2025-11-12T13:26:44-06:00 2024-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2024-01-01 410445923 NORTH ITASCA ELECTRIC COOPERATIVE INC NORT 2187433131 301 MAIN AVENUE BIGFORK MN 566280227 BRAD DOLINSKI CEO 2187433131 2025-11-10 1 1 MATT LAUGHLIN P00014168 7017754685 2025-11-10 2024 2025-03-06 01:10:19Z BRAD DOLINSKI 301 MAIN AVENUE BIGFORK MN 56628 10085123 0 X WWW.NORTHITASCAELECTRIC.COM X 1940 MN THE EXEMPT PURPOSE OF THE ORGANIZATION IS TO PROVIDE ELECTRICAL ENERGY TO MEMBER-OWNERS. 9 8 23 0 -25537 0 0 0 9025484 9545075 43823 49505 257050 150666 9326357 9745246 0 0 577051 421776 480452 524826 0 0 0 8268854 8798693 9326357 9745295 0 -49 35556302 36856720 23691675 24849177 11864627 12007543 DELIVERING VALUE TO OUR MEMBERS AND COMMUNITIES BY PROVIDING SAFE, RELIABLE AND PROGRESSIVE ENERGY AND OTHER SERVICES. 0 0 NORTH ITASCA ELECTRIC COOPERATIVE SERVES 5,053 MEMBERS IN THE MINNESOTA COUNTIES OF ITASCA, KOOCHICHING AND BELTRAMI. THE COOPERATIVE SERVICES 679.56 MILES OF LINE OVERHEAD AND 614.06 MILES UNDERGROUND. 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 1 0 0 0 0 0 0 0 1 1 0 0 1 18 0 1 23 1 1 1 0 0 0 0 9301075 537063 0 0 0 X 9 8 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X BRAD DOLINSKI 2187433131 301 MAIN AVENUE BIGFORK MN 56628 X LLOYD KONGSJORD SECRETARY 12.60 X 15532 0 0 LARRY SALMELA PRESIDENT 10.73 X 10414 0 0 TODD CHRISTENSEN DIRECTOR 5.92 X 7405 0 0 JAMES WHITE DIRECTOR 3.54 X 7215 0 0 JEFFREY KILLIAN DIRECTOR 4.69 X 6305 0 0 WESLEY WALLER VICE PRESIDENT 6.73 X 6103 0 0 ROY BAIN TREASURER 5.25 X 5777 0 0 MARY RAHIER DIRECTOR 2.90 X 5445 0 0 TOM KALLIO DIRECTOR (JOINED JUNE 2024) 5.69 X 4626 0 0 BRUCE LEINO DIRECTOR (LEFT FEBRUARY 2024) 0.00 X 0 0 0 BRAD DOLINSKI CEO 45.30 X 192373 0 91011 TINA DANIELSON CFO 50.25 0.50 X 128626 0 99487 JOHN RAHIER JR LINEMAN/LEAD 45.00 X 123672 0 76270 CODY EISCHENS LINEMAN 45.75 X 121524 0 62734 JOSHUA HUBBARD LINEMAN 45.75 X 121328 0 58137 CHARLES PECK LINEMAN/LEAD 44.75 X 122240 0 78115 JAKE BOWERS LINEMAN 45.50 X 120154 0 59410 998739 0 525164 9 0 1 0 J E OLSON CONTRACTING LLC 43071 COUNTY ROAD 162 DEER RIVER MN 56636 BORING 221960 JEFF POWELL EXCAVATING LLC 53049 BECKER RD BIGFORK MN 56628 ROW CLEARING/DEBRIS CLEAN UP 212825 2 SALE OF ELECTRICITY 221000 9545075 9545075 9545075 32169 32169 17336 0 17336 17336 17336 306391 339877 -33486 -7949 -25537 CAPITAL CREDITS 221000 184152 184152 184152 9745246 9721278 -25537 49505 X 421776 524826 840220 1276014 COST OF POWER 4317877 DISTRIBUTION 1214561 ADMINISTRATIVE & GENERA 570853 CUSTOMER ACCOUNTS 552170 26998 9745295 715670 1335730 1718217 1017908 51177 93089 538595 636574 254130 276298 45043528 15407855 28437267 29635673 217099 217714 3620037 3640017 361 361 3749 3356 35556302 36856720 1231405 1233845 264627 18908 1662 1658 22088644 23432099 105337 162667 23691675 24849177 X 0 0 0 0 11864627 12007543 11864627 12007543 35556302 36856720 X -49 142965 X X 0 1 X 1 0 0 1 X 76424 76424 1262686 668674 594012 43708993 14739181 28969812 -4575 -4575 29635673 PATRONAGE CAPITAL IN ASSOCIATED ORGS 3395069 C NATIONAL RURAL FINANCE CORPORATION 228813 C MEMBERSHIPS 6135 C COOPERATIVE RESPONSE CENTER 10000 C 3640017 CUSTOMER DEPOSITS 38125 CONSUMER ENERGY PREPAYMENTS 60462 DEFERRED ESTIMATED INSTALLATION COSTS 64080 162667 X 9745246 0 9745246 0 9745246 9323519 0 9323519 421776 421776 9745295 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 THEY ARE RELEASED TO THE NORTH ITASCA ELECTRIC COOPERATIVE COMMUNITY TRUST. THESE FUNDS ARE TRANSFERRED DIRECTLY TO THE TRUST ON A MONTHLY BASIS. FUNDS THAT EXIST AT THE END OF THE YEAR ARE A RESULT OF A TIMING DIFFERENCE IN THE RECEIPT OF THE FUNDS AND THE RELEASE OF THEM TO THE TRUST. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, THE ACCOUNT HELD $1,658 & $1,662, RESPECTIVELY. PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. THE COOPERATIVE FILES FEDERAL FORM 990T FOR UNRELATED BUSINESS TAXABLE INCOME (UBTI) AND ACCRUES INCOME TAXES BASED ON TAX RETURNS FILED. THE COOPERATIVES POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN 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. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATED CAPITAL CREDITS 421,776. X 1 1 X 0 0 0 BRAD DOLINSKI CEO 191823 0 0 0 550 0 57583 0 37422 0 287378 0 0 0 TINA DANIELSON CFO 122764 0 0 0 5862 0 76242 0 25970 0 230838 0 0 0 CHARLES PECK LINEMAN/LEAD 120073 0 0 0 2167 0 42474 0 37912 0 202626 0 0 0 JOHN RAHIER JR LINEMAN/LEAD 123030 0 0 0 642 0 40740 0 37800 0 202212 0 0 0 CODY EISCHENS LINEMAN 121351 0 0 0 173 0 30112 0 34835 0 186471 0 0 0 JAKE BOWERS LINEMAN 120016 0 0 0 138 0 24925 0 36697 0 181776 0 0 0 JOSHUA HUBBARD LINEMAN 121172 0 0 0 156 0 31183 0 29166 0 181677 0 0 0 PART I, LINE 1A SPOUSAL TRAVEL IS INCLUDED IN THE FORM 1099 OF THE BOARD MEMBERS. 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 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 SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F. LLOYD KONGSJORD LLOYD REPRESENTS THE COOP ON GREAT RIVER ENERGY'S BOARD 4317877 PURCHASE OF WHOLESALE POWER 0 FORM 990, PART VI, SECTION A, LINE 6 EACH CONSUMER IS ALSO A VOTING MEMBER OF THE COOPERATIVE. THERE IS ONLY ONE CLASS OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BOARD. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE BYLAWS MUST BE APPROVED BY THE MEMBERSHIP. MERGERS AND SALES OF A SIGNIFICANT PORTION OF THE COOPERATIVE'S ASSETS MUST ALSO BE APPROVED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND FINANCE/OFFICE MANAGER WILL REVIEW THE 990 PRIOR TO THE FILING OF THE FORM. THE BOARD WILL REVIEW AND APPROVE THE 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE OFFICERS OF THE ORGANIZATION AND THE BOARD MEMBERS REVIEW THE CONFLICT OF INTEREST POLICY ANNUALLY. THE CEO AND BOARD OF DIRECTORS REVIEW AND DETERMINE IF A CONFLICT EXISTS. IF A CONFLICT DOES EXIST, THAT INDIVIDUAL MUST LEAVE THE MEETING DURING THE CONVERSATION AND NOT VOTE ON THE ITEM OF DISCUSSION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWS THE CEO'S COMPENSATION AND BENEFITS PACKAGE ANNUALLY. NRECA COMPARABILITY DATA IS USED. WRITTEN MINUTES ARE KEPT AT ALL BOARD MEETING TO DOCUMENT THE DECISIONS. THE CEO APPROVES THE WAGES OF THE FINANCE/OFFICE MANAGER. NRECA COMPARABILITY DATA AND OTHER COMPENSATION STUDIES ARE USED TO DETERMINE FINANCE/OFFICE MANAGER COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 ARTICLES OF INCORPORATION AND BYLAWS ARE MAILED TO ALL NEW MEMBERS. THEY ARE ALSO AVAILABLE ON THE WEBSITE. FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FINANCIAL REPORTS ARE PUBLISHED IN THE "WATTS NEWS" SPECIAL ANNUAL MEETING EDITION (JUNE 1 OF EACH YEAR). 990, PART VII, SECTION A., COLUMN (F) COMPENSATION OF OFFICERS, DIRECTORS, KEY EMPLOYEES, HIGHEST COMPENSATED EMPLOYEES AND INDEPENDENT CONTRACTORS: INCLUDED IN COLUMN (F), ESTIMATED AMOUNT OF OTHER COMPENSATION FROM THE ORGANIZATION AND RELATED ORGANIZATIONS IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. FOR THE FOLLOWING PEOPLE LISTED, THE ESTIMATED INCREASE IS: BRAD DOLINSKI: $52,848 TINA DANIELSON: $73,172 JOHN RAHIER: $38,219 CODY EISCHENS: $27,653 JAKE BOWERS: $22,466 CHARLES PECK: $39,953 JOSHUA HUBBARD: $28,724 THESE AMOUNTS ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. THE CURRENT YEAR EXPENSE FOR THIS DEFINED BENEFIT PLAN WAS: BRAD DOLINSKI: $37,957 TINA DANIELSON: $25,850 JOHN RAHIER: $15,087 CODY EISCHENS: $14,717 JAKE BOWERS: $14,717 CHARLES PECK: $15,087 JOSHUA HUBBARD: $14,717 FORM 990, PART IX, STATEMENT OF FUNCTIONAL EXPENSES, LINE 4 BENEFITS PAID TO 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 BYLAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -278,811. ALLOCATED CAPITAL CREDITS 421,776. FORM 990, PART XII, LINE 2C AUDIT COMMITTEE OVERSIGHT ROLE - THERE HAS BEEN NO CHANGE IN THE ROLE OF THE AUDIT COMMITTEE IN OVERSIGHT OF THE AUDIT PROCESS FROM THE PRIOR YEAR. NORTH ITASCA ELECTRIC COOPERATIVE COMMUNITY TRUST PO BOX 227 BIGFORK MN 566280227 270093929 CHARITABLE COMMUNITY PROJECTS MN 501(C)(3) 7 NORTH ITASCA ELECTRIC COOPERATIVE INC 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0