2023-10-09T09:34:19-05:00 2022-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2022-01-01 410496565 RED LAKE ELECTRIC COOPERATIVE REDL 2182532168 PO BOX 430 RED LAKE FALLS MN 56750 STEPHANIE JOHNSON GENERAL MANAGER 2182532168 2023-07-26 1 STEPHANIE JOHNSON 999009999 0 MATT LAUGHLIN P00014168 7017754685 2023-07-26 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEPHANIE JOHNSON PO BOX 430 RED LAKE FALLS MN 56750 15543985 0 X WWW.REDLAKEELECTRIC.COM X 1938 MN IT IS THE MISSION OF THE RED LAKE ELECTRIC COOPERATIVE TO ENHANCE THE QUALITY OF LIFE FOR PEOPLE OF OUR SERVICE AREA BY CONSISTENTLY PROVIDING SAFE, QUALITY ELECTRIC SERVICE AND OTHER SERVICES WHILE HOLDING OUR EMPLOYEES, OUR COMMUNITY AND OUR ENVIRONMENT IN HIGH REGARD. 9 9 22 0 0 0 0 0 15188662 15363408 43604 47844 -11701 2573 15220565 15413825 0 0 1087322 850114 212860 225792 0 0 0 13943782 14337919 15243964 15413825 -23399 0 31809117 32080315 19596257 19531210 12212860 12549105 X IT IS THE MISSION OF RED LAKE ELECTRIC COOPERATIVE TO ENHANCE THE QUALITY OF LIFE FOR PEOPLE OF OUR SERVICE AREA BY CONSISTENTLY PROVIDING SAFE, QUALITY ELECTRIC SERVICE AND OTHER SERVICES WHILE HOLDING OUR EMPLOYEES, OUR COMMUNITY AND OUR ENVIRONMENT IN HIGH REGARD. 0 0 PROVIDE SAFE, QUALITY ELECTRIC SERVICE AND OTHER SERVICES WHILE HOLDING OUR EMPLOYEES, OUR COMMUNITY AND OUR ENVIRONMENT IN HIGH REGARD. 0 0 0 0 0 0 0 1 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 15 0 1 22 1 0 0 0 0 0 14498982 845001 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 X STEPHANIE JOHNSON 2182532168 412 INTERNATIONAL DR PO BOX 430 RED LAKE FALLS MN 56750 RANDY VERSDAHL DIRECTOR 2.06 X 4500 0 0 STACY BLAWAT PRESIDENT 3.72 X X 5600 0 0 MARK HANSON SECRETARY/TREASURER 2.16 X X 7000 0 0 AARON CHERVESTAD DIRECTOR 2.04 X 4000 0 0 COLETTE KUJAVA DIRECTOR 2.50 X 4000 0 0 STEVE LINDER DIRECTOR 2.62 X 6000 0 0 BONNIE CHRISTIANS DIRECTOR 2.78 X 6750 0 0 PETE MOSBECK VICE PRESIDENT 3.37 X X 5000 0 0 CECIL ANDERSON DIRECTOR 1.15 X 4000 0 0 STEPHANIE JOHNSON GENERAL MANAGER 40.00 X 119750 0 103172 166600 0 103172 1 0 1 0 0 ELECTRIC OPERATING REVENUE 221000 15117113 15117113 CAPITAL CREDITS FROM OTHER COOPS 221000 246295 246295 15363408 47844 47844 132733 130160 2573 2573 15413825 15365981 0 47844 X 850114 225792 400305 1291965 COST OF POWER 9988611 DISTRIBUTION EXPENSE 1478633 CONSUMER EXPENSE 602355 ADMINISTRATIVE & GENERA 569025 7025 15413825 1836883 1492068 2462 2138 1629126 1817747 636326 866103 64015 67072 46800308 21625546 25162731 25174762 2407222 2644774 70352 15651 31809117 32080315 1391032 1372422 2125 2114 16656169 16901311 1546931 1255363 19596257 19531210 X 0 0 0 0 12212860 12549105 12212860 12549105 31809117 32080315 X 0 336245 X 0 1 X 1 0 0 1 X 91572 91572 1374551 489991 884560 45244898 21135555 24109343 89287 89287 25174762 PATRONAGE CAPITAL FRO POWER SUPPLIER 1852705 C INVESTMENT IN ASSOCIATED ORGANIZATIONS 214720 C INVESTMENTS IN SUPPLEMENTAL LENDING ORGANIZATIONS 463121 C MISCELLANEOUS INVESTMENTS IN VARIOUS COOP PATRONAGE CAPITAL 114228 C 2644774 CONSUMER DEPOSITS 638944 MISCELLANEOUS DEFERRED CREDITS 616419 1255363 X 15413825 0 15413825 0 15413825 14563711 0 14563711 850114 850114 15413825 PART IV, LINE 2B: THE COOPERATIVE COLLECTED $2,114 FROM MEMBERS THROUGH OPERATION ROUND UP THAT IS TO BE PAID TO THE RED LAKE ELECTRIC COOPERATIVE TRUST. PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES. THE COOPERATIVE'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANTIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS AND OTHER EVIDENCE. IT IS THE OPINION OF MANAGEMENT THAT THE COOPERATIVE HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON IRS EXAMINATION. THE FEDERAL INCOME TAX RETURNS OF THE COOPERATIVE ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTHER THEY WERE FILED. ALL REQUIRED FILINGS ARE CURRENT. PART XII, LINE 4B - OTHER ADJUSTMENTS: BENIFITS PAID TO MEMBERS 850,114. 0 0 0 STEPHANIE JOHNSON GENERAL MANAGER 119750 0 0 0 0 0 79935 0 23807 0 223492 0 0 0 SCHEDULE J, PART II, COLUMN "C" DEFERRED COMPENSATION: INCLUDED IN SCHEDULE J, PART II, COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THIS AMOUNT IS AN ESTIMATE IN THE INCREASE OF THE VALUE OF THE PLAN AND IS NOT A CURRENT YEAR EXPENSE OF THE COOPERATIVE. THE ESTIMATED ACTUARIAL INCREASE FOR OFFICERS AND HIGHEST COMPENSATED EMPLOYEES: STEPHANIE JOHNSON - $73,590 THE ACTUAL CURRENT YEAR CONTRIBUTION INTO THE DEFINED BENEFIT PLAN FOR THESE OFFICERS AND HIGHEST COMPENSATED EMPLOYEES: STEPHANIE JOHNSON - $29,041 FORM 990, PART VI, SECTION A, LINE 6 ALL ELECTRIC CUSTOMERS ARE VOTING MEMBERS OF THE COOPERATIVE. EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP ELECTS THE BOARD OF DIRECTORS. THERE IS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS VOTE ON SIGNIFICANT ISSUES AT THE ANNUAL MEETINGS. EACH MEMBER HAS ONE VOTE PER ISSUE. FORM 990, PART VI, SECTION B, LINE 11B THE REPORT WILL BE REVIEWED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS AND EMPLOYEES ARE ENCOURAGED TO REPORT POSSIBLE VIOLATIONS OF THIS POLICY. THE BOARD REVIEWS & APPROVE SAID POLICY ANNUALLY. THE COOP WILL NOT ALLOW OR CONDONE ANY RETALIATION AGAINST ANYONE REPORTING A POSSIBLE VIOLATION. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE AT THE COOPERATIVE OFFICE UPON REQUEST DURING NORMAL WORKING HOURS. FORM 990, PART IX, LINE 4: BENEFITS PAID TO OR FOR MEMBERS BENEFITS PAID TO OR FOR MEMBERS NOW INCLUDES PATRONAGE DIVIDENDS PAID. THIS AMOUNT IS AN EXPENSE FOR PURPOSES OF FORM 990, BUT IS NOT RECOGNIZED AS AN EXPENSE UNDER G.A.A.P. REPORTING REQUIREMENTS, WHICH ARE USED FOR BOOK INCOME. THE RESULT IS A BOOK TO TAX DIFFERENCE WHICH IS DISCLOSED ON PART XI AND IN SCHEDULE O. IN REFERENCE TO FORM 990, PART IX, LINE 4, THE COOPERATIVE HAS INTERPRETED "PATRONAGE DIVIDENDS PAID" AS CAPITAL CREDITS ALLOCATED TO MEMBERS UNDER THE PREEXISTING OBLIGATIONS PURSUANT TO THE BYLAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -517,329. CHANGE IN MEMBERSHIPS 3,460. ALLOCATED CAPITAL CREDITS 850,114. RED LAKE ELECTRIC TRUST PO BOX 430 RED LAKE FALLS MN 56750 411742153 OPERATION ROUND UP MN 501(C)(3) LINE 8 RED LAKE ELECTRIC COOPERATIVE 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0