2024-11-07T11:31:32-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2023-01-01 410403745 MCLEOD COOPERATIVE POWER ASSOCIATION MCLE 3208643148 3515 11TH STREET EAST GLENCOE MN 55336 RONALD MEIER CHIEF EXECUTIVE OFFICER 3208643148 2024-10-24 1 0 KATHERINE LUTZKE CPA P01760889 5072802300 2024-10-24 2023 2024-10-15 13:58:12Z STEPHANIE JAKEL 3515 11TH STREET EAST GLENCOE MN 55336 23147477 0 X WWW.MCLEODCOOP.COM X 1935 MN TO ENHANCE THE QUALITY OF LIFE FOR OUR MEMBERS AND CUSTOMERS THROUGH EFFECTIVE SOLUTIONS. 9 9 28 0 113012 105276 0 0 23057439 21854962 90291 178671 0 1025478 23147730 23059111 0 0 2899869 864500 3411925 493750 0 0 0 18965351 21800867 25277145 23159117 -2129415 -100006 80287869 84165367 49024991 52340004 31262878 31825363 TO DELIVER ENERGY AND OTHER SERVICES THAT WILL IMPROVE THE QUALITY OF LIFE FOR OUR CUSTOMERS, AND TO MAXIMIZE CUSTOMER SATISFACTION BY DELIVERING THOSE SERVICES IN THE MOST FRIENDLY, SAFE, RELIABLE AND COMPETITIVE MANNER POSSIBLE. 0 0 PROVIDED ELECTRIC SERVICE TO AN AVERAGE OF 5,985 MEMBERS IN 2023. WE HAD AN INCREASE OF 1 MILE OF LINE DURING 2023. THE COOPERATIVE HAS 2,041 MILES OF DISTRIBUTION LINE AS OF DECEMBER 31, 2023. 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 58 0 1 28 1 1 1 0 0 0 0 22185066 1029724 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 RONALD MEIER 3208643148 3515 11TH STREET EAST GLENCOE MN 55336 X DOUG KIRTZ PRESIDENT 3.00 0.00 X X 6535 0 0 DAVID RESCH VICE PRESIDENT 4.00 0.00 X X 5430 0 0 SUSAN ANDERSON SECRETARY TREASURER 5.00 0.00 X X 11200 0 0 GARY BURDORF ASST. SECRETARY TREASURER 3.00 0.00 X X 5715 0 0 ALLAN DUESTERHOEFT DIRECTOR 3.00 0.00 X 5215 0 0 RANDY HLAVKA DIRECTOR 5.00 0.00 X 4645 0 0 KEITH PETERSON DIRECTOR 3.00 0.00 X 5145 0 0 JOE GRIEBIE DIRECTOR 3.00 0.00 X 5715 0 0 KIRK NEWMAN DIRECTOR 2.00 0.00 X 3655 0 0 RONALD MEIER CEO 40.00 0.00 X 192700 0 69064 STEPHANIE JAKEL MANAGER OF FINANCE 40.00 0.00 X 118155 0 60576 TERRY UNDERDAHL LINE FOREMAN 40.00 0.00 X 115162 0 73140 RYAN SCHUETTE LINE FOREMAN 40.00 0.00 X 116029 0 55676 CRAIG MARTI LINE FOREMAN 40.00 0.00 X 119422 0 56186 EMERSON BRADY OPERATIONS MANAGER 40.00 0.00 X 121584 0 54752 ERIC SELL MANAGER OF INFORMATION SYSTEMS 40.00 0.00 X 113598 0 66867 949905 0 436261 7 0 1 0 MP NEXLEVEL LLC 500 COUNTY ROAD 37 E MAPLE LAKE MN 55358 LINE CONSTRUCTION 520644 TREESTORY PO BOX 676 DASSEL MN 55325 TREE SERVICE 489344 STAR ENERGY 6841 POWER LANE SW ALEXANDRIA MN 56308 ENGINEERING CONSULTING 138277 3 SALE OF POWER 221000 21854962 21854962 21854962 175031 175031 92006 88366 3640 3640 3640 CAPITAL CREDITS 221000 901754 901754 ARLINGTON CONTRACT 230000 58432 58432 HEARTLAND K-1 812900 54540 54540 10752 10712 40 1025478 23059111 22767428 113012 178671 864500 493750 1180678 2336013 COST OF POWER 13685966 DISTRIBUTION - OPERATIO 1332683 DISTRIBUTION - MAINTENA 1268312 CUSTOMER ACCOUNT EXPENS 1058832 938383 23159117 1089468 3753637 3485747 267094 2566524 2267877 1757350 1885354 232108 148366 81653832 20386638 57167857 61267194 13343946 13958712 644869 617133 80287869 84165367 3883650 4052571 258612 389693 48806 54478 42801536 46005168 2032387 1838094 49024991 52340004 X 0 0 31262878 31825363 0 0 31262878 31825363 80287869 84165367 X -100006 662491 X 0 1 X 1 0 0 1 X 412970 412970 10966492 727027 10239465 70254231 19659611 50594620 20139 20139 61267194 PATRONAGE CAPITAL 12203643 C OTHER INVESTMENT IN ASSOC. COMPANIES 1407506 C INVESTMENT IN ECONOMIC DEVELOPMENT PROJECT 347563 C 13958712 CUSTOMER DEPOSITS 131900 OTHER REGULATORY LIABILITY 1263514 ACCUMULATED PROVISION FOR PENSION & BENEFITS 442680 1838094 X 23035795 88914 88914 22946881 112230 112230 23059111 22236927 0 22236927 922190 922190 23159117 PART IV, LINE 2B: THE MEMBERS OF THE COOPERATIVE ROUND UP THEIR MONTHLY ELECTRIC BILL TO THE NEXT DOLLAR, UNLESS THEY OPT OUT OF THE PROGRAM THESE FUNDS COLLECTED FROM THE MEMBERSHIP ARE HELD IN A COOPERATIVE ACCOUNT UNTIL THEY ARE RELEASED TO THE MCLEOD COOPERATIVE POWER TRUST. THESE FUNDS ARE TRANSFERRED DIRECTLY TO THE MCLEOD COOPERATIVE POWER TRUST PERIODICALLY THROUGHOUT THE YEAR. FUNDS THAT EXIST AT THE END OF YEAR ARE A RESULT OF A TIMING DIFFERENCE IN THE RECEIPT OF THE FUNDS AND THE RELEASE OF THEM TO THE MCLEOD COOPERATIVE POWER TRUST. FOR THE YEAR ENDED DECEMBER 31, 2023 THE ACCOUNT HELD $54,478. PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE (IRC). ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED AT DECEMBER 31, 2023 AND 2022. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: HEARTLAND BOOK INCOME 88,914. PART XI, LINE 4B - OTHER ADJUSTMENTS: HEARTLAND K-1 TAX INCOME 54,540. EXPENSES REPORTED AS REVENUE 57,690. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL CREDITS ALLOCATED DURING CURRENT YEAR 864,500. EXPENSES REPORTED AS REVENUE 57,690. X X X 0 0 0 RONALD MEIER CEO 191092 0 150 0 1458 0 27043 0 42021 0 261764 0 0 0 TERRY UNDERDAHL LINE FOREMAN 113612 0 150 0 1400 0 34029 0 39111 0 188302 0 0 0 ERIC SELL MANAGER OF INFORMATION SYSTEMS 112771 0 250 0 577 0 30569 0 36298 0 180465 0 0 0 STEPHANIE JAKEL MANAGER OF FINANCE 117628 0 150 0 377 0 14165 0 46411 0 178731 0 0 0 EMERSON BRADY OPERATIONS MANAGER 120921 0 250 0 413 0 14601 0 40151 0 176336 0 0 0 CRAIG MARTI LINE FOREMAN 118676 0 250 0 496 0 21000 0 35186 0 175608 0 0 0 RYAN SCHUETTE LINE FOREMAN 115471 0 250 0 308 0 15511 0 40165 0 171705 0 0 0 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 ESTIMATES OF THE INCREASE IN THE ACTUARIAL VALUE OF THE PLANS RECEIVED VALUE FOR EACH EMPLOYEE IS REFLECTED IN THE SCHEDULE O STATEMENT FOR NOT REPRESENT ANY CURRENT YEAR CONTRIBUTIONS TO THE PLAN. THEY ARE FROM THE NRECA. THE CURRENT YEAR EXPENSE AND THE INCREASE IN ACTUARIAL FORM 990, PART VII, COLUMN F. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS ARE ALL THE SAME CLASS. THE ORGANIZATION IS A MEMBER OWNED ELECTRIC COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 7A THE SERVICE TERRITORY IS DIVIDED INTO DISTRICTS. MEMBERS FROM THAT DISTRICT ELECT THEIR DIRECTOR TO REPRESENT THEM. DIRECTORS SERVE A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B IF CHANGES ARE MADE TO THE BY-LAWS, THE CHANGES WILL BE VOTED ON BY THE MEMBERS AT THE ANNUAL MEETING. EACH MEMBER HAS ONE VOTE. 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 FORM 990 WAS REVIEWED BY THE COOPERATIVE'S CEO & MANAGER OF FINANCE PRIOR TO BEING PRESENTED, REVIEWED, AND APPROVED BY THE BOARD OF DIRECTORS BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WHEN OBTAINING QUOTES OR BIDS FOR PURCHASES OR CONTRACT WORK, IT IS MANAGEMENT'S RESPONSIBILITY TO ENSURE THAT THERE ARE NO VIOLATIONS TO THIS POLICY. THE CONFLICT OF INTEREST POLICY APPLIES TO THE DIRECTORS, OFFICERS AND KEY EMPLOYEES OF MCLEOD COOPERATIVE POWER ASSOCIATION, AND ANY RELATED INDIVIDUALS TO THE DIRECTORS, OFFICERS, OR KEY EMPLOYEES. IT IS THE RESPONSIBILITY OF THE INTERESTED PARTY TO DISCLOSE ANY CONFLICTS OF INTEREST. THE BOARD INTERPRETS AND ENFORCES THE CONFLICT OF INTEREST POLICY. IF IT IS DETERMINED THAT THE POLICY IS NOT BEING FOLLOWED THE INDIVIDUAL NOT FOLLOWING THE POLICY MAY BE SANCTIONED, DISQUALIFIED, AND/OR DISMISSED. IN THE EVENT THAT A CONFLICT MAY OCCUR THE INTERESTED PARTIES ABSTAIN FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. OTHER OFFICERS AND EMPLOYEES COMPENSATION IS SET BY THE CEO USING THE APPROVED COMPENSATION SYSTEM (NRECA'S COMPENSATE) PER BOARD POLICY. THE BOARD REVIEWS THE PERFORMANCE OF THE COMPENSATION SYSTEM ANNUALLY. THE BOARD USES COMPARABILITY DATA AND SUBSTANTIATES THEIR DECISION IN BOARD MINUTES. THIS PROCESS WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART VII, SECTION A, COLUMN (F): INCLUDED IN COLUMN "F", ESTIMATED AMOUNT OF OTHER COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN AND ARE NOT CURRENT EXPENSES OF THE COOPERATIVE. THE ESTIMATED INCREASE WAS AS FOLLOWS: CRAIG MARTI $15,531 TERRY UNDERDAHL $28,562 RONALD MEIER $9,344 STEPHANIE JAKEL $2,655 RYAN SCHUETTE $9,891 EMERSON BRADY $3,181 ERIC SELL $24,588 THE CURRENT YEAR EXPENSE FOR THIS DEFINED BENEFIT PLAN WAS AS FOLLOWS: CRAIG MARTI $25,539 TERRY UNDERDAHL $25,536 RONALD MEIER $29,900 STEPHANIE JAKEL $19,688 RYAN SCHUETTE $25,690 EMERSON BRADY $19,532 ERIC SELL $28,991 FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -236,383. HEARTLAND BOOK TO TAX DIFFERENCE 34,374. PATRONAGE CAPITAL CREDITS ALLOCATED DURING CURRENT YEAR 864,500. MCLEOD COOPERATIVE POWER TRUST 3515 11TH STREET EAST GLENCOE MN 55336 421620470 CHARITABLE PURPOSES MN 501(C)(3) LINE 7 MCLEOD COOPERATIVE POWER ASSOCIATION 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0