News > We Work For You – Finance

We Work For You – Finance

December 2025

At Stearns Electric Association, our mission is member focused. In everything we do, a team of dedicated employees works behind the scenes on behalf of our member-consumers. 

Our Finance Department plays a vital role in keeping our Cooperative strong, reliable and prepared for the future. From managing daily accounting tasks to planning long-term investments, our finance team, in partnership with department managers, ensures every dollar is tracked, protected and used wisely on behalf of our members. Their work helps maintain the financial health of the Co-op so we can continue delivering safe, dependable and affordable electricity no matter what challenges arise.

DEPARTMENT TASKS
Our four-person Finance team manages the Cooperative’s daily, monthly and annual financial responsibilities. Key tasks include:

BOARD OVERSIGHT
Our member-elected Board of Directors approves the annual budget and reviews year-to-date income statements, balance sheets, cash flow reports and statistical summaries. These documents give a clear picture of the Co-op’s revenues, expenses and overall financial health.

Financial statements summarize the Co-op’s overall financial health including revenues, expenses and profit gain or loss within a month. 

“One of the most challenging aspects of our work is preparing financial statements accurately and on time. Many tasks must happen in a specific order, so it takes strong teamwork to have all entries completed. With new projects and materials constantly needed across departments, it’s essential that we record costs correctly.”

INVOICING AND ACCOUNTS PAYABLE
Our Finance team keeps daily operations running smoothly by managing invoices, processing payments and reporting expense variances from the Board-approved budget. 

PAYMENT PROCESSING
Paying invoices is an important part of any business and the Co-op is no different. The finance team reviews vendor invoices every day. Each invoice goes through an internal approval process based on the payment amount, payment method and due date. Multiple departments work together to ensure vendors are paid on time. 

“My favorite part of my job is partnering with other departments on special projects and financial analyses to help make the best financial decisions for the Cooperative and its members.” 

PAYROLL
The finance team processes payroll twice a month, which includes verifying benefits and deductions, preparing tax deposits, generating Union Dues reports and uploading any employee flexible spending account contributions. 

RISK MANAGEMENT
The finance team maintains financial controls to safeguard assets and see that the Co-op has adequate insurance against loss. 

CYBERSECURITY
Cybersecurity continues to become increasingly important. Most invoices arrive through email, so our cloud-based email security service screens them for potential threats. We closely verify vendor payment information to prevent fraudulent activity. 

FINANCIAL PLANNING
Financial planning allows the Co-op to meet both strategic and operational goals at the lowest long-term cost. Because our members own the Co-op, each decision is made with our members’ best interests in mind. We invest in system improvements when needed to keep service reliable and rates competitive. We use financial planning to help generate our capital investment schedule. 

Financial planning includes:

• Maintaining a strong equity management plan 
• Completing an annual long-range financial forecast 
• Executing the annual budget process 
• Performing project profitability analyses 
• Reviewing business initiatives through a financial lens