2023-07-27T13:29:42-05:00 2022-12-31 450250958 EIDE BAILLY LLP 200 E 10TH ST STE 500 SIOUX FALLS SD 571046375 990 2022-01-01 420243365 FARMERS ELECTRIC COOPERATIVE INC FARM 6417436146 2389 HWY 92 PO BOX 330 GREENFIELD IA 50849 HOLI WESTON CEO 6417436146 2023-07-24 1 HOLI WESTON 999009999 0 LAURIE HANSON CPA P00851848 6053391999 2023-07-24 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z HOLI WESTON 2389 HWY 92 PO BOX 330 GREENFIELD IA 50849 15341258 0 X WWW.FARMERSREC.COM X 1938 IA TO PROVIDE OUR MEMBERS WITH A DEPENDABLE QUALITY AND QUANTITY OF ELECTRICAL ENERGY. 9 9 23 0 0 0 0 0 14296411 15072642 133318 158962 8814 1001 14438543 15232605 12508 6770 1617854 1232023 2264933 2261518 0 0 0 10411383 11164479 14306678 14664790 131865 567815 43358096 47835770 21579199 24783955 21778897 23051815 FARMERS ELECTRIC COOPERATIVE, INC. EXISTS TO DELIVER SAFE, RELIABLE, AFFORDABLE ELECTRICITY AND OTHER SERVICES TO IMPROVE THE QUALITY OF LIFE WITHIN OUR COMMUNITIES. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 5,045 CONSUMERS OR 3,823 MEMBERS AND ADDED 0.953 MILES OF LINE. 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 1 1 0 0 1 22 0 1 23 1 0 0 0 0 0 15122177 674583 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X HOLI WESTON 6417436146 2389 HWY 92 GREENFIELD IA 50849 X MARK EARHART DIRECTOR 6.00 X 11625 0 0 ROXANN RHOADS TREASURER 8.00 X X 15350 0 0 STEVE CHANDLER VICE PRESIDENT 6.00 X X 11875 0 0 DAN WESTPHAL PRESIDENT 6.40 X X 10325 0 0 KEVIN TANNER SECRETARY 5.40 X X 9550 0 0 KEVIN STENDER DIRECTOR 6.20 X 10700 0 0 CARY GILMAN DIRECTOR FROM 02/2022 4.90 X 7150 0 0 JANELLE PEIFFER DIRECTOR 6.50 X 13525 0 0 KRIS PETTER DIRECTOR 6.70 X 11175 0 0 C CHARLES DUNN CEO UNTIL 08/2022 40.00 X 113782 0 52691 LORI KINYON CFO 40.00 X 96385 0 38430 HOLI WESTON CEO FROM 08/2022 40.00 X 92166 0 45076 403608 0 136197 1 0 1 0 CR ENVIRONMENTAL INC 1847 100TH ST CORYDON IA 50060 TREE TRIMMING 146309 MIDWEST SPRAY TEAM & SALES PO BOX 65668 WEST DES MOINES IA 50265 BRUSH/WEED SPRAYING 117578 2 SALE OF POWER 221000 14749952 14749952 CAPITAL CREDITS 221000 290023 290023 32667 32667 15072642 142942 142942 89000 72980 16020 16020 16020 36674 35673 1001 1001 15232605 15073643 0 158962 6770 1232023 504768 1316859 316023 123868 804462 1351389 COST OF POWER 7659879 DISTRIBUTION-OPERATIONS 1279647 ADMIN & GENERAL 999148 DISTRIBUTION-MAINTENANC 847928 -1777974 14664790 2699209 6768282 1297346 1586304 783538 677198 622102 873657 236037 147662 43795424 12729400 30895129 31066024 6818770 6710846 5965 5797 43358096 47835770 1199184 1375961 20289350 23324408 90665 83586 21579199 24783955 X 0 0 0 0 21778897 23051815 21778897 23051815 43358096 47835770 X 567815 705103 X 0 1 X 1 0 0 0 179763 179763 1979880 406755 1573125 41347062 12322645 29024417 288719 288719 31066024 PATRONAGE CAPITAL CREDITS 6109969 C NATIONAL RURAL COOPERATIVE FINANCE CORPORATION 578527 C COOPERATIVE RESPONSE CENTER, INC. 10000 C RURAL ELECTRIC SUPPLY COOPERATIVE 6645 C MEMBERSHIPS 5705 C 6710846 CUSTOMER DEPOSITS 43115 DEFERRED CREDITS 40471 83586 X 15232605 0 15232605 0 15232605 13432767 0 13432767 1232023 1232023 14664790 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 BENEFIT ACCRUAL WAS ZERO. THE COOPERATIVE WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2022 MARGINS TO MEMBERS IN 2023 1,232,023. X X 0 0 0 C CHARLES DUNN CEO UNTIL 08/2022 108808 0 0 0 4974 0 44006 0 9957 0 167745 0 0 0 SCHEDULE J, PART II, COLUMN (C) PART II COLUMN (C) INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN OF $39,950 FOR C. CHARLES DUNN. THE ACTUAL CONTRIBUTION TO THE DEFINED BENEFIT PLAN FOR C. CHARLES DUNN WAS $20,743. FORM 990, PART VI, SECTION A, LINE 6 ALL MEMBERS ARE OF THE SAME CLASS. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS HAVE ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B REVISIONS TO THE ARTICLES OF INCORPORATION REQUIRE A VOTE FROM THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES WITH THE BROAD AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE PRESENTED AT THE REGULARLY SCHEDULED BOARD MEETING BY THE EVP/CHIEF EXECUTIVE OFFICER. FORM 990, PART VI, SECTION B, LINE 12C ALL DIRECTORS, OFFICERS AND MEMBERS OF MANAGEMENT ARE COVERED BY THE CONFLICT OF INTEREST POLICY. POTENTIAL CONFLICTS ARE DISCUSSED AND DETERMINED AT THE BOARD LEVEL. PERSONS WITH CONFLICTS ABSTAIN FROM DISCUSSION AND VOTING ON THE ISSUE AT HAND. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS DETERMINED THE COMPENSATION FOR THE CHIEF EXECUTIVE OFFICER THROUGH THE USE OF COMPENSATION STUDIES FROM NRECA. THIS PROCESS WAS COMPLETED DURING NOVEMER 2022. THE DISCUSSION AND DECISION BY THE BOARD WERE DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE ARTICLES OF INCORPORATION AND BY-LAWS ARE GIVEN TO NEW MEMBERS, THE FINANCIAL STATEMENTS ARE PROVIDED IN THE ANNUAL REPORT OR UPON REQUEST. THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST. FORM 990, PART VII, COLUMN F, OTHER COMPENSATION: INCLUDED IN OTHER COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR THE CEO/GENERAL MANAGER. THE CURRENT YEAR INCREASE OR DECREASE DOES NOT REPRESENT CURRENT YEAR CONTRIBUTIONS TO THE PLAN. RATHER, IT IS AN ESTIMATE OF THE INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE PLAN AS CALCULATED BY THE PLAN ADMINISTRATOR. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -526,920. ALLOCATION OF 2022 MARGINS TO MEMBERS IN 2023 1,232,023. FORM 990, PART IX, LINE 24E STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 6-10 ARE INCLUDED IN DISTRIBUTION EXPENSE, ADMINISTRATIVE & GENERAL EXPENSE AND CUSTOMER EXPENSE. THEREFORE, LABOR, PENSION AND PAYROLL TAXES ARE SHOWN AS A REDUCTION TO OTHER EXPENSES ON LINE 24E. FORM 990, PART IX, LINE 4, BENEFITS PAID TO OR FOR MEMBERS: THE COOPERATIVE 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. SOUTHWEST IOWA FARMERS SERVICE INC 2389 HWY 92 GREENFIELD IA 50849 421466097 INACTIVE IA FARMERS ELECTRIC COOPERATIVE INC C 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0