2024-07-31T13:33:28-05:00 2023-12-31 450250958 Eide Bailly LLP 4585 Coleman St Ste 200 Bismarck ND 58503 990 2023-01-01 410612945 Wild Rice Electric Cooperative Inc WILD 2189352517 PO Box 438 Mahnomen MN 56557 Michael Wade President/CEO 2189352517 2024-07-30 1 1 Lisa Chaffee CPA P00193453 7012551091 2024-07-30 2023 2024-08-08 14:25:15Z Michael Wade PO Box 438 Mahnomen MN 56557 36602840 0 X www.wildriceelectric.com X 1939 MN The exempt purpose of the Organization is to provide electricity to members. 9 9 47 0 0 0 0 0 36211021 36528628 -34175 -40 -9 -628 36176837 36527960 0 0 1165238 1481371 5087301 5199344 0 0 0 29422693 29392756 35675232 36073471 501605 454489 72859229 78642165 41391028 46065283 31468201 32576882 Energizing our member's future. 0 0 Wild Rice Electric is a retail power supplier, which owns and maintains over 3,646 miles of distribution lines in a 3,200 square mile service area. The Cooperative serves 14,701 consumers made up of 11,907 members. 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 0 0 0 0 0 0 0 0 1 1 0 0 1 29 0 1 47 1 0 0 0 0 0 36678162 263593 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 1 0 X Crystal Askelson 2189352517 PO Box 438 Mahnomen MN 56557 X David Hamre Treasurer 4.40 X X 8362 0 0 Greg Lavoy Director 3.70 X 8482 0 0 Jeff Nornes Director 5.50 X 10357 0 0 Jimmy Kaiser Chairman 4.90 X X 9607 0 0 Larry Sollie Vice Chairman 6.60 X X 8707 0 0 Mark Habedank Secretary 7.30 X X 7907 0 0 Randy Bjornson Director 5.10 X 9319 0 0 Roger Winter Director 3.80 X 9221 0 0 Russel Okeson Director 4.30 X 7846 0 0 Crystal Askelson Director of Finance 40.00 X 89030 0 45763 Elaine Garry Interim President/CEO (Jan-Feb) 40.00 X 35400 0 0 Michael Wade President/CEO (Feb-Dec) 40.00 X 175179 0 94311 Alan Brunner Director of Operations 40.00 X 115938 0 47590 Glen Sommers Journeyman Lineman 44.00 X 111786 0 13847 Kenneth Crane Foreman Lineman 44.00 X 112488 0 41286 Thomas Houdek - Director of Member Services & Communic 40.00 X 112842 0 44653 Travis Obowa Lead Lineman 45.50 X 112893 0 63022 945364 0 350472 16 0 1 0 Carr's Tree Service PO Box 250 Ottertail MN 56571 Right-of-Way Clearing 1617069 Legacy Power Line Inc PO Box 469 Wadena MN 56482 Pole Replacement 290250 Star Energy Services LLC 6875 County Rd 28 SW Alexandria MN 56308 Engineering, IT 210539 BlueSky Daylighting 42324 300th Ave SE Fosston MN 56542 Boring 193243 4 Electrical Revenue 221000 35832050 35832050 Capital Credits 900099 503287 503287 Equity Method Partnership 900099 188753 188753 4538 4538 36528628 74840 74840 74880 -74880 -74880 -74880 -628 0 -628 -628 36527960 36453120 0 74840 X 1481371 502220 3523265 881224 292635 1285472 2583432 Cost of Purchased Power 22689263 Distribution 4894050 Administrative & Genera 1744109 Customer Accts & Servic 1368676 -5172246 36073471 2090081 1950225 4202914 5267229 1319903 1070834 281874 162730 93600319 31385093 58518197 62215226 6439060 7957878 7200 18043 72859229 78642165 3570517 3950932 109654 391453 837 878 35396879 39905278 2000000 1500000 313141 316742 41391028 46065283 X 163080 157885 27110574 27696850 4194547 4722147 31468201 32576882 72859229 78642165 X 454489 654192 X 0 1 X 1 0 0 1 X 525 269745 270270 3500300 1244154 2256146 88327385 30140939 58186446 1502364 1502364 62215226 Capital Term Certificates - CFC 696593 F Patronage Capital Credits 4421616 F Federated Acquisition LLC 1234187 F Memberships 54756 F Economic development loan 488747 F Commercial Paper 1000000 F Patronage Capital Credits - Non Associated Organizations 61979 F 7957878 Consumer Deposits 218466 Property Insurance Reserve 5000 Accumulated Provisions for Pension 93276 316742 X 36527960 0 36527960 0 36527960 34592100 0 34592100 1481371 1481371 36073471 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 the semi-annual board meeting of the Wild Rice Electric Trust Operation Round Up. These funds are transferred directly to the Operation Round Up at the time of the semi-annual meetings. Funds that exist at the beginning and end of year are a result of a timing difference in the Operation Round Up's board meeting and the year end of the Cooperative. Part X, Line 2: The Cooperative evaluates its tax positions that have been taken or are expected to be taken on income tax returns to determine if an accrual is necessary for uncertain tax positions. As of December 31, 2023 and 2022, the unrecognized tax benefit accrual was zero. The Cooperative will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. Part XII, Line 4b - Other Adjustments: Patronage Capital Credits Allocated 1,481,371. X 0 0 0 Michael Wade President/CEO (Feb-Dec) 175179 0 0 0 0 0 75416 0 19853 0 270448 0 0 0 Travis Obowa Lead Lineman 112893 0 0 0 0 0 39448 0 24083 0 176424 0 0 0 Alan Brunner Director of Operations 115938 0 0 0 0 0 34241 0 13984 0 164163 0 0 0 Thomas Houdek - Director of Member Services & Communic 112842 0 0 0 0 0 20579 0 24714 0 158135 0 0 0 Kenneth Crane Foreman Lineman 112488 0 0 0 0 0 29120 0 12674 0 154282 0 0 0 Schedule J, Part II, Column C, Deferred Compensation Explanation: 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 Form 990, Part VII, Column f. Form 990, Part VI, Section A, line 6 There is only one class of members. Each member receives one vote. Each member vote carries the same weight. Form 990, Part VI, Section A, line 7a The Cooperative is separated into three districts. The board is comprised of nine members. One board member from each district is elected each year. Voting is at large. At the annual meeting all members have the right to vote on a person in each district. The candidate must live in the district that he/she wishes to represent. Form 990, Part VI, Section A, line 7b Changes in the bylaws and major dissolutions or mergers must be approved by the members. Form 990, Part VI, Section A, line 8b There were no committees with authority to act on behalf of the full board. Form 990, Part VI, Section B, line 11b A copy of the 990 was sent with other information in the board packet and was presented and approved at a board meeting. The CEO reviewed the Form 990 prior to it being distributed to the Board of Directors. Form 990, Part VI, Section B, line 12c The board chairman shall ensure the enforcement of the "Conflict of Interest" policy. Actions considered inconsistent with these policies are to be reported to the entire board. Each director must disclose any situation in which his or her opinion violates, may violate, or could appear to violate the intent of this policy. Form 990, Part VI, Section B, line 15a A committee of board members reviews the CEO's performance and makes recommendations to the full Board of Directors. The board compares the CEO's compensation with compensation of other electric cooperatives. Any increase in compensation is based on a performance review which is approved by the board and reviewed annually. The CEO reviews and approves the compensation of the Director of Finance. Form 990, Part VI, Section C, line 19 Financial statements are provided at the annual meeting. Every new member receives a copy of the bylaws. Other documents are available upon request. Form 990, Part VII, Section A, Column (F) Compensation of Officers and Highly Compensated: Included in Part VII, Section A, Column "F", estimated amount of other compensation is the estimated annual increase in the actuarial value of the defined benefit plan. These amounts are estimates in the increase of the value of the plan and are not current year expenses of the Cooperative. For the following individuals listed, the estimated increase was: Crystal Askelson $10,803 Michael Wade $57,647 Alan Brunner $26,046 Travis Obowa $34,895 Thomas Houdek $12,280 Kenneth Crane $24,389 Glen Sommers $9,538 Current year contributions into the defined benefit plan by Wild Rice Electric Cooperative were: Crystal Askelson $23,129 Michael Wade $26,565 Alan Brunner $27,851 Travis Obowa $21,500 Thomas Houdek $28,209 Kenneth Crane $21,500 Glen Sommers $20,677 Form 990, Part IX, Line 4 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 IX, Line 24e: The labor, pension and payroll taxes reported on lines 5-10 are already included in distribution expense, administrative & general expense and customer expense. Therefore, these amounts are being subtracted out as an other deduction on line 24e in the amount of $(5,199,344). Form 990, Part XI, line 9: Retirement of Memberships -5,195. Retirement of Patronage Capital -783,028. Retirement of Capital Credit -38,956. Patronage Capital Credits Allocated For Current Year 1,481,371. Wild Rice Electric Trust PO Box 438 Mahnomen MN 56557 416398173 Charitable Purposes MN 501(c)(3) Line 7 Wild Rice Electric Cooperative Inc 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0