2023-06-05T14:08:12-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2022-01-01 421445092 EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE EAST 3194433570 PO BOX 248 URBANA IA 52345 TERESA FLOYD CEO 3194433570 2023-05-19 1 TERESA FLOYD 999009999 0 KATHERINE LUTZKE CPA P01760889 5072802300 2023-05-19 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z TERESA FLOYD PO BOX 248 URBANA IA 52345 25267415 0 X WWW.ECIREC.COM X 1995 IA EAST CENTRAL IOWA RURAL ELECTRIC COOPERATIVE PROVIDES ELECTRIC ENERGY SERVICE TO APPROXIMATELY 7,240 MEMBERS TO PARTS OF 10 COUNTIES IN EAST-CENTRAL IOWA. IT'S PRIMARY MISSION IS TO PROVIDE THE BEST POSSIBLE ELECTRICAL SERVICE TO ITS MEMBERS AT THE LOWEST POSSIBLE COST. 8 8 36 0 -143 0 0 0 21620806 23860298 63200 850896 862940 530958 22546946 25242152 0 0 515631 506886 695909 715471 0 0 0 20027378 22785957 21238918 24008314 1308028 1233838 78869234 83334796 40328359 43594987 38540875 39739809 EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE PROVIDES ELECTRIC ENERGY SERVICE TO APPROXIMATELY 7,240 MEMBERS TO PARTS OF 10 COUNTIES IN EAST-CENTRAL IOWA. ITS PRIMARY MISSION IS TO PROVIDE THE BEST POSSIBLE SERVICE TO ITS MEMBERS FOR THE LOWEST POSSIBLE COST. 0 0 PROVISION OF ELECTRICITY AND ELECTRIC SERVICES TO THE COOPERATIVE'S 7,240 MEMBERS. THIS REPRESENTS 99% OF THE TOTAL REVENUE FOR THE COOPERATIVE FOR 2022. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 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 1 0 1 20 0 36 1 0 0 0 0 0 23860298 533155 0 0 0 X 8 8 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X JENNIFER SCHMITZ 3194434343 PO BOX 248 URBANA IA 52345 STEVE RAU PRESIDENT 3.58 0.00 X X 6740 0 0 JEFF ELLIOT VICE PRESIDENT 3.04 0.00 X X 8120 0 0 RYAN KRESS SECRETARY/TREASURER 2.04 0.00 X X 5045 0 0 GARY MCKENNA ASSISTANT SECRETARY/TREASU 2.73 0.00 X X 6405 0 0 BRIAN MCNULTY DIRECTOR 1.15 0.00 X 3725 0 0 DON NICK DONLEA DIRECTOR 1.48 0.00 X 4060 0 0 DONALD SHONKA DIRECTOR 3.83 0.00 X 6740 0 0 JULIE KESTER DIRECTOR 2.04 0.00 X 6740 0 0 TERESA FLOYD CEO 40.00 0.00 X 164326 0 50215 THOMAS G SCHMITT OPERATIONS MANAGER 40.00 0.00 X 110227 0 30812 322128 0 81027 2 0 1 0 HIGHLINE CONSTRUCTION INC 16124 OLD LAKE RD PAYNESVILLE MN 56362 DISTRIBUTION LINE REBUILD 1105396 CRC TRENCHING CO 116 TURNER ST WATKINS IA 52354 BORING/TRENCHING 609950 WEST UNION TRENCHING 10715 HARDING RD WEST UNION IA 52175 BORING/TRENCHING 178460 UTILITY SERVICE CONTRACTORS PO BOX 33 HIAWATHA IA 52233 DISTRIBUTION LINE REBUILD 161581 MAURER TREE SERVICE 1203 BAXTER AVE FAIRBANK IA 50629 TREE TRIMMING 102832 5 ELECTRICITY SALES 221000 23860298 23860298 23860298 74691 74691 778705 2500 776205 776205 776205 20709 22763 -2054 -2054 CAPITAL CREDITS 221000 533155 533155 SCHEDULE K-1 INCOME/LOSS 221000 -143 -143 533012 25242152 24391399 -143 850896 506886 262116 402261 51094 18821 585397 1468394 2577475 COST OF POWER 14173119 DISTRIBUTION OPERATIONS 2274858 CONSUMER ACCOUNTS 1006759 DISTRIBUTION MAINTENANC 657492 23642 24008314 246143 335859 1557505 824323 2939426 3444188 1505282 2100584 151564 186728 87758547 20706316 63717381 67052231 7787839 7532675 18180 18180 945914 1840028 78869234 83334796 2706947 3491318 36989954 39307776 631458 795893 40328359 43594987 X 0 0 0 0 38540875 39739809 38540875 39739809 78869234 83334796 X 1233838 -34904 X X 0 1 X 1 0 155087 155087 3818792 921162 2897630 14960690 4401282 10559408 68823978 15383872 53440106 67052231 OTHER INVESTMENTS 424684 C HELD TO MATURITY SECURITIES 771347 C ASSOCIATED ORGANIZATIONS 6336644 C 7532675 DEFERRED CREDITS 703530 CUSTOMER DEPOSITS 92363 795893 X PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE (IRC) AND A SIMILAR SECTION OF THE IOWA INCOME TAX LAW. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED AT DECEMBER 31, 2022 AND 2021. THE COOPERATIVE FILES INFORMATION RETURNS IN THE U.S. FEDERAL JURISDICTION. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAD NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2022 AND 2021. X X X X 0 0 0 TERESA FLOYD CEO 164326 0 0 0 0 0 36667 0 13548 0 214541 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 ARTICLE V. MEMBERS SECTION 1. ANY INDIVIDUAL FOR HIMSELF, OR HERSELF, AND ANY PERSON AS THE ACCREDITED AGENT AND REPRESENTATIVE ACTING ON BEHALF OF ANY FIRM, ASSOCIATION, CORPORATION, PARTNERSHIP, OR OTHER ORGANIZATION, MAY BECOME A MEMBER IN THIS COOPERATIVE BY (A) APPLYING FOR A MEMBERSHIP CERTIFICATE IN THE COOPERATIVE, (B) AGREEING TO TAKE, RECEIVE, AND PAY FOR ELECTRIC UTILITY SERVICE FURNISHED BY THE COOPERATIVE AS HEREINAFTER IN SECTION 3 OF THIS ARTICLE SPECIFIED, AND (C) AGREEING TO COMPLY WITH AND TO BE BOUND BY THESE ARTICLES OF INCORPORATION, THE BYLAWS OF THE COOPERATIVE, AND SUCH RULES AND REGULATIONS AS MAY FROM TIME TO TIME BE ADOPTED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE; PROVIDED, HOWEVER, THAT NO INDIVIDUAL, EXCEPT AN INDIVIDUAL ACCEPTED FOR MEMBERSHIP BY THE MEMBERS AT ANY MEETINGS HEREOF OR BECOMING A MEMBER BY VIRTUE OF THE CONSOLIDATION WHICH CREATED EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE, SHALL BECOME A MEMBER OF THE COOPERATIVE UNLESS AND UNTIL ACCEPTED FOR MEMBERSHIP BY THE AFFIRMATIVE VOTE OF NOT LESS THAN A MAJORITY OF THE BOARD OF DIRECTORS. APPLICATIONS FOR MEMBERSHIP MAY BE REJECTED FOR JUST CAUSE. SECTION 2. THE COOPERATIVE SHALL HAVE NO CAPITAL STOCK, BUT MEMBERSHIP IN THE COOPERATIVE SHALL BE EVIDENCED BY A MEMBERSHIP CERTIFICATE. MEMBERSHIP IN THE COOPERATIVE SHALL NOT BE TRANSFERABLE. SECTION 3. EACH MEMBER OF THE COOPERATIVE SHALL, AS SOON AS ELECTRIC ENERGY SHALL BE AVAILABLE, PURCHASE FROM THE COOPERATIVE MONTHLY NOT LESS THAN THE MINIMUM AMOUNT OF ELECTRIC ENERGY WHICH SHALL, FROM TIME TO TIME, BE DETERMINED BY RESOLUTION OF THE BOARD OF DIRECTORS OF THE COOPERATIVE AND SHALL PAY THEREFORE AND FOR ALL ADDITIONAL ELECTRIC ENERGY USED BY SUCH MEMBER, THE PRICE WHICH SHALL, FROM TIME TO TIME, BE FIXED THEREFORE BY RESOLUTION OF THE BOARD OF DIRECTORS. EACH MEMBER SHALL ALSO PAY ALL OBLIGATIONS WHICH MAY, FROM TIME TO TIME, BECOME DUE AND PAYABLE BY SUCH MEMBER TO THE COOPERATIVE AS AND WHEN THE SAME SHALL BECOME DUE AND PAYABLE. EACH MEMBER SHALL COMPLY WITH SUCH RULES AND REGULATIONS AS MAY, FROM TIME TO TIME, BE ADOPTED BY THE BOARD OF DIRECTORS. SECTION 4. THE PRIVATE PROPERTY OF THE MEMBERS OF THE COOPERATIVE SHALL BE EXEMPT FROM EXECUTION FOR THE DEBTS OF THE COOPERATIVE AND NO MEMBER SHALL BE INDIVIDUALLY RESPONSIBLE FOR ANY DEBTS OR LIABILITIES OF THE COOPERATIVE. SECTION 5. NO MEMBER OF THE COOPERATIVE MAY OWN MORE THAN ONE MEMBERSHIP AND EACH MEMBER HOLDING A MEMBERSHIP CERTIFICATE SHALL BE ENTITLED TO ONE VOTE AND NO MORE AT ALL MEETINGS OF THE MEMBERS OF THE COOPERATIVE. IF A HUSBAND AND WIFE HOLD A JOINT MEMBERSHIP TOGETHER, THEY SHALL BE JOINTLY ENTITLED TO ONE VOTE AND NO MORE UPON EACH MATTER SUBMITTED TO A VOTE AT A MEETING OF THE MEMBERS. THE VOTE OF EACH MEMBER OF THE COOPERATIVE SHALL BE CAST IN PERSON AND NOT BY PROXY, PROVIDED, THAT AN ABSENT MEMBER MAY CAST HIS WRITTEN VOTE UPON ANY PROPOSITION OF WHICH HE HAS BEEN PREVIOUSLY NOTIFIED IN WRITING, AND OF WHICH A COPY ACCOMPANIES HIS VOTE. FORM 990, PART VI, SECTION A, LINE 7A SEE EXPLANATION FOR PART VI LINE 6 FORM 990, PART VI, SECTION A, LINE 7B SEE EXPLANATION FOR PART VI LINE 6 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 PRIOR TO THE 990 BEING FILED THE ORGANIZATION'S INDEPENDENT ACCOUNTANT WILL PRESENT THE COMPLETED 990 TO THE GOVERNING BODY. THIS EVENT IS INCLUDED AS AN AGENDA ITEM AND WILL BE NOTED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD, OFFICERS, AGENTS OF THE COOPERATIVE, AND EMPLOYEES WILL COMPLETE A CONFLICT OF INTEREST FORM IDENTIFYING ANY POTENTIAL CONFLICTS AND THE POLICY REQUIRES ANY SUCH PERSON TO NOTIFY THE ORGANIZATION OF A POTENTIAL CONFLICT IMMEDIATELY. THE DISCLOSURES ARE COMPLETED ANNUALLY IN JUNE AND REVIEWED AT THAT TIME. IF CONFLICTS WERE TO ARISE, THE BOARD OF DIRECTORS WOULD EVALUATE THE POTENTIAL CONFLICT AND DOCUMENT THOSE PROCEDURES. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR THE SALARY RANGES IN THE WAGE AND SALARY PLAN WILL BE ADJUSTED TO REFLECT THE WAGES AND SALARIES OF OTHER ELECTRIC COOPERATIVES IN THE IOWA-WISCONSIN-ILLINOIS REGION AS FOUND IN THE LATEST AVAILABLE NATIONAL COMPENSATION SURVEY OF RURAL ELECTRIC DISTRIBUTION SYSTEMS CONDUCTED BY THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION. FORM 990, PART VI, SECTION B, LINE 15B: FOR EACH POSITION, THE WEIGHTED AVERAGE LOWEST, MEDIAN, AND THIRD QUARTILE WAGE OR SALARY WILL BE CALCULATED FROM THOSE OF OTHER ELECTRIC COOPERATIVES OF THE SAME SIZE AS EAST-CENTRAL IOWA REC AS DEFINED BY TOTAL UTILITY PLANT, REVENUE, AND NUMBER OF CONSUMERS. FOR POSITIONS IN THE COOPERATIVE THAT HAVE NO COMPARABLE POSITION IN THE NRECA NATIONAL COMPENSATION SURVEY, OTHER COMPARATIVE WAGES AND SALARIES FROM THE LOCAL LABOR AREA WILL BE USED. THE BOARD OF DIRECTORS APPROVED THE COMPENSATION ADJUSTMENTS AND DOCOUMENTS APPROVALS IN THE BOARD MEETINGS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENT ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: INCOME FROM EQUITY INVESTMENTS 1,628. PATRONAGE DIVIDENDS PAID 506,886. SCHEDULE K-1 INCOME/LOSS 143. CAPITAL CREDITS RETIRED -543,561. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT OF THE ANNUAL FINANCIAL STATEMENT AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED. 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. BECCA GROUP INC 2400 BING MILLER LANE URBANA IA 52345 421350925 ECONOMIC DEVELOPMENT IA EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE C 2493 195199 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 NO TRANSACTIONS GREATER THAN 50000