Dakota Electric Association

Not tax-deductible

Farmington, MNMutual-benefit / member-servingSince 1937Mutual / membership EIN 41-0212180Revenue $230.0M in FY2024Latest return filed Oct 15, 2025

On file with the IRSdakotaelectric.com4300 220th St W, 55024-9003 · Farmington, MNTax-exempt since Dec 1938

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Electric distribution coop

$3.7M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $5.5M a year · 2% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$3.7M
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
<1 mo
of spending, in cash
Plus $140.7M in investments, Pt X · Ln 11–13
Fine: 0.0 months of spending in cash, plus $140.7M in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$227.6M
54% of total assets
Fine: liabilities are 54% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$230.0M
-0.7% vs prior year
Spent
$229.7M
Net assets
$194.1M
By yearFY2020–FY2024
Revenue
$230.0M
FY2024▼ -0.7%
Tap a bar for its year
Revenue by fiscal year
FY2020$215.3M
FY2021$228.8M
FY2022$219.7M
FY2023$231.6M
FY2024$230.0M
Expenses
$229.7M
FY2024▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2020$211.0M
FY2021$219.3M
FY2022$216.1M
FY2023$221.6M
FY2024$229.7M
Net assets
$194.1M
FY2024▼ -2%
Tap a bar for its year
Net assets by fiscal year
FY2020$179.0M
FY2021$187.7M
FY2022$188.9M
FY2023$199.0M
FY2024$194.1M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 1938.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

25 people listed on the 990; $3.7M paid to officers and key staff.

Part VII, Section A · reportable compensation
$490,774Pt VII · Sec A
Vp-Engineering Services
$286,006Pt VII · Sec A
Vp-Financial Services/CFO
$284,681Pt VII · Sec A
Vp-Information Services/CIO
$278,385Pt VII · Sec A
Vp-Utility Services
$275,717Pt VII · Sec A
Vp-Regulatory Services
$259,878Pt VII · Sec A
Vp-Energy & Member Services
$258,780Pt VII · Sec A
Vp-People and Culture
$249,367Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Greg Miller—$289,527$1,096,670$1,018,890$415,446
Ryan Hentges$490,774$372,247———
Betty Jo Kiesow$286,006$254,662$246,163$226,340$202,221
Corey Hintz$284,681$241,605$228,366$202,121$179,397
Michael Nelson$278,385$257,571$248,732$249,686$227,951
Jeffrey Schoenecker$275,717$258,442$249,902$242,565$222,138
Adam Heinen$259,878$200,567$176,842——
Jonathon Beyer$258,780$224,125$213,836——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Distributes electricity and related services to approximately 117,000 member-customers.

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Provided by the organization

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1 program · in their own filed words · FY2024
01

Provide electric and related services and products for approximately 117,000 MEMBERS/CUSTOMERS.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 12 grants · $2.1M · 2020–2024
360 CommunitiesMN · FY2023$14,000
360 CommunitiesMN · FY2022$14,000
360 CommunitiesMN · FY2021$12,000
360 CommunitiesMN · FY2020$19,500
Minnesota ZooFY2020$7,875
YMCA of the Greater Twin CitiesMN · FY2020$6,000

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$230.0M
Ln 12
Fees for servicesLn 2g$229.7M
Investment incomeLn 3$299K
Other incomeLn 4–11$16K
Money outPt IX
$229.7M
Ln 25
Owns and owesPt X
$194.1M
net assets · Ln 32
Cash and savingsLn 1–2$538K
Total assetsLn 16$421.7M
LiabilitiesLn 26$227.6M
PeoplePt VI, VII
25
listed · VII A
PaidVII A25
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$229.7M
Investment incomeLn 3$299K
Other incomeLn 4–11$16K
Gains on assetsLn 7$164K
Total revenueLn 12$230.0M
Assets in detailPt X, end of year
CashLn 1$538K
Cash and savings togetherLn 1–2$538K
InvestmentsLn 11–13$140.7M
Land, buildings, equipmentLn 10c$225.7M
Other assetsLn 15$9.0M
Total assetsLn 16$421.7M
LiabilitiesLn 26$227.6M
Net assetsLn 32$194.1M
OperationsPt I, VI
EmployeesI 5219
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$143K$538K
InvestmentsLn 11–13$138.4M$140.7M
Land, buildings, equipmentLn 10c$217.9M$225.7M
Total assetsLn 16$407.3M$421.7M
LiabilitiesLn 26$208.3M$227.6M
Net assetsLn 32$199.0M$194.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$581K
Pay of current officers, directors and key staffLn 5$3.3M
Other salaries and wagesLn 7$18.2M
Pension plan contributionsLn 8$2.7M
Other employee benefitsLn 9$2.0M
Payroll taxesLn 10$1.5M
Legal feesLn 11b$419K
Accounting feesLn 11c$58K
Other fees for servicesLn 11g$6.8M
Advertising and promotionLn 12$2.0M
Office expensesLn 13$3.3M
OccupancyLn 16$162K
TravelLn 17$306K
InterestLn 20$6.1M
Depreciation, depletion and amortizationLn 22$14.5M
InsuranceLn 23$553K
Other expenses (24a–d)Ln 24$166.8M
All other expensesLn 24e$436K
Total functional expensesLn 25$229.7M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest ViewingFiled with the IRS Oct 15, 2025 $230.0M$229.7M$342K$194.1M 990 PDF
FY2023Filed with the IRS Oct 10, 2024 $231.6M$221.6M$10.0M$199.0M 990 PDF
FY2022Filed with the IRS Oct 10, 2023 $219.7M$216.1M$3.6M$188.9M 990 PDF
FY2021Filed with the IRS Oct 24, 2022 $228.8M$219.3M$9.4M$187.7M 990 PDF
FY2020Filed with the IRS Jul 6, 2021 $215.3M$211.0M$4.3M$179.0M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $229,998,295 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $231,356,885$229,683,132
I-10 Investment incomePrior year $193,148$298,745
I-11 Other revenuePrior year $16,272$16,418
I-12 Total revenuePrior year $231,566,305$229,998,295
I-13 Grants and similar amounts paidPrior year $506,410$580,722
I-14 Benefits paid to membersPrior year $2,537,692$0
I-15 Salaries and benefitsPrior year $24,517,893$27,709,062
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $194,006,961$201,366,601
I-18 Total expensesPrior year $221,568,956$229,656,385
I-19 Revenue less expensesPrior year $9,997,349$341,910
Part VI · Governance 12 of 12 board members independent, 1 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $229,998,295 across 4 lines filed
Lines not itemized here account for $16,418 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $229,681,238 · Unrelated business $1,894$229,683,132
VIII-3 Investment incomeExcluded from tax $134,489$134,489
VIII-7 Net gain or loss on sales of assetsExcluded from tax $164,256$164,256
VIII-12 Total revenueRelated to mission $229,697,656 · Unrelated business $1,894 · Excluded from tax $298,745$229,998,295
Part IX · Statement of functional expenses $229,656,385 across 18 lines filed
IX-1 Grants to domestic organizations$580,722
IX-5 Pay of current officers, directors and key staff$3,310,485
IX-7 Other salaries and wages$18,187,353
IX-8 Pension plan contributions$2,736,959
IX-9 Other employee benefits$2,012,814
IX-10 Payroll taxes$1,461,451
IX-11b Legal fees$418,950
IX-11c Accounting fees$57,643
IX-11g Other fees for services$6,752,060
IX-12 Advertising and promotion$2,005,400
IX-13 Office expenses$3,261,704
IX-16 Occupancy$162,128
IX-17 Travel$306,023
IX-20 Interest$6,121,767
IX-22 Depreciation, depletion and amortization$14,511,907
IX-23 Insurance$553,306
IX-24 Other expenses (24a–d)$166,779,238
IX-24e All other expenses$436,475
IX-25 Total functional expenses$229,656,385
Part X · Balance sheet $421,668,479 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $142,859$537,712
X-4 Accounts receivableStart of year $24,825,375$30,616,506
X-8 Inventories for sale or useStart of year $15,890,374$13,540,652
X-9 Prepaid expenses and deferred chargesStart of year $1,323,680$1,530,377
X-10c Land, buildings and equipment, netStart of year $217,925,505$225,651,936
X-12 Other securitiesStart of year $3,488,347$3,472,837
X-13 Program-related investmentsStart of year $134,960,623$137,273,141
X-15 Other assetsStart of year $8,734,294$9,045,318
X-16 Total assetsStart of year $407,291,057$421,668,479
X-17 Accounts payable and accrued expensesStart of year $39,336,315$44,624,829
X-19 Deferred revenueStart of year $47,530$8,555,366
X-24 Unsecured notes and loans payableStart of year $9,100,000$22,700,000
X-25 Other liabilitiesStart of year $18,478,797$8,276,203
X-26 Total liabilitiesStart of year $208,295,930$227,581,679
X-32 Total net assets or fund balancesStart of year $198,995,127$194,086,800
X-33 Total liabilities and net assetsStart of year $407,291,057$421,668,479
Part XI · Reconciliation of net assets $194,086,800 net assets at year end
XI-1 Total revenue$229,998,295
XI-2 Total expenses$229,656,385
XI-3 Revenue less expenses$341,910
XI-4 Net assets at start of year$198,995,127
XI-9 Other changes in net assets−$5,250,237
XI-10 Net assets at end of year$194,086,800

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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