San Miguel Power Association, Inc.

Legal name: San Miguel Power Association Inc

Nonprofit profile at a glance

EIN
840312816
IRS 990 coverage
2020–2024
Official website data refreshed
Aug 2026
Forms available
Form 990 2024
Location
Ridgway, CO, USA
Phone
(970) 626-5549
Rating
49
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$35,003,160
Expenses
$34,969,781
Assets
$104,541,182
Liabilities
$55,749,544

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • Bradley Zaporski (CEO)
  • William Felicelli (President)
  • David Alexander (Vice President)

Highest reported compensation

  • Bradley Zaporski (CEO): $455,946 total reported compensation
  • Lance Lehigh (CFO): $244,168 total reported compensation
  • Jeremy Fox (COO): $238,969 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide safe, reliable, affordable, and environmentally responsible electric service.

What it reported doing in 2024

Sale of electric power to members - 10,761 active members were provided power at year end at a cost on a cooperative basis through the allocation of patronage capital.

Operating model

Revenue model
Earned-program. 98% 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

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 82
  • Accountability: 95
  • Sustainability: 47
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • 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: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: 0.1%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 2.99; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0.53; rating input score 26; 26th 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: 3.6% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 18th percentile among comparable filings

Details

  • What they do: 1 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $456K · 15 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $5.2M reported
  • Consistency: 14 of 15 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes grants and executive pay
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 16 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.
  • High — Sustainability: Liabilities to assets ratio scored 26/100.
  • Review — Sustainability: Officer compensation ratio scored 52/100.