Overview
What is Stearns Cooperative Electric Association?
Stearns Cooperative Electric Association is a nonprofit organization headquartered in Melrose, Minnesota. With a team of 82 employees, they specialize in the generation, purchase, distribution, and sale of electricity on a cooperative basis to their members. In 2022, they sold over 550 million kilowatt-hours of electricity and served approximately 28,000 total services. Their net patronage margins, representing their net income, are used to expand their facilities and retire capital credits. The accumulated net margins are allocated to and returned to members over time.
Official website here: www.stearnselectric.org
What are the reviews and ratings of this charity?
The Stearns Cooperative Electric Association is currently not rated by Charity Navigator due to its status as a non-501(c)(3) organization. Charity Navigator typically evaluates nonprofits on several beacons such as Accountability & Finance, Impact & Measurement, Culture & Community, and Leadership & Adaptability, but the organization doesn’t qualify for these evaluations. It's important to note that the lack of a rating does not imply either a positive or negative assessment.
Charity Navigator's previous frameworks did not account for factors like Leadership & Adaptability or Impact & Measurement. This means that the data available mainly relates to what is now termed Accountability and Finance, but detailed financial information like total revenue and expenses or key persons' salaries is unavailable for this cooperative.
Without user reviews from GreatNonprofits, there is no additional feedback to provide insights into personal experiences with the organization. Consequently, potential stakeholders or community members interested in Stearns Cooperative Electric Association may want to directly engage with the organization for specific information and community feedback.
This AI summary has been generated from information found on Charity Navigator.
Is Stearns Cooperative Electric Association legitimate?
Stearns Cooperative Electric Association is a legitimate nonprofit organization registered as a 501(c)(12) entity. Stearns Cooperative Electric Association submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $977,771
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.stearnselectric.org
What is the mission statement of Stearns Cooperative Electric Association?
Stearns Cooperative Electric Association is dedicated to generating and purchasing electricity for distribution and sale on a cooperative basis to its members. The organization focuses on providing electric power to its community of members in a cooperative manner. In 2022, the association sold over 550 million kilowatt-hours (KWh) of electricity to its members, with an average of 28,073 total services. The net patronage margins, which represent the net income, are utilized to expand the plant's capacity and retire capital credits. The net margins are allocated to members and eventually returned to them over time, creating a sustainable business model for the cooperative.
Official website here: www.stearnselectric.org
Who is the CEO of Stearns Cooperative Electric Association?
Matthew O'Shea is the President of Stearns Cooperative Electric Association. The CEO's salary of Stearns Cooperative Electric Association is $197,399 and their total compensation is $280,451.
Official website here: www.stearnselectric.org
What is the revenue of Stearns Cooperative Electric Association?
Stearns Cooperative Electric Association's revenue in 2022 was $64,351,952.
Official website here: www.stearnselectric.org
Who are the executives of Stearns Cooperative Electric Association and what are their salaries?
The average compensation at Stearns Cooperative Electric Association during 2022 was $11,924. There are 82 employees at Stearns Cooperative Electric Association.
Here are 18 key members and their salaries (Stearns Cooperative Electric Association's CEO's salary is $197,399 and their total compensation is $280,451):
- Compensation: $14,250
- Related: $0
- Other: $0
- Compensation: $12,850
- Related: $0
- Other: $0
- Compensation: $4,600
- Related: $0
- Other: $0
- Compensation: $13,650
- Related: $0
- Other: $0
- Compensation: $8,650
- Related: $0
- Other: $0
- Compensation: $12,850
- Related: $0
- Other: $0
- Compensation: $12,850
- Related: $0
- Other: $0
- Compensation: $12,850
- Related: $0
- Other: $0
- Compensation: $12,950
- Related: $0
- Other: $0
- Compensation: $8,650
- Related: $0
- Other: $0
- Compensation: $226,622
- Related: $0
- Other: $88,065
- Compensation: $197,399
- Related: $0
- Other: $83,052
- Compensation: $184,264
- Related: $0
- Other: $84,219
- Compensation: $166,846
- Related: $0
- Other: $79,615
- Compensation: $138,851
- Related: $0
- Other: $72,304
- Compensation: $147,691
- Related: $0
- Other: $59,465
- Compensation: $132,216
- Related: $0
- Other: $70,217
- Compensation: $124,368
- Related: $0
- Other: $43,698
Official website here: www.stearnselectric.org
Where can I find the form 990 for Stearns Cooperative Electric Association?
Stearns Cooperative Electric Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.stearnselectric.org
Learn more at the official website: www.stearnselectric.org
Mission Statement of Stearns Cooperative Electric Association
Stearns Cooperative Electric Association, with a mission to generate and purchase electricity for distribution and sale on a cooperative basis to its members, is dedicated to providing electric power to its community. The association operates on a cooperative model, where the generation, purchase, distribution, and sale of electricity are all carried out for the benefit of its members.
In the year 2022, Stearns Cooperative Electric Association sold an impressive 550,607,119 kilowatt-hours of electricity to its members. This figure reflects the association's commitment to delivering reliable and consistent power to its community. With an average of 28,073 total services, the association serves a significant number of households and businesses, ensuring they have access to the electricity they need to function effectively.
Net patronage margins, the net income of Stearns Cooperative Electric Association, are used to grow the plant and retire capital credits. These net margins are allocated to members and returned to them over time as a testament to the cooperative's dedication to its members' well-being. By pooling resources and working together, the members of Stearns Cooperative Electric Association are able to access electricity in a more cost-effective and equitable manner.
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Impact
October, 2024
Stearns Cooperative Electric Association plays a significant role in providing electricity to its members in Melrose, MN, and surrounding areas. In 2022, the cooperative sold over 550 million kilowatt-hours of electricity, supporting the energy needs of approximately 28,073 services. By operating on a cooperative basis, the association ensures that the generation, purchase, distribution, and sale of electricity is tailored to benefit its members directly.
The association not only focuses on delivering reliable electricity but also reinvests its net patronage margins back into the community. This net income is utilized to expand infrastructure and retire capital credits, providing a tangible benefit to member-owners over time. The commitment to returning value to its members underscores the cooperative's mission to foster a sustainable and community-oriented energy solution that enhances the quality of life for its members while promoting local economic growth.
This information is meant to be a general summary of Stearns Cooperative Electric Association. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $364,078
- Program Service Revenue: $62,743,968
- Gross Receipts: $64,606,320
Assets and Liabilities:
- Total Assets: $157,900,352
- Total Liabilities: $82,181,273
- Net Assets: $75,719,079
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SALE OF ELECTRICITY
Revenue
$62,743,968
Organization Details
Founding Year
1937
Phone
(800) 962-0655Principal Officer
Matthew O'Shea
Main Address
900 KRAFT DR SE PO BOX 40, MELROSE, MN, 56352
Website
www.stearnselectric.orgNTEE Category
Code: W80 - Public benefit
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