2025-04-28T10:57:09-07:00 2024-12-31 990 2024-01-01 420655796 CORN BELT POWER COOPERATIVE CORN 5153322571 PO Box 508 Humboldt IA 50548 Faith Warden VP Finance & Administration 5153327731 2025-04-15 1 2024 2025-03-06 01:10:19Z Jacob Olberding 1300 13th St N Humboldt IA 50548 171564846 0 X www.cbpower.coop X 1947 IA Generating and transmitting electrical energy to our members. 9 9 95 0 0 0 0 0 170890790 170085811 1682869 1474309 5527 4726 172579186 171564846 0 0 18667000 15951000 11218496 11920520 0 0 0 141334935 141060501 171220431 168932021 1358755 2632825 542332165 570127492 346009863 362527974 196322302 207599518 To enhance the quality of life for our members, employees and communities. 0 0 Each activity is part of the whole process of generating and transmitting electrical energy to our 9 member rural service cooperatives and our one member municipal electrical cooperative. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 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 0 0 1 176 0 1 95 1 0 0 0 0 0 152716592 2122185 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 0 X Jacob Olberding 5153327775 1300 13th St N Humboldt IA 50548 Jacob Olberding eff April 24 Executive VP and General Manager 40 0 X 279413 0 66478 Michael Finnegan eff March 24 VP Engineering and System Operations 40 0 X 164363 0 146446 Kenneth H Kuyper retired April 24 Executive VP and General Manager 40 0 X 213274 0 78294 Patrick Connor Plant Manager 40 0 X 167315 0 108404 Michael Thatcher VP Power Supply 40 0 X 202789 0 67457 Ryan Cornelius VP Corporate Relations 40 0 X 202855 0 54885 Karen K Berte retired June 24 Sr VP Finance and Administration 40 0 X 160348 0 96581 Larry Brusseau Compliance Director 40 0 X 149159 0 74209 Brittany Dickey VP Business Development 40 0 X 177203 0 36814 Daniel Shiflett ROW & Construction Superintendent 40 0 X 141786 0 68758 Brad Hill Communications Superintendent 40 0 X 137367 0 45957 Faith Warden eff June 24 VP Finance and Administration 40 0 X 126951 0 40621 Jon Behounek Chief System Operator 40 0 X 138305 0 15745 Kevin Bornhoft retired March 24 SR VP, Engineering 40 0 X 96821 0 0 David Onken President 8 0 X X 22200 0 0 Brad Honold Director 8 0 X 20400 0 0 Dale Schaefer Vice President 6 0 X X 17800 0 0 Larry Rohach Treasurer 6 0 X X 17400 0 0 Steve Boedecker Director 5 0 X 16600 0 0 Rick Thompson Director 4 0 X 16000 0 0 Jerry Beck Secretary 7 0 X X 15400 0 0 Gary Poppe Asst Secretary/Treasurer 5 0 X X 15200 0 0 Ted Hall Director 5 0 X 10600 0 0 2509549 0 900649 28 0 1 0 Highline Construction Inc 16124 Old Lake Rd Paynesville MN 56362 Line construction 8025445 IES Commercial Inc 120 S Lincoln Holdridge NE 68949 Line Construction 5872557 Cable Communications Services LLC 7200 Shadowland Ct Black Hawk SD 57718 Line Construction 1639995 Friest Tree Experts LLC 47854 273rd St Harrisburg SD 57032 Tree Trimming 1136649 Open System International Inc 4104 Arrowwood Drive Medina MN 553409457 Equipment design and installation 552280 13 0 Electric Energy Sales 221000 140593200 140593200 0 0 RTO revenue 221000 16726070 16726070 0 0 Patronage allocation 210000 8462213 8462213 0 0 Substation and tower use fees 221000 4083895 4083895 0 0 Wheeling fees 221000 32541 32541 0 0 187892 187892 0 0 170085811 670763 0 0 670763 0 0 0 0 0 0 0 0 4294 0 0 0 4294 0 4294 0 0 4294 0 803546 0 0 0 803546 803546 0 0 803546 432 0 0 432 432 171564846 170085811 0 1479035 0 0 0 15951000 1720073 0 6072263 2019238 1384910 724036 0 118566 45043 0 0 0 139217 915804 304222 401055 0 0 463948 0 360207 9651828 0 13232980 435121 Energy 104128939 Jointly Owned Units 4368587 Maint of plant & equipment 3136285 Property taxes 2015927 1342772 168932021 0 0 0 1964429 2648007 8695701 11495121 0 0 14212325 18190576 0 0 0 0 17669981 16219944 22542838 21962896 513775 719738 646350197 346787553 289122370 299562644 63879626 68838420 0 0 1698967 2299214 658328 1034086 121373825 127156846 542332165 570127492 18552180 15953522 0 0 6209062 8211040 0 0 0 0 0 0 206174104 211869830 47942957 55515337 67131560 70978245 346009863 362527974 X 0 0 130275970 138888755 66046332 68710763 196322302 207599518 542332165 570127492 X 2632825 0 0 0 0 8644391 X 0 1 X 1 1 1 0 5822902 5822902 0 65891046 49331332 16559714 0 0 0 0 0 550189008 298156874 252032134 0 24447241 -700653 25147894 299562644 Patrons capital from associated cooperatives 112675723 Other investments in associated organizations 8044575 Investment in the National Rural Utilities Cooperative Finance Corporation 5141157 Unamortized debt discount and expense 794906 Misc Accrued assets 200829 Non-utility property 163495 Interest and dividends receivable 112793 Other investments 23368 127156846 0 DAEC decommissioning liability 67599407 Decommissioning regulatory liability 1741118 Ash landfill retirement obligation 1393099 Deferred pension 244621 70978245 X 171558329 0 0 0 0 0 171558329 0 6517 6517 171564846 152974504 0 0 0 0 0 152974504 0 15957517 15957517 168932021 Schedule D, Part X, Line 2 The Cooperative recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgement occurs. Schedule D, Part XI, Line 4b Gain on the disposition and other credits $6517 Schedule D, Part XII, Line 4b Gain on the disposition and other credits $6,517 and patronage allocation of the 2024 margins $15,951,000 net $15,957,517 X 1 1 X X X X 0 1 0 Jacob Olberding eff April 24 Executive VP and General Manager 277718 0 0 0 1695 0 37558 0 31427 0 348398 0 0 0 Kenneth H Kuyper retired April 24 Executive VP and General Manager 208421 0 0 0 26981 0 74398 0 5510 0 315310 0 36891 0 Michael Finnegan eff March 24 VP Engineering and System Operations 152505 0 0 0 11858 0 116525 0 31515 0 312403 0 0 0 Patrick Connor Plant Manager 152810 0 0 0 14505 0 80176 0 30156 0 277647 0 0 0 Michael Thatcher VP Power Supply 172591 0 0 0 30198 0 44173 0 25371 0 272333 0 0 0 Ryan Cornelius VP Corporate Relations 189169 0 0 0 13686 0 25352 0 31799 0 260006 0 0 0 Karen K Berte retired June 24 Sr VP Finance and Administration 135054 0 0 0 25294 0 81374 0 16561 0 258283 0 0 0 Larry Brusseau Compliance Director 147246 0 0 0 1913 0 42156 0 33830 0 225145 0 0 0 Brittany Dickey VP Business Development 173894 0 0 0 3309 0 35014 0 3677 0 215894 0 0 0 Daniel Shiflett ROW & Construction Superintendent 133155 0 0 0 8631 0 38061 0 32327 0 212174 0 0 0 Brad Hill Communications Superintendent 124703 0 0 0 12663 0 32649 0 14874 0 184889 0 0 0 Faith Warden eff June 24 VP Finance and Administration 119535 0 0 0 7417 0 21004 0 20978 0 168934 0 0 0 Jon Behounek Chief System Operator 133820 0 0 0 4485 0 15745 0 1515 0 155565 0 0 0 Kevin Bornhoft retired March 24 SR VP, Engineering 95448 0 0 0 8373 0 0 0 7977 0 111798 0 22893 0 Schedule J, Part I, Line 1a Any expenses of the companion that are paid for by the Cooperative is considered taxable to the executive. Schedule J, Part I, Line 4 Keneth Kuyper - $36,890.92, Kevin Bornhoft - $22,893.34. Eligible employees may elect participation upon employment or any time during employment. Contributions are made by the employee only and benefit payments are to be made during retirement not to exceed a period of five years. Form 990, Part VI, Section A, Line 6 Corn Belt has 8 rural electric cooperatives and one municipal electric cooperative as voting members. Corn Belt has two non-voting members. Form 990, Part VI, Section A, Line 7a Each voting member elects one representative to serve on the governing board of Corn Belt Power Cooperative. Form 990, Part VI, Section A, Line 7b The whole membership must approve changes to the Articles of Incorporation and the sale of substantially all the assets. Form 990, Part VI, Section A, Line 9 Dale Schaefer, 15507 140th St. Rockwell, IA 50469; David Onken, 14862 Quail Ave, Glidden, IA 51443; Larry Rohach, 22054 X Ave, Reinbeck, IA 50669; Jerry Beck, 1735 380th St., Spencer, IA 51301; Brad Honold, 123 Hickory Lane, Coon Rapids, IA 50058; Gary Poppe, 301 Somerset Court, Nashua, IA 50658; Ted Hall, 2040 310th St, Forest City, IA 50436; Rick Thompson, 1601 190th Ave, LuVerne, IA 50560; Steve Boedecker, 6670 Twin Lakes Road, Rockwell City, IA 50579 Form 990, Part VI, Section B, Line 11b Each director is provided a copy of the 990 tax return at the March or April board meeting. At the meeting the return is reviewed and discussed in detail before it is filed with the IRS. Form 990, Part VI, Section B, Line 12c Policies are annually reviewed by a policy committee, then approved by the board. A conflict of interest disclosure is completed annually by the board and its officers. Corn Belt reviews the conflict and has a procedure in place to address their participation in decision making. For example, if it is determined that an individual has a conflict they are removed from any discussion regarding the matter. Form 990, Part VI, Section B, Line 15 An industry specific consultant provides biennial reviews of the salary structure for all employees. The Executive VP & General Manager Wage structure is reviewed by the board of directors and other officers are reviewed by the Executive VP & General Manager each year. Wage adjustments are documented and approved by the board. In addition to the salary structure, an industry specific wage survey is also use to determine wages. Any individual that has a conflict regarding the compensation arrangement at issue are not involved in the review and approval. Form 990, Part VI, Section C, Line 19 These are available upon request. Form 990, Part XI, Line 9 Revenue deferred dividends $31,606, patronage dividends paid $(7,338,215), and allocation of 2024 margin to members of $15,951,000 for a net change of $8,644,391 Grundy County Industrial Park LC 303 N Park Avenue Grundy Center IA 50548 421507483 Economic development IA N/A Excluded -543 255160 0 0 0.5 Prairie Energy Development LLC 2099 Highway 3 West Clarion IA 50525 421514728 Economic Development IA N/A Excluded 1074 411431 0 0 0.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0