2023-10-24T14:29:18-05:00 2022-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2022-01-01 830162161 POWDER RIVER ENERGY CORPORATION POWD 3072833531 PO BOX 930 SUNDANCE WY 827290930 WILLIAM H MERTZ CHIEF FINANCIAL OFFICER 3072833531 2023-10-23 1 WILLIAM MERTZ XXX-XX-XXXX 1 LAURIE HANSON CPA P00851848 6053391999 2023-09-26 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z BRIAN MILLS PO BOX 930 SUNDANCE WY 827290930 177047491 0 X WWW.PRECORP.COOP X 1945 WY DISTRIBUTES ELECTRIC SERVICE TO RURAL CUSTOMERS IN NORTHEAST WYOMING AND SOUTHEASTERN MONTANA. 10 10 136 0 0 0 0 0 159494404 176486655 524174 471377 5510 5693 160024088 176963725 177094 228012 5240392 15932660 14385876 15273035 0 0 0 140220726 145530018 160024088 176963725 0 0 476284680 491148467 247452770 261783351 228831910 229365116 THE MISSION OF POWDER RIVER ENERGY CORPORATION, A NONPROFIT COOPERATIVE ORGANIZATION, IS POSITIVELY INFLUENCING AND IMPROVING LIVES FOR THOSE WE SERVE BY PROVIDING RELIABLE ENERGY AND SERVICES WHILE PAVING THE WAY FOR ACCESS AND AFFORDABILITY. 0 0 THE PRIMARY FUNCTION OF POWDER RIVER ENERGY CORPORATION, A NONPROFIT COOPERATIVE ORGANIZATION, IS THE DISTRIBUTION OF ELECTRICITY TO ITS 12,686 MEMBER-OWNERS UNDER 501 (C) (12). IN 2022, THE COMPANY SOLD ITS MEMBER-OWNERS 2,034,599,896 KWH OF ELECTRICITY WITH A PEAK CONICIDENT LOAD OF 311,195 KW IN FEBRUARY. THE COMPANY ADDED ROUGHLY $4 MILLION IN UTILITY PLANT IN ORDER TO EXTEND AND IMPROVE SERVICE. 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1825 0 1 136 1 0 0 0 0 0 0 0 165434867 10478302 0 0 0 X 10 10 0 0 0 0 1 1 0 1 0 0 0 1 1 1 0 1 1 1 0 0 X WILLIAM MERTZ 3072834921 221 MAIN ST SUNDANCE WY 82729 REUBEN RITTHALER PRESIDENT-THRU 9/19/22 5.00 X X 11800 0 22 CLAY BRANSCOM DIRECTOR 5.00 X 7750 0 32 PHILIP HABECK VICE PRESIDENT 5.00 X X 7900 0 32 JAMES BAUMGARTNER DIRECTOR 5.00 X 6550 0 32 GERALD GEIS SECRETARY/TREASURER 5.00 X X 14350 0 32 MIKE LOHSE DIRECTOR 11.00 X 9750 0 32 PAUL BAKER II DIRECTOR 12.00 X 6150 0 32 ALISON GEE DIRECTOR 5.00 X 5750 0 32 JAMES PURDY DIRECTOR/PRESIDENT-BEG 9/20/22 5.00 X X 8200 0 32 MICHAEL HALL HELVEY DIRECTOR 2.00 X 5000 0 32 TYREL MILLER DIRECTOR 5.00 X 6000 0 32 MICHAEL EASLEY CHIEF EXECUTIVE OFFICER-THRU 7/31/22 41.00 X 329344 0 241874 WILLIAM MERTZ CHIEF FINANCE & ADMIN OFFICER 50.00 X 205652 0 108721 BRIAN MILLS - DEPUTY GM CHIEF EXECUTIVE OFFICER-BEG 8/1/22 49.00 X 184440 0 99301 QUENTIN ROGERS VICE PRESIDENT OF ENGINEER 49.00 X 164351 0 97557 JEFFERY BUMGARNER VICE PRESIDENT MEMBER SERVICES 43.00 X 157000 0 89646 MICHAEL BINGHAM DISTRICT FOREMAN 48.00 X 155039 0 100817 THOMAS MULLOY DISTRICT FOREMAN 46.00 X 148727 0 54725 JUSTIN DOOLEY DISTRICT FOREMAN 46.00 X 147015 0 55414 RICHARD HALLORAN VICE PRESIDENT SYSTEM OPERATIONS 44.00 X 145402 0 88617 WAYNE POLLAT DISTRICT FOREMAN 45.00 X 144816 0 66446 1870986 0 1003460 59 0 1 0 SCHULTE TA INC 5950 SWANSON RD GILLETTE WY 82718 CONTRACT LABOR 891282 NORTHEAST WY CONSTRUCTION INC PO BOX 1922 GILLETTE WY 82717 CONTRACT LABOR 534929 WILSON POWER & TREE SERVICE LLC PO BOX 1005 SUNDANCE WY 82729 CONTRACT LABOR 532071 WESTERN LINE BUILDERS PO BOX 614 WELLS NV 89835 CONTRACT LABOR 403185 CONSTELLATION ENERGY CORP PO BOX 6025 CHICAGO IL 60603 CONTRACT LABOR 349342 14 ELECTRIC SERVICE 221122 158502321 158502321 CAPITAL CREDITS 221122 15117190 15117190 TRANSMISSION REVENUE 211121 2658495 2658495 OTHER RENTAL INCOME 531190 190397 190397 JOINT USE POLE REVENUE 531190 18252 18252 176486655 390454 390454 18398 12705 5693 5693 5693 151984 71061 80923 80923 80923 176963725 176468403 0 495322 X 228012 15932660 1540625 8369803 2540979 2108623 713005 109500 44343 44558 172773 65069 5150522 10704198 PURCHASED POWER 120285259 OPER & MAINT. EXP.-DIST 4707980 OPER & MAINT. EXP.-TRAN 1412253 TAX EXPENSE - PROPERTY 630590 2202973 176963725 1700 1750 14776514 22721446 16020795 17246290 1491492 1411706 5649975 6806232 1126235 1214590 432984675 217802207 212424475 215182468 19082097 18049384 16983387 15261841 143432439 148817988 137599 122869 45157972 44311903 476284680 491148467 17253035 19409866 7000000 18500000 173611590 172460689 49588145 51412796 247452770 261783351 X 0 0 0 0 228831910 229365116 228831910 229365116 476284680 491148467 X 0 533206 X X 0 1 X 1 0 8509521 8509521 282370 9708506 6950373 3040503 0 400161543 213645848 186515695 14322735 -2794014 17116749 215182468 ASSOCIATED ORGANIZATIONS - PATRONAGE CAPITAL 146171200 C ASSOCIATED ORGANIZATIONS - NON G&T 2646788 C 148817988 SPECIAL FUND - COST OF RETIREMENT (CBM) 19253289 SPECIAL FUND - RISK MANAGEMENT (CBM) 6868055 SPECIAL FUND - BASIN ECONOMIC DEVELOPMENT FUND 802843 SPECIAL FUND - ENERGY CONSERVATION LOANS 305695 INTEREST AND OTHER RECEIVABLES 2317153 ACCRUED UTILITY REVENUES 2535211 SPECIAL FUND - NRECA VCAP 5229657 SPECIAL FUND - DEFERRED REVENUE 7000000 44311903 CUSTOMER ADVANCES FOR CONSTRUCTION 4714870 CBM PREPAID COST OF RETIREMENT 19191811 POST RETIREMENT BENEFIT 1644159 CUSTOMER DEPOSITS/INTEREST 17001874 MISCELLANEOUS 893887 COST OF POWER ADJUSTMENT 139296 OBLIGATIONS UNDER RIGHT TO USE LEASES 958844 CUSTOMER ADVANCES FOR CONSTRUCTION - RMF FUND 6868055 51412796 X 176420780 -542945 -542945 176963725 0 176963725 161031065 0 161031065 15932660 15932660 176963725 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 2D - OTHER ADJUSTMENTS: AMORTIZATION OF POSTRETIREMENT BENEFIT GAIN 286,794. NET UNREALIZED GAIN ON RETIREMENT BENEFIT -829,739. PART XII, LINE 4B - OTHER ADJUSTMENTS: 2022 MARGINS ALLOCATED IN 2023 15,932,660. SCHEDULE D PART VI LINE 1E, COLUMN C NEGATIVE ACCUMULATED DEPRECIATION ON LINE 1E, COLUMN C, IS DUE TO RETIREMENT WORK IN PROGRESS WHICH WILL REDUCE ACCUMULATED DEPRECIATION WHEN BOOKED TO THE PLANT ACCOUNTS. 1 POWDER RIVER ENERGY CORPORATION FOUNDATION PO BOX 930 SUNDANCE WY 82729 208802389 501(C)(3) 158500 48543 BOOK ADMINISTRATIVE SUPPORT SCHOLARSHIP AND ASSISTANCE 1 0 PART I, LINE 2: THE COMPANY PROVIDES FUNDING TO THE POWDER RIVER ENERGY CORPORATION FOUNDATION THROUGH DONATIONS AND SPONSORSHIPS, AS WELL AS PROVIDING ADMINISTRATIVE SUPPORT. THE FOUNDATION'S BOARD OF DIRECTORS IS APPOINTED BY THE COMPANY'S BOARD OF DIRECTORS. NON-CASH ASSISTANCE GIVEN TO THE POWDER RIVER ENERGY CORPORATION FOUNDATION INCLUDES ADMINISTRATIVE, LEGAL, AND OPERATIONAL SUPPORT. X X 1 1 X X X 0 0 0 MICHAEL EASLEY CHIEF EXECUTIVE OFFICER-THRU 7/31/22 328017 0 307 0 1020 0 210966 0 30908 0 571218 0 0 0 WILLIAM MERTZ CHIEF FINANCE & ADMIN OFFICER 205047 0 605 0 0 0 78804 0 29917 0 314373 0 0 0 BRIAN MILLS - DEPUTY GM CHIEF EXECUTIVE OFFICER-BEG 8/1/22 183069 0 1371 0 0 0 69165 0 30136 0 283741 0 0 0 QUENTIN ROGERS VICE PRESIDENT OF ENGINEER 162990 0 1361 0 0 0 67921 0 29636 0 261908 0 0 0 MICHAEL BINGHAM DISTRICT FOREMAN 153177 0 1483 0 379 0 76502 0 24315 0 255856 0 0 0 JEFFERY BUMGARNER VICE PRESIDENT MEMBER SERVICES 155197 0 1803 0 0 0 58572 0 31074 0 246646 0 0 0 RICHARD HALLORAN VICE PRESIDENT SYSTEM OPERATIONS 143977 0 1425 0 0 0 64502 0 24115 0 234019 0 0 0 WAYNE POLLAT DISTRICT FOREMAN 143062 0 1375 0 379 0 35447 0 30999 0 211262 0 0 0 THOMAS MULLOY DISTRICT FOREMAN 146902 0 1446 0 379 0 44591 0 10134 0 203452 0 0 0 JUSTIN DOOLEY DISTRICT FOREMAN 145261 0 1375 0 379 0 45280 0 10134 0 202429 0 0 0 PART I, LINE 1A THE COMPANY HEADQUARTERS ARE LOCATED IN A REMOTE, RURAL AREA IN THE EXTREME NORTHEAST CORNER OF WYOMING. IT IS OCCASIONALLY DEEMED EXPEDIENT TO CHARTER SMALL PISTON-ENGINED AIRPLANES WHEN THE COMPANY BUSINESS REQUIRES TRAVEL OUTSIDE OF OUR SERVICE TERRITORY. THIS OCCURS PRIMARILY WHEN TRAVEL IS NECESSARY TO TWO DESTINATIONS. THE FIRST DESTINATION IS THE STATE CAPITAL IN CHEYENNE, WYOMONG FOR REGULATORY, GOVERNMENTAL, AND ASSOCIATED MEETINGS OR ACTIVITIES AFFECTING THE COMPANY. THE SECOND LOCATION IS THE BISMARCK, NORTH DAKOTA OFFICES OF OUR PRINCIPAL POWER SUPPLIER BASIN ELECTRIC POWER COOPERATIVE. POWDER RIVER ENERGY PURCHASES POWER FROM BASIN ELECTRIC THROUGH MEMBERS 1ST POWER COOPERATIVE. THESE CHARTERS ARE FOR BUSINESS PURPOSES ONLY, HAVE NO COMPENSATORY PURPOSES WHATSOEVER, AND OFTEN ALLOW FOR SAME DAY ROUND TRIP TRAVEL. ONLY THE COMPANY CEO, BRIAN MILLS, OR ITS BOARD OF DIRECTORS CAN AUTHORIZE CHARTER EXPENSE. THE COMPANY OFFERS A WELLNESS PROGRAM EACH YEAR FOR ALL EMPLOYEES. PART OF THE PROGRAM INCLUDES REIMBURSEMENT OF FITNESS CENTER OR WEIGHT MANAGEMENT PROGRAM FEES IN AN AMOUNT OF 50% OF THE TOTAL FEES, WITH A MAXIMUM OF $50 PER QUARTER. PART II, COLUMN C COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. SEE BELOW FOR THE CHANGE IN ACTUARIAL VALUE AND ACTUAL DEFINED BENEFIT PLAN COSTS: EMPLOYEE CHANGE IN ACTUARIAL VALUE ACTUAL BENEFIT EXPENSE MICHAEL E EASLEY $191,646 $68,361 JEFFERY BUMGARNER $49,539 $30,800 MICHAEL BINGHAM $69,615 $30,375 BRIAN MILLS $58,400 $32,798 QUENTIN ROGERS $58,503 $32,796 WILLIAM MERTZ III $66,516 $41,399 JUSTIN DOOLEY $38,393 $30,375 THOMAS MULLOY $37,703 $30,375 RICHARD HALLORAN $57,615 $29,532 WAYNE POLLAT $26,787 $30,375 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE COMPANY IS ORGANIZED AS AN ELECTRICAL COOPERATIVE, AND THEREFORE HAS MEMBER-OWNERS WHO ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 AND ACCOMPANYING SCHEDULES ARE PREPARED BY THE COMPANY'S CONTROLLER AND REVIEWED BY THE CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER. THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW, AND PRESENTED AT A REGULARLY SCHEDULED BOARD MEETING TO ADDRESS QUESTIONS. THE PROCESS INCLUDES A REVIEW OF THE FORM BY THE COMPANY'S AUDITORS. ANY NECESSARY REVISIONS ARE INCORPORATED BEFORE THE CHIEF FINANCIAL AND ADMINISTRATION OFFICER AUTHORIZES ELECTRONIC FILING OF THE FORM 990 AND SCHEDULES. THE FINAL VERSION IS PROVIDED TO AUDITORS FOR FILING AND TO THE BOARD OF DIRECTORS. PART VI, SECTION B, LINE 12C: ALL EMPLOYEES AND DIRECTORS ARE EXPECTED TO BE FAMILIAR WITH THE COMPANY'S CODE OF ETHICS POLICY AND ARE EXPECTED TO DISCLOSE ANY SITUATIONS THAT VIOLATE THE SPIRIT AND INTENT OF THE POLICY, DECISIONS CONSIDERED INCONSISTENT WITH THE CONFLICT OF INTEREST POLICY ARE REPORTED TO THE ENTIRE BOARD OF DIRECTORS THROUGH THE BOARD PRESIDENT, VICE PRESIDENT OR CEO. THE BOARD OF DIRECTORS SHALL DECIDE IF AN INTEREST SHOULD PREVENT THE COOPERATIVE FROM ENTERING INTO A PARTICULAR TRANSACTION. A PERSON WHO IS EMPLOYED BY, OR HAS A SUBSTANTIAL FINANCIAL INTEREST IN, A COMPETING BUSINESS OR ONE SELLING ENERGY OR SUPPLIES TO THE COOPERATIVE IS NOT QUALIFIED TO BE A MEMBER. FORM 990, PART VI, SECTION B, LINE 15A THE COMPANY HAS A COMPENSATION ADMINISTRATION POLICY WHICH PROVIDES THAT THE BOARD OF DIRECTORS MAINTAINS FINAL AUTHORITY FOR COMPENSATION ADMINISTRATION. THE COMPANY HIRES A COMPENSATION CONSULTANT WHO PROVIDES INFORMATION ON MARKET BENCHMARKS AND ASSISTS THE COMPANY IN CREATING ITS SALARY STRUCTURE. THE BOARD OF DIRECTORS IS THE ULTIMATE DETERMINING BODY OF THE SALARY OF THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE COMPANY FILES AN ANNUAL FINANCIAL STATEMENT, THE RUS FINANCIAL AND OPERATING REPORT ELECTRIC DISTRIBUTION, WITH THE UNITED STATES DEPARTMENT OF AGRICULTURE, WHICH IS A MATTER OF PUBLIC RECORD. THE COMPANY, WHICH IS ORGANIZED AS A COOPERATIVE, AND THEREFORE IS OWNED BY ITS MEMBERS, MAKES ALL OF ITS GOVERNING DOCUMENTS AND POLICIES AVAILABLE TO THEM. BYLAWS ARE PROVIDED WHEN A NEW MEMBER ENROLLS, AND ALL OTHER POLICIES ARE AVAILABLE UPON REQUEST. PART IX, LINE 4: THE COMPANY HAS INTERPRETED THE INSTRUCTIONS TO PART IX, LINE 4, TO MEAN PATRONAGE CAPITAL ALLOCATED FOR THE YEAR, RATHER THAN PATRONAGE CAPITAL RETIRED. THIS IS CONSISTENT WITH THE BY-LAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: ALLOCATED CAPITAL CREDITS 14,555,350. RETIRED CAPITAL CREDITS -22,561,830. PATRONAGE CAPITAL ASSIGNABLE 3,692,473. NET CHANGE IN RETIRED, UNCLAIMED CAPITAL CREDITS 5,390,158. AMORTIZATION OF POST RETIREMENT BENEFIT 525,649. NET UNREALIZED LOSS ON INVESTMENTS -1,068,594. PART XII, FINANCIAL STATEMENTS AND REPORTING, NUMBERS 2A-C: THE COMPANY'S FINANCIAL STATEMENTS ARE COMPILED INTERNALLY, AND THEN AUDITED BY INDEPENDENT AUDITORS. THE COMPANY HAS AN AUDIT COMMITTEE THAT OVERSEES THE AUDIT PROCESS. PRECORP SERVICES LLC PO BOX 930 SUNDANCE WY 82729 830331925 NO ACTIVITY WY 0 0 POWDER RIVER ENERGY CORPORATION POWDER RIVER ENERGY CORPORATION FOUNDATION INC PO BOX 930 SUNDANCE WY 82729 208802389 CHARITABLE GIVING WY 501(C)(3) LINE 7 POWDER RIVER ENERGY CORPORATION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 1 0 POWDER RIVER ENERGY CORPORATION FOUNDATION INC B 158500 BOOK SCHEDULE R, PART I THE COMPANY HAS A DISREGARDED ENTITY, PRECORP SERVICES, LLC, WHICH HAS NOT, TO-DATE, CONDUCTED ANY ACTIVITY. SCHEDULE R, PART II IN 2007, THE COMPANY ESTABLISHED THE POWDER RIVER ENERGY CORPORATION FOUNDATION, A CHARITABLE ORGANIZATION DEDICATED TO PROVIDING DONATIONS AND GRANTS FOR CHARITABLE PURPOSES WITHIN THE COMPANY'S SERVICE TERRITORY. THE FOUNDATION HAS A SEPARATE BOARD OF DIRECTORS. THE COMPANY CONTINUES TO PROVIDE ADMINISTRATIVE SERVICES TO THE FOUNDATION, INCLUDING ACCOUNTING, OFFICE SPACE AND SUPPLIES, AND COMMUNICATIONS. THE COMPANY PROCESSES AND TRANSFERS DONATIONS MADE THROUGH THE OPERATION ROUND-UP PROGRAM, WHICH ALLOWS MEMBERS TO CHOOSE TO ROUND UP THEIR ELECTRIC BILL TO THE NEAREST DOLLAR WITH THE DIFFERENCE CONTRIBUTED TO THE FOUNDATION AS A DONATION.