Civic Intelligence

Cooperative Light and Power

EIN 41-0203975 • 501(c)12 • Two Harbors, MN

Profile

Electric energy distribution

1554 Highway 2Two Harbors, MN 55616

www.clpower.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

69th percentile

0.57x

Higher debt load relative to assets than 69% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

46th percentile

1.36x

Higher debt load relative to revenue than 46% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Net Margin

10th percentile

-0.2%

Higher net margin than 10% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

64th percentile

5.2%

Faster asset growth than 64% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

48th percentile

3.7%

Faster revenue growth than 48% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Up

$36,554,621

Up $1,799,151 (+5.2%) from 2023

Liabilities

Up

$20,763,972

Up $1,822,822 (+9.6%) from 2023

Net Assets

Down

$15,790,649

Down $23,671 (-0.1%) from 2023

Revenue

Up

$15,266,668

Up $547,962 (+3.7%) from 2023

Expenses

Up

$15,300,746

Up $956,204 (+6.7%) from 2023

Net Income

Down

-$34,078

Down $408,242 (-109%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2011: $25,507,142Liabilities 2011: $12,445,682Net Assets 2011: $13,061,4602011Assets 2012: $27,000,698Liabilities 2012: $13,203,483Net Assets 2012: $13,797,2152012Assets 2013: $28,196,519Liabilities 2013: $13,889,006Net Assets 2013: $14,307,5132013Assets 2014: $29,889,794Liabilities 2014: $15,188,788Net Assets 2014: $14,701,0062014Assets 2015: $29,780,252Liabilities 2015: $15,077,530Net Assets 2015: $14,702,7222015Assets 2016: $30,692,905Liabilities 2016: $16,022,052Net Assets 2016: $14,670,8532016Assets 2017: $31,326,966Liabilities 2017: $16,446,225Net Assets 2017: $14,880,7412017Assets 2018: $31,191,674Liabilities 2018: $16,003,906Net Assets 2018: $15,187,7682018Assets 2019: $30,855,710Liabilities 2019: $15,512,154Net Assets 2019: $15,343,5562019Assets 2020: $31,493,472Liabilities 2020: $15,890,369Net Assets 2020: $15,603,1032020Assets 2021: $32,161,097Liabilities 2021: $16,976,895Net Assets 2021: $15,184,2022021Assets 2022: $32,952,450Liabilities 2022: $17,531,148Net Assets 2022: $15,421,3022022Assets 2023: $34,755,470Liabilities 2023: $18,941,150Net Assets 2023: $15,814,3202023Assets 2024: $36,554,621Liabilities 2024: $20,763,972Net Assets 2024: $15,790,6492024

Highlighted filing

2024

Assets$36,554,621
Liabilities$20,763,972
Net Assets$15,790,649

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MRevenue 2011: $10,978,732Expenses 2011: $10,074,109Net Income 2011: $904,6232011Expenses 2012: $10,824,3232012Revenue 2013: $12,097,541Expenses 2013: $11,636,450Net Income 2013: $461,0912013Revenue 2014: $12,975,062Expenses 2014: $12,600,407Net Income 2014: $374,6552014Revenue 2015: $12,131,768Expenses 2015: $12,163,063Net Income 2015: -$31,2952015Revenue 2016: $12,623,950Expenses 2016: $12,720,929Net Income 2016: -$96,9792016Revenue 2017: $13,201,902Expenses 2017: $13,024,749Net Income 2017: $177,1532017Revenue 2018: $13,507,898Expenses 2018: $13,221,933Net Income 2018: $285,9652018Revenue 2019: $13,524,405Expenses 2019: $13,393,618Net Income 2019: $130,7872019Revenue 2020: $13,706,449Expenses 2020: $13,478,190Net Income 2020: $228,2592020Revenue 2021: $13,814,099Expenses 2021: $14,265,949Net Income 2021: -$451,8502021Revenue 2022: $14,384,512Expenses 2022: $14,180,360Net Income 2022: $204,1522022Revenue 2023: $14,718,706Expenses 2023: $14,344,542Net Income 2023: $374,1642023Revenue 2024: $15,266,668Expenses 2024: $15,300,746Net Income 2024: -$34,0782024

Highlighted filing

2024

Revenue$15,266,668
Expenses$15,300,746
Net Income-$34,078

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$36.6$20.8$15.8$15.3$15.3$0.03
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$34.8$18.9$15.8$14.7$14.3$0.37
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$33.0$17.5$15.4$14.4$14.2$0.20
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$32.2$17.0$15.2$13.8$14.3$0.45
2020Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$31.5$15.9$15.6$13.7$13.5$0.23
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$30.9$15.5$15.3$13.5$13.4$0.13
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$31.2$16.0$15.2$13.5$13.2$0.29
2017Detailed filing. Detailed filing data is available for this year.$31.3$16.4$14.9$13.2$13.0$0.18
2016Detailed filing. Detailed filing data is available for this year.$30.7$16.0$14.7$12.6$12.7$0.10
2015Detailed filing. Detailed filing data is available for this year.$29.8$15.1$14.7$12.1$12.2$0.03
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$29.9$15.2$14.7$13.0$12.6$0.37
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.2$13.9$14.3$12.1$11.6$0.46
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.0$13.2$13.8$10.8
2011Summary only. Only limited summary data is available for this year.$25.5$12.4$13.1$11.0$10.1$0.90
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 8, 2025
Return Version
2024v5.0
Gross Receipts
$15,279,615
Mission and Program Overview

Mission

Electric energy distribution

Electric energy distribution.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$21,860,098$23,147,392▲ $1,287,294
Rtn Earn Endowment Incm Other Fnds$15,814,320$15,790,649▼ $23,671
Investments Other Securities$7,567,146$8,071,558▲ $504,412
Accounts Receivable$1,720,083$2,042,259▲ $322,176
Inventories for Sale or Use$1,209,412$1,216,450▲ $7,038
Savings and Temporary Cash Investments$1,555,104$1,198,374▼ $356,730
Prepaid Expenses and Deferred Charges$640,782$580,116▼ $60,666
Cash and Non-Interest-Bearing Accounts$73,111$178,302▲ $105,191
Total Assets$34,755,470$36,554,621▲ $1,799,151
Other Assets Total$129,734$120,170▼ $9,564
Liabilities
Mortgage Notes Payable Secured by Investment Property$14,556,381$16,159,761▲ $1,603,380
Accounts Payable and Accrued Expenses$2,397,674$2,667,065▲ $269,391
Other Liabilities$1,496,945$1,346,127▼ $150,818
Deferred Revenue$490,150$591,019▲ $100,869
Total Liabilities$18,941,150$20,763,972▲ $1,822,822
Net Assets / Fund Balance
Total Net Assets Fund Balance$15,814,320$15,790,649▼ $23,671
Total Liabilities and Net Assets / Fund Balance$34,755,470$36,554,621▲ $1,799,151

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$18,813,011$20,663,619$39,476,630
Other Land Buildings$2,526,232$374,874$2,901,106
Buildings$1,282,738$1,267,637$2,550,375
Land$525,411-$525,411
Other Securities$37--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joel JanorschkeCEOFT$247,990$84,232$332,222
Brian BentlerOperations MFT$130,429$70,653$201,082
Brian BentlerOperations Manager-$130,429$70,653$201,082
Vince UdenbergMaintenanceFT$139,777$58,815$198,592
Vince UdenbergMaintenance Foreman-$139,777$58,815$198,592
Chase PetersonConstructionFT$147,829$46,755$194,584
Chase PetersonConstruction Foreman-$147,829$46,755$194,584
Rick HeathLead LinemanFT$152,038$39,706$191,744
Jeff TolandLinemanFT$136,919$30,340$167,259
Shannon HaveriFinance ManaFT$120,205$27,233$147,438
Roger PetersonVice PresidePT$11,393-$11,393
Steve JosephsonDirectorPT$10,925-$10,925
Jessica WillemarckSecretary-$10,163-$10,163
Kyle WeidemanTreasurer-$8,447-$8,447
Scott VeitenheimerPresident-$8,320-$8,320

Highest Paid Contractors

ContractorServicesLocationCompensation
Central Applicators INCRow Clearing3190 HWY 25 NE, PO BOX 279, Foley, MN 56329$704,880
Lake States Construction INCLine Building25172 COMMERICAL DRIVE, Grand Rapids, MN 55744$511,936
Star Energy ServicesEngineering6841 POWER LANE SW, Alexandria, MN 56308$201,571
Gulbranson INCUnderground Exc4770 DIFFERDING POINT ROAD, Eveleth, MN 55734$124,036
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$14,899,473
Investment Income
$86,422
Other Revenue
$280,773
Change in Net Assets
$-34,078

Audited Revenue Reconciliation

Revenue per Audited Statements
$15,266,668
Total Revenue per Audited Statements
$15,266,668
Total Revenue per Form 990
$15,266,668
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,310,546
Salaries, Compensation, and Employee Benefits$528,908
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$1,400,831
Other Expenses---$551,333
Current Officers, Directors, Trustees, and Key Employees---$528,908
Benefits to Members---$461,292
Interest---$383,685
All Other Expenses---$318,869
Total Functional Expenses$0$0$0$15,300,746

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$15,300,746
Expenses per Audited Statements$14,839,454
Total Expenses per Audited Statements$14,839,454
Expenses Not Reported on Financial Statements$461,292
Other Expense Adjustments$461,292
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$1,289,853
Customer Deposits$56,274
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

The organization only has one class of members.

Form 990, Page 6, Part VI, Line 7A

Members elect new board of directors annually based on expiring terms or open position. Votes are done by regional area ensuring that there is a director representing each area of the cooperatives service area.

Form 990, Page 6, Part VI, Line 7B

Certain significant decisions as outlined in the organization's bylaws are subject to member approval. All members have equal rights and are allowed one vote.

Form 990, Page 6, Part VI, Line 11B

Prior to filing the form 990 is reviewed and approved by the ceo and the finance manager. The board reviews and approves the form at the following board meeting.

Form 990, Page 6, Part VI, Line 12C

Board members review and sign off on a conflict of interest policy annually. Conflicts are to be evaluated as they arise.

Form 990, Page 6, Part VI, Line 15A

The board of directors is responsible for reviewing the ceo's salary. An outside consultant provides the board with methods to properly evaulate the performance of the ceo and reviews comparable ceo compensation to verify that the ceo's compensation is within a competitive range for ceos in other electrical co-ops in the state and region and provides this information to the board. The board of directors reviews and approves the ceo's compensation annually. An outside consultant conducts a salary study of all non-union positions within the organization utilizing updated job descriptions for each position and recommended comparable salary ranges for each position. It did not guarantee an increase to any employee. This information was provided to the ceo to determine a budget for salary increases, which is approved by the board of directors as part of the annual budget. The ceo completes a written performance evaluation for each direct report that includes their salary increase. This process is conducted annually.

Form 990, Page 6, Part VI, Line 19

Available at the cooperatives two harbors office upon request during normal business hours.

Filing and Contact Details

Filer

Filer Name
Cooperative Light & Power
EIN
41-0203975
Phone
2188342226
Address
1554 HIGHWAY 2, TWO HARBORS, MN 55616

Signing Officer

Name
Carey Hogenson
Title
Interim CEO
Phone
2188342226
Signed
2025-07-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Carey Hogenson
Formed
1936
Legal Domicile
Mn
Voting Board Members
5
Independent Board Members
5
Employees
24

Preparer

Firm
Esterbrooks Cpas Ltd
Address
302 W SUPERIOR ST STE200, DULUTH, MN 55802
Preparer
Michael a Pederson
Phone
2187276846
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Gain on retirement of capital credits 10,407

Financial Statement Notes

Schedule D, Page 3, Part X

The cooperative follows the recognition requirements of uncertain tax positions, if any, as required by generally accepted accounting principles. The cooperative has analyzed tax positions taken for filing with the internal revenue service and all state jurisdictions where it operates. As of december 31, 2024 and 2023, the cooperative had no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. The cooperative is no longer subject to u.s. Federal, state or local income tax examinations by tax authorities generally for tax years before 2021.

Schedule D, Page 4, Part XII, Line 4B

Book/tax difference: retirement of capital credits 461,292

Raw XML AppendixShowing 400 of 538 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt5CEO
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IRS990/Form990PartVIISectionAGrp/TitleTxt9LINEMAN
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IRS990ScheduleD/OtherSecuritiesGrp/Desc0GREAT RIVER ENERGY
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IRS990ScheduleD/OtherSecuritiesGrp/Desc2NATIONAL RURAL TELECOMMUNICATIONS
IRS990ScheduleD/OtherSecuritiesGrp/Desc3FEDERATED RURAL ELECTRIC INSURANCE
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE COOPERATIVE FOLLOWS THE RECOGNITION REQUIREMENTS OF UNCERTAIN TAX POSITIONS, IF ANY, AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. THE COOPERATIVE HAS ANALYZED TAX POSITIONS TAKEN FOR FILING WITH THE INTERNAL REVENUE SERVICE AND ALL STATE JURISDICTIONS WHERE IT OPERATES. AS OF DECEMBER 31, 2024 AND 2023, THE COOPERATIVE HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COOPERATIVE IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE OR LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES GENERALLY FOR TAX YEARS BEFORE 2021.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1BOOK/TAX DIFFERENCE: RETIREMENT OF CAPITAL CREDITS 461,292
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JOEL JANORSCHKE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1CHASE PETERSON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2VINCE UDENBERG
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3JEFF TOLAND
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm4RICK HEATH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm5BRIAN BENTLER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO

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