2023-11-02T14:06:44-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2022-01-01 410558515 STEELE-WASECA COOPERATIVE ELECTRIC STEE 5074517340 2411 WEST BRIDGE STREET PO BOX 485 OWATONNA MN 55060 SYDNEY BRIGGS GENERAL MANAGER 5074517340 2023-10-27 1 SYDNEY BRIGGS 999009999 0 KATHERINE LUTZKE CPA P01760889 5072802300 2023-10-27 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z SYDNEY BRIGGS 2411 WEST BRIDGE STREET PO BOX 485 OWATONNA MN 55060 39113706 0 X WWW.SWCE.COOP X 1936 MN COOPERATIVE ELECTRIC UTILITY 9 9 34 0 22475 0 0 0 36074792 38282535 79672 127869 1595748 701031 37750212 39111435 0 0 3610526 2426194 779844 1015153 0 0 0 33359842 35670088 37750212 39111435 0 0 93180056 99899632 46808679 53166954 46371377 46732678 THE MISSION OF STEELE-WASECA COOPERATIVE ELECTRIC IS TO PROVIDE COMPETITIVE, RELIABLE QUALITY SERVICE TO OUR MEMBERSHIP. 0 0 SALE OF ELECTRICITY TO MEMBERS. 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 0 0 0 1 23 0 34 1 1 1 0 0 0 0 38974100 1240164 0 0 0 X 9 9 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 1 0 MN X JON P STELTER 5074464212 2411 W BRIDGE ST OWATONNA MN 550600485 GARY WILSON PRESIDENT 8.00 X X 30205 0 0 JOHN BEAL VICE-PRESIDENT 8.00 X X 29140 0 0 RODNEY KRELL SECRETARY/TREASURER 8.00 X X 29705 0 0 RONALD SOMMERS ACTING SECRETARY/TREASURER 8.00 X X 28380 0 0 PATRICK DUCHENE DIRECTOR 8.00 X 28705 0 0 DUANE EDWARDSON DIRECTOR 8.00 X 25920 0 0 GERALDINE LIENKE DIRECTOR 8.00 X 29400 0 0 DENNIS RINGHOFER DIRECTOR 8.00 X 30985 0 0 RENEE MALECHA DIRECTOR 8.00 X 19320 0 0 SYDNEY BRIGGS GENERAL MANAGER 40.00 X 223432 0 127085 DAVID LUNDBERG FINANCE MANAGER 40.00 X 150588 0 19415 JON STELTER FINANCE MANAGER 45.00 X 145554 0 97317 DAN MEIER OPERATIONS MANAGER 40.00 X 142640 0 106973 STEVE NORDAHL SYSTEM TECHNICIAN 40.00 X 133669 0 64950 COLLIN WENCL LINE TECHNICIAN 46.00 X 131422 0 35643 CHAD HENDERSON LINE FOREMAN 45.00 X 131847 0 29549 1310912 0 480932 7 0 1 0 MIDWEST DIVERSIFIED UTILITIES LLC 2875 PERCHERON ROAD WICKENBURG AZ 85390 UNDERGROUND LINE CONTRACTOR 722925 CARR'S TREE SERVICE INC PO BOX 250 OTTERTAIL MN 56571 TREE CLEARING 580274 P&R CONSTRUCTION LLC 227 BARNEY ST OWATONNA MN 55060 SUBSTATION CONSTRUCTION 114435 3 SALE OF POWER 221000 38089657 38089657 OTHER ELECTRIC REVENUE 221000 192878 192878 38282535 123251 123251 6889 2271 4618 4618 4618 CAPITAL CREDITS 990009 678556 678556 ELECTRIC WIRING 221000 22475 22475 701031 39111435 38961091 22475 127869 X 2426194 1015153 874055 3570205 COST OF POWER 25558331 DISTRIBUTION EXPENSE - 1707576 DISTRIBUTION EXPENSE - 1283413 ADMIN AND GENERAL EXPEN 1141025 1535483 39111435 1910786 3497042 4385334 4291737 4374648 1336533 1026876 1249430 1757931 1154402 895036 99479939 35579817 61360535 63900122 17484638 24425257 6661 22720 93180056 99899632 4913185 4487448 35139623 40835448 6755871 7844058 46808679 53166954 X 17222 17346 0 0 46354155 46715332 46371377 46732678 93180056 99899632 X 0 361301 X X 0 1 X 1 0 296801 296801 3155268 1543503 1611765 3397766 1710235 1687531 92630104 32326079 60304025 63900122 CAPITAL CREDITS - GRE & CFC 15662360 C CAPITAL TERM CERTIFICATES - CFC 558243 C OTHER INVESTMENTS IN ASSOC ORGANIZATIONS 1058198 C OTHER INVESTMENTS - HOMESTEAD FUNDS 2646456 C OTHER INVESTMENTS - CFC MTN 4500000 C 24425257 DEFERRED CREDITS 2791830 ACCUM PROVISION FOR PENSION & BENEF 5052228 7844058 X 39089776 0 39089776 21659 21659 39111435 36663582 0 36663582 2447853 2447853 39111435 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE (IRC). 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 HAD NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2022 AND 2021. PART XI, LINE 4B - OTHER ADJUSTMENTS: WIRING EXPENSE 21,659. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE DIVIDENDS ALLOCATED 2,426,194. WIRING EXPENSE 21,659. X X 0 0 0 SYDNEY BRIGGS GENERAL MANAGER 223432 0 0 0 0 0 86771 0 40314 0 350517 0 0 0 DAN MEIER OPERATIONS MANAGER 142640 0 0 0 0 0 69072 0 37901 0 249613 0 0 0 JON STELTER FINANCE MANAGER 145554 0 0 0 0 0 60221 0 37096 0 242871 0 0 0 STEVE NORDAHL SYSTEM TECHNICIAN 133669 0 0 0 0 0 42807 0 22143 0 198619 0 0 0 DAVID LUNDBERG FINANCE MANAGER 150588 0 0 0 0 0 4074 0 15341 0 170003 0 0 0 COLLIN WENCL LINE TECHNICIAN 131422 0 0 0 0 0 15161 0 20482 0 167065 0 0 0 CHAD HENDERSON LINE FOREMAN 131847 0 0 0 0 0 27376 0 2173 0 161396 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE COMPANY IS A MEMBER OWNED COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 7A AT THE ANNUAL MEETING 3 DIRECTORS ARE ELECTED ANNUALLY TO 3 YEAR TERMS. NO ABSENTEE BALLOTS ARE ALLOWED. ALL MEMBERS CAN VOTE IF PRESENT AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B ALL BOARD MEMBERS RECEIVED AN ELECTRONIC VERSION OF FORM 990 BEFORE IT WAS FILED. FORM 990, PART VI, SECTION B, LINE 12C CORPORATE COUNCIL REVIEWS THE CONFLICT OF INTEREST POLICY AT THE ORGANIZATIONAL MEETING WITH THE ENTIRE BOARD OF DIRECTORS. ALL DIRECTORS, OFFICERS, AND EMPLOYEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY. ANY POTENTIAL CONFLICTS THAT ARISE ARE REVIEWED BY THE BOARD OF DIRECTORS, GENERAL MANAGER, AND LEGAL COUNSEL. IF CONFLICTS ARE DETERMINED TO EXIST, THE VIOLATION MAY RESULT IN A DISCIPLINARY HEARING WITH THE GENERAL MANAGER, AND POSSIBLE EXPULSION. THE ORGANIZATION DOCUMENTS ANY PROCEEDINGS DURING THE HEARING PROCESS. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, SECTION B, LINE 15A: THE BOARD OF DIRECTORS AS THE GOVERNING BODY & CORPORATE COUNCIL CONDUCT A PERFORMANCE AND COMPENSATION REVIEW OF THE GM. COMPENSATION WAS SET BY THE BOARD OF DIRECTORS BASED ON A PERFORMANCE REVIEW AND NATIONAL COMPENSATION SURVEYS. COMPENSATION FIGURES WERE PROVIDED TO THE FINANCE DEPARTMENT. FORM 990, PART VI, SECTION B, LINE 15B: COMPENSATION WAS SET BY THE GM BASED ON A NATIONAL COMPENSATION SURVEY. A VERBAL REVIEW WAS PROVIDED TO THE BOARD OF DIRECTORS AS THE GOVERNING BODY. COMPENSATION FIGURES WERE PROVIDED TO THE FINANCE DIVISION. THE PROCESSES DESCRIBED HERE WERE LAST COMPLETED IN 2022 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 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 PART XII ON SCHEDULE D. FORM 990, PART XI, LINE 9: PATRONAGE DIVIDENDS ALLOCATED 2,426,194. CAPITAL CREDITS RETIRED -1,695,346. ESTATE SETTLEMENTS -116,127. MEMBERSHIP CHANGES 124. NET LOSS ON AVAILABLE FOR SALE SECURITIES -253,544. 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. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.