2023-08-18T10:54:11-05:00 2022-12-31 450250958 EIDE BAILLY LLP 200 E 10TH ST STE 500 SIOUX FALLS SD 571046375 990 2022-01-01 460205275 WHETSTONE VALLEY ELECTRIC COOPERATIVE WHET 6054325331 PO BOX 512 MILBANK SD 57252 DAVID K PAGE GENERAL MANAGER 6054325331 2023-08-16 1 DAVID PAGE 999009999 1 LAURIE HANSON CPA P00851848 6053391999 2023-08-16 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z DAVID K PAGE PO BOX 512 MILBANK SD 57252 12799872 0 X WWW.WHETSTONE.COOP X 1940 SD TO PROVIDE ELECTRICITY TO RURAL ELECTRIC COOPERATIVE MEMBERS. 9 9 25 0 18771 8276 0 0 10798018 11245061 18097 22091 17761 95202 10833876 11362354 0 0 766674 1046374 2155139 2353218 0 0 0 7894303 7867560 10816116 11267152 17760 95202 39339784 39780870 26120391 25895093 13219393 13885777 TO ENHANCE THE QUALITY OF LIFE IN OUR COMMUNITY BY PROVIDING THE HIGHEST LEVEL OF SERVICE, QUALITY AND VALUE IN ELECTRICITY, DISTRIBUTION AND SERVICES. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 2,696 MEMBERS AND MAINTAINED 1,461 MILES OF LINE. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 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 18 0 1 25 1 1 1 0 0 0 0 11893076 663063 0 0 0 X 9 9 1 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X DAVID K PAGE 6054325331 PO BOX 512 MILBANK SD 572520512 BILL TOSTENSON PRESIDENT 6.20 X X 8424 0 0 KRISTA ATYEO-GORTMAKER TREASURER 3.40 X X 7403 0 0 DALE JENSEN VICE PRESIDENT 4.50 X X 8118 0 0 TOM BERENS DIRECTOR 2.40 X 4192 0 0 JOEL ADLER DIRECTOR 2.80 X 5985 0 0 DARREN STRASSER SECRETARY 1.80 X X 3780 0 0 DAVID BEHRNS DIRECTOR 4.40 X 7560 0 0 PAUL NELSON DIRECTOR 1.90 X 5828 0 0 SCOTT NIEDERT DIRECTOR 2.40 X 5355 0 0 DAVID PAGE GENERAL MANAGER 48.00 X 138724 0 108477 195369 0 108477 1 0 1 0 ENGELSTAD ELECTRIC PO BOX 934 WATERTOWN SD 57201 BORING, TRENCHING, PLOWING 197062 POWER SYSTEM ENGINEERING INC 2424 RIMROCK RD SUITE 300 MADISON WI 53713 ENGINEERING 100702 2 SALE OF POWER 221000 10408641 10408641 CAPITAL CREDITS 221000 811819 811819 24601 24601 11245061 22091 22091 1532720 1437518 95202 76431 18771 11362354 11321492 18771 22091 1046374 260028 1643053 313495 136642 716181 1102591 UBI TAX 2436 COST OF POWER 5558243 ADMIN & GENERAL 1078866 DISTRIBUTION-OPERATIONS 723331 -1314088 11267152 2761867 580337 1033842 1178607 411810 336230 821470 965688 433818 313729 39306336 10839636 26672507 28466700 247459 495616 6957011 7443963 39339784 39780870 1128837 1175050 24636487 24095008 355067 625035 26120391 25895093 X 0 0 0 0 13219393 13885777 13219393 13885777 39339784 39780870 X 95202 571182 X 0 0 0 20531 20531 1490967 498953 992014 36295735 10340683 25955052 1499103 1499103 28466700 EAST RIVER PATRONAGE CAPITAL 6937546 C BASIN MEMBERSHIP 100 C EAST RIVER ELECTRIC 100 C TOUCHSTONE ENERGY 2500 C CFC MEMBERSHIP/SUB CERTIFICATE 73801 C NISC MEMBERSHIP 100 C NRTC MEMBERSHIP 1000 C NISC PATRONAGE 42287 C RESCO STOCK 125589 C FEDERATED STOCK 104556 C COBANK INVESTMENT 86827 C NRTC PATRONAGE 10866 C CFC - CTC'S 48405 C ITC - PATRONAGE 10286 C 7443963 CONSUMER DEPOSITS 159382 DEFERRED CREDITS 65653 OTHER REGULATORY LIABILITIES 400000 625035 X X 0 0 0 DAVID PAGE GENERAL MANAGER 134548 0 0 0 4176 0 78041 0 30436 0 247201 0 0 0 SCHEDULE J, PART II, COLUMN (C) COLUMN C FOR DAVID PAGE INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR DAVID OF $73,748. THE ACTUAL CONTRIBUTION BY THE COOPERATIVE INTO THE DEFINED BENEFIT PLAN ON DAVID'S BEHALF IN 2022 WAS $34,107. FORM 990, PART VI, SECTION A, LINE 2 DALE JENSEN AND DAVID BEHRNS HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS ONE CLASS OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS, ALL MEMBERS ARE OF THE SAME CLASS AND EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE COOPERATIVE MAY NOT SELL, LEASE OR OTHERWISE DISPOSE OF OR ENCUMBER ALL OR ANY SUBSTANTIAL PORTION OF ITS PROPERTY WITHOUT AT LEAST A TWO-THIRDS VOTE OF ALL MEMBERS OF THE COOPERATIVE. ALSO CHANGES TO BYLAWS MUST BE APPROVED BY VOTE OF THE MEMBERS. ALL MEMBERS ARE OF THE SAME CLASS AND EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE MANAGER AND STAFF GO OVER THE FORM 990 WITH THE DIRECTORS AT ONE OF THE BOARD MEETINGS PRIOR TO FILING THE 990. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND EMPLOYEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY. BOARD MEMBERS REPORT TO THE BOARD PRESIDENT, GENERAL MANAGER OR THE ATTORNEY TO DETERMINE WHETHER A CONFLICT EXISTS, WHILE EMPLOYEES REPORT TO THEIR DEPARTMENT MANAGERS, THE GENERAL MANAGER OR THE BOARD PRESIDENT. THE GENERAL MANAGER, DEPARTMENT MANAGERS AND THE BOARD OF DIRECTORS ARE RESPONSIBLE FOR ADMINISTERING THE POLICY. IF A CONFLICT EXISTS, THE DIRECTOR REMOVES HIMSELF/HERSELF FROM THE ROOM. THE BOARD WILL DETERMINE IF THERE IS VALUE IN THE DIRECTOR BEING INVOLVED IN THE DISCUSSION PRIOR TO THE VOTE. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD REVIEWS THE GENERAL MANAGERS PERFORMANCE ANNUALLY, MEETS WITH THE GENERAL MANAGER TO GO OVER THE PERFORMANCE REVIEW, AND DETERMINES HIS SALARY BASED ON PERFORMANCE AND COMPARABILITY DATA. A SIMILAR PROCESS APPLIES TO ALL EMPLOYEES. THE PROCESS WAS LAST UNDERTAKEN IN 2022. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -475,192. ALLOCATION OF 2022 PATRONAGE TO MEMBERS IN 2023 1,046,374. FORM 990, PART XII, LINE 2B THE ORGANIZATIONS FINANCIAL STATEMENTS WERE AUDITED BY AN INDEPENDENT ACCOUNTANT FOR THE FISCAL YEAR ENDING APRIL 30, 2023. 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. 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 VII DAVID PAGE, GENERAL MANAGER, IS THE TOP MANAGEMENT OFFICIAL AND THE TOP FINANCIAL OFFICIAL OF THE COOPERATIVE. 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 PARTONAGE CAPITAL ALLOCATED FOR THE YEAR, RATHER THAN PATRONAGE CAPITAL RETIRED. THIS IS CONSISTENT WITH THE BY-LAWS OF THE COOPERATIVE.