Civic Intelligence

Wright Hennepin Cooperative Electric Association

EIN 41-0621437 • 501(c)12 • Rockford, MN

Profile

We deliver the power, products and competitive pricing essential for improving the quality of life of the members and communities we serve.

PO Box 330Rockford, MN 55373-0330

www.whe.org

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.62x

Higher debt load relative to assets than 53% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

42nd percentile

1.40x

Higher debt load relative to revenue than 42% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Net Margin

61st percentile

0.8%

Higher net margin than 61% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

68th percentile

$655,288

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Asset Growth

69th percentile

8.2%

Faster asset growth than 69% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

22nd percentile

0.1%

Faster revenue growth than 22% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$284,291,714

Up $21,542,794 (+8.2%) from 2023

Liabilities

Up

$175,184,003

Up $15,302,230 (+9.6%) from 2023

Net Assets

Up

$109,107,711

Up $6,240,564 (+6.1%) from 2023

Revenue

Up

$125,199,957

Up $146,962 (+0.1%) from 2023

Expenses

Up

$124,257,867

Up $2,416,669 (+2.0%) from 2023

Net Income

Down

$942,090

Down $2,269,707 (-71%) from 2023

Trend Graphs

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2010: $168,870,987Liabilities 2010: $102,391,881Net Assets 2010: $66,479,1062010Assets 2011: $167,957,135Liabilities 2011: $98,306,222Net Assets 2011: $69,650,9132011Assets 2012: $183,730,200Liabilities 2012: $108,308,780Net Assets 2012: $75,421,4202012Assets 2013: $190,674,237Liabilities 2013: $113,135,729Net Assets 2013: $77,538,5082013Assets 2014: $189,009,700Liabilities 2014: $111,297,431Net Assets 2014: $77,712,2692014Assets 2015: $193,374,989Liabilities 2015: $114,579,364Net Assets 2015: $78,795,6252015Assets 2016: $194,777,633Liabilities 2016: $113,258,494Net Assets 2016: $81,519,1392016Assets 2017: $201,505,699Liabilities 2017: $117,600,136Net Assets 2017: $83,905,5632017Assets 2018: $204,039,453Liabilities 2018: $113,748,188Net Assets 2018: $90,291,2652018Assets 2019: $216,267,111Liabilities 2019: $123,658,818Net Assets 2019: $92,608,2932019Assets 2020: $224,862,263Liabilities 2020: $132,503,058Net Assets 2020: $92,359,2052020Assets 2021: $233,547,306Liabilities 2021: $135,107,274Net Assets 2021: $98,440,0322021Assets 2022: $243,904,716Liabilities 2022: $141,892,516Net Assets 2022: $102,012,2002022Assets 2023: $262,748,920Liabilities 2023: $159,881,773Net Assets 2023: $102,867,1472023Assets 2024: $284,291,714Liabilities 2024: $175,184,003Net Assets 2024: $109,107,7112024

Highlighted filing

2024

Assets$284,291,714
Liabilities$175,184,003
Net Assets$109,107,711

Operations Trend

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

$150M$100M$50M$0-$50MExpenses 2010: $75,848,8902010Revenue 2011: $86,974,552Expenses 2011: $85,547,903Net Income 2011: $1,426,6492011Expenses 2012: $87,150,5242012Revenue 2013: $95,494,897Expenses 2013: $94,012,052Net Income 2013: $1,482,8452013Revenue 2014: $93,469,487Expenses 2014: $93,195,158Net Income 2014: $274,3292014Revenue 2015: $92,851,528Expenses 2015: $93,807,162Net Income 2015: -$955,6342015Revenue 2016: $98,147,376Expenses 2016: $101,075,000Net Income 2016: -$2,927,6242016Revenue 2017: $105,318,550Expenses 2017: $108,146,040Net Income 2017: -$2,827,4902017Revenue 2018: $109,420,242Expenses 2018: $108,565,974Net Income 2018: $854,2682018Revenue 2019: $105,941,068Expenses 2019: $107,563,221Net Income 2019: -$1,622,1532019Revenue 2020: $105,067,587Expenses 2020: $110,134,219Net Income 2020: -$5,066,6322020Revenue 2021: $112,957,716Expenses 2021: $102,890,600Net Income 2021: $10,067,1162021Revenue 2022: $125,595,485Expenses 2022: $120,136,621Net Income 2022: $5,458,8642022Revenue 2023: $125,052,995Expenses 2023: $121,841,198Net Income 2023: $3,211,7972023Revenue 2024: $125,199,957Expenses 2024: $124,257,867Net Income 2024: $942,0902024

Highlighted filing

2024

Revenue$125,199,957
Expenses$124,257,867
Net Income$942,090

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$284$175$109$125$124$0.94
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$263$160$103$125$122$3.21
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$244$142$102$126$120$5.46
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$234$135$98.4$113$103$10.1
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$225$133$92.4$105$110$5.07
2019Summary only. Only limited summary data is available for this year.$216$124$92.6$106$108$1.62
2018Summary only. Only limited summary data is available for this year.$204$114$90.3$109$109$0.85
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$202$118$83.9$105$108$2.83
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$195$113$81.5$98.1$101$2.93
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$193$115$78.8$92.9$93.8$0.96
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$189$111$77.7$93.5$93.2$0.27
2013Detailed filing. Detailed filing data is available for this year.$191$113$77.5$95.5$94.0$1.48
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$184$108$75.4$87.2
2011Summary only. Only limited summary data is available for this year.$168$98.3$69.7$87.0$85.5$1.43
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$169$102$66.5$75.8
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Sep 24, 2025
Return Version
2024v5.2
Gross Receipts
$125,206,567
Mission and Program Overview

Mission

We are an energy and service cooperative dedicated to enhancing the quality of life of our customers.

Whcea is a member-owned, not-for-profit electric cooperative. Electric utility that provides power to rural wright county and western hennepin county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$159,417,364$175,466,692▲ $16,049,328
Rtn Earn Endowment Incm Other Fnds$102,867,147$109,107,711▲ $6,240,564
Investments Program Related$58,581,135$60,267,128▲ $1,685,993
Investments Other Securities$23,781,217$26,483,539▲ $2,702,322
Accounts Receivable$7,558,151$7,952,767▲ $394,616
Inventories for Sale or Use$5,065,543$5,369,456▲ $303,913
Cash and Non-Interest-Bearing Accounts$1,625,412$1,122,146▼ $503,266
Prepaid Expenses and Deferred Charges$472,981$763,820▲ $290,839
Other Notes and Loans Receivable, Net$2,962$2,339▼ $623
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$262,748,920$284,291,714▲ $21,542,794
Other Assets Total$6,244,155$6,863,827▲ $619,672
Liabilities
Mortgage Notes Payable Secured by Investment Property$91,493,579$122,974,699▲ $31,481,120
Accounts Payable and Accrued Expenses$21,699,017$23,147,214▲ $1,448,197
Unsecured Notes Loans Payable$32,650,000$13,200,000▼ $19,450,000
Other Liabilities$7,869,288$8,544,909▲ $675,621
Deferred Revenue$6,148,409$7,273,409▲ $1,125,000
Escrow Account Liability$21,480$43,772▲ $22,292
Total Liabilities$159,881,773$175,184,003▲ $15,302,230
Net Assets / Fund Balance
Total Net Assets Fund Balance$102,867,147$109,107,711▲ $6,240,564
Total Liabilities and Net Assets / Fund Balance$262,748,920$284,291,714▲ $21,542,794

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$158,123,039$82,321,875$240,444,914
Buildings$4,080,664$6,752,967$10,833,631
Other Land Buildings$9,623,321-$9,623,321
Land$3,639,668-$3,639,668
Investment Program Related Org$38,999--
Other Securities$7,273,409--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Timothy SullivanPresident & CEOFT$373,139$247,653$620,792
Robert SandbergVP of Power SupplyFT$231,991$356,659$588,650
Lee NordbyOperations DirectorFT$206,949$82,031$288,980
Curtis CordtEngineering DirectorFT$181,641$105,251$286,892
Scott GeareyLine Crew ForemanFT$195,796$71,349$267,145
Daniel MorrisRelief Line Crew ForemanFT$186,598$68,652$255,250
Keith BurandtLine Crew ForemanFT$182,168$69,914$252,082
Nick MattsonRelief Line Crew ForemanFT$176,869$62,405$239,274
John StuevenRelief Line Crew ForemanFT$189,868$47,447$237,315
Martha WestVP of CommunicationsFT$146,078$69,555$215,633
Jennifer SeversonVP of Human ResourcesPT$129,137$75,945$205,082
Susan SorensenCFO (beg Mar)PT$120,958$26,199$147,157
Brian SwansonFormer CFO-$106,878-$106,878
Michael TievaSecretary-treasurerPT$26,265$17,460$43,725
Audrey BrittonDirectorPT$25,501$18,124$43,625
Erick HeinzChairPT$26,765$16,560$43,325
Chris LanttoDirectorPT$23,977$17,348$41,325
Mark SkinnerDirectorPT$23,711$17,164$40,875
Duane LindenfelserDirectorPT$21,487$17,188$38,675
John ReynoldsDirector/vice Chair (beg Apr)PT$19,411$16,864$36,275
Pat BakebergDirectorPT$20,495$15,580$36,075
Timothy YoungVice Chair/director (beg Apr)-$20,000$15,925$35,925

Board Members and Trustees

NameTitle
Rob DewolfeCFO (end Mar)

Highest Paid Contractors

ContractorServicesLocationCompensation
Mp Nexlevel LLCLine Construction500 COUNTY ROAD 37 E, Maple Lake, MN 55358$2,552,498
Asplundh Tree Expert CoTree TrimmingPO BOX 532729, Atlanta, GA 30353-2729$1,190,841
Bear Tree Care INCTree Trimming5625 20TH ST NE, Buffalo, MN 55313$796,455
Zielie's Tree Service INCTree Trimming28190 STATE HWY 137, Ashland, WI 54806$712,885
M&j Contracting & Supply LLCPole ContractorPO BOX 204, Montrose, MN 55363$623,428
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$121,040,171
Investment Income
$184,288
Other Revenue
$3,975,498
Change in Net Assets
$942,090

Audited Revenue Reconciliation

Revenue per Audited Statements
$125,199,957
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-430,110
Total Revenue per Audited Statements
$124,769,847
Total Revenue per Form 990
$125,199,957
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$111,593,559
Salaries, Compensation, and Employee Benefits$2,667,675
Grants and Similar Amounts Paid$12,593
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$9,984,040
Depreciation Depletion---$7,771,717
Interest---$5,352,904
All Other Expenses---$5,207,020
Other Expenses---$3,926,834
Current Officers, Directors, Trustees, and Key Employees---$2,560,797
Comp Disqual Persons---$106,878
Grants to Domestic Orgs---$6,593
Grants to Domestic Individuals---$6,000
Total Functional Expenses$0$0$0$124,257,867

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$124,257,867
Expenses per Audited Statements$113,843,717
Total Expenses per Audited Statements$113,843,717
Expenses Not Reported on Financial Statements$10,414,150
Other Expense Adjustments$10,414,150
Expenses Not Reported on Form 990$0
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
Deferred Credits$5,544,046
Customer Deposits$1,892,782
Deferred Compensation$1,081,772
Lease Liability$26,309
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

The association entered into an agreement with growth operators advisory services llc for the services of cfo, rob dewolfe. The association paid $90,020 for rob's services.

Form 990, Part VI, Section A, Line 6

The cooperative was formed by, and is made up of members to provide electric service at cost.

Form 990, Part VI, Section A, Line 7A

Wright-hennepin's electric service territory is divided into nine districts, each of which is represented by a board member. The members from each district elect their own director to serve on wright-hennepin's board for a three-year term.

Form 990, Part VI, Section A, Line 7B

Members vote on restated bylaws, restated articles of incorporation and district director elections.

Form 990, Part VI, Section B, Line 11B

The form 990 is presented to the board prior to filing.

Form 990, Part VI, Section B, Line 12C

The conflict of interest policy covers board members and staff. Board members who are deemed to have a potential conflict of interest are required to abstain from voting on the topic. A conflict may result in removal from the board.

Form 990, Part VI, Section B, Line 15

Wh engages an independent outside vendor for a compensation market study which creates a benchmark for all non-union positions in the organization. Annual performance reviews are conducted along with wage and salary adjustments. Adjustments are tied to performance measured by a strategy map and workplan made accessible to all employees. Pay scales may be adjusted based on market conditions. All union employees follow increases as determined by their union contract. Ceo compensation is determined by the board of directors. Cfo and key employee compensation is determined by the ceo.

Form 990, Part VI, Section C, Line 19

Financial information is available on the website.

FORM 990, PART VII, SECTION A:

The cooperative provides each director a questionnaire to fill out regarding the average number of hours spent per week on duties related to the cooperative. Completed questionnaires are used to answer questions on the 990. Director compensation follows wh policy corp-120.

Filing and Contact Details

Filer

Filer Name
Wright-hennepin Cooperative Electric
EIN
41-0621437
Phone
7634773000
Address
PO BOX 330, ROCKFORD, MN 55373-0330

Signing Officer

Name
Susan Sorensen
Title
CFO
Phone
7634773000
Signed
2025-09-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Timothy Sullivan
Formed
1937
Legal Domicile
Mn
Voting Board Members
9
Independent Board Members
9
Employees
136
Volunteers
0

Preparer

Firm
Eide Bailly Llp
Address
345 N REID PL STE 400, SIOUX FALLS, SD 57103-7034
Preparer
Laurie Hanson CPA
Phone
6053391999
Supplemental Narrative

Additional Explanations

FORM 990, PART IX, LINE 4, BENEFITS PAID TO OR FOR MEMBERS:

As required by form 990 instructions, form 990, part ix, line 4 (benefits paid to or for members) includes patronage dividends paid. This amount is an expense for purposes of form 990, but is not recognized as an expense under gaap reporting requirements, which are used for book income. The result is a book to tax difference which is disclosed on part xi. In reference to part ix, line 4, the cooperative has interpreted "patronage dividends paid" as capital credits allocated to members under the preexisting obligations pursuant to the bylaws of the cooperative.

FORM 990, PART IX, LINE 24A:

The cooperative purchases power for resale from multiple suppliers. This practice helps wh keep costs competitve for the members.

FORM 990, PART XI, LINE 9:

Patronage capital retired -4,685,566. Allocation of 2024 margins to members in 2025 9,984,040.

FORM 990, PART XII, LINE 2C:

There have been no changes to the cooperative's oversight responsibilities this year.

Financial Statement Notes

PART IV, LINE 2B:

Members of wright-hennepin can round up their monthly electric bill to the next dollar. Funds collected from the membership are held in an account until they are released to the wright-hennepin electric trust for distribution to local charities. Operation round up (oru) funds distribution is determined by the oru board of directors. All decisions are based on need. Priority is given to wh members. Requests must benefit area residents and local communities. Funds are transferred to the trust monthly. Funds that exist at year-end are a result of a timing difference in the receipt of the funds and their release to the trust. For the year ended december 31, 2024, the account held $43,772.

PART X, LINE 2:

The cooperative believes it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The cooperative would recognize future accrued interest and penalties related to the unrecognized tax benefits in income tax expense if such interest and penalties are incurred.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Reclassify conservation improvement program rebates -430,110.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Reclassify conservation improvement program rebates 430,110. Allocation of 2024 margins to members in 2025 9,984,040.

Raw XML AppendixShowing 400 of 959 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/Desc0DELIVER THE POWER, PRODUCTS AND COMPETITIVE PRICING ESSENTIAL FOR IMPROVING THE QUALITY OF LIFE OF THE MEMBERS AND COMMUNITIES WE SERVE. THIS IS DONE BY EXECUTING A COMPREHENSIVE STRATEGY PLAN, WHICH INCLUDES PURCHASING POWER FROM SEVERAL PROVIDERS, THE LARGEST COST TO THE COOPERATIVE.THE COOPERATIVE SERVED 49,396 MEMBERS ACROSS 4,379 MILES OF LINE AS OF DECEMBER 31, 2024.
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