2023-10-10T15:18:41-05:00 2022-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2022-01-01 410473341 PEOPLE'S COOPERATIVE SERVICES PEOP 5073677000 1775 LAKE SHADY AVENUE SOUTH ORONOCO MN 55960 DODY WUBKER CFO 5073677000 2023-10-06 1 DODY WUBKER 999009999 1 DAVID HOLT P00014251 7017754685 2023-10-06 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z PEOPLE'S ENERGY COOPERATIVE DODY WUBKER 1775 LAKE SHADY AVENUE SOUTH ORONOCO MN 55960 66531485 0 X WWW.PEOPLESENERGY.COOP X 1936 MN TO DISTRIBUTE ELECTRICITY TO THE MEMBERS OF THE ELECTRIC COOPERATIVE. 7 7 73 0 50801 29339 0 0 50506832 54703554 116979 2046415 1260569 1230278 51884380 57980247 0 0 3220235 2144867 609907 681092 0 0 0 47787786 50937765 51617928 53763724 266452 4216523 177535847 177175352 116641655 111011044 60894192 66164308 TO DISTRIBUTE ELECTRICITY TO THE MEMBERS OF THE ELECTRIC COOPERATIVE. 0 0 THE PRIMARY PURPOSE OF THE COOPERATIVE IS TO BUY ELECTRIC ENERGY AND SELL ELECTRIC ENERGY TO ITS MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 1 1 1 0 0 1 93 0 1 73 1 1 1 0 0 0 0 53904965 3318134 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X DODY WUBKER 5073677024 1775 LAKE SHADY AVENUE SOUTH ORONOCO MN 55960 X JOE BOOK DIRECTOR (THROUGH MARCH 2022) 6.80 X 3999 0 0 JEROME WOONER BOARD CHAIR 11.50 X 18900 0 0 ROBERT J HOEFS DIRECTOR 8.50 X 15425 0 0 ART FRIEDRICH VICE CHAIR 10.10 X 18500 0 0 TRACY LAURITZEN SECRETARY/TREASURER 13.50 X 21825 0 0 JEFFERY ORTH DIRECTOR 8.70 X 16375 0 0 JODIE TVEDT DIRECTOR 11.50 X 21375 0 0 JONATHAN KROENING DIRECTOR (STARTED MARCH 2022) 12.60 X 14976 0 0 MICHAEL J HENKE CEO/PRESIDENT 50.00 X 233389 0 140600 ANTHONY STERN CFO 50.00 X 134131 0 46378 GARY FITTERER DIRECTOR OF ENGINEERING 50.00 X 130703 0 34107 MICHELLE OLSON DIRECTOR OF MEMBER SERVICE 50.00 X 128987 0 81787 TYLER STEINBRINK LINEWORKER 52.00 X 134513 0 45918 PATRICK NELSON DIRECTOR OF ENGINEERING & OPERATIONS 50.00 X 144295 0 65721 GWEN STEVENS RELATIONS 50.00 X 127474 0 81999 1164867 0 496510 25 0 1 0 NEW AGE TREE SERVICE OF MN INC 601 E MAIN ST PO BOX 543 SPRING GROVE MN 55974 TREE CLEARING 1380425 MASTEC NETWORK SOLUTIONS LLC PO BOX 70 SHEVLIN MN 56676 LINE CONSTRUCTION 1347680 HIGHLINE CONSTRUCTION 16124 OLD LAKE RD PAYNESVILLE MN 56362 LINE CONSTRUCTION 1095158 CARR'S TREE SERVICE PO BOX 250 OTTERTAIL MN 56571 TREE CLEARING 909523 MJ ELECTRIC LLC PO BOX 840965 DALLAS TX 75284 LINE CONSTRUCTION 650335 8 SALE OF POWER 221000 54703554 54703554 54703554 122546 122546 50 0 50 50 50 10450125 8526256 1923869 1923869 1923869 43011 24982 18029 18029 CAPITAL CREDIT 900099 1177561 1177561 OTHER REVENUE 531390 34638 -16163 50801 1212199 57980247 57806850 50801 122596 2144867 681092 3115364 5379431 COST OF POWER 31234285 DISTRIBUTION EXPENSE - 3688614 DISTRIBUTION EXPENSE - 3379052 ADMINISTRATION EXPENSE 2156646 1984373 53763724 1973837 2120121 989 286 4892089 5993359 1210836 2975396 484661 314976 182664606 37876074 148609738 144788532 703854 597972 19650421 20375289 9422 9421 177535847 177175352 5690156 5498670 2426030 2702293 107113875 101567678 1411594 1242403 116641655 111011044 X 0 0 0 0 60894192 66164308 60894192 66164308 177535847 177175352 X 4216523 1053593 X X 0 1 X 1 0 462227 462227 8943890 1682136 7261754 170592109 36193938 134398171 2666380 2666380 144788532 NRUCFC-CAPITAL TERM CERTIFICATES 776474 C DAIRYLAND POWER COOPERATIVE 14229078 C NFUCFC-PATRONAGE CAPITAL CREDITS 276672 C NRTC-PATRONAGE CAPITAL CREDITS 428664 C INVESTMENT IN ECONOMIC DEVELOPMENTS 475239 C MEMBERSHIPS & OTHER INVESTMENTS 3646998 C SMEC PATRONAGE 496267 C COMMUNITY SOLAR PROJECT 45897 C 20375289 CONSUMER DEPOSITS 473069 ACCUMULATED PROVISION FOR PENSION 769334 1242403 X 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 EXAMINATION. THE FEDERAL INCOME TAX RETURNS OF THE COOPERATIVE ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. ALL FILINGS ARE CURRENT. X X X X 0 0 0 MICHAEL J HENKE CEO/PRESIDENT 223530 0 152 0 9707 0 104299 0 39456 0 377144 0 0 0 MICHELLE OLSON DIRECTOR OF MEMBER SERVICE 128210 0 162 0 615 0 48120 0 36711 0 213818 0 0 0 PATRICK NELSON DIRECTOR OF ENGINEERING & OPERATIONS 143363 0 662 0 270 0 32904 0 35290 0 212489 0 0 0 GWEN STEVENS RELATIONS 126413 0 662 0 399 0 46697 0 37885 0 212056 0 0 0 ANTHONY STERN CFO 133713 0 162 0 256 0 11276 0 38293 0 183700 0 0 0 TYLER STEINBRINK LINEWORKER 134267 0 106 0 140 0 20406 0 26092 0 181011 0 0 0 GARY FITTERER DIRECTOR OF ENGINEERING 128831 0 162 0 1710 0 18743 0 17501 0 166947 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN C ON THE SCHEDULE OF OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES, COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION, INCLUDES THE ESTIMATED CURRENT YEAR INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THESE AMOUNTS DO NOT REPRESENT ANY CURRENT YEAR CONTRIBUTIONS TO THE PLAN. THEY ARE ESTIMATES OF THE INCREASE IN THE ACTUARIAL VALUE OF THE PLANS RECEIVED FROM THE NRECA. THE CURRENT YEAR EXPENSE AND ESTIMATED ACTUARIAL INCREASE IN THE VALUE OF THE DEFINED BENEFIT PLAN FOR THE OFFICERS AND FIVE HIGHEST COMPENSATED EMPLOYEES ARE REFLECTED IN THE SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F. DAIRYLAND POWER ART FRIEDRICH REPRESENTS THE COOPERATIVE ON DAIRLYLAND POWER'S BOARD 21290791 PURCHASE OF POWER 0 DAIRYLAND POWER TRACY LAURITZEN SERVES AS AN ALTERNATE TO ART ON DAIRYLAND POWER'S BOARD 21290791 PURCHASE OF POWER 0 FORM 990, PART VI, SECTION A, LINE 6 EACH CUSTOMER IS A MEMBER OF THE ELECTRIC COOPERATIVE AND HAS VOTING RIGHTS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7A EACH CUSTOMER IS A MEMBER OF THE ELECTRIC COOPERATIVE AND MAY ELECT MEMBERS OF THE GOVERNING BODY. EACH MEMBER IS ALLOWED ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B BYLAW CHANGES MUST ALSO BE APPROVED BY A VOTE OF THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE MANAGER WILL REVIEW THE 990 AND CONDUCT A REVIEW WITH THE BOARD BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS AND KEY EMPLOYEES ANSWER A QUESTIONAIRE REGARDING BUSINESS RELATIONSHIPS, FAMILY RELATIONSHIPS AND INDEPENDENCE. DIRECTORS AND EMPLOYEES WITH A CONFLICT MAY FACE APPROPRIATE SANCTION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD'S PROCESS FOR DETERMINING CEO COMPENSATION IS BASED ON RESULTS OF A WRITTEN PERFORMANCE EVALUATION COMPLETED BY ALL BOARD MEMBERS, THEN SUMMARIZED. COMPENSATION IS THEN DETERMINED BY COMPARING REGIONAL SALARY LEVELS FOR CEOS BASED ON COMPANY SIZE WITH CURRENT CEO'S SALARY AND PERFORMANCE. COMPENSATION OF OFFICERS AND KEY EMPLOYEES ARE BASED UPON AN APPROVED EMPLOYEE COMPENSATION ADMINISTRATION POLICY AND A COMPENSATION PLAN, BOTH APPROVED BY THE BOARD OF DIRECTORS. THE DATA USED IN THE COMPENSATION PLAN IS COLLECTED FROM THE NRECA NATIONAL COMPENSATION SURVEY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII, SECTION A, COLUMN (F) INCLUDED IN COLUMN (F), ESTIMATED AMOUNT OF OTHER COMPENSATION FROM THE ORGANIZATION AND RELATED ORGANIZATIONS, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THE ESTIMATED INCREASE IS $86,042 FOR MICHAEL HENKE, $0 FOR ANTHONY STERN, $8,440 FOR GARY FITTERER, $12,592 FOR TYLER STEINBRINK, $21,117 FOR PATRICK NELSON, $37,387 FOR MICHELLE OLSON, AND $36,012 FOR GWEN STEVENS. THESE AMOUNTS ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. THE CURRENT YEAR EXPENSE FOR THIS DEFINED BENEFIT PLAN WAS $46,078 FOR MICHAEL HENKE, $28,835 FOR ANTHONY STERN, $26,665 FOR GARY FITTERER, $17,378 FOR TYLER STEINBRINK, $30,068 FOR PATRICK NELSON, $27,397 FOR MICHELLE OLSON, AND $27,242 FOR GWEN STEVENS. FORM 990, PART XI, LINE 9: PATRONAGE DIVIDENDS ALLOCATED 2,144,867. ACCUMULATED OTHER COMPREHENSIVE INC 163,929. PATRONAGE CAPITAL RETIRED -1,225,262. BOOK TO TAX DIFFERENCE - HSS 5,460. BOOK TO TAX DIFFERENCE MINNESOTA TH -24,765. BOOK TO TAX DIFFERENCE - FEDAC 7,458. BOOK TO TAX DIFFERENCE-PEC SOLAR -18,094. FORM 990, PART XII, LINE 2C THE COOPERATIVE'S BOARD OF DIRECTORS ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF ITS INDEPENDENT ACCOUNTANT. 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. ELGIN INDUSTRIAL PARK LLC 1775 LAKE SHADY AVENUE SOUTH ORONOCO MN 55960 450516115 REAL ESTATE SALES MN 5229 300708 PEOPLE'S COOPERATIVE SERVICES PEOPLE'S COOPERATIVE SERVICES TRUST 1775 LAKE SHADY AVENUE SOUTH ORONOCO MN 55960 208969930 COLLECT AND DISBURSE FUNDS FOR CHARITABLE AND EDUCATIONAL PURPOSES MN 501(C)(3) LINE 7 PEOPLE'S COOPERATIVE SERVICES 1 MINNESOTA THREE LLC 1775 LAKE SHADY AVE S ORONOCO MN 55960 462958241 SOLAR ENERGY MN UNRELATED 9288 343530 0 1 0.33330 PEOPLE'S ENERGY HOLDING COMPANY LLC 1775 LAKE SHADY AVENUE SOUTH ORONOCO MN 55960 473631747 SOLAR ENERGY MN PEOPLE'S COOPERATIVE SERVICES C 49924 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 PEOPLE'S COOPERATIVE SERVICES TRUST R 93672 CASH TRANSFERRED