2023-07-14T09:45:08-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2022-01-01 420536190 SOUTHERN IOWA ELECTRIC COOPERATIVE INC SOUT 6416642277 PO BOX 70 BLOOMFIELD IA 52537 GREG PROCTOR GENERAL MANAGER/CEO 6416642277 2023-06-23 1 GREG PROCTOR 999009999 0 KATHERINE LUTZKE CPA P01760889 5072802300 2023-06-23 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z GREG PROCTOR PO BOX 70 BLOOMFIELD IA 52537 14225767 0 X WWW.SIE.COOP X 1939 IA PROVIDING SAFE, RELIABLE ELECTRICITY. 9 9 34 0 -32 0 0 0 13612554 13904409 56308 49870 470091 251154 14138953 14205433 0 0 1266128 1089014 496982 449199 0 0 0 12376024 12667338 14139134 14205551 -181 -118 51169684 52067629 27104708 27379511 24064976 24688118 PROVIDING SAFE, RELIABLE ELECTRICITY. 0 0 SALE ELECTRICITY - TO PROVIDE ELECTRIC ENERGY AND SERVICES TO APPROXIMATELY 4,730 METERS. 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 1 0 0 0 0 0 0 0 1 0 0 1 24 0 34 1 0 0 0 0 0 14054618 301133 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 X LINDSAY SMITH 6416642277 PO BOX 70 BLOOMFIELD IA 52537 DARRELL DOWNING PRESIDENT 7.00 0.00 X X 3060 0 0 TRAVIS HARRIS VICE PRESIDENT 4.00 0.00 X X 3910 0 0 PAUL WELLS VICE-PRESIDENT - PART YEAR 7.50 0.00 X X 1530 0 0 EARL TRACHSEL SECRETARY 4.00 0.00 X X 2040 0 0 BETH SULLIVAN SECRETARY - PART YEAR 5.00 0.00 X X 1190 0 0 DAVID YAHNKE TREASURER 4.00 0.00 X X 1700 0 0 SUSAN KNAPP DIRECTOR 6.00 0.00 X 510 0 0 JASON WELLS DIRECTOR 6.00 0.00 X 510 0 0 RODNEY RECK DIRECTOR 4.00 0.00 X 1530 0 0 TRENT GREGORY DIRECTOR 2.00 0.00 X 1700 0 0 FRED ZEITLER DIRECTOR 1.00 0.00 X 1870 0 0 GREG PROCTOR MANAGER/CEO 50.00 0.00 X 135060 0 68112 JO ALTHEIDE CFO - PART YEAR 25.00 0.00 X 37908 0 28299 ROSS HUNTER COO 50.00 0.00 X 101053 0 59217 293571 0 155628 2 0 1 0 TOM'S TREE SERVICE 1313 S MAIN ST ALBIA IA 52531 TREE TRIMMING 499470 KIOWA PO BOX 721 TIPTON MO 52584 POWER LINE CONSTRUCTION 404947 2 SALE OF POWER 221000 13774800 13774800 OTHER ELECTRIC REVENUE 221000 129609 129609 13904409 49861 49861 20343 20334 9 9 9 50 0 50 50 CAPITAL CREDITS 221000 251136 251136 APRIME K-1 221000 -32 -32 251104 14205433 14155595 -32 49870 1089014 449199 871098 1398003 COST OF POWER 7008928 DIST EXP-OPERATIONS 1181937 DIST EXP-MAINTENANCE 978332 ADMIN & GENERAL EXPENSE 763712 465328 14205551 1412810 1182788 1237017 1381695 1356889 1465633 662088 574418 282471 225233 51681941 11300085 39293064 40381856 13349 13414 6911996 6842592 51169684 52067629 1142126 1193314 388254 331979 25382614 25676386 191714 177832 27104708 27379511 X 0 0 0 0 24064976 24688118 24064976 24688118 51169684 52067629 X -118 623260 X X 0 1 X 1 0 161644 161644 5731547 1647103 4084444 45788750 9652982 36135768 40381856 NORTHEAST POWER PATRONAGE 6026924 C NRUCFC PATRONAGE 91288 C NRUCFC CAPITAL CERTIFICATES 400761 C OTHER COOPERATIVES PATRONAGE 305915 C COOPERATIVE MEMBERSHIPS 17704 C 6842592 ACCUMULATED PROVISION FOR PENSION & BENEFITS 65223 CONSUMER DEPOSITS 112609 177832 X 14205551 86 86 14205465 -32 -32 14205433 13116537 0 13116537 1089014 1089014 14205551 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED AT DECEMBER 31, 2022 AND 2021. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2022 AND 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: EQUITY IN EARNINGS OF SUB 86. PART XI, LINE 4B - OTHER ADJUSTMENTS: APRIME K-1 -32. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE DIVIDENDS ALLOCATED 1,089,014. X X X 0 0 0 GREG PROCTOR MANAGER/CEO 135060 0 0 0 0 0 39312 0 28800 0 203172 0 0 0 ROSS HUNTER COO 101053 0 0 0 0 0 31143 0 28074 0 160270 0 0 0 EARL TRACHSEL SEE BELOW 7008928 SEE BELOW 0 DARRELL DOWNING SEE BELOW 7008928 SEE BELOW 0 SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: (A) NAME OF PERSON: EARL TRACHSEL(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: BOARD MEMBER OF SOUTHERN IOWA ELECTRIC COOPERATIVE, INC. AND BOARD MEMBER OF NORTHEAST MISSOURI ELECTRIC POWER COOPERATIVE(D) DESCRIPTION OF TRANSACTION: SOUTHERN IOWA ELECTRIC COOPERATIVE PURCHASED POWER FROM NORTHEAST MISSOURI ELECTRIC POWER COOPERATIVE IN 2022 FOR A TOTAL OF $7,008,928(A) NAME OF PERSON: DARRELL DOWNING(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: BOARD MEMBER OF SOUTHERN IOWA ELECTRIC COOPERATIVE, INC. AND BOARD MEMBER OF NORTHEAST MISSOURI ELECTRIC POWER COOPERATIVE(D) DESCRIPTION OF TRANSACTION: SOUTHERN IOWA ELECTRIC COOPERATIVE PURCHASED POWER FROM NORTHEAST MISSOURI ELECTRIC POWER COOPERATIVE IN 2022 FOR A TOTAL OF $7,008,928 FORM 990, PART VI, SECTION A, LINE 6 EACH CUSTOMER IS A MEMBER OF THE COOPERATIVE AND HAS VOTING RIGHTS AT THE ANNUAL MEETING. EACH MEMBER HAS 1 VOTE (JOINT MEMBERS SHARE 1 VOTE). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD MEMBERS ARE ELECTED ON A ROTATIONAL BASIS - BY A VOTE OF THE MEMBERS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE ARTICLES OF INCORPORATION MUST BE VOTED ON BY THE MEMBERS, ELECTING DIRECTORS IS VOTED ON BY THE MEMBERS AND SELLING THE COOPERATIVE HAS TO BE VOTED ON BY THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE MANAGER WILL REVIEW THE 990 BEFORE IT IS FILED, HE WILL THEN CONDUCT A REVIEW WITH THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REVIEWS THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS WITH GENERAL COUNSEL GUIDANCE. FOLLOWING THE REVIEW THE BOARD COMPLETES A CONFLICT OF INTEREST DISCLOSURE STATEMENT. IT IS THE MANAGER'S RESPONSIBILITY TO PROVIDE ASSISTANCE TO THE BOARD TO ASSURE COMPLIANCE WITH THIS POLICY AND TO DEVELOP AND ENFORCE APPROPRIATE MANAGEMENT POLICY RELATING TO CONFLICTS OF INTEREST OF EMPLOYEES. DIRECTORS AND EMPLOYEES ARE REQUIRED TO MAKE FULL DISCLOSURE TO THE BOARD AND/OR COOPERATIVE OF ANY FACTS WHICH MAY INDICATE A CONFLICT OF INTEREST. THEY SHALL DISQUALIFY THEMSELVES FROM DECISIONS WHICH POSE A CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. THEY MAY REQUEST AN OPINION OF THE COOPERATIVE'S GENERAL COUNSEL BEFORE SUCH ACTION IS TAKEN. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD EVALUATES THE MANAGER/CEO PERFORMANCE AND LOOKS AT INDUSTRY STANDARDS FOR OTHER COOPERATIVES OF LIKE SIZE FOR A COMPARABLE SALARY RANGE. THIS PROCESS IS DOCUMENTED IN THE PERSONNEL FILE. THE CFO AND COO ARE EVALUATED ON AN ANNUAL BASIS USING THE NRECA ANNUAL COMPENSATION STUDY AS A GUIDELINE. THE MANAGER/CEO IS RESPONSIBLE FOR GIVING PAY ADJUSTMENTS, BUT THE BOARD APPROVES A SALARY RANGE. THIS PROCESS IS DOCUMENTED IN THE PERSONNEL FILE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022. FORM 990, PART VI, SECTION C, LINE 18 THE COOPERATIVE'S 990 AND 990T ARE AVAILABLE UPON REQUEST AND AT WWW.GUIDESTAR.ORG. BYLAWS OF THE COOPERATIVE ARE PROVIDED TO EACH MEMBER. FORM 990, PART VI, SECTION C, LINE 19 POLICIES OF THE COOPERATIVE ARE AVAILABLE FOR INSPECTION AT THE COOPERATIVE UPON REQUEST. FORM 990, PART XI, LINE 9: A-PRIME 32. CAPITAL CREDITS RETIRED -512,215. CITY OF BLOOMFIELD/KEO CCS 88,667. EQUITY IN EARNINGS OF SUB 86. ESTATE PAYOUTS -41,979. PATRONAGE DIVIDENDS ALLOCATED 1,089,014. UNCLAIMED PROPERTY -345. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS AND MANAGEMENT REVIEW THE AUDIT WITH THE AUDITOR ANNUALLY. THERE IS NO CHANGE FROM PRIOR YEARS. FORM 990, PART IX, LINE 4: THE IRS INSTRUCTIONS STATE THAT PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS SHOULD BE REPORTED ON LINE 4. THE ORGANIZATION HAS INTERPRETED PATRONAGE DIVIDENDS PAID TO MEAN PATRONAGE DIVIDENDS ALLOCATED OR TO BE ALLOCATED FOR THE CURRENT YEAR. SINCE THIS ALLOCATION IS NOT AN EXPENSE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP), THIS HAS RESULTED IN A RECONCILING ITEM TO NET ASSETS IN PART XI, ON PAGE 12 OF THE FORM 990 AND IN PARTS XI AND XIII ON SCHEDULE D. SIEC COMMUNITY SUPPORT FUND PO BOX 70 BLOOMFIELD IA 52537 320430257 COMMUNITY SUPPORT FUND IA 501(C)(3) LINE 8 SOUTHERN IOWA ELECTRIC COOPERATIVE 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0