2025-10-22T08:35:54-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2024-01-01 410581955 TRAVERSE ELECTRIC COOPERATIVE INC TRAV 3205638616 6590 ST HWY 27 PO BOX 66 WHEATON MN 562960066 JEREMY HUHNSTOCK GENERAL MANAGER 3205638616 2025-10-10 1 1 KATHERINE LUTZKE CPA P01760889 5072802300 2025-10-10 2024 2025-03-06 01:10:19Z DOUGLAS DIEKMANN 6590 ST HWY 27 PO BOX 66 WHEATON MN 562960066 14582995 0 X WWW.TRAVERSEELECTRIC.COM X 1940 MN AN ELECTRIC COOPERATIVE PROVIDING ELECTRIC SERVICE TO MEMBERS AT THE LOWEST POSSIBLE COST. 9 9 18 0 6632 0 0 0 13196324 13469400 277582 214925 1227872 719211 14701778 14403536 0 0 2057693 1089145 568186 326915 0 0 0 12075899 12987476 14701778 14403536 0 0 43938330 43577457 25801765 24820972 18136565 18756485 TO PROVIDE ELECTRIC SERVICE AT THE LOWEST POSSIBLE RATES, CONSISTENT WITH SOUND BUSINESS PRINCIPLES. 0 0 SALES OF ELECTRIC POWER TO 2,269 MEMBERS WITH AN AVERAGE OF 3,383 ACTIVE ELECTRIC SERVICES. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 19 0 1 18 1 1 1 0 0 0 0 13475251 1111754 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 0 1 1 0 X MELISSA PRZYMUS 3205638616 6590 ST HWY 27 PO BOX 66 WHEATON MN 562960066 DOUG DIEKMANN PRESIDENT 3.00 X X 5250 0 0 TOM FRISCH VICE PRESIDENT 2.00 X X 3375 0 0 MATTHEW GLYNN SECETARY 3.00 X X 5750 0 0 MICHAEL MARKS TREASURER 4.00 X X 7875 0 0 STACY EHLERS DIRECTOR 2.00 X 4875 0 0 MICHAEL GAULRAPP DIRECTOR 3.00 X 6250 0 0 BRADLEY RUDOLPH DIRECTOR 2.00 X 4875 0 0 JARED HAMLING DIRECTOR 2.00 X 5000 0 0 TERRY MONSON DIRECTOR 3.00 X 6875 0 0 JEREMY HUHNSTOCK GENERAL MANAGER 45.00 X 195576 0 81214 DALE SCHWAGEL OPERATIONS MANAGER 46.00 X 126721 0 64041 LONNIE TEKRONY JOURNEY LINEWORKER 44.00 X 101371 0 53136 KAREN LUPKES OFFICE MANAGER 44.00 X 124356 0 63788 RICHARD DAVIS JOURNEY LINEWORKER/LINE FOREMAN 44.00 X 108218 0 54356 JOSEPH GAHLON JOURNEY LINEWORKER 43.00 X 101314 0 54611 807681 0 371146 7 0 1 0 STAR ENERGY SERVICES 6841 POWER LANE SW ALEXANDRIA MN 56308 SAFETY & IT SERVICES, ENGINEERING, MAPPI 200955 INTEGRITY CONTRACTING INC 17827 COUNTY ROAD 2 SHEVLIN MN 56676 CONTRACTED LINE CONSTRUCTION AND BORING 200272 CARR'S TREE SERVICE INC PO BOX 250 OTTERTAIL MN 56571 CONTRACTED TREE TRIMMING SERVICES 198312 3 ELECTRIC SERVICE 221000 13469400 13469400 13469400 211425 211425 27402 1840 25562 25562 25562 3500 0 3500 3500 3500 207582 177619 29963 23331 6632 CAPITAL CREDITS 221000 663686 663686 663686 14403536 14156417 6632 240487 1089145 326915 848817 1227136 PURCHASED POWER 8286327 DISTRIBUTION EXPENSE - 873538 ADMINISTRATIVE AND GENE 799681 DISTRIBUTION EXPENSE - 561044 390933 14403536 4580843 3444746 911385 970964 105380 73766 1056158 1011003 182142 124175 42277920 12972325 28844658 29305595 8257764 8647208 43938330 43577457 1054831 1046681 374567 0 24316439 23716143 40078 41548 15850 16600 25801765 24820972 X 0 0 611997 627938 17524568 18128547 18136565 18756485 43938330 43577457 X 0 619920 X X 0 0 0 669113 669113 9620873 679584 8941289 31987934 12292741 19695193 29305595 ERC LOANS 81711 C CAPITAL CREDITS IN OTHER CO-OPS 8565497 C 8647208 CONSUMERS DEPOSITS 16600 16600 PART XI: THE ORGANIZATION HAS AUDIT REPORTS WITH YEAR-ENDED OF MARCH 31, 2025 AND 2024, WHICH IS DIFFERENT YEAR-END THAN TAX RETURNS. X X X X 0 0 0 JEREMY HUHNSTOCK GENERAL MANAGER 195576 0 0 0 0 0 56288 0 24926 0 276790 0 0 0 DALE SCHWAGEL OPERATIONS MANAGER 126721 0 0 0 0 0 39051 0 24990 0 190762 0 0 0 KAREN LUPKES OFFICE MANAGER 124356 0 0 0 0 0 38408 0 25380 0 188144 0 0 0 RICHARD DAVIS JOURNEY LINEWORKER/LINE FOREMAN 108218 0 0 0 0 0 29200 0 25156 0 162574 0 0 0 JOSEPH GAHLON JOURNEY LINEWORKER 101314 0 0 0 0 0 27998 0 26613 0 155925 0 0 0 LONNIE TEKRONY JOURNEY LINEWORKER 101371 0 0 0 0 0 27998 0 25138 0 154507 0 0 0 PART I, LINE 3 OUR HR CONSULTANT MEETS WITH THE BOARD OF DIRECTORS AND FACILITATES THE GM ANNUAL PERFORMANCE REVIEW AND GIVES THE BOARD SALARY COMPARISONS FROM OTHER MN CO-OP'S OUR SIZE AND RECOMMEND A SALARY RANGE. THE BOARD THEN DECIDES ON THE GM'S SALARY. FORM 990, PART VI, SECTION A, LINE 6 ALL ELECTRIC CUSTOMERS OF THE COOPERATIVE ARE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A COOPERATIVE MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B ALL ACTIVE MEMBERS VOTE ON ANY BYLAW AMENDMENTS. EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 IS PROVIDED TO THE BOARD FOR REVIEW WITH A FORMAL REVIEW OF THE 990 AT A BOARD MEETING. THIS IS NORMALLY DONE AFTER THE 990 IS FILED DUE TO FILING DEADLINE. FORM 990, PART VI, SECTION B, LINE 12C A. EACH DIRECTOR AND EMPLOYEE OF TRAVERSE ELECTRIC SHALL MAKE EVERY REASONABLE EFFORT TO COMPLY WITH THE LETTER AND SPIRIT OF THIS POLICY. B. THE MANAGER SHALL MAKE EVERY REASONABLE EFFORT TO INFORM ALL EMPLOYEES ABOUT THE CONTENT OF THIS POLICY AND MAKE EVERY REASONABLE EFFORT BASED ON THE INFORMATION AVAILABLE TO HIM TO SEE THAT IT IS COMPLIED WITH AND REPORT TO THE BOARD OF DIRECTORS PERIODICALLY ON HOW THIS POLICY IS BEING CARRIED OUT. C. CONSISTENT WITH THE BYLAWS OF TRAVERSE ELECTRIC ANY DIRECTOR OR EMPLOYEE WHOSE CONDUCT INFRINGES UPON EITHER THE LETTER OF SPIRIT OF THIS POLICY, SHALL BE SUBJECT TO: (1) IF DIRECTOR OR MANAGER, EXPULSION OR TERMINATION BY APPROPRIATE ACTION OF THE BOARD OF DIRECTORS, OR (2) IF AN EMPLOYEE, TERMINATION BY APPROPRIATE ACTION OF THE MANAGER. THE ORGANIZATION DOCUMENT PROCEEDINGS RESULTING FROM CONFLICT OF INTEREST IN BOARD MINUTES AND THAT THE BOARD MEMBER ABSTAINED FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS IS RESPONSIBLE FOR REVIEWING THE GENERAL MANAGER SALARY. AN OUTSIDE CONSULTANT PROVIDES THE BOARD WITH METHODS TO PROPERLY EVALUATE THE PERFORMANCE OF THE GENERAL MANAGER (GM) AND REVIEWS COMPARABLE GM COMPENSATION TO VERIFY THE GM'S COMPENSATION IS WITHIN A COMPETITIVE RANGE FOR GM'S OF COMPARABLE ORGANIZATIONS AND PROVIDES THIS INFORMATION TO THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE GM'S COMPENSATION ANNUALLY. THE PROCESS WAS LAST CONDUCTED IN 2024. AN OUTSIDE CONSULTANT CONDUCTED A SALARY STUDY OF ALL NON-UNION POSITIONS WITHIN THE ORGANIZATION UTILIZING UPDATED JOB DESCRIPTIONS FOR EACH POSITION AND RECOMMENDED COMPARABLE SALARY RANGES FOR EACH POSITION. IT DID NOT GUARANTEE AN INCREASE TO ANY EMPLOYEE. THIS INFORMATION WAS PROVIDED TO THE GENERAL MANAGER TO DETERMINE A BUDGET FOR SALARY INCREASES, WHICH IS APPROVED BY THE BOARD OF DIRECTORS. DEPARTMENT MANAGERS COMPLETED A WRITTEN JOB/PERFORMANCE EVALUATION FOR EACH EMPLOYEE IN THEIR DEPARTMENT AND RECOMMENDED A SALARY INCREASE BASED UPON THE SALARY STUDY AND PERFORMANCE EVALUATION. THE GENERAL MANAGER REVIEWS THE SALARY RECOMMENDATIONS AND PROVIDES FINAL APPROVAL. THIS PROCESS WAS LAST CONDUCTED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: DONATED CAPITAL AND CAPITAL CREDITS RETIRED -469,225. PATRONAGE DIVIDENDS ALLOCATED 1,089,145. FORM 990, PART XII LINE 2: THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTANT FOR YEAR ENDED MARCH 31 ANNUALLY. THE 990 IS REPORTED WITH A YEAR END OF DECEMBER 31. FORM 990, PART IX LINE 4: THE IRS INSTRUCTIONS STATE THAT PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS SHOULD BE REPORTED ON LINE 4. THE ORGANIZATION HAS INTERPRETED PATRONAGE DIVIDENDS PAID TO MEAN PATRONAGE DIVIDENDS ALLOCATED OR TO BE ALLOCATED FOR THE CURRENT YEAR. SINCE THIS ALLOCATION IS NOT AN EXPENSE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP), THIS HAS RESULTED IN A RECONCILING ITEM TO NET ASSETS IN PART XI, ON PAGE 12 OF THE FORM 990.