2024-10-15T13:59:36-05:00 2023-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2023-01-01 410254835 MIENERGY COOPERATIVE TRIC 8004322285 31110 COOPERATIVE WAY RUSHFORD MN 55971 BRIAN KRAMBEER PRESIDENT/CEO 8004322285 2024-10-15 1 1 LAURIE HANSON CPA P00851848 6053391999 2024-10-15 2023 2024-10-15 13:58:12Z BRIAN KRAMBEER 31110 COOPERATIVE WAY RUSHFORD MN 55971 82992964 0 X WWW.TEC.COOP X 1936 MN TO DELIVER HIGH-QUALITY ENERGY SERVICES AT REASONABLE PRICES AND MAXIMIZE VALUE TO OUR MEMBERS. 11 11 78 0 -15681 49120 0 0 80894605 82106413 201234 418678 -57828 -9515 81038011 82515576 0 0 4281856 5346868 9856863 10411433 0 0 0 66485281 66093563 80624000 81851864 414011 663712 215609172 226012966 138300295 144693167 77308877 81319799 TO DELIVER HIGH-QUALITY ENERGY SERVICES AT REASONABLE PRICES AND MAXIMIZE VALUE TO OUR MEMBERS CONSISTENT WITH THE WISE USE OF RESOURCES. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 19,223 MEMBERS AND MAINTAINED 5,579 MILES OF LINES PRIMARILY IN RURAL AREAS. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 270 0 1 78 1 1 1 0 0 0 0 81857129 1460784 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 BRIAN KRAMBEER 5078647783 31110 COOPERATIVE WAY RUSHFORD MN 55971 X DEAN NIERLING PRESIDENT 7.00 X X 20300 0 0 RONALD STEVENS VICE PRESIDENT 8.00 X X 17675 0 0 DON PETERSEN TREASURER 11.00 X X 20075 0 0 DENNIS PTACEK SECRETARY 9.00 X X 17911 0 0 KYLE HOLTHAUS DIRECTOR 10.00 X 17375 0 0 BETH OLSON DIRECTOR 9.00 X 19025 0 0 JEFF REDALEN DIRECTOR 5.00 X 16571 0 0 CARL REICKS DIRECTOR 5.00 X 14075 0 0 JENNIFER SCHARMER DIRECTOR 11.00 X 17375 0 0 AL SKIP WIESER DIRECTOR 3.00 X 13075 0 0 DENNIS YOUNG DIRECTOR 7.00 X 16075 0 0 BRIAN KRAMBEER CEO 40.00 X 346377 0 205077 SHELLY HOVE CFO 40.00 X 176872 0 82605 TYLER EIDE JOURNEYMAN FOREMAN 40.00 X 123611 0 23718 MICHAEL WALTON VP OF ENGINEERING & SYSTEM PLANNING 40.00 X 147756 0 103517 VASSIL VUTOV VP OF INFORMATION TECHNOLOGY 40.00 X 156833 0 61756 STEVEN OIAN VP OF SYSTEM OPERATIONS 40.00 X 155400 0 144438 DAVIN THOMPSON DIRECTOR OF OPERATIONS 40.00 X 115919 0 71879 1412300 0 692990 33 0 1 0 DAIRYLAND POWER COOPERATIVE 3200 EAST AVE S LA CROSSE WI 55485 LINE, SUB UPGRADES,PRINTING SVCS 1412915 RIGGS TREE SERVICE LLC 59575 E 290 RD GROVE OK 74345 TREE CLEARING 856049 HIGHLINE CONSTRUCTION INC 16124 OLD LAKE RD PAYNESVILLE MN 56362 LINE CONSTRUCTION 760907 ASPLUNDH TREE EXPERT COMP 708 BLAIR MILL RD WILLOW GROVE PA 19090 TREE CLEARING 738607 106 GROUP INC 550 VANDALIA ST STE 102 ST PAUL MN 55114 ENVIRONMENTAL REVIEW 697993 15 OPERATING REVENUES 221000 79302755 79302755 CAPITAL CREDITS 221000 2541927 2541927 EQUITY EARNINGS 517000 261731 272431 -10700 82106413 276628 276628 238148 96098 142050 142050 142050 366375 381290 -14915 -9934 -4981 OTHER NONOPERATING MARGINS 517000 5400 5400 5400 82515576 82112579 -15681 418678 X 5346868 914476 6874940 2066477 555540 163735 3797192 7161102 191418 COST OF POWER 48712578 DISTRIBUTION - MAINTENA 5227812 DISTRIBUTION - OPERATIO 4076916 UBI TAXES 4961 -3242151 81851864 1197279 905244 8734621 8640649 681167 300000 7507465 9342655 941904 773762 224697071 69040171 150287648 155656900 499979 692654 38446650 40975651 7312459 8725451 215609172 226012966 9114157 8954492 42450 40193 117406756 124341621 3500000 3700000 8236932 7656861 138300295 144693167 X 0 0 0 0 77308877 81319799 77308877 81319799 215609172 226012966 X 663712 3347210 X 0 1 X 1 0 0 1 X 311554 311554 12295879 2645764 9650115 210761073 66394407 144366666 1328565 1328565 155656900 DAIRYLAND POWER COOPERATIVE 30793763 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 787248 C ACE COMMUNICATIONS GROUP 195150 C RURAL ELECTRIC SUPPLY COOPERATIVE 657107 C COOPERATIVE RESPONSE CENTER 17016 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 229571 C NATIONAL INFORMATION SOLUTIONS COOPERATIVE 138908 C FEDERATED RURAL ELECTRIC INSURANCE EQUITY 411369 C HEARTLAND SECURITY SERVICES LLC 54064 C MINNOWA ALLIANCE LLC 207533 C MINNESOTA THREE, LLC (33% OWNERSHIP) 529848 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION-CERTIFICATES 1298851 C COBANK 315357 C MEMBERSHIPS AND OTHER 48054 C SOUTHERN MINNESOTA ENERGY COOPORATIVE 215849 C MSG, INC 3531225 C MIBROADBAND, LLC 1538738 C CHARGE EV, LLC (3.11% OWNERSHIP) 6000 C 40975651 DEFERRED CREDITS 7523465 CUSTOMER DEPOSITS 133396 7656861 X 82508394 -7182 -7182 82515576 0 82515576 76497814 0 76497814 5354050 5354050 81851864 PART IV, LINE 2B: MIENERGY COOPERATIVE RECARE (MCR), A VOLUNTARY COMMUNITY SUPPORT PROGRAM, HELPS LOCAL ORGANIZATIONS AND WORTHY CAUSES VIA SPARE CHANGE. MEMBERS CAN CHOOSE TO HAVE THEIR MONTHLY ELECTRIC BILLS ROUNDED UP TO THE NEAREST DOLLAR, WITH THE EXCEEDING CENTS GOING TOWARDS MCR. THE AVERAGE ANNUAL CONTRIBUTION FROM A COOPERATIVE MEMBER IS $6. THE MOST A MEMBER COULD CONTRIBUTE IS $11.88 (99 CENTS PER MONTH). THESE FUNDS ARE SEGREGATED IN THE COOPERATIVE FINANCIALS AND ARE REPORTED IN FORM 990 PART IX LINE 21 AS AN ESCROW ACCOUNT LIABILITY. THE MCR PROGRAM PROVIDES MEMBERS WITH THE ABILITY TO DONATE MONEY THROUGH THE COOPERATIVE TO HELP NEEDY MEMBERS PAY THEIR ELECTRIC BILLS. THE ACCOUNT IS LISTED ON THE BALANCE SHEET AS AN ESCROW ACCOUNT LIABILITY. 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 CONSOLIDATED 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 XI, LINE 2D - OTHER ADJUSTMENTS: UBI TAXES -7,182. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2023 MARGINS TO MEMBERS IN 2024 5,346,868. UBI TAXES 7,182. 1 SCHOLARSHIPS 73 73000 PART I, LINE 2: MIENERGY CHOOSES THE RECIPIENTS OF THE SCHOLARSHIPS. IN JUNE, THE SCHOOL DISTRICT WILL RECEIVE A CHECK FROM MIENERGY COOPERATIVE FOR THE TOTAL SCHOLARSHIP AMOUNT. THE SCHOOL DISTRICT OR DOLLARS FOR SCHOLARS FOUNDATIONS ARE RESPONSIBLE FOR HOLDING THE SCHOLARSHIP MONEY UNTIL IT RECEIVES TRANSCRIPTS FROM THE RECIPIENT(S) THAT PROVE HE/SHE SUCCESSFULLY COMPLETED THE FIRST QUARTER OR SEMESTER OF EDUCATION AT AN ACCREDITED COLLEGE, UNIVERSITY, OR TECHNICAL SCHOOL. HIGH SCHOOLS MUST ISSUE THE SCHOLARSHIP FUNDS TO THE COLLEGE OR UNIVERSITY. DISTRIBUTION OF THE SCHOLARSHIP MONEY DIRECTLY TO THE COLLEGE, UNIVERSITY, OR TECHNICAL SCHOOL MUST OCCUR NO LATER THAN APRIL 1 OF THE FOLLOWING YEAR; OTHERWISE, THE SCHOLARSHIP WILL BE FORFEITED AND FUNDS RETURNED TO MIENERGY COOPERATIVE. X X 0 0 0 BRIAN KRAMBEER CEO 314813 0 31079 0 485 0 180706 0 26716 0 553799 0 0 0 STEVEN OIAN VP OF SYSTEM OPERATIONS 155150 0 0 0 250 0 116683 0 29315 0 301398 0 0 0 SHELLY HOVE CFO 176622 0 0 0 250 0 59814 0 24457 0 261143 0 0 0 MICHAEL WALTON VP OF ENGINEERING & SYSTEM PLANNING 147506 0 250 0 0 0 73840 0 31238 0 252834 0 0 0 VASSIL VUTOV VP OF INFORMATION TECHNOLOGY 156583 0 0 0 250 0 33930 0 29399 0 220162 0 0 0 DAVIN THOMPSON DIRECTOR OF OPERATIONS 115469 0 450 0 0 0 44509 0 28659 0 189087 0 0 0 FORM 990, PART VII, SECTION A, LINE 5 PER THE INSTRUCTIONS, INCLUDED IN COLUMN (C) IS THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR 2023. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR BRIAN KRAMBEER IS $165,399. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $79,650. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR SHELLY HOVE IS $50,790. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $46,541. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR VASSIL VUTOV IS $26,169. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $40,834. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR STEVEN OIAN IS $108,994. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $39,579. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR MICHAEL WALTON IS $66,148. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $39,590. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR DAVIN THOMPSON IS $38,510. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $31,610. FORM 990, PART VI, SECTION A, LINE 6 CLASS A MEMBER-OWNERS FORM 990, PART VI, SECTION A, LINE 7A ONE VOTE PER MEMBERSHIP FORM 990, PART VI, SECTION A, LINE 7B THE CLASS A MEMBER-OWNERS APPROVE BY-LAW AMENDMENTS. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES THAT ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT/CEO AND MANAGER OF FINANCE/ADMINISTRATION REVIEW THE 990 IN DETAIL. AFTER THEIR REVIEW, THE 990 IS REVIEWED IN A BOARD MEETING WITH THE BOARD OF DIRECTORS BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C MIENERGY COOPERATIVE EMPLOYEES AND DIRECTORS ARE COVERED BY THE CONFLICT OF INTEREST POLICY. EACH EMPLOYEE IS RESPONSIBLE FOR ENSURING THAT THE EMPLOYEE'S ACTIONS AND BEHAVIOR ARE IN ACCORDANCE WITH THIS POLICY AND OF DISCLOSING ANY POSSIBLE CONFLICT OF INTEREST. ANY WILLFUL VIOLATION WILL RESULT IN DISCIPLINARY ACTION, UP TO AND INCLUDING DISCHARGE AND REIMBURSEMENT TO MIENERGY OF ANY LOSS ATTRIBUTABLE TO SUCH ACTION. EACH SUPERVISOR AND THE PRESIDENT/CEO IS RESPONSIBLE FOR MAKING EVERY EFFORT TO SEE THAT THIS POLICY IS UNDERSTOOD BY AND FOLLOWED BY THOSE REPORTING TO THAT SUPERVISOR. THE PRESIDENT/CEO SHALL MAKE DECISIONS ON THE ULTIMATE APPLICATION OF THIS POLICY CONSISTENTLY WITH THE BEST INTERESTS OF MIENERGY. EACH DIRECTOR IS RESPONSIBLE FOR ENSURING THAT THE DIRECTORS' ACTIONS AND BEHAVIOR ARE IN ACCORDANCE WITH THIS POLICY AND OF DISCLOSING ANY POSSIBLE CONFLICT OF INTEREST. THE BOARD OF DIRECTORS SHALL BE RESPONSIBLE FOR PERIODIC REVIEW OF THIS POLICY AND MODIFICATIONS TO IT. AN EMPLOYEE MUST DISCLOSE IN WRITING TO HIS/HER SUPERVISOR ANY SITUATION OR TRANSACTION IN WHICH THE EMPLOYEE IS INVOLVED WHICH VIOLATES, MAY VIOLATE, OR COULD APPEAR TO VIOLATE THE INTENT OF THIS POLICY. THE SUPERVISOR, IN COORDINATION WITH MANAGEMENT, SHALL DETERMINE HOW THE SITUATION WILL BE RESOLVED AND ADVISE THE AFFECTED EMPLOYEE AS SOON AS POSSIBLE. A DIRECTOR MUST ANNUALLY COMPLETE A "BUSINESS ETHICS DISCLOSURE REPORT AND DISCLOSE IN WRITING TO THE BOARD CHAIR ANY SITUATION OR TRANSACTION IN WHICH THE DIRECTOR IS INVOLVED WHICH VIOLATES, MAY VIOLATE, OR COULD APPEAR TO VIOLATE THE INTENT OF THIS POLICY. THE BOARD CHAIR WILL ADVISE TO RESOLVE THE SITUATION AS SOON AS POSSIBLE. ANY EMPLOYEE, DIRECTOR, OR OFFICER WHO VIOLATES MIENERGY'S CODE OF ETHICS IS SUBJECT TO APPROPRIATE DISCIPLINARY ACTION, UP TO AND INCLUDING POSSIBLE DISCHARGE. DIRECTORS ARE ALSO SUBJECT TO REMOVAL AS STIPULATED IN SECTION 3.07 OF THE COOPERATIVE BYLAWS. THE BOARD OF DIRECTORS MONITORS COMPLIANCE OF THE CONFLICT OF INTEREST POLICY BY COMPLETING A YEARLY REVIEW OF THE POLICY. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD USES THE NRECA WAGE AND SALARY SURVEY FOR NATIONAL, REGIONAL AND STATE COMPARISONS. THERE IS A WRITTEN EMPLOYMENT CONTRACT AND BRIAN'S COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS. THIS PROCESS IS COMPLETED EVERY YEAR. FORM 990, PART VI, SECTION C, LINE 19 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 GENERAL MANAGER/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 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. 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 XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -1,999,658. 2023 MARGINS ALLOCATED TO MEMBERS IN 2024 5,346,868. 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