOR	1.00	Director	$3,733	$0	$3,733
RICH BENDT	DIRECTOR (AS OF 1/24)	1.00	Director	$2,920	$0	$2,920
THOMAS BRUNNER	DIRECTOR	1.00	Director	$4,098	$0	$4,098
CLINT CLARK	DIRECTOR	1.00	Director	$3,650	$0	$3,650
WILLIAM DAILEY	DIRECTOR	1.00	Director	$3,733	$0	$3,733
DAVE DANIEL	DIRECTOR	1.00	Director	$4,098	$0	$4,098
RODNEY DEMENT	DIRECTOR (1/24-9/24)	1.00	Director	$1,460	$0	$1,460
STEVEN HANSEN	DIRECTOR	1.00	Director	$7,383	$0	$7,383
TOM LARSEN	DIRECTOR	1.00	Director	$5,840	$0	$5,840
DONITA LOUDNER	DIRECTOR	1.00	Director	$3,833	$0	$3,833
KERRY MCLELLAN	DIRECTOR	1.00	Director	$3,833	$0	$3,833
RODNEY MOON	DIRECTOR	1.00	Director	$4,015	$0	$4,015
NICHOLAS NEMEC	DIRECTOR	1.00	Director	$2,720	$0	$2,720
KERMIT PEARSON	DIRECTOR	1.00	Director	$3,150	$0	$3,150
JIM PRESTON	DIRECTOR	1.00	Director	$4,280	$0	$4,280
DARREL RASCHKE	DIRECTOR (AS OF 9/24)	1.00	Director	$1,278	$0	$1,278
SHAD RIGGLE	DIRECTOR (UNTIL 1/24)	1.00	Director	$913	$0	$913
SAM SCHUMAN	DIRECTOR	1.00	Director	$3,915	$0	$3,915
ROBERT SHAFFER	DIRECTOR	1.00	Director	$3,003	$0	$3,003
ROSS SPERRY	DIRECTOR	1.00	Director	$3,103	$0	$3,103
DAVID STERNHAGEN	DIRECTOR	1.00	Director	$3,733	$0	$3,733
DARREN STRASSER	DIRECTOR (UNTIL 1/24)	1.00	Director	$913	$0	$913
TOM THORPE	DIRECTOR	1.00	Director	$3,468	$0	$3,468
DANIEL THYEN	DIRECTOR	1.00	Director	$3,833	$0	$3,833
RODNEY TOBIN	DIRECTOR	1.00	Director	$5,010	$0	$5,010
BILL TOSTENSON	DIRECTOR	1.00	Director	$4,563	$0	$4,563
NOLAN WIPF	DIRECTOR	1.00	Director	$4,130	$0	$4,130
DONOVAN YOUNG MAN	DIRECTOR	1.00	Director	$3,733	$0	$3,733
STEVE BARNETT	GENERAL MANAGER	45.00	Officer	$199,658	$53,880	$253,538
MARK PATTERSON	MGR. OF LOSS CONTROL SVCS.	48.00	Highest	$130,217	$40,871	$171,088
JOSEPH DENISON	CERTIFIED LOSS CONTROL PROFESSIONAL	42.00	Highest	$101,315	$47,970	$149,285

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	$3,571,984	$3,337,318	$2,543,432	$234,666
2023	$3,424,925	$3,024,835	$2,140,015	$400,090
2022	$2,980,976	$3,003,592	$1,810,935	$-22,616
2021	$2,997,836	$2,829,406	$1,829,907	$168,430
2020	$2,695,553	$2,677,007	$1,765,320	$18,546
2019	$2,853,626	$2,984,381	$1,833,214	$-130,755
2018	$2,760,268	$2,815,846	$1,899,941	$-55,578

SOUTH DAKOTA RURAL ELECTRIC ASSOCIATION