Heartland Power Cooperative
Nonprofit profile at a glance
- EIN
- 421468305
- IRS 990 coverage
- 2011–2024
- Forms available
- Form 990 2024
- Location
- Thompson, IA, USA
- Phone
- 6415842251
- Rating confidence
- Limited
Reported finances
- Revenue
- $33,661,165
- Expenses
- $33,276,676
- Assets
- $69,704,634
- Liabilities
- $31,471,390
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
15 people listed
Executive titles in this filing
- DON KNUDTSON (PRESIDENT)
- MARK KINGLAND (VICE PRESIDENT)
- JON LEERAR (CEO/GENERAL MANAGER)
Highest reported compensation
- JON LEERAR (CEO/GENERAL MANAGER): $394,854 total reported compensation
- PETE PAULSON (LINE FOREMAN): $257,752 total reported compensation
- KARRIE PRINGNITZ (DIRECTOR OF FINANCE): $219,513 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Our vision is to be the provider of choice for energy and services by all consumers. Our primary purpose is to provide electrical energy and other services that enhance the quality of life of our members and the economic and social well-being of the region at the lowest possible cost consistent with sound economic and management decisions.
What it reported doing in 2024
Heartland power cooperative invested in new service lines, line and service improvements, and ordinary replacement of existing line to keep up the condition of our distribution system. A summary of these improvements is listed below:8 miles of overhead line was rebuilt37.8 miles of underground line was installed25 new services connected421 new poles were placed for new line, new services, and for ordinary replacement of damaged or decayed poles or for better line clearance4,470 poles were inspected for decay or damage, 54 poles tagged for replacement767 arrestors were added to lines to drain off lightning surges48 electronic trip savers were installed to improve reliability and reduce outages183 security lights were repaired116 poles with equipment were repaired
Operating model
- Revenue model
- Earned-program. 99% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 77
- Accountability: 100
- Sustainability: 46
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 3 of 6 controls in place; rating input score 50
- Compensation committee: Pass
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 1.1%; rating input score 38; 38th percentile among comparable filings
- Total-asset coverage ratio: 2.09; rating input score 63; 63rd percentile among comparable filings
- Liabilities to assets ratio: 0.45; rating input score 32; 32nd percentile among comparable filings
- Officer compensation ratio: 4.8%; rating input score 52; 52nd percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 2.3% per year; rating input score 100; 20th percentile among comparable filings
- Asset growth: 4.9% per year; rating input score 100; 35th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 7 of 7 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $395K · 15 people listed · 3 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $2.5M reported
- Consistency: 12 of 12 current checks pass
- Schedules: 3 filed schedules · includes executive pay
- Filing history: 13 filing years from 2011 to 2024
- Contacts: How to reach this organization
- Money network: 15 filed money-flow records
- Related organizations: Filed and resolved organization relationships.
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.
- Moderate — Sustainability: Operating margin scored 38/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 32/100.
- Review — Sustainability: Officer compensation ratio scored 52/100.
- High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.