2023-07-17T09:45:17-05:00 2022-12-31 450250958 EIDE BAILLY LLP 200 E 10TH ST STE 500 SIOUX FALLS SD 571046375 990 2022-01-01 421404169 NORTH WEST RURAL ELECTRIC COOPERATIVE NORT 7127074935 PO BOX 435 ORANGE CITY IA 51041 LYLE D KORVER CEO 7127074935 2023-06-07 1 LYLE KORVER 999009999 0 LAURIE HANSON CPA P00851848 6053391999 2023-06-07 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z LYLE D KORVER PO BOX 435 ORANGE CITY IA 51041 55587477 0 X WWW.NWREC.COOP X 1938 IA PROVIDE ELECTRICITY TO ITS MEMBERS. 11 11 47 0 -1478 0 0 0 53368141 55056469 146605 212468 91608 -2476 53606354 55266461 42518 48761 3200000 3900000 4672805 4683174 0 0 0 44083009 44609854 51998332 53241789 1608022 2024672 122431041 131130476 63022096 67877423 59408945 63253053 WE WILL SAFELY AND EFFICIENTLY PROVIDE RELIABLE AND AFFORDABLE ELECTRIC SERVICE TO OUR MEMBERS. 0 0 PURCHASE AND DISTRIBUTION OF ELECTRIC POWER TO MEMBERS. NORTH WEST REC SERVES 7,272 MEMBERS. 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 0 0 0 1 25 0 1 47 1 1 1 0 0 0 0 51187256 1567043 0 0 0 X 11 11 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 1 1 X LYLE KORVER 7127074935 PO BOX 435 ORANGE CITY IA 510410435 X LYLE D KORVER CEO 45.40 X 261025 0 21018 CURTIS F AHRENHOLZ FINANCE DIRECTOR 40.80 X 124416 0 20703 DOUGLAS J ALONS OPERATIONS DIRECTOR 40.10 X 119895 0 20676 DERRICK W HAAK ASSISTANT OPERATIONS DIRECTOR 40.00 X 111679 0 21556 MICHAEL A BERKENPAS LEAD LINEMAN 44.60 X 109949 0 22205 ROBERT J DRIESEN MEMBER SERVICES DIRECTOR 40.00 X 108214 0 22937 DERALD E PHILIPS SAFETY & LOSS CONTROL DIRECTOR 40.10 X 109864 0 19182 JEFF REHDER PRESIDENT 8.00 X X 11165 0 0 STEVE BROWN SECRETARY 5.00 X X 10300 0 0 DAVE BOSMA DIRECTOR 6.00 X 8500 0 0 DAN HOFFMAN DIRECTOR 10.00 X 8325 0 0 DOUGLAS BECKER VICE PRESIDENT 5.00 X X 8315 0 0 STEVE ABMA DIRECTOR 5.00 X 8000 0 0 SHIRLEY SCHROEDER DIRECTOR 5.00 X 7200 0 0 SCOTT FEUERHELM DIRECTOR 5.50 X 7100 0 0 DALE ULLRICH ASST SECRETARY/TREASURER 5.00 X X 6765 0 0 TOM WAGNER TREASURER 5.00 X X 6665 0 0 CHAD DAU DIRECTOR 3.00 X 5100 0 0 1032477 0 148277 13 0 1 0 H&D UNDERGROUND INC 24434 240TH ST SLEEPY EYE MN 56085 URD BORING & PLOWING 201232 1 SALE OF POWER 221000 50475494 50475494 CAPITAL CREDITS 221000 4579575 4579575 EQUITY EARNINGS 221000 1400 2878 -1478 55056469 218249 218249 5781 -5781 -5781 -5781 319970 315235 4735 4735 MISC.NON-OP.REVENUE - HOUSE MOVE 221000 -7211 -7211 -7211 55266461 55062682 -1478 205257 X 48761 3900000 597375 3197916 619420 268463 1843780 2751887 COST OF POWER 38644629 ADMIN & GENERAL 1606437 DISTRIBUTION-OPERATIONS 1584428 DISTRIBUTION-MAINTENANC 1527385 -3348692 53241789 6861381 8926730 7355602 7974461 4845640 4544680 1121579 2004067 68400 113058 104616949 30902216 70366667 73714733 51991 43316 309110 310510 31374401 33415857 51013 51013 25257 32051 122431041 131130476 3177616 4365200 47484987 47363358 700000 5000000 11659493 11148865 63022096 67877423 X 0 0 0 0 59408945 63253053 59408945 63253053 122431041 131130476 X 2024672 1819437 X 0 1 X 1 0 0 0 218802 218802 3919696 1489455 2430241 7533339 4732805 2800534 92945112 24679956 68265156 73714733 NORTHWEST IOWA POWER COOPERATIVE 28356414 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 3864629 C FEDERATED RURAL ELECTRIC INSURANCE 180310 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 256356 C RESCO 433061 C OTHER MISCELLANEOUS INVESTMENTS 325087 C 33415857 POSTRETIREMENT BENEFIT OBLIGATION 217790 CUSTOMER DEPOSITS 61531 DEFERRED CREDITS 10869544 11148865 X 55266460 0 55266460 0 55266460 49341789 0 49341789 3900000 3900000 53241789 PART X, LINE 2: THE COOPERATIVE HAS EVALUATED WHETHER IT WAS NECESSARY TO RECOGNIZE ANY BENEFIT FROM UNCERTAIN TAX POSITIONS IN CURRENTLY OPEN TAX PERIODS AND DETERMINED THAT THERE ARE NO MATERIAL UNCERTAINTIES WITHIN ITS FILED TAX RETURNS. AS OF DECEMBER 31, 2022 AND 2021, THE UNRECOGNIZED TAX BENEFIT ACCRUAL WAS ZERO. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2022 MARGINS TO MEMBERS IN 2023 3,900,000. X X 0 0 0 LYLE D KORVER CEO 253750 0 0 0 7275 0 750 0 22379 0 284154 0 0 0 SCHEDULE J, PART II, COLUMN C PER THE INSTRUCTIONS OF FORM 990, SCHEDULE J, COLUMN C OF PART II INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR LYLE KORVER RATHER THAN THE ACTUAL EXPENSE PER BOOKS. FOR 2022, THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR LYLE WAS $750. THE ACTUAL EXPENSE OF THE PLAN WAS $53,910. FORM 990, PART VI, SECTION A, LINE 6 ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A ONE CLASS OF MEMBERSHIP WITH EACH MEMBER RECEIVING ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B ONE CLASS OF MEMBERSHIP WITH EACH MEMBER RECEIVING ONE VOTE TO MAKE CHANGES TO THE ARTICLES OF INCORPORATION. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES WITH BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS GIVEN TO THE BOARD MEMBERS AND REVIEWED DURING A MEETING OF THE GOVERNING BOARD. THE FORM 990 IS FILED WITH THE IRS SUBSEQUENT TO THE SAID BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST DISCLOSURE STATEMENTS ARE COMPLETED ANNUALLY. PERSONS COVERED BY THE POLICY INCLUDE BOARD DIRECTORS AND ALL EMPLOYEES. MANAGEMENT AND SUPERVISORS DETERMINE WHETHER A CONFLICT EXISTS. MANAGEMENT AND BOARD DIRECTORS REVIEW AND INVESTIGATE ACTUAL CONFLICTS. PERSONS WITH A CONFLICT ARE RESTRICTED FROM DECISION MAKING. APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION IS TAKEN. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS DETERMINES COMPENSATION FOR THE CEO UTILIZING NRECA COMPENSATION SURVEY DATA. THE COMPENSATION PROCESS IS COMPLETED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 18 FORM 990 IS AVAILABLE FOR PUBLIC INSPECTION AT EACH LOCATION. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE INCLUDED IN THE ANNUAL REPORT MAILED TO ALL MEMBERS, AND IT IS ALSO AVAILABLE ON THE COOPERATIVE'S WEBSITE. THE ARTICLES OF INCORPORATION AND BYLAWS ARE AVAILABLE ON OUR WEBSITE. THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST. 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 CEO. 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 IX, LINE 24E STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 6-10 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. FORM 990, PART XI, LINE 9: CAPITAL CREDIT RETIREMENTS -2,064,641. DONATED CAPITAL CREDITS AND OTHER CHANGES -15,922. ALLOCATION OF 2022 MARGINS TO MEMBERS IN 2023 3,900,000. 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.