Golden Valley Electric Association… - 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

1946

Legal Domicile

Principal Officer

Travis RM Million

Phone

9074521151

Tax Period

2023-01-01 to 2023-12-31

Golden Valley Electric Association Inc, founded in 1946, is a major nonprofit that reported $295.9M in total revenue in fiscal year 2023.

Mission

RECOGNIZING GVEA'S IMPORTANCE TO THE ECONOMIC, ENVIRONMENTAL, AND SOCIAL VIABILITY OF OUR COMMUNITIES, THE COOPERATIVE'S MISSION IS TO SAFELY PROVIDE ITS MEMBER-OWNERS WITH RELIABLE ELECTRIC SERVICE, QUALITY CUSTOMER SERVICE, AND INNOVATIVE ENERGY SOLUTIONS AT FAIR AND REASONABLE PRICES.

Program Service Accomplishments

Program 1

PROVIDE ELECTRIC POWER TO APPROXIMATELY 36,129 MEMBERS. ALL MEMBERS WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATIONS OF PATRONAGE CAPITAL.

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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 (2023)

Revenue Breakdown

Contributions & Grants $30,875

Program Service Revenue $293,118,540

Investment Income $2,112,015

Other Revenue $603,938

TOTAL REVENUE $295,865,368

Expense Breakdown

Grants Paid $62,503

Salaries & Benefits $36,245,654

Fundraising Expenses $0

Other Expenses $255,107,741

TOTAL EXPENSES $292,938,561

Year-over-Year Comparison

	2023	2022	Change
Revenue	$295,865,368	$290,488,698	+0.0%
Expenses	$292,938,561	$286,809,541	+0.0%
Net Income	$2,926,807	$3,679,157	-0.2%

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

334

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

$2,868,444

Total Directors

$134,675

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
John J Burns	President & CEO	60.0	Officer	$406,616	$132,745	$539,361
Sarah J Rixie	CFO	50.5	Officer	$250,379	$87,399	$337,778
John H Kelly	Gas Turbine Plant Manager	40.0	Highest	$237,123	$77,604	$314,727
Christopher M Forrest	Director of Power Supply	40.0	Officer	$211,683	$89,140	$300,823
Richard A Lusby	Healy Plant Manager	40.0	Highest	$211,683	$76,285	$287,968
Daniel R Bishop	Director of Engineering Svcs.	40.0	Officer	$237,123	$49,714	$286,837
Reagan M Russell	Director of HR	42.0	Officer	$196,988	$87,950	$284,938
Abbigail M Dillard	Director of Member Services	48.5	Officer	$203,632	$78,990	$282,622
Nathaniel J Minnema Former	Manager of Engineering Service	43.0	Officer	$193,796	$81,945	$275,741
Jared B Carter	E & I Foreman	56.5	Highest	$203,632	$68,177	$271,809
Benjamin H Porter	Lineman Journeyman	50.0	Highest	$196,988	$65,113	$262,101
Naomi J Morton Knight Former	Environmental Officer	40.0	Officer	$169,830	$78,489	$248,319
Ian P Olesen	Lineman Journeyman	51.5	Highest	$169,387	$66,377	$235,764
Shannon C Telling	Director of Info. Technology	40.0	Officer	$169,387	$58,763	$228,150
Thomas P DeLong	Chairman	10.4	Officer Director	$24,900	$0	$24,900
Richard J Solie Jr	Director	5.9	Director	$23,975	$0	$23,975
Gary C Newman	Secretary	18.5	Officer Director	$21,400	$0	$21,400
David Pelunis-Messier	Treasurer	5.7	Officer Director	$20,900	$0	$20,900
Christopher M Bunch	Vice Chairman	7.5	Officer Director	$16,675	$0	$16,675
Todd M Adams	Director	3.8	Director	$13,700	$0	$13,700
Frederick W Sheen	Director	6.1	Director	$13,125	$0	$13,125

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	No data	No data	No data	No data
2023	$295,865,368	$292,938,561	$785,044,640	$2,926,807
2022	$290,488,698	$286,809,541	$748,155,757	$3,679,157
2021	$261,622,497	$257,770,222	$748,489,323	$3,852,275
2020	$242,508,508	$239,567,195	$736,665,549	$2,941,313
2019	$247,101,009	$242,098,066	$743,846,732	$5,002,943
2018	$251,998,224	$250,014,827	$742,947,778	$1,983,397

Golden Valley Electric Association Inc