2025-05-05T13:10:02-07:00 2024-12-31 990 2024-01-01 410223597 RUNESTONE ELECTRIC ASSOCIATION RUNE 3207621121 6839 Power Lane SW Alexandria MN 56308 Janet Nelson Mgr Finance 3207621121 2025-05-05 1 2024 2025-03-06 01:10:19Z Alan Haman 6839 Power Lane SW Alexandria MN 56308 33449635 0 X www.runestoneelectric.com X 1935 MN To serve our members with safe, reliable, and affordable electricity. 6 6 41 0 73560 30000 0 0 31643779 32232010 1180836 1136277 142117 76007 32966732 33444294 0 0 2566135 2474510 2685675 2884206 0 0 0 27714922 28085578 32966732 33444294 0 0 103047892 108251306 63177763 66989893 39870129 41261413 To serve our members with safe, reliable and affordable electricity. 0 0 Sales and distribution of electricity to 15,391 residential, seasonal, and commercial accounts. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 28 0 41 1 1 1 0 0 0 0 32232110 33449635 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X Janet Nelson 3207621121 6839 Power Lane SW Alexandria MN 56308 Alan Haman CEO 42 X 291678 0 150156 Janet Nelson Manager of Finance 44 X 155967 0 80365 Susan Lundeen Manager of Member Services 43 X 139474 0 85052 David Jablonski Line Superintendent 45 X 132486 0 86881 Ryan Rooney Energy Services & Business Development Manager 44 X 138232 0 49825 Susan Gibbons Network & IT Administrator 46 X 135541 0 43893 Kyle Blade Journeyman Lineman 48 X 131040 0 25344 Joel Seela Director 6 X 8450 0 0 Michael Loken Director 4.4 X 7700 0 0 David Staples Director 4 X 7300 0 0 Barbara Johnson Director 6.6 X 7250 0 0 Gary Anderson Director 4 X 7050 0 0 Matthew Mattson Director 3.1 X 5700 0 0 Audrey Hjelle Director 2 X 1900 0 0 1169768 0 521516 19 0 1 0 STAR Energy Servcies LLC 6841 Power Lane SW Alexandria MN 56308 engin,mgmt, safey services 508033 Carr's Tree Service PO Box 250 Ottertail MN 56571 tree/brush cut & spray 803537 Integrity Contracting Inc 17827 Co Rd 2 Shevlin MN 56676 line construction & maint 532757 NISC PO Box 1147 Mandan ND 58554 software service & support 302681 Highline Construction Inc 16124 Old Lake Road Paynsville MN 56362 sub construction 366476 5 0 Sales of Electric Energy 221000 32120020 32120020 0 0 Late Payment Charges 221000 102063 102063 0 0 Service Charge & Other Elec 221000 9927 9927 0 0 0 0 0 0 32232010 1096077 0 0 1096077 0 0 0 0 0 0 0 0 6431 0 5341 0 1090 0 1090 0 -1357 2447 0 40200 0 0 0 40200 40200 40200 0 0 STAR Energy Services LLC 541300 28061 0 28061 0 Heartland Security Services LLC 812900 46856 0 46856 0 0 0 0 0 74917 33444294 32272210 73560 1098524 X 2474510 723516 2160690 2038290 4325490 Cost of Power 17551122 Operations & Maintenance-Distribution 2369328 Consumer Accounts & Service 876834 Admin. & General Property Maint. 888640 35874 33444294 0 0 0 1235764 1837745 3107317 3474297 1658177 1885444 830058 1013056 119188221 35029151 79405727 84159070 14676115 15325103 2134734 556591 103047892 108251306 9090439 6955018 52858634 58682046 1228690 1352829 63177763 66989893 X 0 0 0 0 39870129 41261413 39870129 41261413 103047892 108251306 X 0 0 0 0 0 1391284 X 0 1 1 0 161897 642999 804896 0 5418181 2716924 2701257 0 0 0 0 0 5950832 4671167 1279665 0 107014312 27641060 79373252 84159070 STAR Energy Services LLC 761888 C Heartland Security Services LLC 135150 C Patronage Capital Associated Organizations 13509638 C NRUCFC Capital Term Certificates 574090 C Memberships 48819 C Member loans 5798 C Economic Development REDLG Investments 289720 C 15325103 Consumer deposits 32614 Provision for benefits 256207 Consumer prepayments 124807 Unclaimed capital credit retirements 422582 Specail equipment install cost 469947 Consumer project prepayment 2902 Solar panel output 43770 1352829 X 33417468 0 0 0 0 0 33417468 0 26826 26826 33444294 30942958 0 0 0 0 0 30942958 0 2501336 2501336 33444294 Schedule D, Part X, Line 2 The Association is exempt from federal and state income taxes under Section 501c(12) of the Internal Revenue Code on income derived from their exempt purpose. The Association is required to pay federal and state income taxes on all business income unrelated to its exempt purpose. The Association evaluated its tax positions and determined that it has no uncertain tax positions as of December 31, 2024 and 2023 Schedule D, Part XI, Line 4b Income tax expense +32,167; rental expense -5,341 Schedule D, Part XII, Line 4b Income tax expense +32,167; rental expense -5,341; margin allocation +2,474,510 X X X X 0 0 0 Alan Haman CEO 290975 0 700 0 0 0 129592 0 20564 0 441831 0 Janet Nelson Manager of Finance 155267 0 700 0 0 0 53248 0 27117 0 236332 0 Susan Lundeen Manager of Member Services 138774 0 700 0 0 0 58477 0 26575 0 224526 0 Ryan Rooney Energy Services & Business Development Manager 137532 0 700 0 0 0 23195 0 26630 0 188057 0 Kyle Blade Journeyman Lineman 130340 0 700 0 0 0 0 0 25344 0 156384 0 David Jablonski Line Superintendent 131786 0 700 0 0 0 60575 0 26306 0 219367 0 Susan Gibbons Network & IT Administrator 134841 0 700 0 0 0 28779 0 15114 0 179434 0 Form 990, Part VI, Section A, Line 6 The organization has 12,736 cooperative member owners. All shares have equal rights. Form 990, Part VI, Section A, Line 7a Members in each of the 7 districts elect a member to serve on the Board of Directors. Form 990, Part VI, Section A, Line 7b Members must authorize any sale, lease or disposal of all or any substantial portion of property. Members set compensation of the Board of Directors. Members may remove a director. All members have one vote. Form 990, Part VI, Section B, Line 11b The completed Form 990 has been provided to each member of the Board of Directors. A questionnaire was completed by each board member to compile relevant information for Form 990 reporting. Management will review the Form 990 with the Board of Directors at the next regular board meeting. Form 990, Part VI, Section B, Line 12c An annual reminder is given to officers and directors to disclose any conflicts of interest. Form 990, Part VI, Section B, Line 15 Part VI, Section B, Line 15a: The Board of Directors periodically surveys boards of other cooperatives. Such surveys are generally verbal discussions. The board, as a whole, discusses, sets, and documents the compensation. Part VI, Section B, Line 15b: National, regional and state compensation surveys are used to establish compensation of other officer. Form 990, Part VI, Section C, Line 19 The governing documents, conflict of interest policy and financial statements are available by contacting REA's office. Governing documents are also available on REA's website. Form 990, Part IX, Line 4 Amount reported is margin allocated to the membership. Form 990, Part XI, Line 3 Zero revenue less expenses, per interpretation of instructions asking for "patronage dividends paid by section 501(c)(12) organizations to their members" to be reported on Part IX, Line 4. For this purpose, instructions for Part IX, Line 4 interpreted to be the margin allocated to the membership. Form 990, Part XI, Line 9 retirement of capital -1,096,187; margin allocated +2,474,510; other capital changes +12,961 Runestone Electric Association Community Trust 6839 Power Lane SW Alexandria MN 56308 Distr. charitable funds MN 501(c)(3) 7 N/A 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0