NATIONAL RURAL UTILITIES COOPERATI… - Form 990 Financial Data

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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

1969

Legal Domicile

Principal Officer

JONATHAN ANDREW DON

Phone

7034671800

Tax Period

2024-06-01 to 2025-05-31

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, founded in 1969, is a large national nonprofit that reported $2.1B in total revenue in fiscal year 2024. Expenses of $1.8B left a modest 11% surplus.

Mission

TO BRIDGE THE FINANCIAL NEEDS OF THE RURAL ELECTRIC NETWORK WITH THE EXPECTATIONS OF THE GLOBAL CAPITAL MARKETS, ONE COOPERATIVE AT A TIME.

Program Service Accomplishments

Program 1

Expenses: $1,685,714,700 Revenue: $2,061,913,124

LENDING SERVICES -- CFC PROVIDES LOANS TO ITS MEMBERS, RURAL ELECTRIC COOPERATIVES AND THEIR RELATED ORGANIZATIONS, AND GENERATES INTEREST INCOME FROM THESE LOANS. TO FUND ITS LENDING SERVICES, CFC RAISES FUNDS IN THE CAPITAL MARKETS OR PRIVATE THIRD PARTY TRANSACTIONS AND PAYS ARATE OF RETURN COMMENSURATE WITH CURRENT ECONOMIC CONDITIONS FOR THE USE OF THOSE FUNDS. THESE RAISED FUNDS PERMIT CFC TO MEET THE BORROWING NEEDS OF ITS MEMBERS SO THEY CAN CONTINUE TO PROVIDE ELECTRIC AND POWER SERVICES TO THE CONSUMERS AND BUSINESSES IN THE RURAL TERRITORIESSERVICED BY THOSE MEMBERS/BORROWERS. CFC OPERATES IN SUCH MANNER TO OBTAIN FUNDING BASED ON COST AVAILABLE TO IT AND PASSES THE COSTS AND RESULTING SAVINGS ALONG TO ITS BORROWERS.

Program 2

Expenses: $1,049,909

EDUCATION FUND -- EACH STATEWIDE ASSOCIATION AND ELIGIBLE REGIONAL ASSOCIATION WILL SUBMIT AN APPLICATION FORM DESCRIBING THE PROGRAM FOR WHICH THE GRANT WILL BE USED. CFC CALCULATES THE AMOUNT...

EDUCATION FUND -- EACH STATEWIDE ASSOCIATION AND ELIGIBLE REGIONAL ASSOCIATION WILL SUBMIT AN APPLICATION FORM DESCRIBING THE PROGRAM FOR WHICH THE GRANT WILL BE USED. CFC CALCULATES THE AMOUNT ALLOTTED TO EACH APPLICANT DURING THE FISCAL YEAR BASED UPON THE TOTAL NUMBER OF CO-OPS WHICH ARE MEMBERS OF CFC AND OF THE ASSOCIATION, WITH RESPECT TO STATEWIDE ASSOCIATIONS, THE NUMBER OF STATES EACH APPLICANT REPRESENTS, AND THE NUMBER OF CO-OPS THAT ARE 100% CFC BORROWERS. THE SENIOR VICE PRESIDENT OF CFC'S CORPORATE RELATIONS GROUP APPROVES THE APPLICATIONS MADE BY THE ASSOCIATIONS.

Program 3

Expenses: $71,372 Revenue: $264,247

INTEGRITY FUND -- UTILIZING A RESTRICTED CASH ACCOUNT, CFC MANAGES A VOLUNTARY FUND ESTABLISHED FOR THE PURPOSE OF ASSISTING COOPERATIVES IN DEFENDING THEIR COOPERATIVE TERRITORIES AND PROTECTING...

INTEGRITY FUND -- UTILIZING A RESTRICTED CASH ACCOUNT, CFC MANAGES A VOLUNTARY FUND ESTABLISHED FOR THE PURPOSE OF ASSISTING COOPERATIVES IN DEFENDING THEIR COOPERATIVE TERRITORIES AND PROTECTING COOPERATIVE PRINCIPLES.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,054,726,116

Investment Income $9,044,902

Other Revenue $7,451,255

TOTAL REVENUE $2,071,222,273

Expense Breakdown

Grants Paid $1,124,281

Salaries & Benefits $75,128,903

Fundraising Expenses $0

Program Expenses $1,686,835,981

Other Expenses $1,759,782,459

TOTAL EXPENSES $1,836,035,643

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,071,222,273	$2,006,337,656	+0.0%
Expenses	$1,836,035,643	$1,733,194,225	+0.1%
Net Income	$235,186,630	$273,143,431	-0.1%

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

372

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

$9,022,122

Total Directors

$1,995,001

Key Employees

$3,278,823

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GORDON ANTHONY NORTON	PRESIDENT	17.00	Director	$95,000	$0	$95,000
MARK SUGGS	VICE PRESIDENT	10.00	Director	$95,000	$0	$95,000
BRENT MCRAE	SECRETARY TREASURER	5.00	Director	$92,917	$0	$92,917
BARBARA E HAMPTON	DIRECTOR	6.00	Director	$90,000	$0	$90,000
WILLIAM KEITH HAYWARD	DIRECTOR	5.00	Director	$90,000	$0	$90,000
SHANE LUCAS LARSON	DIRECTOR	8.00	Director	$87,917	$0	$87,917
JEFFREY A REHDER	DIRECTOR	8.00	Director	$87,917	$0	$87,917
TIMOTHY S ELDRIDGE	DIRECTOR	7.00	Director	$87,083	$0	$87,083
CHARLES ABEL II	DIRECTOR	4.00	Director	$85,000	$0	$85,000
ANTHONY ANDERSON UNTIL 32025	FORMER DIRECTOR	4.00	Director	$85,000	$0	$85,000
THOMAS A BAILEY	DIRECTOR	6.00	Director	$85,000	$0	$85,000
DONALD BIDEGAIN	DIRECTOR	3.00	Director	$85,000	$0	$85,000
JARED ECHTERNACH	DIRECTOR	10.00	Director	$85,000	$0	$85,000
DARICK EISENBRAUN	DIRECTOR	8.00	Director	$85,000	$0	$85,000
BRUCE EVERHART	DIRECTOR	10.00	Director	$85,000	$0	$85,000
DENNIS R FULK	DIRECTOR	10.00	Director	$85,000	$0	$85,000
MICHAEL J HEINEN	DIRECTOR	3.00	Director	$85,000	$0	$85,000
BRADLEY P JANORSCHKE	DIRECTOR	6.00	Director	$85,000	$0	$85,000
ANTHONY LARSON	DIRECTOR	12.00	Director	$85,000	$0	$85,000
JOHN METCALF	DIRECTOR	6.00	Director	$85,000	$0	$85,000
KENDALL J MONTGOMERY	DIRECTOR	11.00	Director	$85,000	$0	$85,000
TERRY MICHAEL PARTIN	DIRECTOR	10.00	Director	$75,000	$0	$75,000
JOHN BARTLEY START 62024	DIRECTOR	5.00	Director	$52,500	$0	$52,500
DAVID E FELKEL UNTIL 62024	FORMER DIRECTOR	5.00	Director	$36,667	$0	$36,667
JEANETTE INGRID KESSLER	DIRECTOR (START 3/2025)	3.00	Director	$0	$0	$0
JONATHAN ANDREW DON	CEO	70.00	Officer	$2,551,220	$270,040	$2,821,260
BRAD CAPTAIN	SVP & CHIEF CORPORATE AFFAIRS OFFICER	55.00	Officer	$603,563	$528,875	$1,132,438
JOEL ALLEN	SVP AND CHIEF BANKING OFFICER	55.00	Officer	$673,366	$304,657	$978,023
YU LING WANG	SVP & CFO	65.00	Officer	$650,311	$212,710	$863,021
GARY A BRADBURY	SVP & CHIEF OPERATING OFFICER	55.00	Officer	$570,156	$188,356	$758,512
JILL MAISON	SVP & CHIEF RELATIONSHIP MANAGEMENT OFFICER	55.00	Officer	$500,392	$230,514	$730,906
GHOLAM M SALEH	SVP & CHIEF RISK OFFICER	70.00	Officer	$561,488	$101,622	$663,110
NATHAN HOWARD	SVP & GENERAL COUNSEL	55.00	Officer	$495,932	$59,124	$555,056
AMY S LUONGO	SVP, STRATEGIC SERVICES	50.00	Officer	$424,006	$95,790	$519,796
RICHARD PERREAULT UNTIL 62025	VP AND CIO	40.00	Key Emp	$475,066	$122,891	$597,957
DAVID W OLAH	VP, PORTFOLIO MANAGEMENT	50.00	Key Emp	$398,184	$109,236	$507,420
W DANIEL CAWOOD	VP, PORTFOLIO MANAGEMENT	50.00	Key Emp	$363,798	$122,396	$486,194
ANDREW COLEMAN	VP, PORTFOLIO MANAGEMENT	45.00	Key Emp	$339,075	$66,487	$405,562
VU LY	VP, CAPITAL MARKETS	50.00	Key Emp	$296,677	$86,315	$382,992
HEESUN CHOI	VP, CAPITAL MARKETS RELATIONS	40.00	Key Emp	$285,983	$58,500	$344,483
AAMER ARSHAD	VP, PORTFOLIO MANAGEMENT	40.00	Key Emp	$239,721	$52,730	$292,451
MATTHEW AUGUSTOSKY	VP, PORTFOLIO MANAGEMENT	50.00	Key Emp	$245,738	$16,026	$261,764
JOHN FREDERICK SUTER	VP, ECONOMIC RESEARCH	40.00	Highest	$397,289	$217,099	$614,388
LAWRENCE SAUNDERS	VP, CREDIT RISK MANAGEMENT	50.00	Highest	$391,540	$112,070	$503,610
JONATHAN J POLETTI	DIRECTOR, INFO. SYSTEMS & DEPUTY CIO	40.00	Highest	$367,855	$122,184	$490,039
PANKAJ SHAH	VP, CHIEF ACCOUNTING OFFICER	55.00	Highest	$370,001	$60,174	$430,175
KIMBERLY MILLER	VP AND DEPUTY GENERAL COUNSEL	50.00	Highest	$359,714	$57,344	$417,058

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	$2,071,222,273	$1,836,035,643	$38,295,081,990	$235,186,630
2024	$2,006,337,656	$1,733,194,225	$36,153,418,188	$273,143,431
2023	$1,630,263,995	$1,378,195,724	$33,983,672,971	$252,068,271
2022	$1,254,440,999	$983,494,924	$31,221,814,594	$270,946,075
2021	$1,222,197,789	$1,031,473,707	$29,606,953,295	$190,724,082
2020	$1,380,006,975	$1,240,837,727	$28,125,158,307	$139,169,248
2019	$1,421,499,084	$1,251,333,072	$27,085,054,946	$170,166,012

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION