Xcel Energy Inc Veba Trust for Retired Employees
Minneapolis, MN 55401 · IRS data through FY2024
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2024 | $41,274,997 | $64,477,167 | $348,816,534 |
| FY2023 | $33,208,322 | $62,198,692 | $361,697,717 |
| FY2022 | $20,341,520 | $50,594,145 | $368,482,486 |
| FY2021 | $63,575,592 | $73,700,861 | $445,446,431 |
| FY2020 | $58,395,899 | $53,898,488 | $455,572,116 |
| FY2018 | $2,918,489 | $46,236,763 | $423,383,983 |
| FY2017 | $62,201,168 | $43,468,134 | $466,702,255 |
| FY2016 | $39,461,000 | $45,026,537 | $447,969,221 |
| FY2015 | $14,991,473 | $41,283,951 | $453,534,758 |
| FY2014 | $30,289,129 | $47,313,862 | $479,827,236 |
| FY2013 | $55,658,990 | $44,965,923 | $496,851,969 |
| FY2012 | $112,337,806 | $52,641,501 | $487,741,443 |
| FY2011 | $59,322,600 | $52,646,041 | $428,045,138 |
Form 990 filings
The returns filed by Xcel Energy Inc Veba Trust for Retired Employees (EIN 84-6266801), including Form 990 PDFs and e-file data by year, are available in ProPublica's Nonprofit Explorer. The figures on this page come from IRS data files built from those returns.
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $0 | 0% |
| Program service revenue | $14,987,709 | 36% |
| Other revenue | $26,287,288 | 64% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $63,176,734 | 98% |
| Management & general | $1,300,433 | 2% |
| Fundraising | $0 | 0% |
What the numbers show
- Other revenue made up 64% of total revenue in FY2024.
- Program services accounted for 98% of functional expenses, management & general 2%, and fundraising 0%.
- 98% of functional expenses went to program services in FY2024. That is higher than 40.9% of 110 Mutual & Membership Benefit organizations nationwide (too few in MN for a state comparison).
- Net assets covered about 64.9 months of expenses at the end of the reporting year. That puts it in the 52nd percentile among 132 Mutual & Membership Benefit organizations in MN.
- Total revenue was higher than 97% of 132 Mutual & Membership Benefit organizations in MN.
- Total revenue fell from $59,322,600 in FY2011 to $41,274,997 in FY2024. Revenue increased in 7 and decreased in 5 of 12 year-over-year comparisons.
- Expenses exceeded revenue in 8 of 13 reported years (FY2014, FY2015, FY2016, FY2018, FY2021, FY2022, FY2023, FY2024).
- The highest revenue on record here is $112,337,806 in FY2012.
- Net assets declined from $428,045,138 to $348,816,534 between FY2011 and FY2024.
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
PAYMENT OF HEALTH AND WELFARE BENEFITS FOR THE RETIREES OF XCEL ENERGY INC. AND ITS SUBSIDIARIES.
IRS status
| Ruling year | 2004 |
| Subsection | 501(c)(9) |
| Program area (NTEE) | Y43 — Mutual & Membership Benefit |
Similar organizations
- Utility Workers Union of America National Health and Welfare Fund — Bloomington, MN · $34,859,755
- 3m Employees Welfare Benefits Association Trust I — St Paul, MN · $51,480,490
- Pipe Trades Services Mn Retiree Health Fund — White Bear Lake, MN · $27,775,099
- Freeborn-Mower Cooperative Services — Albert Lea, MN · $60,266,711
- Xcel Energy Inc Voluntary Employees Benefciary Trust for Active Employ — Minneapolis, MN · $237,051,709
- St Paul Teachers Retirement Fund Association — Saint Paul, MN · $301,193,640
Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded November 4, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
Think something here is wrong or should be removed? Use the contact form — we act on removal requests within 30 days.