2025-10-06T15:00:10-05:00 2024-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2024-01-01 410144943 BELTRAMI ELECTRIC COOPERATIVE INC BELT 2184443632 PO BOX 488 BEMIDJI MN 566190488 ARLENE HOGQUIST DIRECTOR-FINANCE & CORP SERV 2184442540 2025-09-24 1 1 DAVID HOLT P00014251 7017754685 2025-09-24 2024 2025-03-06 01:10:19Z JARED ECHTERNACH 4111 TECHNOLOGY DR NW BEMIDJI MN 56601 61636992 0 X WWW.BELTRAMIELECTRIC.COM X 1940 MN THE TAX-EXEMPT PURPOSE OF THE ORGANIZATION IS TO DELIVER ELECTRICITY TO MEMBERS. 9 7 68 0 378844 317285 0 0 61854093 60162555 278757 159744 356389 972167 62489239 61294466 24123 23019 1347881 365019 8014628 8607518 0 0 0 52168493 51394166 61555125 60389722 934114 904744 137462177 139080509 85288582 86965990 52173595 52114519 TO PROVIDE EXCELLENT VALUE TO OUR MEMBERS THROUGH THE SAFE DELIVERY OF RELIABLE ELECTRIC SERVICE, EXCELLENT MEMBER SERVICE, AND INNOVATIVE ENERGY SOLUTIONS AT FAIR AND REASONABLE PRICES. 0 0 PROVIDED ENERGY TO 18,520 MEMBERS AND 22,512 CUSTOMERS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 1 59 0 1 68 1 1 1 0 0 0 0 60162555 1335672 0 0 0 X 9 7 1 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X ARLENE HOGQUIST 2184443632 4111 TECHNOLOGY DRIVE NW PO BOX 488 BEMIDJI MN 566190488 X JOHN LUND CHAIR/DIRECTOR 6.35 X 25547 0 0 SUZANNE KRINGEN VICE CHAIR/DIRECTOR 5.37 X 16231 0 0 CRAIG GAASVIG DIRECTOR 4.04 X 15780 0 0 ROBERT WALLNER DIRECTOR 3.56 X 14988 0 0 SHARON LEMBKE TREASURER/DIRECTOR 4.75 X 14378 0 0 MURL NORD SECRETARY/DIRECTOR 5.37 X 14016 0 0 DONALD PERKINS DIRECTOR 4.65 X 12442 0 0 RICHARD COE DIRECTOR 4.65 X 10862 0 0 KEVIN GEERDES DIRECTOR 2.23 X 8349 0 0 JARED ECHTERNACH CEO 52.00 X 311881 0 134499 ARLENE HOGQUIST DIRECTOR OF FINANCE & CORPORATE SERVICES 46.00 X 176252 0 171385 MIKE BIRKELAND VP OF ELECTRIFICATION & MEMBER EXPERIENCE 45.00 X 174231 0 66317 RICHARD RIEWER MANAGER OF ENGINEERING 41.00 X 164092 0 84222 LEE PEMBERTON MANAGER OF OPERATIONS 46.00 X 143343 0 105795 RYAN ROGERS LINE FOREMAN 47.00 X 139830 0 33632 NICKOLAS ZIMMEL LINE FOREMAN 47.00 X 135433 0 33527 1377655 0 629377 32 0 1 0 COOPERATIVE DEVELOPMENT LLC 1831 ANNE STREET NW BEMIDJI MN 56601 CONSTRUCTION AND LOCATING 894078 CARR'S TREE SERVICE INC PO BOX 250 OTTERTAIL MN 56571 RIGHT OF WAY CLEARING 292019 2 SALE OF ELECTRICITY 221000 60162555 60162555 60162555 154562 154562 127234 136110 -8876 -8876 -171 -8705 13016 7834 5182 5182 5182 208422 198582 9840 9840 CAPITAL CREDITS 221000 531354 531354 COOPERATIVE DEVELOPMENT LLC K-1 541900 439849 52300 387549 971203 61294466 60755878 378844 159744 X 23019 365019 813078 6039858 1254573 500009 2726651 4738260 COST OF POWER 41777151 DISTRIBUTION 5093829 CUSTOMER SERVICE 2965173 ADMINISTRATIVE & GENERA 2609433 -8516331 60389722 3294138 4008792 7254248 7956998 2257555 1761142 547072 533812 172757188 62350843 110348635 110406345 3690474 4012376 10027520 10310513 34415 34415 8120 56116 137462177 139080509 5952690 5524518 1289238 602584 6886 6899 77030650 79769715 1009118 1062274 85288582 86965990 X 865970 878675 24177293 25068275 27130332 26167569 52173595 52114519 137462177 139080509 X 904744 -963820 X 0 1 X 1 0 0 1 X 538045 538045 7945996 3422468 4523528 164213631 58928375 105285256 59516 59516 110406345 INVESTMENT IN WISCONSIN ELECTRIC 13966 C INVESTMENT IN MINNKOTA CAPITAL 6301785 C INVESTMENT IN CFC CAPITAL CREDITS 1836072 C INVESTMENT IN RESCO CAPITAL CREDITS 392055 C INVESTMENT - MN RURAL ELECTRIC TRUST 70272 C INVESTMENT - COBANK 484191 C INVESTMENT IN CAPITAL TERM CERT 1064636 C INVESTMENT ASSOC CO - NISC CAP CREDIT 145326 C INVESTMENT IN ASSOCIATED COMPANIES 2210 C 10310513 CUSTOMER DEPOSITS 718183 POSTRETIREMENT BENEFIT OBLIGATION 310047 FINANCE LEASE LIABILITY 34044 1062274 X PART IV, LINE 2B: MEMBERS OF THE COOPERATIVE CAN ELECT TO ROUND UP THEIR MONTHLY ELECTRIC BILLS TO THE NEXT DOLLAR. THESE FUNDS COLLECTED FROM THE MEMBERSHIP ARE HELD IN A COOPERATIVE ACCOUNT UNTIL THEY ARE RELEASED TO THE BELTRAMI ELECTRIC COOPERATIVE TRUST. FUNDS HELD BY THE COOPERATIVE AT YEAR-END ARE THE RESULT OF A TIMING DIFFERENCE IN THE RECEIPT OF THE FUNDS AND THE RELEASE OF THEM TO THE TRUST. AS OF DECEMBER 31, 2024, THE ACCOUNT HELD $6,899. PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES ON ITS PATRONAGE BASED INCOME UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. THE COMPANY'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX 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. IT IS THE OPINION OF MANAGEMENT THAT THE COOPERATIVE HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE INCOME TAX RETURNS OF THE COOPERATIVE ARE SUBJECT TO EXAMINATION BY THE IRS AND STATE TAX AUTHORITIES, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. ALL REQUIRED FILINGS ARE CURRENT. 0 GREATER BEMIDJI INC 102 1ST STREET W SUITE 101 BEMIDJI MN 56601 363367707 501(C)(3) 13500 0 PROGRAM SUPPORT 1 PART I, LINE 2: THE BOARD OF DIRECTORS DECIDES WHO SHOULD RECEIVE GRANTS OR ASSISTANCE. AFTER DISBURSEMENT, THE COOPERATIVE DOES NOT MONITOR THE USE OF THE FUNDS. X X 0 0 0 JARED ECHTERNACH CEO 310111 0 200 0 1570 0 108137 0 29003 0 449021 0 0 0 ARLENE HOGQUIST DIRECTOR OF FINANCE & CORPORATE SERV 174413 0 200 0 1639 0 140298 0 32847 0 349397 0 0 0 LEE PEMBERTON MANAGER OF OPERATIONS 141937 0 200 0 1206 0 80111 0 27102 0 250556 0 0 0 RICHARD RIEWER MANAGER OF ENGINEERING 163072 0 200 0 820 0 57585 0 28287 0 249964 0 0 0 MIKE BIRKELAND VP OF ELECTRIFICATION & MEMBER EXPER 172413 0 200 0 1618 0 35230 0 32734 0 242195 0 0 0 RYAN ROGERS LINE FOREMAN 138119 0 200 0 1511 0 23620 0 10455 0 173905 0 0 0 NICKOLAS ZIMMEL LINE FOREMAN 133666 0 200 0 1567 0 19536 0 14434 0 169403 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN C COMPENSATION OF OFFICERS, DIRECTORS, KEY EMPLOYEES, HIGHEST COMPENSATED EMPLOYEES: INCLUDED IN OTHER DEFERRED 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 DISCLOSED IN THE STATEMENT ON SCHEDULE O FOR FORM 990, PART VII, COLUMN F. COOPERATIVE DEVELOPMENT LLC OWNED 50% BY ORGANIZATION 1031969 BELTRAMI ELECTRIC COOPERATIVE, INC. CONTRACTS PLOWING, BORING, AND CABLE LOCATING SERVICES FROM COOPERATIVE DEVELOPMENT, LLC. 0 MINNKOTA POWER COOPERATIVE ENTITY FOR WHICH RICHARD COE, CURRENT DIRECTOR, SERVES AS A DIRECTOR. 31146705 PURCHASE OF POWER 0 FORM 990, PART VI, SECTION A, LINE 2 JARED ECHTERNACH AND JOHN LUND HAVE A BUSINESS RELATIONSHIP DUE TO SERVING TOGETHER ON THE BOARD OF COOPERATIVE DEVELOPMENT, LLC, A RELATED TAXABLE ENTITY. FORM 990, PART VI, SECTION A, LINE 6 BELTRAMI ELECTRIC COOPERATIVE, INC. IS COMPOSED OF MEMBERS. THERE IS ONLY ONE CLASS OF MEMBERS OF WHICH EACH MEMBER IS ENTITLED TO ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS. THERE ARE NINE DIFFERENT DISTRICTS AND EACH DISTRICT HAS ONE BOARD MEMBER SEAT. THE MEMBERS HAVE VOTING RIGHTS IN EACH OF THE NINE DISTRICTS. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS, SUCH AS MAKING CHANGES IN THE BYLAWS AND ENTERING INTO A MERGER, WOULD REQUIRE THE APPROVAL OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE POLICY COMMITTEE AND UNION NEGOTIATION COMMITTEE MAKE RECOMMENDATIONS TO THE FULL BOARD AND ONLY THE FULL BOARD CAN APPROVE THE RECOMMENDATIONS. THE COMMITTEES DO NOT HAVE AUTHORITY TO ACT ON BEHALF OF THE FULL BOARD OF DIRECTORS AND THEY DO NOT KEEP MINUTES. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND DIRECTOR OF FINANCE & CORPORATE SERVICES REVIEWED A DRAFT OF THE FORM 990. THE APPROVED FORM 990 IS THEN PRESENTED AT A BOARD MEETING FOR FINAL APPROVAL PRIOR TO IT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THERE IS A SEPARATE CONFLICT OF INTEREST POLICY FOR THE BOARD OF DIRECTORS IN ADDITION TO THE GENERAL CONFLICT OF INTEREST POLICY FOR ALL EMPLOYEES. THEY ARE REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS. IN REGARDS TO EMPLOYEES, EACH DEPARTMENT IS RESPONSIBLE TO ENSURE COMPLIANCE. IF AN EMPLOYEE WILLFULLY TAKES PART IN A CONFLICT OF INTEREST TRANSACTION, DISCIPLINARY ACTION WILL BE TAKEN. IN REGARD TO THE BOARD OF DIRECTORS, IF A CONFLICT OF INTEREST IS IDENTIFIED, THE BOARD MEMBER NO LONGER MEETS THE QUALIFICATIONS TO BE A MEMBER OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS CONDUCTS AN ANNUAL APPRAISAL OF THE CEO. BASE COMPENSATION IS ESTABLISHED USING COMPARABLE MARKET DATA. INCENTIVE COMPENSATION IS BASED ON SPECIFIC MEASURES AND OUTCOMES AS DETERMINED BY THE BOARD OF DIRECTORS AND IN SUPPORT OF THE COOPERATIVE'S STRATEGIC PLAN. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC 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. THESE AMOUNTS ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. THE ESTIMATED INCREASES FOR THESE OFFICERS AND HIGHEST COMPENSATED EMPLOYEES ARE: JARED ECHTERNACH: $89,012 ARLENE HOGQUIST: $132,906 RICHARD RIEWER: $50,717 LEE PEMBERTON: $74,118 MIKE BIRKELAND: $24,261 RYAN ROGERS: $19,432 NICKOLAS ZIMMEL: $15,348 THE CURRENT YEAR EXPENSE FOR THIS DEFINED BENEFIT PLAN IS: JARED ECHTERNACH: $49,445 ARLENE HOGQUIST: $54,540 RICHARD RIEWER: $51,056 LEE PEMBERTON: $43,935 MIKE BIRKELAND: $28,391 RYAN ROGERS: $27,803 NICKOLAS ZIMMEL: $27,803 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 IX, STATEMENT OF FUNCTIONAL EXPENSES, LINE 24E: ALLOCATED WAGES & BENEFIT COSTS - THE LABOR, PENSION, AND PAYROLL TAXES REPORTED ON LINES 5 - 10 ARE ALREADY INCLUDED IN DISTRIBUTION EXPENSE, ADMINISTRATIVE AND GENERAL EXPENSE, AND CUSTOMER EXPENSE. THEREFORE, THESE AMOUNTS ARE BEING SUBTRACTED OUT AS AN OTHER DEDUCTION ON LINE 24E IN THE AMOUNT OF $(8,607,518). THIS IS NETTED WITH $91,187 OF OTHER EXPENSES TO ARRIVE AT THE TOTAL ON LINE 24E. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -1,218,932. INCREASE IN MEMBERSHIPS 12,705. ALLOCATED CAPITAL CREDITS 365,019. BOOK/TAX DIFFERENCE FROM K-1S -127,456. EARNINGS FROM TAXABLE SUBSIDIARY 4,844. BELTRAMI ELECTRIC COOPERATIVE TRUST INC PO BOX 488 BEMIDJI MN 56619 810822628 OPERATION ROUND-UP MN 501(C)(3) LINE 7 0 COOPERATIVE DEVELOPMENT LLC 1831 ANNE STREET NW BEMIDJI MN 56601 410850466 CONSTRUCTION UTILITY SYSTEMS MN BELTRAMI ELECTRIC COOPERATIVE INC UNRELATED 447195 2997154 0 0 0.50000 BELTRAMI ELECTRIC SOLAR LLC 4111 TECHNOLOGY DR NW BEMIDJI MN 56619 814731221 HOLDING COMPANY MN BELTRAMI ELECTRIC COOPERATIVE INC C 430 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 COOPERATIVE DEVELOPMENT LLC M 1031969 ACCRUAL BELTRAMI ELECTRIC COOPERATIVE TRUST INC R 82505 CASH PAID