Civic Intelligence

Moreau Grand Electric Cooperative

EIN 46-0214198 • 501(c)12 • Timber Lake, SD

Profile

Cooperative -- electric energy to members

PO Box 8Timber Lake, SD 57656-0008

mge.coop

Siviq Scores

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

Liabilities / Assets

89th percentile

0.66x

Higher debt load relative to assets than 89% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

100th percentile

5.13x

Higher debt load relative to revenue than 100% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Net Margin

76th percentile

6.7%

Higher net margin than 76% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

16th percentile

$198,689

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Asset Growth

53rd percentile

4.2%

Faster asset growth than 53% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

22nd percentile

-0.4%

Faster revenue growth than 22% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets89th percentile

Assets

Up

$59,844,813

Up $2,409,149 (+4.2%) from 2023

Liabilities

Up

$39,569,770

Up $1,816,056 (+4.8%) from 2023

Net Assets

Up

$20,275,043

Up $593,093 (+3.0%) from 2023

Operations
Liabilities / Revenue100th percentileNet Margin76th percentile

Revenue

Down

$7,718,004

Down $28,467 (-0.4%) from 2023

Expenses

Up

$7,199,490

Up $284,799 (+4.1%) from 2023

Net Income

Down

$518,514

Down $313,266 (-38%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth53rd percentile

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

$60M$40M$20M$0Assets 2010: $32,109,491Liabilities 2010: $21,348,016Net Assets 2010: $10,761,4752010Assets 2011: $33,741,282Liabilities 2011: $22,708,280Net Assets 2011: $11,033,0022011Assets 2012: $38,502,379Liabilities 2012: $27,117,315Net Assets 2012: $11,385,0642012Assets 2013: $41,683,091Liabilities 2013: $29,681,393Net Assets 2013: $12,001,6982013Assets 2014: $41,950,433Liabilities 2014: $29,556,451Net Assets 2014: $12,393,9822014Assets 2015: $42,174,253Liabilities 2015: $29,090,042Net Assets 2015: $13,084,2112015Assets 2016: $42,896,352Liabilities 2016: $28,785,244Net Assets 2016: $14,111,1082016Assets 2017: $45,751,949Liabilities 2017: $31,260,141Net Assets 2017: $14,491,8082017Assets 2018: $45,849,630Liabilities 2018: $29,925,901Net Assets 2018: $15,923,7292018Assets 2019: $45,291,334Liabilities 2019: $28,784,676Net Assets 2019: $16,506,6582019Assets 2020: $47,112,965Liabilities 2020: $29,882,532Net Assets 2020: $17,230,4332020Assets 2021: $51,309,288Liabilities 2021: $33,470,180Net Assets 2021: $17,839,1082021Assets 2022: $53,954,760Liabilities 2022: $35,197,173Net Assets 2022: $18,757,5872022Assets 2023: $57,435,664Liabilities 2023: $37,753,714Net Assets 2023: $19,681,9502023Assets 2024: $59,844,813Liabilities 2024: $39,569,770Net Assets 2024: $20,275,0432024

Highlighted filing

2024

Assets$59,844,813
Liabilities$39,569,770
Net Assets$20,275,043
Open 2024 Filing

Operations Trend

Revenue Growth22nd percentile

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

$8.0M$6.0M$4.0M$2.0M$0Expenses 2010: $4,353,6752010Expenses 2011: $5,223,0292011Expenses 2012: $5,048,9202012Revenue 2013: $5,861,301Expenses 2013: $5,283,401Net Income 2013: $577,9002013Revenue 2014: $6,034,916Expenses 2014: $5,695,624Net Income 2014: $339,2922014Revenue 2015: $6,386,344Expenses 2015: $5,753,854Net Income 2015: $632,4902015Revenue 2016: $6,841,549Expenses 2016: $5,866,411Net Income 2016: $975,1382016Revenue 2017: $6,544,844Expenses 2017: $6,215,733Net Income 2017: $329,1112017Revenue 2018: $7,684,347Expenses 2018: $6,303,295Net Income 2018: $1,381,0522018Revenue 2019: $7,031,385Expenses 2019: $6,528,879Net Income 2019: $502,5062019Revenue 2020: $7,007,973Expenses 2020: $6,379,299Net Income 2020: $628,6742020Revenue 2021: $6,970,678Expenses 2021: $5,872,823Net Income 2021: $1,097,8552021Revenue 2022: $7,628,691Expenses 2022: $6,281,370Net Income 2022: $1,347,3212022Revenue 2023: $7,746,471Expenses 2023: $6,914,691Net Income 2023: $831,7802023Revenue 2024: $7,718,004Expenses 2024: $7,199,490Net Income 2024: $518,5142024

Highlighted filing

2024

Revenue$7,718,004
Expenses$7,199,490
Net Income$518,514
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$59,844,813
Liabilities
$39,569,770
Net assets
$20,275,043
Revenue
$7,718,004
Expenses
$7,199,490
Net income
$518,514
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$59.8$39.6$20.3$7.72$7.20$0.52
2023Detailed filing. Detailed filing data is available for this year.$57.4$37.8$19.7$7.75$6.91$0.83
2022Detailed filing. Detailed filing data is available for this year.$54.0$35.2$18.8$7.63$6.28$1.35
2021Detailed filing. Detailed filing data is available for this year.$51.3$33.5$17.8$6.97$5.87$1.10
2020Detailed filing. Detailed filing data is available for this year.$47.1$29.9$17.2$7.01$6.38$0.63
2019Detailed filing. Detailed filing data is available for this year.$45.3$28.8$16.5$7.03$6.53$0.50
2018Detailed filing. Detailed filing data is available for this year.$45.8$29.9$15.9$7.68$6.30$1.38
2017Detailed filing. Detailed filing data is available for this year.$45.8$31.3$14.5$6.54$6.22$0.33
2016Detailed filing. Detailed filing data is available for this year.$42.9$28.8$14.1$6.84$5.87$0.98
2015Detailed filing. Detailed filing data is available for this year.$42.2$29.1$13.1$6.39$5.75$0.63
2014Detailed filing. Detailed filing data is available for this year.$42.0$29.6$12.4$6.03$5.70$0.34
2013Detailed filing. Detailed filing data is available for this year.$41.7$29.7$12.0$5.86$5.28$0.58
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.5$27.1$11.4$5.05
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$33.7$22.7$11.0$5.22
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.1$21.3$10.8$4.35
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 16, 2025
Return Version
2024v5.0
Gross Receipts
$14,361,875
Mission and Program Overview

Mission

Cooperative -- electric energy to members

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$43,725,046$48,960,953▲ $5,235,907
Rtn Earn Endowment Incm Other Fnds$17,116,206$17,528,030▲ $411,824
Investments Program Related$7,195,386$7,377,447▲ $182,061
Pd in Cap Srpls Land Bldg Eqp Fund$2,565,744$2,747,013▲ $181,269
Accounts Receivable$1,260,041$1,435,379▲ $175,338
Inventories for Sale or Use$1,454,542$1,232,637▼ $221,905
Cash and Non-Interest-Bearing Accounts$3,629,903$667,178▼ $2,962,725
Total Assets$57,435,664$59,844,813▲ $2,409,149
Other Assets Total$170,746$171,219▲ $473
Liabilities
Mortgage Notes Payable Secured by Investment Property$35,539,404$37,356,692▲ $1,817,288
Accounts Payable and Accrued Expenses$1,092,678$1,219,256▲ $126,578
Other Liabilities$832,727$838,923▲ $6,196
Deferred Revenue$288,905$154,899▼ $134,006
Total Liabilities$37,753,714$39,569,770▲ $1,816,056
Net Assets / Fund Balance
Total Net Assets Fund Balance$19,681,950$20,275,043▲ $593,093
Total Liabilities and Net Assets / Fund Balance$57,435,664$59,844,813▲ $2,409,149

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$27,989,188$26,069,608$54,058,796
Equipment$11,804,505-$11,804,505
Buildings$9,056,420-$9,056,420
Land$110,840-$110,840
Investment Program Related Org$472--
Compensation and Service Providers
Top Officer Pay16th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Melissa MaherManagerFT$157,585$41,104$198,689
Kent LarsonOperations/mFT$124,655$33,012$157,667
Kent LarsonOperations/manager-$124,655$33,012$157,667
Justin ThorstensonLine ForemanFT$102,334$52,720$155,054
Geralyn HahneSec/treasure-$6,500-$6,500
Robert KecklerDirector-$6,250-$6,250
Royce WalkerDirector-$6,000-$6,000
Troy WallDirector-$6,000-$6,000
Clint ClarkDirector-$6,000-$6,000
Lois BartlettDirector-$5,750-$5,750
Ryan MaherPresident-$5,500-$5,500
Kerry MclellanVice Preside-$5,000-$5,000
Paul LawrenceDirector-$5,000-$5,000
Larry HiebDirector-$4,500-$4,500
Brent SchweitzerDirector-$1,500-$1,500

Highest Paid Contractors

ContractorServicesLocationCompensation
Capital City ConstructionConstruction1501 E CALGARY AVE, Bismarck, ND 58503$3,248,599
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,010,965
Investment Income
$100,119
Other Revenue
$6,606,920
Change in Net Assets
$518,514

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,633,139
Revenue Not Reported on Financial Statements
$84,865
Revenue Not Reported on Form 990
$6,718,451
Other Revenue Adjustments
$84,865
Total Revenue per Audited Statements
$14,351,590
Total Revenue per Form 990
$7,718,004
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,357,239
Salaries, Compensation, and Employee Benefits$2,450,199
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$1,625,909
Interest---$1,346,618
Other Salaries and Wages---$1,305,358
Other Employee Benefits---$464,096
Benefits to Members---$392,052
Office Expenses---$348,073
Pension Plan Contributions---$282,822
Current Officers, Directors, Trustees, and Key Employees---$256,689
Payroll Taxes---$141,234
Occupancy---$91,401
Information Technology---$84,401
Advertising---$44,248
Travel---$35,244
Other Expenses---$34,591
Fees for Services Legal---$29,768
Fees for Services Accounting---$26,228
Conferences and Meetings---$26,187
Fees for Services Other---$22,644
Insurance---$5,483
Total Functional Expenses$0$0$0$7,199,490

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$13,758,497
Total Expenses per Form 990$7,199,490
Expenses per Audited Statements$7,114,626
Expenses Not Reported on Form 990$6,643,871
Expenses Not Reported on Financial Statements$84,864
Other Expense Adjustments$84,864
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
Customer Deposits$532,802
Other$306,121
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
Yes
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

“Moreau-grand electric cooperative has members.”

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

“The members vote annually on the board of directors who have three year terms.”

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

“Bylaw amendments need to be voted on by membership.”

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

“The board of directors reviews the form 990 prior to filing.”

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

“The following conflict of interest survey is conducted with the board annually: do you as a board member have a 'conflict of interest' as to a personal interest in a matter of such a nature and magnitude that a conflict exists between the personal interest and the cooperative's interest that could potentially cause an inability to exercise independent and objective judgment on the matter. 'personal interests' may not technically involve the board member but may involve relatives, business associates, or other individuals or organizations with which you are closely associated. No yes if yes, please stipulate the situation”

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

“Compensation for the ceo including salary and benefits - the board refers to the current year sdrea (south dakota rural electric cooperative association) compensation survey as a guide. The bylaws prohibit a blood relationship between board members and the employees such as spouse, child, parent, brother or sister, by blood or marriage. Officers of the board do not get compensated as officers. All board members per diem is the same.”

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

“SAME PERSON AS 15A.”

Form 990, Page 6, Part VI, Line 19

“The organization makes its governing documents available to the members upon request. Bylaws are mailed to all new members. Any member upon request would be provided a copy of our policies. Our annual financial statements are published to our members. This information is not made public to nonmembers.”

Filing and Contact Details

Filer

Filer Name
Moreau Grand Electric Cooperative
EIN
46-0214198
Phone
6058653511
Address
PO BOX 8, TIMBER LAKE, SD 57656-0008

Signing Officer

Name
Kent Larson
Title
Operations/manager
Phone
6058653511
Signed
2025-07-16

Organization Details

Principal Officer
Kent Larson
Formed
1946
Legal Domicile
Sd
Voting Board Members
10
Independent Board Members
10
Employees
25

Preparer

Firm
Ketel Thorstenson Llp
Address
PO BOX 3140, RAPID CITY, SD 57709-3140
Preparer
Traci Hanson CPA
Phone
6053425630
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Cost of power 6,643,871 change in other equities 74,580 merchandising and service labor - cost netted with rev -84,865 cost of power -6,643,871 merchandising and service labor cost and expense 84,865 rounding -1 total 74,579”

Financial Statement Notes

Schedule D, Page 3, Part X

“The cooperative is exempt from federal income tax under section 501(c)(12) of the internal revenue code. The cooperative has met the requirement that more than 85 percent of its revenue be from its members. The state of south dakota does not have an income tax law. At december 31, 2024, the coooperative believes no significant uncertain tax positions or liabilities exist.”

Schedule D, Page 4, Part XI, Line 2D

“Cost of power 6,643,871 change in other equities 74,580”

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

“Merchandising and service labor - cost netted with rev 84,865”

Schedule D, Page 4, Part XII, Line 2D

“COST OF POWER 6,643,871”

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

“Merchandising and service labor cost and expense 84,865 rounding -1”

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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/TitleTxt1OPERATIONS/M
IRS990/Form990PartVIISectionAGrp/TitleTxt2LINE FOREMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt3SEC/TREASURE
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
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IRS990/PrincipalOfficerNm0KENT LARSON
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IRS990/ProgramServiceRevenueGrp/Desc0CAPITAL CREDITS - G&T
IRS990/ProgramServiceRevenueGrp/Desc1TRANSMISSION SYSTEM RENTAL
IRS990/ProgramServiceRevenueGrp/Desc2OTHER ELECTRIC SALES
IRS990/ProgramServiceRevenueGrp/Desc3JOB ORDER REVENUES
IRS990/ProgramServiceRevenueGrp/Desc4WHEELING IN ELECT SUBSTATION
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IRS990/PYTotalRevenueAmt07746471
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IRS990/ReportProgramRelatedInvstInd0true
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IRS990ScheduleD/ExpensesSubtotalAmt07114626
IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1717670
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt2399851
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt3186283
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt450000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt544917
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt6472
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0INVESTMENT IN BASIN
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1INVESTMENT IN ASSOC. ORG - OTHER
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2INVESTMENT IN RUSHMORE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3INVESTMENT IN CFC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc4CFC MCS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc5OTHER INVESTMENTS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc6LITTLE EAGLE SUBSTATION RESERVE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0532802
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1306121
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CUSTOMER DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OTHER
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IRS990ScheduleD/OtherRevenuesNotIncludedAmt084865
IRS990ScheduleD/RevenueNotReportedAmt06718451
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt084865
IRS990ScheduleD/RevenueSubtotalAmt07633139
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE COOPERATIVE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. THE COOPERATIVE HAS MET THE REQUIREMENT THAT MORE THAN 85 PERCENT OF ITS REVENUE BE FROM ITS MEMBERS. THE STATE OF SOUTH DAKOTA DOES NOT HAVE AN INCOME TAX LAW. AT DECEMBER 31, 2024, THE COOOPERATIVE BELIEVES NO SIGNIFICANT UNCERTAIN TAX POSITIONS OR LIABILITIES EXIST.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1COST OF POWER 6,643,871 CHANGE IN OTHER EQUITIES 74,580
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2MERCHANDISING AND SERVICE LABOR - COST NETTED WITH REV 84,865
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3COST OF POWER 6,643,871
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt4MERCHANDISING AND SERVICE LABOR COST AND EXPENSE 84,865 ROUNDING -1
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc4SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleD/TotalBookValueProgramRltdAmt07377447
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IRS990ScheduleD/TotalLiabilityAmt0838923
IRS990ScheduleD/TotalRevenuePerForm990Amt07718004
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt225565
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt015716
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt113485
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt227155
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MELISSA MAHER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1KENT LARSON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2JUSTIN THORSTENSON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0MANAGER

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