Liabilities / Assets
100th percentile
Higher debt load relative to assets than 100% of similar nonprofits.
Southern Minnesota Energy Cooperative
EIN 46-2932804 • 501(c)12 • Rushford, MN
Profile
To provide electric service to members.
Siviq Scores
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
0.78x
Liabilities / Revenue
5th percentile
Higher debt load relative to revenue than 5% of similar nonprofits.
Net Margin
42nd percentile
Higher net margin than 42% of similar nonprofits.
Top Officer Pay
4th percentile
Higher top officer pay than 4% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
94th percentile
Faster asset growth than 94% of similar nonprofits.
Revenue Growth
6th percentile
Faster revenue growth than 6% of similar nonprofits.
Balance Sheet
Assets
Up$10,685,917
Up $1,469,083 (+16%) from 2023
Liabilities
Up$8,305,235
Up $2,331,592 (+39%) from 2023
Net Assets
Down$2,380,682
Down $862,509 (-27%) from 2023
Revenue
Down$56,626,318
Down $7,247,523 (-11%) from 2023
Expenses
Down$56,626,318
Down $7,247,523 (-11%) from 2023
Net Income
Flat$0
Flat from 2023
Trend Graphs
Filings
Most recent year
2024 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $10,685,917
- Liabilities
- $8,305,235
- Net assets
- $2,380,682
- Revenue
- $56,626,318
- Expenses
- $56,626,318
- Net income
- $0
Latest Filing Detail
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2024 to Dec 31, 2024
- Signed
- Sep 29, 2025
- Return Version
- 2024v5.2
- Gross Receipts
- $56,626,318
Mission and Program Overview
Mission
To provide electric service to members.
Sale of electricity to members
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Accounts Receivable | $4,441,981 | $5,351,108 | ▲ $909,127 |
| Cash and Non-Interest-Bearing Accounts | $4,728,019 | $5,287,658 | ▲ $559,639 |
| Rtn Earn Endowment Incm Other Fnds | $3,003,191 | $2,140,682 | ▼ $862,509 |
| Pd in Cap Srpls Land Bldg Eqp Fund | $240,000 | $240,000 | → $0 |
| Investments Program Related | $46,834 | $47,151 | ▲ $317 |
| Cap Stk Tr Prin Current Funds | $0 | $0 | → $0 |
| Total Assets | $9,216,834 | $10,685,917 | ▲ $1,469,083 |
| Liabilities | |||
| Accounts Payable and Accrued Expenses | $5,773,643 | $6,586,996 | ▲ $813,353 |
| Deferred Revenue | $200,000 | $1,718,239 | ▲ $1,518,239 |
| Total Liabilities | $5,973,643 | $8,305,235 | ▲ $2,331,592 |
| Net Assets / Fund Balance | |||
| Total Net Assets Fund Balance | $3,243,191 | $2,380,682 | ▼ $862,509 |
| Total Liabilities and Net Assets / Fund Balance | $9,216,834 | $10,685,917 | ▲ $1,469,083 |
Compensation and Service Providers
Employees
| Name | Title | Base | Total |
|---|---|---|---|
| Richard Burud | CEO | $20,785 | $20,785 |
Board Members and Trustees
| Name | Title |
|---|---|
| Brian Krambeer | President |
| Adam Tromblay | Vice-president |
| Dave Sunderman | Director |
| Marvin Denzer | Director |
| Mike Heidemann | Director |
| Mike Henke | Director |
| Ron Horman | Director |
| Scott Reimer | Director |
| Tim Mccarthy | Director |
| Syd Briggs | Secretary |
| Jim Krueger | Treasurer |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $56,235,656
- Investment Income
- $0
- Other Revenue
- $390,662
- Change in Net Assets
- $0
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $56,626,318
- Revenue Not Reported on Financial Statements
- $0
- Revenue Not Reported on Form 990
- $0
- Total Revenue per Audited Statements
- $56,626,318
- Total Revenue per Form 990
- $56,626,318
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $56,605,533 |
| Salaries, Compensation, and Employee Benefits | $20,785 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Expenses | - | - | - | $58,495 |
| Current Officers, Directors, Trustees, and Key Employees | - | - | - | $20,785 |
| Total Functional Expenses | $0 | $0 | $0 | $56,626,318 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $56,626,318 |
| Total Expenses per Audited Statements | $56,626,318 |
| Total Expenses per Form 990 | $56,626,318 |
| Expenses Not Reported on Financial Statements | $0 |
| 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 Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Subject to proxy tax
- No
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- 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
- No
- Other officer compensation reviewed
- No
- Conflict-of-interest policy
- No
- Audited financial statements prepared
- No
- Key decisions subject to board approval
- Yes
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Section A, Line 6
“There is only one class of members. Any person, including a partnership, an incorporated or unincorporated association or society, corporation, or body politic may become a member upon contracting with southern minnesota energy cooperative (smec) for the purchase of services or products from smec and upon acceptance into membership by smec's board of directors. Membership shall be granted upon the filing of an application with the secretary of smec, accompanied by a membership fee in the amount of $100, and upon the acceptance of said application by an affirmative vote of not less than a majority of smec's directors.”
Form 990, Part VI, Section A, Line 7A
“Officers are elected when the candidate has received a majority of the votes of the board of directors for that office.”
Form 990, Part VI, Section A, Line 7B
“Each director shall be entitled to one vote on any matter coming before the board at any regular or special meeting. A two-thirds vote of the directors present and voting at any meeting shall carry any matter except as otherwise provided in the bylaws or by law. A director may represent more than one member and, in that case, may cast as many votes as such director represents in members. A decision of the board of directors to make a capital expenditure in an amount greater than $500,000 or to borrow funds in an amount greater than $500,000 in a calendar year shall require the prior approval of at least ten members.”
Form 990, Part VI, Section A, Line 8B
“There are no committees that can act on behalf of the governing board. All committees make only recommendations to the governing board which then makes the final approval.”
Form 990, Part VI, Section B, Line 11B
“The manager will review the final form 990. The form 990 will be provided to the board for review electronically prior to the board meeting. The manager will also present the form 990 to the full governing board at a board meeting.”
Form 990, Part VI, Section B, Line 15
“The board members, who are independent, review and approve the compensation of the manager by using comparability data only. The approval is recorded in the board minutes. All other paid employees' compensation is reviewed and approved by the manager. This process is conducted every october.”
Form 990, Part VI, Section C, Line 19
“Every member is given a copy of the governing documents when they become members.”
Filing and Contact Details
Filer
- Filer Name
- Southern Minnesota Energy Cooperative
- EIN
- 46-2932804
- Phone
- 5073736421
- Address
- 31110 COOPERATIVE WAY, RUSHFORD, MN 55971
Signing Officer
- Name
- Jim Krueger
- Title
- Treasurer
- Phone
- 5073736421
- Signed
- 2025-09-29
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Jim Krueger
- Formed
- 2013
- Legal Domicile
- Mn
- Voting Board Members
- 11
- Independent Board Members
- 11
- Employees
- 0
- Volunteers
- 0
Preparer
- Firm
- Brady Martz & Associates Pc
- Address
- PO BOX 14296, GRAND FORKS, ND 58208-4296
- Preparer
- David Holt
- Phone
- 7017754685
Supplemental Narrative
Additional Explanations
FORM 990, PART XI, LINE 9:
“Patronage dividends paid (allocated) retirement of capital credit -862,509.”
Financial Statement Notes
PART X, LINE 2:
“The cooperative is organized as an exempt cooperative under section 501(c)(12) of the internal revenue code. On an annual basis, this section requires cooperatives to receive in excess of 85% of their gross receipts from members. For the years ended december 31, 2024 and 2023, the cooperative met this requirement and will be an exempt cooperative. For the years ended december 31, 2024 and 2023, no provision for income taxes has been recorded as taxable income is zero. The cooperative evaluated its tax positions and determined that it has no uncertain tax positions as of december 31, 2024 and 2023.”
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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/ProhibitedTaxShelterTransInd | 0 | 0 |
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| IRS990/PYGrantsAndSimilarPaidAmt | 0 | 0 |
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| IRS990/PYRevenuesLessExpensesAmt | 0 | 0 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 20955 |
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| IRS990/ReportLandBuildingEquipmentInd | 0 | 0 |
| IRS990/ReportOtherAssetsInd | 0 | 0 |
| IRS990/ReportOtherLiabilitiesInd | 0 | 0 |
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| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | THE COOPERATIVE IS ORGANIZED AS AN EXEMPT COOPERATIVE UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. ON AN ANNUAL BASIS, THIS SECTION REQUIRES COOPERATIVES TO RECEIVE IN EXCESS OF 85% OF THEIR GROSS RECEIPTS FROM MEMBERS. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, THE COOPERATIVE MET THIS REQUIREMENT AND WILL BE AN EXEMPT COOPERATIVE. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED AS TAXABLE INCOME IS ZERO. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2024 AND 2023. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART X, LINE 2: |
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| IRS990ScheduleD/TotalExpensesPerForm990Amt | 0 | 56626318 |
| IRS990ScheduleD/TotalRevenuePerForm990Amt | 0 | 56626318 |
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| IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt | 0 | 56626318 |
| IRS990/ScheduleJRequiredInd | 0 | 0 |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | THERE IS ONLY ONE CLASS OF MEMBERS. ANY PERSON, INCLUDING A PARTNERSHIP, AN INCORPORATED OR UNINCORPORATED ASSOCIATION OR SOCIETY, CORPORATION, OR BODY POLITIC MAY BECOME A MEMBER UPON CONTRACTING WITH SOUTHERN MINNESOTA ENERGY COOPERATIVE (SMEC) FOR THE PURCHASE OF SERVICES OR PRODUCTS FROM SMEC AND UPON ACCEPTANCE INTO MEMBERSHIP BY SMEC'S BOARD OF DIRECTORS. MEMBERSHIP SHALL BE GRANTED UPON THE FILING OF AN APPLICATION WITH THE SECRETARY OF SMEC, ACCOMPANIED BY A MEMBERSHIP FEE IN THE AMOUNT OF $100, AND UPON THE ACCEPTANCE OF SAID APPLICATION BY AN AFFIRMATIVE VOTE OF NOT LESS THAN A MAJORITY OF SMEC'S DIRECTORS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | OFFICERS ARE ELECTED WHEN THE CANDIDATE HAS RECEIVED A MAJORITY OF THE VOTES OF THE BOARD OF DIRECTORS FOR THAT OFFICE. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | EACH DIRECTOR SHALL BE ENTITLED TO ONE VOTE ON ANY MATTER COMING BEFORE THE BOARD AT ANY REGULAR OR SPECIAL MEETING. A TWO-THIRDS VOTE OF THE DIRECTORS PRESENT AND VOTING AT ANY MEETING SHALL CARRY ANY MATTER EXCEPT AS OTHERWISE PROVIDED IN THE BYLAWS OR BY LAW. A DIRECTOR MAY REPRESENT MORE THAN ONE MEMBER AND, IN THAT CASE, MAY CAST AS MANY VOTES AS SUCH DIRECTOR REPRESENTS IN MEMBERS. A DECISION OF THE BOARD OF DIRECTORS TO MAKE A CAPITAL EXPENDITURE IN AN AMOUNT GREATER THAN $500,000 OR TO BORROW FUNDS IN AN AMOUNT GREATER THAN $500,000 IN A CALENDAR YEAR SHALL REQUIRE THE PRIOR APPROVAL OF AT LEAST TEN MEMBERS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | THERE ARE NO COMMITTEES THAT CAN ACT ON BEHALF OF THE GOVERNING BOARD. ALL COMMITTEES MAKE ONLY RECOMMENDATIONS TO THE GOVERNING BOARD WHICH THEN MAKES THE FINAL APPROVAL. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THE MANAGER WILL REVIEW THE FINAL FORM 990. THE FORM 990 WILL BE PROVIDED TO THE BOARD FOR REVIEW ELECTRONICALLY PRIOR TO THE BOARD MEETING. THE MANAGER WILL ALSO PRESENT THE FORM 990 TO THE FULL GOVERNING BOARD AT A BOARD MEETING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | THE BOARD MEMBERS, WHO ARE INDEPENDENT, REVIEW AND APPROVE THE COMPENSATION OF THE MANAGER BY USING COMPARABILITY DATA ONLY. THE APPROVAL IS RECORDED IN THE BOARD MINUTES. ALL OTHER PAID EMPLOYEES' COMPENSATION IS REVIEWED AND APPROVED BY THE MANAGER. THIS PROCESS IS CONDUCTED EVERY OCTOBER. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | EVERY MEMBER IS GIVEN A COPY OF THE GOVERNING DOCUMENTS WHEN THEY BECOME MEMBERS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | PATRONAGE DIVIDENDS PAID (ALLOCATED) RETIREMENT OF CAPITAL CREDIT -862,509. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART VI, SECTION A, LINE 6 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION A, LINE 7A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, SECTION A, LINE 7B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, SECTION A, LINE 8B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PART VI, SECTION B, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PART VI, SECTION B, LINE 15 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PART VI, SECTION C, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 7 | FORM 990, PART XI, LINE 9: |
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| IRS990/TotalAssetsGrp/EOYAmt | 0 | 10685917 |
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| IRS990/TotalLiabilitiesEOYAmt | 0 | 8305235 |
| IRS990/TotalLiabilitiesGrp/BOYAmt | 0 | 5973643 |
| IRS990/TotalLiabilitiesGrp/EOYAmt | 0 | 8305235 |
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| IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt | 0 | 10685917 |
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| IRS990/USAddress/CityNm | 0 | RUSHFORD |
| IRS990/USAddress/StateAbbreviationCd | 0 | MN |
| IRS990/USAddress/ZIPCd | 0 | 55971 |
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| IRS990/VotingMembersIndependentCnt | 0 | 11 |
| IRS990/WebsiteAddressTxt | 0 | N/A |
| IRS990/WhistleblowerPolicyInd | 0 | 0 |
| ReturnHeader/BuildTS | 0 | 2025-03-06 01:10:19Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | 1 |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | JIM KRUEGER |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | TREASURER |
| ReturnHeader/BusinessOfficerGrp/PhoneNum | 0 | 5073736421 |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2025-09-29 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt | 0 | SOUTHERN MINNESOTA ENERGY COOPERATIVE |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | SOUT |
| ReturnHeader/Filer/EIN | 0 | 462932804 |
| ReturnHeader/Filer/PhoneNum | 0 | 5073736421 |
| ReturnHeader/Filer/USAddress/AddressLine1Txt | 0 | 31110 COOPERATIVE WAY |
| ReturnHeader/Filer/USAddress/CityNm | 0 | RUSHFORD |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | MN |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 55971 |
| ReturnHeader/IRSResponsiblePrtyInfoCurrInd | 0 | 0 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 450310328 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | BRADY MARTZ & ASSOCIATES PC |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt | 0 | PO BOX 14296 |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm | 0 | GRAND FORKS |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd | 0 | ND |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd | 0 | 582084296 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 7017754685 |
| ReturnHeader/PreparerPersonGrp/PreparationDt | 0 | 2025-09-29 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | DAVID HOLT |
| ReturnHeader/ReturnTs | 0 | 2025-10-03T09:44:43-05:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2024-01-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2024-12-31 |
| ReturnHeader/TaxYr | 0 | 2024 |
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