2023-05-10T11:08:43-05:00 2022-12-31 450250958 Eide Bailly LLP 200 E 10th St Ste 500 Sioux Falls SD 571046375 990 2022-01-01 420394605 Maquoketa Valley Rural Electric Cooperat MAQU 3194623542 109 N Huber St Anamosa IA 522050370 Jeremy Richert CEO/Executive Vice President 3194623542 2023-05-05 1 Jeremy Richert 999009999 1 Laurie Hanson CPA P00851848 6053391999 2023-04-26 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z Jeremy Richert 109 N Huber St Anamosa IA 522050370 41749724 0 X www.mvec.coop X 1936 IA Provide reliable, quality electric, internet and telephone services in a safe, respectful, environmentally responsible and cost-effective manner. 9 9 84 0 1974 0 0 0 37065675 41046657 32001 101277 1165180 592022 38262856 41739956 15186 15752 1175699 1113625 1301410 1308886 0 0 0 34280560 37807693 36772855 40245956 1490001 1494000 145482750 152454363 106102937 111246709 39379813 41207654 We will be the utility of choice by providing reliable, quality services in a safe, respectful, environmentally responsible, cost-effective manner that benefits our members' quality of life and promotes the success of their local communities. 0 0 Maquoketa Valley Electric Cooperative provides electric energy services over 3,313 miles of distribution line to 17,677 metered services, covering more than 16,784 rural residential and commercial member-consumers in nine counties in Northeastern Iowa. Maquoketa Valley Electric Cooperative provides internet service to 5,970 members and VoIP phone service to 466 members throughout their service territory. 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 0 0 0 1 49 0 1 84 1 1 1 0 0 0 0 0 0 42215528 914719 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X Kelly Gibbs 3194623542 109 N Huber Street Anamosa IA 52205 Ron Thielen President 6.00 X X 10535 0 0 Thomas Stewart Vice President 5.10 X X 9245 0 0 Judy Gotto Treasurer 4.50 X X 7955 0 0 Eugene Manternach Secretary 2.50 X X 6020 0 0 Charles McCullough Assistant Secretary 4.20 X X 10535 0 0 Larry Swanson Director 8.00 X 7310 0 0 Jan Null Director 4.00 X 6020 0 0 Billie Zumbach Director 4.50 X 9890 0 0 Charlie Peters Director 5.50 X 6880 0 0 Jeremy Richert CEO/Executive Vice President 55.00 X 228547 0 124513 Kelly Gibbs Chief Financial Officer 50.00 X 147364 0 61383 Dan Schulte Director of Operations 50.00 X 140171 0 97201 Brent Wegmann Director of IT 50.00 X 139200 0 70349 Dean Koopmann Technical Services Manager 50.00 X 121113 0 84486 Peter Boffeli Lead Lineman - Foreman 42.60 X 117687 0 21538 Anthony Sheridan Foreman - Lead Lineman 42.80 X 118145 0 38006 1086617 0 497476 26 0 1 0 Corridor Network Construction Inc 3353 Southgate Ct SW Cedar Rapids IA 52404 Fiber network construction & maintenance 2738449 Burken Underground LLC 8827 Esgate Rd Maquoketa IA 52060 Underground boring 165554 Brian Steines Logging Inc 31076 381st Ave Bellevue IA 52031 Tree trimming 114566 USIC Locating Services LLC PO Box 715409 Cincinnati OH 45271 Underground Locates 104368 4 Sale of Power & Other Services 221000 41046657 41046657 41046657 61762 61762 39515 0 39515 39515 39515 19997 9768 10229 8255 1974 Capital Credits 523000 581793 581793 581793 41739956 41636705 1974 101277 15752 1113625 572669 668267 13306 54644 70578 19736 227092 30512 3229929 5665674 42572 Cost of Power 20416025 Dist Exp - Operating 2718502 Dist Exp - Maintenance 2209132 Sales Expense 999425 2178516 40245956 2772254 882773 149615 379914 4221814 4551158 3131269 5100721 1489795 1767241 178991203 49373522 123385465 129617681 10153359 9999625 152931 155250 26248 0 145482750 152454363 4294951 4596137 142511 141394 99402301 100806710 0 3000000 2263174 2702468 106102937 111246709 X 0 0 0 0 39379813 41207654 39379813 41207654 145482750 152454363 X 1494000 333841 X 0 1 X 1 0 635026 635026 3478168 1699715 1778453 168532502 47585145 120947357 6345507 88662 6256845 129617681 Patronage Capital Credits 8212164 C Investment in CFC CTC 1068243 C Non-Federal Economic Development Loans 719218 C 9999625 Accumulated Provision for Pension & Benefits 505580 Deferred credits 2196888 2702468 X 41734575 0 41734575 5381 5381 41739956 39126950 0 39126950 1119006 1119006 40245956 Part X, Line 2: The Cooperative evaluates its tax positions that have been taken or are expected to be taken on income tax returns to determine if an accrual is necessary for uncertain tax positions. As of December 31, 2022 and 2021, the unrecognized tax benefits accrual was zero. The Cooperative will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. Part XI, Line 4b - Other Adjustments: Expenses Recorded as Revenue 5,381. Part XII, Line 4b - Other Adjustments: Patronage Capital Credits Allocated for Current Year 1,113,625. Expenses Recorded as Revenue 5,381. X X X X 0 0 0 Jeremy Richert CEO/Executive Vice President 228547 0 0 0 0 0 101073 0 25664 0 355284 0 0 0 Dan Schulte Director of Operations 140171 0 0 0 0 0 73246 0 25325 0 238742 0 0 0 Brent Wegmann Director of IT 139200 0 0 0 0 0 44610 0 27118 0 210928 0 0 0 Kelly Gibbs Chief Financial Officer 147364 0 0 0 0 0 35647 0 27133 0 210144 0 0 0 Dean Koopmann Technical Services Manager 121113 0 0 0 0 0 61658 0 24015 0 206786 0 0 0 Anthony Sheridan Foreman - Lead Lineman 118145 0 0 0 0 0 19256 0 19716 0 157117 0 0 0 Schedule J, Part II, Column C Included in the amount reported in column C is $91,734 for the change in actuarial value of the defined benefit plan for Jeremy Richert. Actual Cooperative contributions to the plan were $33,281. Included in the amount reported in column C is $67,470 for the change in actuarial value of the defined benefit plan for Dan Schulte. Actual Cooperative contributions to the plan were $20,398. Included in the amount reported in column C is $38,804 for the change in actuarial value of the defined benefit plan for Brent Wegmann. Actual Cooperative contributions to the plan were $20,506. Included in the amount reported in column C is $29,494 for the change in actuarial value of the defined benefit plan for Kelly Gibbs. Actual Cooperative contributions to the plan were $20,801. Included in the amount reported in column C is $56,669 for the change in actuarial value of the defined benefit plan for Dean Koopmann. Actual Cooperative contributions to the plan were $17,622. Included in the amount reported in column C is $15,215 for the change in actuarial value of the defined benefit plan for Anthony Sheridan. Actual Cooperative contributions to the plan were $14,272. Form 990, Part VI, Section A, line 6 All members signing membership agreements are members of the Cooperative. Members may be Class E (electric only members), Class T (telecommunication only members) or both. Form 990, Part VI, Section A, line 7a Each member-owner is entitled to one vote. Members vote on election of directors and removal of directors. Form 990, Part VI, Section A, line 7b Members elect the 9-member Board of Directors. Terms are three years each and are filled on a rotating basis. Form 990, Part VI, Section A, line 8b No committees are able to act on behalf of the Board. Form 990, Part VI, Section B, line 11b Board will have at least one week to review and recommend changes to the 990. Board will communicate with CFO or CEO regarding such changes. Form 990, Part VI, Section B, line 12c All members of the Board and all employees are covered by conflict of interest policies. For the Board, all directors vote on whether a conflict exists. If a conflict is determined to exist, the effected director is not allowed to discuss or vote on items deemed to be a conflict of interest. Directors must certify as part of annual 990 questionnaire that no conflicts of interest exist. Form 990, Part VI, Section B, line 15 The Board reviews and approves the salary of the CEO using comparable compensation amounts from Form 990's of other organizations and a compensation study. This process is undertaken annually. The Board establishes and approves a salary range for all officer positions based on comparable compensation amounts from Form 990s of other organizations. The CEO is responsible for assigning the officer's salary based upon performance and experience. Form 990, Part VI, Section C, line 19 Articles of Incorporation and Bylaws are available on the Cooperative's website. Financial statements are available upon request and summary statements are made available through the annual report that is distributed to members at the annual meeting. Form 990, Part XI, line 9: Donated Capital 104,182. Patronage Capital Credits Allocated for Current Year 1,113,625. Retirement of Capital Credits -883,966.