2024-08-19T15:10:52-05:00 2023-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2023-01-01 410497361 RED RIVER VALLEY COOPERATIVE POWER ASSOCIATION REDR 2184562139 PO BOX 358 HALSTAD MN 565480358 ROGER KROSTUE CHAIRMAN 2184562139 2024-07-22 1 0 MATT LAUGHLIN P00014168 7017754685 2024-07-22 2023 2024-08-08 14:25:15Z ROGER KROSTUE PO BOX 358 HALSTAD MN 565480358 16801961 0 X WWW.RRVCOOP.COM X 1938 MN RED RIVER VALLEY COOPERATIVE POWER ASSOCIATION IS COMMITTED TO ENHANCING THE QUALITY OF LIFE OF ITS MEMBERSHIP BY PROVIDING ENERGY, LEADERSHIP, ESSENTIAL SERVICES AND PRODUCTS CONSISTENT WITH COOPERATIVE PRINCIPLES. 6 5 33 0 0 0 0 0 16466560 16177499 100207 48465 541972 468340 17108739 16694304 0 0 554179 308556 2347070 2411853 0 0 0 13790393 13660490 16691642 16380899 417097 313405 49983212 53207471 30541023 33466227 19442189 19741244 RED RIVER VALLEY COOOPERATIVE POWER ASSOCIATION IS COMMITTED TO ENHANCING THE QUALITY OF LIFE OF ITS MEMBERSHIP BY PROVIDING ENERGY, LEADERSHIP, ESSENTIAL SERVICES AND PRODUCTS CONSISTENT WITH COOPERATIVE PRINCIPLES. 0 0 WE PROVIDE ELECTRICITY TO APPROXIMATELY 3,747 MEMBERS OF THE COOPERATIVE 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 28 0 1 33 1 0 0 0 0 0 16177499 459421 0 0 0 X 6 5 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X JARED PERSON 2184562139 PO BOX 358 HALSTAD MN 56548 X CURTIS STUBSTAD DIRECTOR 3.00 X 4800 0 0 PAUL BAUKOL SEC/TREAS 3.00 X X 6300 0 0 ROGER KROSTUE CHAIR 3.00 X X 4875 0 0 MARV THOMPSON VICE CHAIR 3.00 X X 3300 0 0 TREVOR SORBY DIRECTOR 3.00 X 6000 0 0 ROBERT KINKADE DIRECTOR 3.00 X 5100 0 0 RICHARD WHITCOMB CEO 45.00 X 116836 0 59932 MINDY YOUNG DIRECTOR OF FINANCE AND ADMINISTRATION 45.00 X 51619 0 10450 JARED PERSON DIRECTOR OF FINANCE AND ADMINISTRATION 45.00 X 39748 0 1948 JIMMIE SHELQUIST LINE SUPERINTENDENT 45.00 X 113973 0 47177 NATHAN ANDERSON LEAD LINEMAN 45.00 X 103952 0 36632 JOHN KUEHN LINE FOREMAN 45.00 X 107032 0 46048 LEON EMMIL ENGINEERING MANAGER 45.00 X 107541 0 44627 671076 0 246814 5 0 1 0 TF POWERS CONSTRUCTION CO 910 6TH AVE N FARGO ND 58102 BUILDING CONSTRUCTION 1520192 MVM CONTRACTING 3350 35TH AVE S FARGO ND 58104 UNDERGROUND PLOWING/BORING 649930 HIGHLINE CONSTRUCTION INC 16124 OLD LAKE RD PAYNESVILLE MN 56362 OVERHEAD LINE CONSTRUCTION 257409 3 SALE OF ELECTRICITY 221000 16177499 16177499 16177499 73937 73937 46307 71779 -25472 -25472 -25472 48802 35878 12924 12924 OTHER SUPPORTING REVENUE 221000 232536 232536 CAPITAL CREDITS 221000 222880 222880 455416 16694304 16645839 0 48465 X 308556 323758 1636571 315338 136186 836872 1516422 COST OF POWER 10709226 DISTRIBUTION 1557350 ADMINISTRATIVE & GENERA 796405 CUSTOMER ACCOUNTS 656068 -2411853 16380899 799576 555272 300137 1834515 1571935 2076604 2430589 103717 22626 64028415 18775192 42217380 45253223 2942127 3063514 9293 10175 49983212 53207471 1954165 1396340 594012 499288 27876871 30963798 115975 606801 30541023 33466227 X 0 0 0 0 19442189 19741244 19442189 19741244 49983212 53207471 X 313405 -14350 X 0 1 X 1 0 25996 25996 5831326 702135 5129191 56901990 18073057 38828933 1269103 1269103 45253223 INVESTMENTS IN ASSOCIATED ORGANIZATIONS 2268608 C INVESTMENTS IN CAPITAL TERM CERTIFICATES 379130 C OTHER PROGRAM RELATED INVESTMENTS 415776 C 3063514 CUSTOMER DEPOSITS 102275 ADVANCES FOR CONSTRUCTION 504526 606801 X 16694304 0 16694304 0 16694304 16072343 0 16072343 308556 308556 16380899 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES. THE COOPERATIVE'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX 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. IT IS THE OPINION OF MANAGEMENT THAT THE COOPERATIVE HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE INCOME TAX RETURNS OF THE COOPERATIVE ARE SUBJECT TO EXAMINATION BY THE IRS AND STATE TAX AUTHORITIES, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. ALL FILINGS ARE CURRENT. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATED CAPITAL CREDITS 308,556. X X 0 0 0 RICHARD WHITCOMB CEO 116836 0 0 0 0 0 33258 0 28545 0 178639 0 0 0 JIMMIE SHELQUIST LINE SUPERINTENDENT 113973 0 0 0 0 0 36609 0 12363 0 162945 0 0 0 JOHN KUEHN LINE FOREMAN 107032 0 0 0 0 0 19375 0 28159 0 154566 0 0 0 LEON EMMIL ENGINEERING MANAGER 107541 0 0 0 0 0 17953 0 28451 0 153945 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN C COMPENSATION OF OFFICERS, DIRECTORS, KEY EMPLOYEES, HIGHEST COMPENSATED EMPLOYEES AND INDEPENDENT CONTRACTORS: 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 STATEMENT FOR THE FORM 990, PART VII, COLUMN F. ROGER KROSTUE ROGER REPRESENTS THE COOP ON MINNKOTA POWER COOPERATIVE'S BOARD 10064332 WHOLESALE POWER PURCHASE 0 FORM 990, PART VI, SECTION A, LINE 6 THERE IS ONLY ONE CLASS OF MEMBERS. ALL MEMBERS HAVE THE SAME VOTING RIGHTS. EACH HOUSEHOLD REPRESENTS ONE MEMBER. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS OF THE COOPERATIVE MAY VOTE FOR DIRECTORS IN ALL DISTRICTS. DIRECTORS MAY ONLY BE NOMINATED BY MEMBERS OF THE DIRECTORS' DISTRICTS. FORM 990, PART VI, SECTION A, LINE 7B CHANGES IN ARTICLES OF INCORPORATION OR BY-LAWS, MERGERS, OR CONSOLIDATIONS MUST BE APPROVED BY MEMBERS OF THE COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE DIRECTOR OF FINANCE AND CEO REVIEW A DRAFT OF THE FORM 990. ONCE THE DRAFT WAS DEEMED ACCURATE, THE FORM 990 WAS PRESENTED TO THE BOARD OF DIRECTORS AT A BOARD MEETING AND APPROVED AT THAT TIME BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND BOARD OF DIRECTORS ARE COVERED BY THE POLICY. THE DIRECTORS SHALL SIGN A CERTIFICATE UPON TAKING OFFICE DISCLOSING ANY POTENTIAL CONFLICTS. AT ANY POINT IN TIME SHOULD A CONFLICT ARISE IT MUST BE BROUGHT TO THE BOARD IMMEDIATELY. THE FULL BOARD REVIEWS ANY POTENTIAL CONFLICTS AND MAKES THE DETERMINATION IF A CONFLICT EXISTS. BOARD MEMBERS WITH A CONFLICT WILL ABSTAIN FROM VOTING. THIS WOULD BE DOCUMENTED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 15A BOARD MEMBERS ANNUALLY REVIEW THE PERFORMANCE OF THE CHIEF EXECUTIVE OFFICER. DIRECTORS REVIEW AND UTILIZE THE NRECA NATIONAL AND REGIONAL CEO COMPENSATION FORM AND ANY KNOWN REGIONAL CEO SALARIES AS A GUIDE. WRITTEN BOARD MINUTES ARE KEPT OF THE SALARY DELIBERATION. THERE ARE NO OTHER OFFICERS OR KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART VII, SECTION A, COLUMN (F): OFFICER AND DIRECTOR COMPENSATION REPORTED ON PART IX, LINE 5 DOES NOT EQUAL THE TOTAL COMPENSATION REPORTED ON PART VII, LINE 1B FOR THESE INDIVIDUALS. THE DIFFERENCE OF $10,121 IS DUE TO THE DIFFERENCE BETWEEN THE CURRENT YEAR CONTRIBUTIONS (A CURRENT YEAR EXPENSE) AND THE INCREASE IN ACTUARIAL VALUE. THE INCREASE IN ACTUARIAL VALUE IS NOT A CURRENT YEAR EXPENSE, BUT IS REPORTED AS COMPENSATION FOR PURPOSES OF PART VII. INCLUDED IN PART VII, COLUMN "F", OTHER COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VAULE OF THE DEFINED BENEFIT PLAN. FOR THE FOLLOWING INDIVIDUALS, THE ESTIMATED INCREASE IS: RICHARD WHITCOMB: $28,160 MINDY YOUNG: $2,955 JARED PERSON: $0 THIS AMOUNT IS AN ESTIMATE OF THE INCREASE OF THE VALUE OF THE PLAN AND IS NOT A CURRENT YEAR EXPENSE OF THE COOPERATIVE. CURRENT YEAR CONTRIBUTIONS INTO THE DEFINED BENEFIT PLAN WERE AS FOLLOWS: RICHARD WHITCOMB: $33,969 MINDY YOUNG: $7,267 JARED PERSON: $0 FORM 990, PART IX, LINE 4 AS REQUIRED BY FORM 990 INSTRUCTIONS, FORM 990, PART IX, LINE 4 (BENEFITS PAID TO OR FOR MEMBERS) INCLUDES PATRONAGE DIVIDENDS PAID. THIS AMOUNT IS AN EXPENSE FOR PURPOSES OF FORM 990, BUT IS NOT RECOGNIZED AS AN EXPENSE UNDER G.A.A.P. REPORTING REQUIREMENTS, WHICH ARE USED FOR BOOK INCOME. THE RESULT IS A BOOK TO TAX DIFFERENCE WHICH IS DISCLOSED ON PART XI AND ON SCHEDULE D PART XI AND XIII. IN REFERENCE TO PART IX, LINE 4, THE COOPERATIVE HAS INTERPRETED "PATRONAGE DIVIDENDS PAID" AS CAPITAL CREDITS ALLOCATED TO MEMBERS UNDER THE PRE-EXISTING OBLIGATIONS PURSUANT TO THE BYLAWS OF THE COOPERATIVE. FORM 990, PART IX, STATEMENT OF FUNCTIONAL EXPENSES, LINE 24E THE LABOR REPORTED ON LINE 5 IS ALREADY INCLUDED IN DISTRIBUTION EXPENSE, ADMINSTRATIVE & GENERAL EXPENSE AND CUSTOMER EXPENSE. THEREFORE, THESE AMOUNTS ARE BEING SUBTRACTED OUT AS AN OTHER DEDUCTION ON LINE 24E. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -322,906. ALLOCATED CAPITAL CREDITS 308,556.