Stearns Electric Association

Legal name: Stearns Cooperative Electric Association

Nonprofit profile at a glance

EIN
410558175
IRS 990 coverage
2016–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Melrose, MN, US
Phone
800-962-0655
Rating confidence
Limited

Official website

Reported finances

Revenue
$71,510,283
Expenses
$71,510,283
Assets
$190,422,858
Liabilities
$106,763,853

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

Leadership & pay

16 people listed

Executive titles in this filing

  • ERIC PETERSON (PRESIDENT)
  • RANDALL ROTHSTEIN (VICE PRESIDENT)
  • MATTHEW O'SHEA (CEO)

Highest reported compensation

  • MATTHEW O'SHEA (CEO): $396,864 total reported compensation
  • VICTORIA A HERKENHOFF (VP OF ADMINISTRATION AND FINANCE): $285,989 total reported compensation
  • GLENN BLOMMEL (MANAGER OF OPERATIONS): $265,746 total reported compensation

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

Overview

Mission

Stearns Electric Association is a member-owned electric cooperative dedicated to providing reliable, affordable electricity and energy services to its members.

What it reported doing in 2024

Sold 524,306,568 kwh's to our cooperative members in 2024. The average number of total services was 28,559. We operate on a cooperative basis to generate, purchase, distribute, and sell electricity to our members. Net patronage margins, our net income, is used to grow our plant and retire capital credits. Net margins are allocated to members and returned to our members over time.

Operating model

Revenue model
Earned-program. 96% 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: 71
  • Accountability: 100
  • Sustainability: 44
  • 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; 68th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • 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; 77th 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: 0%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 2.66; rating input score 72; 72nd percentile among comparable filings
  • Liabilities to assets ratio: 0.56; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 2.7%; rating input score 43; 43rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2.6% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: 4.1% per year; rating input score 100; 28th percentile among comparable filings

Details

  • What they do: 13 programs and campaigns described on the official site · 2 operating locations identified
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $397K · 16 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $4.5M reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 16 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.

  • High — Sustainability: Operating margin scored 29/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.
  • Moderate — Sustainability: Officer compensation ratio scored 43/100.