2025-10-07T16:52:04-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 410254835 MIENERGY COOPERATIVE TRIC 8004322285 31110 COOPERATIVE WAY RUSHFORD MN 55971 BRIAN KRAMBEER PRESIDENT/CEO 8004322285 2025-10-07 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-10-07 2024 2025-03-06 01:10:19Z BRIAN KRAMBEER 31110 COOPERATIVE WAY RUSHFORD MN 55971 85306423 0 X WWW.TEC.COOP X 1936 MN TO DELIVER HIGH-QUALITY ENERGY SERVICES AT REASONABLE PRICES AND MAXIMIZE VALUE TO OUR MEMBERS. 9 9 82 0 -126074 37702 0 0 82106413 82992763 418678 422123 -9515 1020182 82515576 84435068 0 77723 5346868 3694711 10411433 11053136 0 0 0 66093563 68303979 81851864 83129549 663712 1305519 226012966 239832669 144693167 155588535 81319799 84244134 X TO DELIVER HIGH-QUALITY ENERGY SERVICES AT REASONABLE PRICES AND MAXIMIZE VALUE TO OUR MEMBERS CONSISTENT WITH THE WISE USE OF RESOURCES. 1 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 19,297 MEMBERS AND MAINTAINED 5,592 MILES OF LINES PRIMARILY IN RURAL AREAS. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 285 0 1 82 1 1 1 0 0 0 0 82559752 2888514 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 1 1 X BRIAN KRAMBEER 5078647783 31110 COOPERATIVE WAY RUSHFORD MN 55971 X DEAN NIERLING PRESIDENT 9.00 X X 19700 0 0 RONALD STEVENS VICE PRESIDENT 9.00 X X 16175 0 0 DON PETERSEN TREASURER 11.00 X X 19625 0 0 DENNIS PTACEK SECRETARY 10.00 X X 17245 0 0 KYLE HOLTHAUS DIRECTOR 9.00 X 16175 0 0 BETH OLSON DIRECTOR 8.00 X 19175 0 0 JEFF REDALEN DIRECTOR UNTIL 11/2024 5.00 X 10800 0 0 CARL REICKS DIRECTOR 7.00 X 15125 0 0 JENNIFER SCHARMER DIRECTOR 10.00 X 17875 0 0 AL SKIP WIESER DIRECTOR 3.00 X 12875 0 0 DENNIS YOUNG DIRECTOR UNTIL 04/2024 4.00 X 3700 0 0 BRIAN KRAMBEER CEO 40.00 X 390711 0 138940 SHELLY HOVE CFO 40.00 X 201573 0 91920 KENT WHITCOMB VP OF MEMBER SERVICES 40.00 X 129927 0 56644 MICHAEL WALTON VP OF ENGINEERING & SYSTEM PLANNING 40.00 X 159619 0 115021 VASSIL VUTOV VP OF INFORMATION TECHNOLOGY 40.00 X 163392 0 63287 STEVEN OIAN VP OF SYSTEM OPERATIONS 40.00 X 164900 0 74612 DAVIN THOMPSON DIRECTOR OF OPERATIONS 40.00 X 121302 0 77078 1499894 0 617502 41 0 1 0 TJADER & HIGHSTROM UTILITY SERVICES PO BOX 856489 MINNEAPOLIS MN 55485 LINE CONSTRUCTION 3543995 DAIRYLAND POWER COOPERATIVE 3200 EAST AVE S LA CROSSE WI 54602 LINE, SUB UPGRADES,PRINTING SVCS 938560 RIGGS TREE SERVICE LLC 59575 E 290 RD GROVE OK 74345 TREE CLEARING 826185 ASPLUNDH TREE EXPERT COMP 708 BLAIR MILL RD WILLOW GROVE PA 19090 TREE CLEARING 623984 ZIELIE'S TREE SERVICE INC PO BOX 307 BRUCE WI 54819 TREE CLEARING 560071 16 OPERATING REVENUES 221000 80357592 80357592 CAPITAL CREDITS 221000 2746960 2746960 EQUITY EARNINGS 517000 -111789 38165 -149954 82992763 305840 305840 168704 52421 116283 116283 116283 841339 818934 22405 -1475 23880 OTHER NONOPERATING MARGINS 517000 997777 997777 997777 84435068 84139019 -126074 422123 X 13723 64000 3694711 979400 7301040 2186380 586316 168875 4187454 7651312 243037 COST OF POWER 49831068 DISTRIBUTION - MAINTENA 5558175 DISTRIBUTION - OPERATIO 4483940 UBI TAXES 25000 -3844882 83129549 905244 1788915 8640649 11031870 300000 9342655 12076966 773762 670934 231636448 73801993 155656900 157834455 692654 837893 40975651 46587884 8725451 9003752 226012966 239832669 8954492 9656672 40193 38379 124341621 137672589 3700000 2750000 7656861 5470895 144693167 155588535 X 0 0 0 0 81319799 84244134 81319799 84244134 226012966 239832669 X 1305519 1618816 X 0 1 X 1 1 1 0 1 X 311600 311600 12360404 2928495 9431909 216051195 70873498 145177697 2913249 2913249 157834455 DAIRYLAND POWER COOPERATIVE 32456579 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 782991 C ACE COMMUNICATIONS GROUP 201285 C RURAL ELECTRIC SUPPLY COOPERATIVE 882262 C COOPERATIVE RESPONSE CENTER 17882 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 217478 C NATIONAL INFORMATION SOLUTIONS COOPERATIVE 145409 C FEDERATED RURAL ELECTRIC INSURANCE EQUITY 412294 C HEARTLAND SECURITY SERVICES LLC 54064 C MINNOWA ALLIANCE LLC 385204 C MINNESOTA THREE, LLC (33% OWNERSHIP) 518300 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION-CERTIFICATES 1298851 C COBANK 326197 C MEMBERSHIPS AND OTHER 48168 C SOUTHERN MINNESOTA ENERGY COOPORATIVE 159594 C HARMONY TELEPHONE COMPANY, LLC DBA MIBROADBAND 8675326 C CHARGE EV, LLC (3.11% OWNERSHIP) 6000 C 46587884 DEFERRED CREDITS 5344898 CUSTOMER DEPOSITS 125997 5470895 X 84410068 -25000 -25000 84435068 0 84435068 79409838 0 79409838 3719711 3719711 83129549 PART IV, LINE 2B: WE HAVE A RECARE FUND, WHICH IS A VOLUNTARY CONTRIBUTION, EITHER A ONE TIME DONATION OR A RECURRING DONATION ADDED TO THEIR ELECTRIC BILL FOR WHATEVER AMOUNT THEY CHOOSE, WHICH GETS PUT INTO THE RECARE FUND TO HELP LESS FORTUNATE MEMBERS PAY THEIR BILLS. WE HAVE AN OPERATION ROUND-UP PROGRAM, WHERE MEMBERS CAN ROUND UP THEIR BILL TO THE NEAREST DOLLAR, AND THAT MONEY GETS DONATED TO CHARITABLE ORGANIZATIONS THAT APPLY FOR DONATIONS. WE HAVE A COMMITTEE OF OUR MEMBERS THAT CHOOSE WHICH ORGANIZATIONS TO DONATE MONEY TO. AN EXAMPLE IS TO HELP A CHURCH BUY AN AED UNIT. PART X, LINE 2: THE COOPERATIVE BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. PART XI, LINE 2D - OTHER ADJUSTMENTS: UBI TAXES -25,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2024 MARGINS TO MEMBERS IN 2025 3,694,711. UBI TAXES 25,000. 1 SCHOLARSHIPS 64 64000 PART I, LINE 2: MIENERGY CHOOSES THE RECIPIENTS OF THE SCHOLARSHIPS. IN JUNE, THE SCHOOL DISTRICT WILL RECEIVE A CHECK FROM MIENERGY COOPERATIVE FOR THE TOTAL SCHOLARSHIP AMOUNT. THE SCHOOL DISTRICT OR DOLLARS FOR SCHOLARS FOUNDATIONS ARE RESPONSIBLE FOR HOLDING THE SCHOLARSHIP MONEY UNTIL IT RECEIVES TRANSCRIPTS FROM THE RECIPIENT(S) THAT PROVE HE/SHE SUCCESSFULLY COMPLETED THE FIRST QUARTER OR SEMESTER OF EDUCATION AT AN ACCREDITED COLLEGE, UNIVERSITY, OR TECHNICAL SCHOOL. HIGH SCHOOLS MUST ISSUE THE SCHOLARSHIP FUNDS TO THE COLLEGE OR UNIVERSITY. DISTRIBUTION OF THE SCHOLARSHIP MONEY DIRECTLY TO THE COLLEGE, UNIVERSITY, OR TECHNICAL SCHOOL MUST OCCUR NO LATER THAN APRIL 1 OF THE FOLLOWING YEAR; OTHERWISE, THE SCHOLARSHIP WILL BE FORFEITED AND FUNDS RETURNED TO MIENERGY COOPERATIVE. X X 0 0 0 BRIAN KRAMBEER CEO 359029 0 31079 0 603 0 119526 0 21095 0 531332 0 0 0 SHELLY HOVE CFO 201323 0 0 0 250 0 66509 0 27120 0 295202 0 0 0 MICHAEL WALTON VP OF ENGINEERING & SYSTEM PLANNING 159369 0 0 0 250 0 84162 0 32454 0 276235 0 0 0 STEVEN OIAN VP OF SYSTEM OPERATIONS 164350 0 0 0 550 0 45072 0 31135 0 241107 0 0 0 VASSIL VUTOV VP OF INFORMATION TECHNOLOGY 163142 0 0 0 250 0 33924 0 30958 0 228274 0 0 0 DAVIN THOMPSON DIRECTOR OF OPERATIONS 121052 0 0 0 250 0 47921 0 30530 0 199753 0 0 0 KENT WHITCOMB VP OF MEMBER SERVICES 129677 0 0 0 250 0 22019 0 36081 0 188027 0 0 0 FORM 990, PART VII, SECTION A, LINE 5 PER THE INSTRUCTIONS, INCLUDED IN COLUMN (C) IS THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR 2024. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR BRIAN KRAMBEER IS $102,447. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $91,188. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR SHELLY HOVE IS $56,171. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $51,015. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR VASSIL VUTOV IS $25,685. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $43,724. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR STEVEN OIAN IS $36,922. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $43,182. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR MICHAEL WALTON IS $75,863. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $43,193. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR KENT WHITCOMB IS $15,009. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $36,614. THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR DAVIN THOMPSON IS $41,622. THE ACTUAL DEFINED BENEFIT PLAN EXPENSE IS $33,528. FORM 990, PART III, LINE 2 DURING 2024, THE COOPERATIVE ENTERED INTO A JOINT LOAN AND GRANT AGREEMENT WITH THE U.S. DEPARTMENT OF AGRICULTURE'S RURAL UTILITIES SERVICE (RUS) TO BUILD OUT BROADBAND INFRASTRUCTURE TO CERTAIN RURAL LOCATIONS AS PART OF THE RECONNECT PROGRAM. AS OF DECEMBER 31, 2024, THE COOPERATIVE HAD INCURRED APPROXIMATELY $49,000 OF EXPENSES RELATED TO THIS AWARD. NO LOANS OR GRANT FUNDS WERE REQUESTED. THE PROJECT IS EXPECTED TO BE COMPLETED IN 2027. DURING 2024, THE COOPERATIVE WAS AWARDED BY THE STATE OF MINNESOTA'S OFFICE OF BROADBAND DEVELOPMENT A BORDER TO BORDER BROADBAND GRANT OF $3,164,721 TO BUILD BROADBAND INFRASTRUCTURE TO CERTAIN RURAL LOCATIONS. AS OF DECEMBER 31, 2024, THE COOPERATIVE HAD INCURRED APPROXIMATELY $30,000 OF EXPENES RELATED TO THIS AWARD AND NO GRANT FUNDS WERE RECEIVED. THE PROJECT IS EXPECTED TO BE COMPLETED IN 2026. FORM 990, PART VI, SECTION A, LINE 6 CLASS A MEMBER-OWNERS FORM 990, PART VI, SECTION A, LINE 7A ONE VOTE PER MEMBERSHIP FORM 990, PART VI, SECTION A, LINE 7B THE CLASS A MEMBER-OWNERS APPROVE BY-LAW AMENDMENTS. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES THAT ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT/CEO AND CFO REVIEW THE 990 IN DETAIL. AFTER THEIR REVIEW, THE 990 IS REVIEWED IN A BOARD MEETING WITH THE BOARD OF DIRECTORS BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C MIENERGY COOPERATIVE EMPLOYEES AND DIRECTORS ARE COVERED BY THE CONFLICT OF INTEREST POLICY. EACH EMPLOYEE IS RESPONSIBLE FOR ENSURING THAT THE EMPLOYEE'S ACTIONS AND BEHAVIOR ARE IN ACCORDANCE WITH THIS POLICY AND OF DISCLOSING ANY POSSIBLE CONFLICT OF INTEREST. ANY WILLFUL VIOLATION WILL RESULT IN DISCIPLINARY ACTION, UP TO AND INCLUDING DISCHARGE AND REIMBURSEMENT TO MIENERGY OF ANY LOSS ATTRIBUTABLE TO SUCH ACTION. EACH SUPERVISOR AND THE PRESIDENT/CEO IS RESPONSIBLE FOR MAKING EVERY EFFORT TO SEE THAT THIS POLICY IS UNDERSTOOD BY AND FOLLOWED BY THOSE REPORTING TO THAT SUPERVISOR. THE PRESIDENT/CEO SHALL MAKE DECISIONS ON THE ULTIMATE APPLICATION OF THIS POLICY CONSISTENTLY WITH THE BEST INTERESTS OF MIENERGY. EACH DIRECTOR IS RESPONSIBLE FOR ENSURING THAT THE DIRECTORS' ACTIONS AND BEHAVIOR ARE IN ACCORDANCE WITH THIS POLICY AND OF DISCLOSING ANY POSSIBLE CONFLICT OF INTEREST. THE BOARD OF DIRECTORS SHALL BE RESPONSIBLE FOR PERIODIC REVIEW OF THIS POLICY AND MODIFICATIONS TO IT. AN EMPLOYEE MUST DISCLOSE IN WRITING TO HIS/HER SUPERVISOR ANY SITUATION OR TRANSACTION IN WHICH THE EMPLOYEE IS INVOLVED WHICH VIOLATES, MAY VIOLATE, OR COULD APPEAR TO VIOLATE THE INTENT OF THIS POLICY. THE SUPERVISOR, IN COORDINATION WITH MANAGEMENT, SHALL DETERMINE HOW THE SITUATION WILL BE RESOLVED AND ADVISE THE AFFECTED EMPLOYEE AS SOON AS POSSIBLE. A DIRECTOR MUST ANNUALLY COMPLETE A "BUSINESS ETHICS DISCLOSURE REPORT AND DISCLOSE IN WRITING TO THE BOARD CHAIR ANY SITUATION OR TRANSACTION IN WHICH THE DIRECTOR IS INVOLVED WHICH VIOLATES, MAY VIOLATE, OR COULD APPEAR TO VIOLATE THE INTENT OF THIS POLICY. THE BOARD CHAIR WILL ADVISE TO RESOLVE THE SITUATION AS SOON AS POSSIBLE. ANY EMPLOYEE, DIRECTOR, OR OFFICER WHO VIOLATES MIENERGY'S CODE OF ETHICS IS SUBJECT TO APPROPRIATE DISCIPLINARY ACTION, UP TO AND INCLUDING POSSIBLE DISCHARGE. DIRECTORS ARE ALSO SUBJECT TO REMOVAL AS STIPULATED IN SECTION 3.07 OF THE COOPERATIVE BYLAWS. THE BOARD OF DIRECTORS MONITORS COMPLIANCE OF THE CONFLICT OF INTEREST POLICY BY COMPLETING A YEARLY REVIEW OF THE POLICY. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD USES THE NRECA WAGE AND SALARY SURVEY FOR NATIONAL, REGIONAL AND STATE COMPARISONS. THERE IS A WRITTEN EMPLOYMENT CONTRACT AND BRIAN'S COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS. THIS PROCESS IS COMPLETED EVERY YEAR. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST. FORM 990, PART VII, COLUMN F, OTHER COMPENSATION: INCLUDED IN OTHER COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR THE GENERAL MANAGER/CEO. THE CURRENT YEAR INCREASE OR DECREASE DOES NOT REPRESENT CURRENT YEAR CONTRIBUTIONS TO THE PLAN. RATHER, IT IS AN ESTIMATE OF THE INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE PLAN AS CALCULATED BY THE PLAN ADMINISTRATOR. FORM 990, PART IX, LINE 24E STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 5-10 ARE INCLUDED IN DISTRIBUTION EXPENSE, ADMINISTRATIVE & GENERAL EXPENSE AND CUSTOMER EXPENSE. THEREFORE, LABOR, PENSION AND PAYROLL TAXES ARE SHOWN AS A REDUCTION TO OTHER EXPENSES ON LINE 24E. FORM 990, PART IX, LINE 4, BENEFITS PAID TO OR FOR 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 BY-LAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -2,075,895. 2024 MARGINS ALLOCATED TO MEMBERS IN 2025 3,694,711. MIENERGY TRUST 31110 COOPERATIVE WAY RUSHFORD MN 55971 357196782 GRANTING ORGANIZATION MN 501(C)(3) LINE 7 MIENERGY 1 MINNESOTA THREE LLC 1775 LAKE SHADY AVE SOUTH ORONOCO MN 55960 462958241 ELECTRIC AND OTHER SERVICES MN MIENERGY COOPERATIVE UNRELATED -4031 353454 0 1 0.33000 TEC COMMUNITY SOLAR I LLC 31110 COOPERATIVE WAY RUSHFORD MN 55971 371751538 SOLAR ENERGY MN N/A 0 0 HARMONY TELEPHONE COMPANY LLC PO BOX 308 HARMONY MN 55940 411657658 PROVIDE BROADBAND SERVICE MN MIENERGY COOPERATIVE RELATED 2193904 16053985 0 0 0.33000 MINNOWA ALLIANCE LLC PO BOX 65 THOMPSON IA 50478 411962704 CONSULTING/ENGINEERING IA MIENERGY COOPERATIVE UNRELATED 39329 301373 0 1 0.50000 TEC COMMUNITY SOLAR HOLDINGS 31110 COOPERATIVE WAY PO BOX 626 RUSHFORD MN 55971 464998426 SOLAR POWER INVESTMENT MN MIENERGY COOPERATIVE C 77 3830 1.00000 1 HTC DEVELOPMENT CORPORATION PO BOX 90 CRESCO IA 52136 680504643 HOUSING DEVELOPMENT IA MIENERGY COOPERATIVE C 198494 833322 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1