Verendrye Electric Cooperative

Legal name: Verendrye Electric Cooperative Inc

Nonprofit profile at a glance

EIN
450206162
IRS 990 coverage
2020–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Minot, ND, USA
Phone
(701) 852-0406
Rating
84
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$57,430,112
Expenses
$55,790,750
Assets
$182,942,138
Liabilities
$112,543,165

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

Leadership & pay

17 people listed

Executive titles in this filing

  • CLINT GJELLSTAD (PRESIDENT)
  • KAREN HENNESSY (VICE PRESIDENT)

Highest reported compensation

  • BRAD DOLL (GENERAL MANAGER): $331,622 total reported compensation
  • CHRISTEL LASKOWSKI (BUSINESS MANAGER): $246,630 total reported compensation
  • TIM KRUMWIEDE (OPERATIONS MANAGER): $237,536 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 reliable, safe, and affordable electric service to our members while supporting the communities we serve.

What it reported doing in 2024

Verendrye electric cooperative provides to its members programs that promote energy conservation and efficiency such as weatherization loans energy audits high efficiency water heaters and heat pumps. Verendrye also has renewable energy programs such as solar water pumping and wind energy.

Operating model

Revenue model
Other-operating. 98% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 96% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 71
  • Accountability: 100
  • Sustainability: 52
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97.3%; rating input score 97
  • Program expense ratio: 100%; rating input score 100
  • 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: 2.9%; rating input score 47; 47th percentile among comparable filings
  • Total-asset coverage ratio: 3.28; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.62; rating input score 27; 27th percentile among comparable filings
  • Officer compensation ratio: 3.4%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 1% per year; rating input score 100; 11th percentile among comparable filings
  • Revenue growth: 1.3% per year; rating input score 100; 10th percentile among comparable filings
  • Asset growth: 4.8% per year; rating input score 100; 34th percentile among comparable filings

Details

  • What they do: 14 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 97.3% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $332K · 17 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $2.1M reported
  • Consistency: 42 of 42 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 18 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.

  • Moderate — Sustainability: Operating margin scored 47/100.
  • High — Sustainability: Liabilities to assets ratio scored 27/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.