2025-04-29T12:26:16-05:00 2024-12-31 450250958 Eide Bailly LLP 345 N Reid Pl Ste 400 Sioux Falls SD 571037034 990 2024-01-01 420394605 Maquoketa Valley Rural Electric Cooperat MAQU 3194623542 109 N Huber St Anamosa IA 522050370 Jeremy Richert CEO/Executive Vice President 3194623542 2025-04-28 1 1 Laurie Hanson CPA P00851848 6053391999 2025-04-28 2024 2025-03-06 01:10:19Z Jeremy Richert 109 N Huber St Anamosa IA 522050370 45606153 0 X www.mvec.coop X 1936 IA Provide reliable, quality electric, internet and telephone services to members. 9 9 85 0 2382 349 100711 100711 42108718 43433758 131730 87608 1661748 1970993 44002907 45593070 16971 21686 1200000 1200000 1451710 1498410 0 0 0 38598518 39159757 41267199 41879853 2735708 3713217 163642141 169738874 119267926 121245918 44374215 48492956 We will be the utility of choice by providing reliable, quality services in a safe, respectful, environmentally responsible, cost-effective manner that benefits our members' quality of life and promotes the success of their local communities. 0 0 Maquoketa Valley Electric Cooperative provides electric energy services over 3,327 miles of distribution line to 18,119 metered services, covering more than 17,190 rural residential and commercial member-consumers in nine counties in Northeastern Iowa. Maquoketa Valley Electric Cooperative provides internet service to 7,515 members and VoIP phone service to 553 members throughout its service territory. 0 1 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 0 0 0 1 67 0 1 85 1 1 1 0 0 0 0 0 0 46576025 316178 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X Kelly Gibbs 3194623542 109 N Huber Street Anamosa IA 52205 Ron Thielen President/Director 6.50 X X 10800 0 0 Thomas Stewart Vice President/President 5.80 X X 9240 0 0 Judy Gotto Treasurer 5.50 X X 11025 0 0 Eugene Manternach Secretary/Director 4.00 X X 3650 0 0 Charles McCullough Assistant Secretary (until Aug 2024) 4.40 X X 7070 0 0 Larry Swanson Director (until Aug 2024) 8.00 X 3530 0 0 Billie Zumbach Director/Secretary 5.00 X X 12150 0 0 Charlie Peters Director/Secretary/Vice President 4.00 X X 6075 0 0 Scott Minzenmeyer Director/Assistant Secretary 6.50 X X 10575 0 0 Todd Wiedenman Director (beg Aug 2024) 10.00 X 4725 0 0 Brett Nagel Director (beg Aug 2024) 3.00 X 4275 0 0 Jeremy Richert CEO/Executive Vice President 55.00 X 257564 0 96032 Kelly Gibbs Chief Financial Officer 50.00 X 169580 0 56001 Dan Schulte Director of Operations 55.00 X 152359 0 85752 Brent Wegmann Director of IT 50.00 X 162054 0 54245 Dean Koopmann Director of Tech Services 50.00 X 135494 0 76569 Tony Sheridan Lead Lineman - Foreman 45.60 X 136121 0 39770 Tony Marbach Lead Lineman - Foreman 44.80 X 130041 0 41964 1226328 0 450333 35 0 1 0 Corridor Network Construction Inc 3353 Southgate Ct SW Cedar Rapids IA 52404 Fiber network construction & maintenance 2695394 Burken Underground LLC 8827 Esgate Rd Maquoketa IA 52060 Underground boring 131851 USIC Locating Services LLC PO Box 715409 Cincinnati OH 45271 Underground Locates 115134 WIN LLC 4955 Buillis Farm Rd Eau Claire WI 54701 Fiber access charges 101354 4 100711 100711 Sale of Power & Other Services 221000 43433758 43433758 43433758 89332 89332 1000 2724 -1724 -1724 -1724 20197 10359 9838 7456 2382 Capital Credits 523000 1961155 1961155 1961155 45593070 45402369 2382 87608 21686 1200000 653270 774051 13908 57181 87497 15304 312603 34214 3676919 6513409 51278 Cost of Power 19433976 Dist Exp - Operating 3131920 Dist Exp - Maintenance 2519405 Federal income tax expe 200 3383032 41879853 3518760 1486347 319983 986863 0 1118879 5003279 5348398 6582440 4982613 827400 1401339 201023566 57749721 137098727 143273845 10134695 10981777 156857 158813 0 0 163642141 169738874 4355714 4051115 161677 913721 109912719 112207415 2500000 0 2337816 4073667 119267926 121245918 X 0 0 0 0 44374215 48492956 44374215 48492956 163642141 169738874 X 3713217 405524 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 635026 635026 3559574 1944345 1615229 191754973 55704873 136050100 5073993 100503 4973490 143273845 Patronage Capital Credits 9026471 C Investment in CFC CTC 1068243 C Non-Federal Economic Development Loans 887063 C 10981777 Accumulated Provision for Pension & Benefits 523498 Deferred credits 3550169 4073667 X 45588473 -4597 -4597 45593070 0 45593070 40675256 0 40675256 1204597 1204597 41879853 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, 2024 and 2023, the unrecognized tax benefits accrual was zero. The Cooperative will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. Part XI, Line 2d - Other Adjustments: Expenses Recorded as Revenue -4,597. Part XII, Line 4b - Other Adjustments: Patronage Capital Credits Allocated for Current Year 1,200,000. Expenses Recorded as Revenue 4,597. X X X X 0 0 0 Jeremy Richert CEO/Executive Vice President 257564 0 0 0 0 0 68495 0 30137 0 356196 0 0 0 Dan Schulte Director of Operations 152359 0 0 0 0 0 60475 0 26845 0 239679 0 0 0 Kelly Gibbs Chief Financial Officer 169580 0 0 0 0 0 25682 0 32044 0 227306 0 0 0 Brent Wegmann Director of IT 162054 0 0 0 0 0 29476 0 26380 0 217910 0 0 0 Dean Koopmann Director of Tech Services 135494 0 0 0 0 0 52201 0 25115 0 212810 0 0 0 Tony Sheridan Lead Lineman - Foreman 136121 0 0 0 0 0 11938 0 28936 0 176995 0 0 0 Tony Marbach Lead Lineman - Foreman 130041 0 0 0 0 0 11083 0 32010 0 173134 0 0 0 Schedule J, Part II, Column C Included in the amount reported in column C is $58,003 for the change in actuarial value of the defined benefit plan for Jeremy Richert. Actual Cooperative contributions to the plan were $37,752. Included in the amount reported in column C is $54,160 for the change in actuarial value of the defined benefit plan for Dan Schulte. Actual Cooperative contributions to the plan were $22,650. Included in the amount reported in column C is $22,858 for the change in actuarial value of the defined benefit plan for Brent Wegmann. Actual Cooperative contributions to the plan were $23,740. Included in the amount reported in column C is $18,579 for the change in actuarial value of the defined benefit plan for Kelly Gibbs. Actual Cooperative contributions to the plan were $25,483. Included in the amount reported in column C is $46,746 for the change in actuarial value of the defined benefit plan for Dean Koopmann. Actual Cooperative contributions to the plan were $19,567. Included in the amount reported in column C is $7,519 for the change in actuarial value of the defined benefit plan for Tony Sheridan. Actual Cooperative contributions to the plan were $15,850. Included in the amount reported in column C is $6,700 for the change in actuarial value of the defined benefit plan for Tony Marbach. Actual Cooperative contributions to the plan were $16,245. Form 990, Part VI, Section A, line 6 All members signing membership agreements are members of the Cooperative. Members may be Class E (electric only members), Class T (telecommunication only members) or both. Form 990, Part VI, Section A, line 7a Each member-owner is entitled to one vote. Members vote on election of directors and removal of directors. Form 990, Part VI, Section A, line 7b Members elect the 9-member Board of Directors. Terms are three years each and are filled on a rotating basis. Form 990, Part VI, Section A, line 8b No committees are able to act on behalf of the Board. Form 990, Part VI, Section B, line 11b Board will have at least one week to review and recommend changes to the 990. Board will communicate with CFO or CEO regarding such changes. Form 990, Part VI, Section B, line 12c All members of the Board and all employees are covered by conflict of interest policies. For the Board, all directors vote on whether a conflict exists. If a conflict is determined to exist, the effected director is not allowed to discuss or vote on items deemed to be a conflict of interest. Directors must certify as part of annual 990 questionnaire that no conflicts of interest exist. Form 990, Part VI, Section B, line 15 The Board reviews and approves the salary of the CEO using comparable compensation amounts from Form 990's of other organizations and a compensation study. This process is undertaken annually. The Board establishes and approves a salary range for all officer positions based on comparable compensation amounts from Form 990s of other organizations. The CEO is responsible for assigning the officer's salary based upon performance and experience. Form 990, Part VI, Section C, line 19 Articles of Incorporation and Bylaws are available on the Cooperative's website. Financial statements are available upon request and summary statements are made available through the annual report that is distributed to members at the annual meeting. Form 990, Part XI, line 9: Donated Capital 37,432. Patronage Capital Credits Allocated for Current Year 1,200,000. Retirement of Capital Credits -831,908.