2023-11-06T08:20:38-06:00 2022-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2022-01-01 460225402 EAST RIVER ELECTRIC POWER COOPERATIVE INC EAST 6052564536 211 S HARTH AVE MADISON SD 57042 ROBERT SAHR CEO/GENERAL MANAGER 6052564536 2023-11-03 1 ROBERT SAHR XXX-XX-XXXX 1 LAURIE HANSON CPA P00851848 6053391999 2023-11-03 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z ROBERT SAHR 211 S HARTH AVE MADISON SD 57042 335441988 0 X WWW.EASTRIVER.COOP X 1949 SD ACQUISITION, TRANSMISSION, AND DISTRIBUTION OF ELECTRIC POWER TO MEMBER SYSTEMS. 22 22 178 0 0 0 0 0 298817146 334729150 336205 563795 168983 149043 299322334 335441988 59935 68294 15831405 35162618 19923594 21101787 0 0 0 263507400 279109289 299322334 335441988 0 0 750935062 837365298 511567872 571593806 239367190 265771492 EAST RIVER ELECTRIC POWER COOPERATIVE EXISTS TO ENHANCE THE VALUE OF ITS MEMBERS. 0 0 EAST RIVER ELECTRIC POWER COOPERATIVE IS A WHOLESALE ELECTRIC POWER SUPPLY COOPERATIVE SERVING 24 RURAL ELECTRIC COOPERATIVES AND ONE MUNICIPALLY-OWNED ELECTRIC SYSTEM, WHICH IN TURN SERVES MORE THAN 93,000 HOMES AND BUSINESSES AND ABOUT 250,000 CONSUMERS. THE COOPERATIVE OPERATES AND MAINTAINS 3,236 MILES OF HIGH VOLTAGE TRANSMISSION LINE, 261 SUBSTATIONS AND RELATED FACILITIES TO SERVE AN AREA OF 40,000 SQUARE MILES THAT COVERS THE RURAL AREAS OF 41 COUNTIES IN EASTERN SOUTH DAKOTA AND 22 COUNTIES IN WESTERN MINNESOTA. EAST RIVER IS ALSO A TRANSMISSION OWNER IN THE SOUTHWEST POWER POOL. 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 116 0 1 178 1 0 0 0 0 0 274647903 15276913 0 0 0 X 22 22 0 0 0 0 1 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 X BARB STROM 6052564536 211 S HARTH AVE MADISON SD 57042 X JAMES RYKEN PRESIDENT 5.00 X X 19054 0 6322 ALAN VEDVEI VICE PRESIDENT 4.00 X X 19768 0 0 ERVIN FINK SECRETARY (END 08/2022) 5.00 X X 17277 0 0 DUANE WOLBRINK DIRECTOR/SECRETARY (BEG 08/2022) 3.00 X X 16353 0 0 BERT ROGNESS TREASURER 4.00 X X 20778 0 0 DAVID ALLEN DIRECTOR (END 06/2022) 2.00 X 4715 0 0 GARY BACHMAN DIRECTOR 4.00 X 20127 0 0 RODNEY DEMENT DIRECTOR 4.00 X 14015 0 3600 DOUG DIEKMANN DIRECTOR 4.00 X 18510 0 0 GALEN GRANT DIRECTOR 3.00 X 15665 0 0 ALAN HINDERMAN DIRECTOR 4.00 X 20896 0 0 JEFF HUFFORD DIRECTOR 3.00 X 15718 0 0 TREVOR JOB DIRECTOR 1.00 X 0 0 0 DAVID NEUGEBAUER DIRECTOR (BEG 09/2022) 3.00 X 5571 0 0 RYAN NOYES DIRECTOR 3.00 X 16027 0 0 JOHN OSTRAAT DIRECTOR 3.00 X 12859 0 0 KERMIT PEARSON DIRECTOR 3.00 X 13361 0 0 DARREL RASCHKE DIRECTOR (BEG 07/2022) 6.00 X 12785 0 0 RON SAMUELSON DIRECTOR 3.00 X 17470 0 0 KIRK SCHAUNAMAN DIRECTOR 3.00 X 88 0 15036 DON SCHURDEVIN DIRECTOR 3.00 X 17326 0 0 DARREN STRASSER DIRECTOR 3.00 X 16537 0 0 PAUL VOIGT DIRECTOR 3.00 X 15067 0 0 DAVE WARKENTHIEN DIRECTOR 3.00 X 4 0 16146 THOMAS BOYKO CEO/GENERAL MANAGER (END 07/2022) 54.00 X 787606 0 28847 SCOTT SHEWEY CHIEF FINANCIAL OFFICER 44.00 X 319123 0 101759 ROBERT SAHR CEO/GM (BEG 08/2022) 45.00 X 343103 0 130473 MARK HOFFMAN CHIEF OPERATIONS OFFICER 42.00 X 239921 0 109163 CHRIS STUDER CHIEF MEMBER & PUBLIC RELATIONS OFFICER 45.00 X 226753 0 86316 MICHAEL JASPERS BUSINESS DEVELOPMENT DIRECTOR 42.00 X 218522 0 67672 JEFFREY MAY CHIEF INFORMATION OFFICER 45.00 X 213321 0 168672 DOUG ENGBRECHT SUBSTATION & CONTROL MANAGER 50.00 X 191594 0 18947 ELIZABETH AVERY CHIEF HUMAN RESOURCES OFFICER 41.00 X 186703 0 195927 3056617 0 948880 85 0 1 0 KEY CONTRACTING INC 245 7TH AVE NE WEST FARGO ND 58078 TRANSMISSION LINE CONSTRUCTION 4188560 DGR ENGINEERING 1302 SOUTH UNION STREET PO BOX 511 ROCK RAPIDS IA 51246 ENGINEERING SERVICES 2611091 KARIAN PETERSON POWER LINE PO BOX 345 MONTEVIDEO MN 56265 TRANSMISSION LINE CONSTRUCTION 2391503 HIGHMARK ERECTORS INC PO BOX 491 BLACK HAWK SD 57718 SUBSTATION CONSTRUCTION 2125828 HIGHLINE CONSTRUCTION 16124 OLD LAKE RD PAYNESVILLE MN 56362 TRANSMISSION LINE CONSTRUCTION 2066991 19 SALE OF POWER 221000 274647903 274647903 RTO & WHEELING REVENUE 221000 31663332 31663332 G&T CAPITAL CREDITS 221000 28417915 28417915 334729150 391457 391457 140278 0 140278 140278 140278 172338 0 172338 172338 172338 MISCELLANEOUS REVENUE 900099 8765 8765 8765 335441988 334729150 0 712838 68294 35162618 2450152 14421949 2994533 1235153 13681947 15097548 COST OF POWER 240804403 TRANSMISSION - OPERATIO 11015429 TRANSMISSION - MAINTENA 3423306 DISTRIBUTION - OPERATIO 2036980 -6950324 335441988 6717311 9939777 29446694 35599010 12357513 15638936 4982510 5711597 727591688 149462875 522527091 578128813 17115532 13334637 157788411 179012528 750935062 837365298 31622216 41386893 450471714 484684554 12000000 30000000 17473942 15522359 511567872 571593806 X 2500 2500 0 0 239364690 265768992 239367190 265771492 750935062 837365298 X 0 26404302 X 0 1 X 1 0 7017043 7017043 28002442 3595858 24406584 400000376 71512772 328487604 292571827 74354245 218217582 578128813 BASIN ELECTRIC POWER COOPERATIVE 168928110 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 5309703 C OTHER INVESTMENTS 749854 C FEDERATED RURAL ELECTRIC INSURANCE CORPORATION 902860 C COBANK 2722140 C LOANS TO MEMBERS 399861 C 179012528 DEFERRED CREDITS 12374426 POSTRETIREMENT BENEFIT OBLIGATIONS 1379730 CAPITAL LEASE LIABILITY 1768203 15522359 X 335441988 0 335441988 0 335441988 300279370 0 300279370 35162618 35162618 335441988 PART X, LINE 2: THE COOPERATIVE BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2022 MARGINS TO MEMBERS IN 2023 35,162,618. 1 DAKOTA STATE UNIVERSITY FOUNDATION 2ND ST NE MADISON SD 57042 237299995 501(C)(3) 7800 0 COMMUNITY SUPPORT FORWARD SIOUX FALLS PO BOX 907 SIOUX FALLS SD 57101 460396647 OTHER 6667 0 ECONOMIC DEVELOPMENT GOVERNOR'S OFFICE OF ECONOMIC DEVELOPMENT 711 E WELLS AVE PIERRE SD 57501 466000364 GOVERNMENT 15000 0 ECONOMIC DEVELOPMENT LAKE AREA IMPROVEMENT CORPORATION PO BOX 32 MADISON SD 57042 510183368 501(C)(3) 10000 0 ECONOMIC DEVELOPMENT SOUTH DAKOTA AGRICULTURAL AND RURAL LEADERSHIP FOUNDATION PO BOX 2170 ANIMAL SCIENCE CENTER 132 BROOKINGS SD 57007 364293293 501(C)(3) 7500 0 ECONOMIC DEVELOPMENT 4 1 PART I, LINE 2: THE ORGANIZATION MAKES GRANTS TO VARIOUS FISCALLY RESPONSIBLE AND TRUSTWORTHY ORGANIZATIONS IN SOUTH DAKOTA AND MINNESOTA. THE GRANTS ARE APPROVED BY THE ORGANIZATION'S BOARD OF DIRECTORS IN THE YEARLY BUDGET AND ALSO AUTHORIZED FOR DISBURSEMENT BY MANAGEMENT UPON RECEIPT OF INVOICE. THERE ARE NO RESTRICTIONS ON THE GRANTS EXCEPT FOR THE RECIPIENTS TO USE THE FUNDS AS REPRESENTED IN THE INVOICE TO PROMOTE EDUCATION OR TO PROMOTE ECONOMIC DEVELOPMENT IN THE AREAS SERVED BY EAST RIVER ELECTRIC. X 1 1 X X 0 1 0 THOMAS BOYKO CEO/GENERAL MANAGER (END 07/2022) 410867 0 0 0 376739 0 7625 0 23739 0 818970 0 0 0 ROBERT SAHR CEO/GM (BEG 08/2022) 339753 0 0 0 3350 0 99954 0 32847 0 475904 0 0 0 SCOTT SHEWEY CHIEF FINANCIAL OFFICER 316172 0 0 0 2951 0 71615 0 32959 0 423697 0 0 0 ELIZABETH AVERY CHIEF HUMAN RESOURCES OFFICER 184968 0 0 0 1735 0 175932 0 21855 0 384490 0 0 0 JEFFREY MAY CHIEF INFORMATION OFFICER 212274 0 0 0 1047 0 154687 0 16009 0 384017 0 0 0 MARK HOFFMAN CHIEF OPERATIONS OFFICER 239384 0 0 0 537 0 79115 0 32423 0 351459 0 0 0 CHRIS STUDER CHIEF MEMBER & PUBLIC RELATIONS OFFICER 226250 0 0 0 503 0 56795 0 31732 0 315280 0 0 0 MICHAEL JASPERS BUSINESS DEVELOPMENT DIRECTOR 217443 0 0 0 1079 0 52740 0 17056 0 288318 0 0 0 DOUG ENGBRECHT SUBSTATION & CONTROL MANAGER 161318 0 0 0 30276 0 4093 0 16435 0 212122 0 0 0 PART I, LINE 1A USE OF CHARTER AIR IS ALLOWED ONLY WHEN COMMERCIAL AIRLINE SERVICE IS NOT AVAILABLE OR PRACTICAL. PART I, LINE 4B THOMAS BOYKO RECEIVED A PAYMENT OF $350,000 TO SUPPLEMENT HIS RETIREMENT BENEFIT DUE TO RESTRICTIONS ON HIS QUALIFIED RETIREMENT BENEFIT. ROBERT SAHR RECEIVED A PAYMENT OF $7,405 AS A PERFORMANCE INCENTIVE 457(F) TO SUPPLEMENT HIS COMPENSATION FOR A SPECIFIC TIME FRAME. SCHEDULE J, PART II, COLUMN C SCHEDULE J, PART II, COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN PER THE 990 INSTRUCTIONS. THIS AMOUNT DOES NOT REPRESENT THE ACTUAL CONTRIBUTIONS MADE TO THE PLAN BY THE COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE SHALL HAVE NO STOCK, BUT MEMBERSHIP IN THE COOPERATIVE SHALL BE EVIDENCED BY A MEMBERSHIP CERTIFICATE. MEMBERSHIP IN THE COOPERATIVE SHALL BE OF FOUR CLASSES AS FOLLOWS: (A)CLASS "A" MEMBERSHIP. ANY INCORPORATED COOPERATIVE ASSOCIATION ORGANIZED UNDER STATE LAWS GOVERNING RURAL ELECTRIC COOPERATIVES, FOR THE PURPOSES OF CONSTRUCTING, OPERATING AND MAINTAINING ELECTRIC DISTRIBUTION LINES OR SYSTEMS MAY BECOME A CLASS "A" MEMBER UPON COMPLIANCE WITH THE OTHER MEMBERSHIP REQUIREMENTS OF THESE BYLAWS. EACH CLASS "A" MEMBER SHALL BE ENTITLED TO ONE (1) DIRECTOR AND ONE (1) VOTE AT ANY COOPERATIVE MEETING. (B)CLASS "B" MEMBERSHIP. ANY MUNICIPALITY OR OTHER BODY POLITIC MAY BECOME A CLASS "B" MEMBER UPON COMPLIANCE WITH THE OTHER MEMBERSHIP REQUIREMENTS OF THESE BYLAWS. CLASS "B" MEMBERS SHALL COLLECTIVELY BE ENTITLED TO ONE (1) DIRECTOR AND ONE (1) VOTE AT ANY COOPERATIVE MEETING. (C)CLASS "C" MEMBERSHIP. ANY FIRM, ASSOCIATION, CORPORATION, BUSINESS TRUST, LIMITED LIABILITY COMPANY OR OTHER ENTITY NOT FITTING THE REQUIREMENTS OF CLASS "A OR "B" MEMBERSHIP MAY BECOME A CLASS "C" MEMBER UPON COMPLIANCE WITH THE OTHER MEMBERSHIP REQUIREMENTS OF THESE BYLAWS. CLASS "C" MEMBERS SHALL COLLECTIVELY BE ENTITLED TO ONE (1) DIRECTOR AND ONE (1) VOTE AT ANY COOPERATIVE MEETING. (D)CLASS "D" MEMBERSHIP. ANY COOPERATIVE, FIRM, ASSOCIATION, CORPORATION, BUSINESS TRUST, LIMITED LIABILITY COMPANY OR OTHER ENTITY NOT FITTING THE REQUIREMENTS OF CLASS "A", "B", OR "C" MEMBERSHIP MAY BECOME A CLASS "D" MEMBER UPON COMPLIANCE WITH THE OTHER MEMBERSHIP REQUIREMENTS OF THESE BYLAWS. CLASS "D" MEMBERS SHALL COLLECTIVELY BE ENTITLED TO ONE (1) DIRECTOR AND ONE (1) VOTE AT ANY COOPERATIVE 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 UPON COMPLETION OF EAST RIVER'S 990, THE RETURN WILL BE POSTED TO THE SECURE AREA OF EAST RIVER'S WEB SITE FOR THE DIRECTORS, OFFICERS, AND MANAGEMENTS REVIEW. ANY QUESTIONS OR CONCERNS WILL BE ADDRESSED AND THE 990 WILL BE FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL DIRECTORS AND EMPLOYEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY. AN EMPLOYEE OR DIRECTOR SHALL MAKE PROMPT AND FULL DISCLOSURE TO THE BOARD OR TO THE EMPLOYEE'S SUPERVISOR OF ANY POTENTIAL SITUATION WHICH MAY INVOLVE A CONFLICT OF INTEREST. DETERMINATION OF WHETHER A CONFLICT EXISTS AND REVIEW OF THE CONFLICT WILL BE MADE BY THE BOARD IF THE PERSON INVOLVED IS A BOARD MEMBER OR GENERAL MANAGER; IF THE PERSON INVOLVED IS AN EMPLOYEE, THE EMPLOYEE'S SUPERVISOR WILL MAKE THIS DETERMINATION. ANY EMPLOYEE OR DIRECTOR WHOSE CONDUCT VIOLATES THE CONFLICT OF INTEREST POLICY SHALL BE SUBJECT TO DISCIPLINARY ACTION UP TO AND INCLUDING EXPULSION FROM THE BOARD OR TERMINATION; THIS IS DETERMINED BY THE BOARD OR GENERAL MANAGER. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION PLAN IS BASED ON A COMPILATION OF SALARY SURVEY DATA ACQUIRED THROUGH THE SERVICES OF A PROFESSIONAL CONSULTANT. AN AVERAGE OF THE MEDIAN RATES IN THE VARIOUS SURVEYS IS USED TO DETERMINE THE EAST RIVER MARKET RATE. THE BOARD OF DIRECTORS ANNUALLY REVIEWS THE MARKET DATA AND APPROVES ANY CHANGES. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST BY CALLING THE OFFICE, STOPPING IN, OR VIA EMAIL. 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 GENERAL MANAGER, ASSISTANT GENERAL MANAGERS AND OTHER HIGHLY COMPENSATED EMPLOYEES. 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 -8,758,316. ALLOCATION OF 2022 MARGINS TO MEMBERS IN 2023 35,162,618. 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. FORM 990, PART IX, LINE 24E STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 5-10 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.