“Just a couple of guys…”

The finance guy

The first thing Chad Sapa does when he gets to work in the morning is flip on CNBC. He has a small TV specifically for it. “I’m probably the only co-op employee in the whole state of North Dakota that has it on in their office all day long,” he said. “It helps to stay in tune to the pulse of the economy, interest rates, what the markets are doing. It's invaluable.”

Sapa lives for finance. He was hired in 1991 as the co-op’s first financial analyst, and his charge was to guide CCEC to a solid balance sheet, strengthen its financial future, keep rates stable, and work with Sandento manage several subsidiary activities that were popular for coops in the ‘90s (e.g., wireless cable TV, telephone, etc.). He dove in, breaking from “we’ve always done it this way” norms and setting up the financial structures that would ultimately make the subsidiary efforts profitable. This allowed CCEC, one of the country’s fastest growing co-ops, to eventually sell its subsidiaries and concentrate on the core business they were created for – delivering power.

Once Sapa was named CFO in 1998, the co-op’s financial standing continued to improve as its member accounts skyrocketed. Over 26 years, CCEC went from 19,000 members to more than 59,500 members, with margins growing from $1.4 million to nearly $8 million. The co-op grew its equity from 25% to 47%, which is a key indicator of financial stability.

“I'm very proud of where the company is today from a financial perspective. I think I’ve had a part of that,” Sapa said. “But it's been a team effort, with all the employees and our board and our management team all buying in and giving me a lot of flexibility to suggest changes 26 years ago.”

CCEC is currently in the top 9% of 800 nationwide cooperatives for new account growth, but the co-op has remained cost efficient through the boom. In fact, even through a pandemic that ballooned inflation, Sapa and his team were able to keep electric rates stable for members for eight solid years (2017-2025).

“That was probably the icing on the cake for me, was our annual meeting in 2024. I like getting in front of people, especially our membership, and making finance fun,” Sapa said. “The pinnacle was being able to just get the pom poms up and be excited about rates that are flat.”

When Sapa retires in April, his role will be filled by Andy Weiss, who currently serves as CCEC’s controller. Weiss says he is “honored and excited” to continue the legacy of excellence that has been built, in great part, by Sapa.

“With his unwavering demeanor and strong technical skills, he’s been able to provide strong assurance to our employees, members, and board of directors that the cooperative is in good hands financially,” Weiss said. “He’s committed to being I novative and creative at the cooperative, taking pride in the cooperative's ability to do the same.”