2023-10-19T08:48:26-05:00 2022-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2022-01-01 410445923 NORTH ITASCA ELECTRIC COOPERATIVE INC NORT 2187433131 301 MAIN AVENUE BIGFORK MN 566280227 BRAD DOLINSKI CEO 2187433131 2023-10-02 1 BRAD DOLINSKI 999009999 0 MATT LAUGHLIN P00014168 7017754685 2023-10-02 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BRAD DOLINSKI 301 MAIN AVENUE BIGFORK MN 56628 9648294 0 X WWW.NORTHITASCAELECTRIC.COM X 1940 MN THE EXEMPT PURPOSE OF THE ORGANIZATION IS TO PROVIDE ELECTRICAL ENERGY TO MEMBER-OWNERS. 9 9 24 0 6141 0 0 0 8965369 9150867 26784 21734 284305 169721 9276458 9342322 0 0 661171 501390 423597 447751 0 0 0 8199194 8394844 9283962 9343985 -7504 -1663 32719376 34073699 21340774 22479512 11378602 11594187 DELIVERING VALUE TO OUR MEMBERS AND COMMUNITIES BY PROVIDING SAFE, RELIABLE AND PROGRESSIVE ENERGY AND OTHER SERVICES. 0 0 NORTH ITASCA ELECTRIC COOPERATIVE SERVES 5,547 MEMBERS IN THE MINNESOTA COUNTIES OF ITASCA, KOOCHICHING AND BELTRAMI. THE COOPERATIVE SERVICES 716.53 MILES OF LINE OVERHEAD AND 602.12 MILES UNDERGROUND. 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 1 1 0 0 1 16 0 24 1 1 1 0 0 0 0 9150867 556891 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X BRAD DOLINSKI 2187433131 301 MAIN AVENUE BIGFORK MN 56628 X LARRY SALMELA PRESIDENT 8.50 X 9524 0 0 WESLEY WALLER VICE PRESIDENT 5.60 X 5650 0 0 LLOYD KONGSJORD SECRETARY 8.50 X 11595 0 0 ROY BAIN TREASURER 6.50 X 6969 0 0 JEFFREY KILLIAN DIRECTOR 5.60 X 7172 0 0 BRUCE LEINO DIRECTOR 6.50 X 7474 0 0 MARY RAHIER DIRECTOR 3.00 X 7352 0 0 JAMES WHITE DIRECTOR 4.40 X 8082 0 0 TODD CHRISTENSEN DIRECTOR 4.10 X 6512 0 0 BRAD DOLINSKI CEO 40.00 X 153096 0 104124 TINA DANIELSON FINANCE/OFFICE MANAGER 40.00 0.50 X 105880 0 165717 COLE SERFLING LINEMAN 47.00 X 112474 0 37415 CODY EISCHENS LINEMAN 47.10 X 113842 0 48548 JOHN RAHIER JR LINEMAN/LEAD 48.30 X 120617 0 60714 JOSHUA HUBBARD LINEMAN 46.00 X 109798 0 34800 786037 0 451318 6 0 1 0 LOVDAHL & SONS LLC 34384 COUNTY ROAD 40 EFFIE MN 56639 ROW CLEARING/DEBRIS CLEAN UP 197465 J E OLSON CONTRACTING LLC 43071 COUNTY ROAD 162 DEER RIVER MN 56636 BORING 141600 2 SALE OF ELECTRICITY 221000 9150867 9150867 9150867 21734 21734 299408 305972 -6564 -10100 3536 CAPITAL CREDITS 221000 173680 173680 INCOME FROM PARTNERSHI 900099 2605 2605 176285 9342322 9314447 6141 21734 X 501390 447751 699815 1154858 COST OF POWER 4366790 DISTRIBUTION 1208681 CUSTOMER ACCOUNTS 469142 ADMINISTRATIVE & GENERA 466467 29091 9343985 1042121 1034465 1097198 1309756 49599 54964 407831 474618 255966 232856 41439128 14222455 26120083 27216673 201577 209045 3540891 3537212 361 361 3749 3749 32719376 34073699 1060615 1128459 2010 4074 20051792 21221989 226357 124990 21340774 22479512 X 0 0 0 0 11378602 11594187 11378602 11594187 32719376 34073699 X -1663 217248 X X 0 1 X 1 0 0 1 X 76424 76424 1137355 593699 543656 39735246 13628756 26106490 490103 490103 27216673 PATRONAGE CAPITAL IN ASSOCIATED ORGS 3292264 C NATIONAL RURAL FINANCE CORPORATION 228813 C MEMBERSHIPS 6135 C COOPERATIVE RESPONSE CENTER 10000 C 3537212 CUSTOMER DEPOSITS 54100 CONSUMER ENERGY PREPAYMENTS 48544 DEFERRED REVENUE 22346 124990 X 9343986 4269 4269 9339717 2605 2605 9342322 8842596 0 8842596 501389 501389 9343985 PART IV, LINE 2B: THE MEMBERS OF THE COOPERATIVE CAN ELECT TO ROUND UP THEIR MONTHLY ELECTRIC BILL TO THE NEXT DOLLAR. THESE FUNDS COLLECTED FROM THE MEMBERSHIP ARE HELD IN A COOPERATIVE ACCOUNT UNTIL THEY ARE RELEASED TO THE NORTH ITASCA ELECTRIC COOPERATIVE COMMUNITY TRUST. THESE FUNDS ARE TRANSFERRED DIRECTLY TO THE TRUST ON A MONTHLY BASIS. FUNDS THAT EXIST AT THE END OF THE YEAR ARE A RESULT OF A TIMING DIFFERENCE IN THE RECEIPT OF THE FUNDS AND THE RELEASE OF THEM TO THE TRUST. FOR THE YEAR ENDED DECEMBER 31, 2022 AND 2021, THE ACCOUNT HELD $4,074 & $2,010, RESPECTIVELY. PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. THE COOPERATIVE FILES FEDERAL FORM 990T FOR UNRELATED BUSINESS TAXABLE INCOME (UBTI) AND ACCRUES INCOME TAXES BASED ON TAX RETURNS FILED. THE COOPERATIVES POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANTIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS, AND OTHER EVIDENCE. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT IN NORTHLAND CONNECT BROADBAND LLC - BOOK 4,269. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT IN NORTHLAND CONNECT BROADBAND LLC - TAX 2,605. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATED CAPITAL CREDITS 501,390. ROUNDING -1. X 1 1 X 0 0 0 TINA DANIELSON FINANCE/OFFICE MANAGER 105880 0 0 0 0 0 144746 0 23391 0 274017 0 0 0 BRAD DOLINSKI CEO 153096 0 0 0 0 0 73968 0 33721 0 260785 0 0 0 JOHN RAHIER JR LINEMAN/LEAD 120617 0 0 0 0 0 26134 0 36726 0 183477 0 0 0 CODY EISCHENS LINEMAN 113842 0 0 0 0 0 18389 0 32250 0 164481 0 0 0 COLE SERFLING LINEMAN 112474 0 0 0 0 0 11063 0 28443 0 151980 0 0 0 PART I, LINE 1A SPOUSAL TRAVEL IS INCLUDED IN THE FORM 1099 OF THE BOARD MEMBERS. SCHEDULE J, PART II, COLUMN C, DEFERRED COMPENSATION INCLUDED IN OTHER COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THESE AMOUNTS DO NOT REPRESENT ANY CURRENT YEAR CONTRIBUTIONS TO THE PLAN. THEY ARE ESTIMATES OF THE INCREASE IN THE ACTUARIAL VALUE OF THE PLANS RECEIVED FROM THE NRECA. THE CURRENT YEAR EXPENSE AND THE INCREASE IN ACTUARIAL VALUE FOR EACH EMPLOYEE ARE REFLECTED IN THE SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F. FORM 990, PART VI, SECTION A, LINE 6 EACH CONSUMER IS ALSO A VOTING MEMBER OF THE COOPERATIVE. THERE IS ONLY ONE CLASS OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BOARD. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE BYLAWS MUST BE APPROVED BY THE MEMBERSHIP. MERGERS AND SALES OF A SIGNIFICANT PORTION OF THE COOPERATIVE'S ASSETS MUST ALSO BE APPROVED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND FINANCE/OFFICE MANAGER WILL REVIEW THE 990 PRIOR TO THE FILING OF THE FORM. THE BOARD WILL REVIEW AND APPROVE THE 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE OFFICERS OF THE ORGANIZATION AND THE BOARD MEMBERS REVIEW THE CONFLICT OF INTEREST POLICY ANNUALLY. THE CEO AND BOARD OF DIRECTORS REVIEW AND DETERMINE IF A CONFLICT EXISTS. IF A CONFLICT DOES EXIST, THAT INDIVIDUAL MUST LEAVE THE MEETING DURING THE CONVERSATION AND NOT VOTE ON THE ITEM OF DISCUSSION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWS THE CEO'S COMPENSATION AND BENEFITS PACKAGE ANNUALLY. NRECA COMPARABILITY DATA IS USED. WRITTEN MINUTES ARE KEPT AT ALL BOARD MEETING TO DOCUMENT THE DECISIONS. THE CEO APPROVES THE WAGES OF THE FINANCE/OFFICE MANAGER. NRECA COMPARABILITY DATA AND OTHER COMPENSATION STUDIES ARE USED TO DETERMINE FINANCE/OFFICE MANAGER COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 ARTICLES OF INCORPORATION AND BYLAWS ARE MAILED TO ALL NEW MEMBERS. THEY ARE ALSO AVAILABLE ON THE WEBSITE. FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FINANCIAL REPORTS ARE PUBLISHED IN THE "WATTS NEWS" SPECIAL ANNUAL MEETING EDITION (JUNE 1 OF EACH YEAR). 990, PART VII, SECTION A., COLUMN (F) COMPENSATION OF OFFICERS, DIRECTORS, KEY EMPLOYEES, HIGHEST COMPENSATED EMPLOYEES AND INDEPENDENT CONTRACTORS: INCLUDED IN COLUMN (F), ESTIMATED AMOUNT OF OTHER COMPENSATION FROM THE ORGANIZATION AND RELATED ORGANIZATIONS IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. FOR THE FOLLOWING PEOPLE LISTED, THE ESTIMATED INCREASE IS $70,058 FOR BRAD DOLINSKI, $23,770 FOR JOHN RAHIER, $16,059 FOR CODY EISCHENS, $8,733 FOR COLE SERFLING, $9,936 FOR JOSHUA HUBBARD, AND $142,017 FOR TINA DANIELSON. THESE AMOUNTS ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. THE CURRENT YEAR EXPENSE FOR THIS DEFINED BENEFIT PLAN WAS $32,586, $15,685, $15,300, $15,300, $15,300, $22,107, RESPECTIVELY. FORM 990, PART IX, STATEMENT OF FUNCTIONAL EXPENSES, LINE 4 BENEFITS PAID TO 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 BYLAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: ALLOCATED CAPITAL CREDITS 501,390. BOOK/TAX DIFFERENCE FROM K-1'S 1,664. RETIREMENT OF CAPITAL CREDITS -285,806. FORM 990, PART XII, LINE 2C AUDIT COMMITTEE OVERSIGHT ROLE - THERE HAS BEEN NO CHANGE IN THE ROLE OF THE AUDIT COMMITTEE IN OVERSIGHT OF THE AUDIT PROCESS FROM THE PRIOR YEAR. NORTH ITASCA ELECTRIC COOPERATIVE COMMUNITY TRUST PO BOX 227 BIGFORK MN 566280227 270093929 CHARITABLE COMMUNITY PROJECTS MN 501(C)(3) 7 NORTH ITASCA ELECTRIC COOPERATIVE INC 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0