2026-04-30T08:59:45-05:00 2025-12-31 450250958 Eide Bailly LLP 4585 Coleman St Ste 200 Bismarck ND 58503 990 2025-01-01 450115790 Cass County Electric Cooperative Inc CASS 7013564400 3312 42nd St S 200 Fargo ND 58104 Andy Weiss CFO 7013564400 2026-04-28 1 Lisa Chaffee CPA P00193453 7012551091 2026-04-28 2025 2025-03-06 01:10:19Z Andy Weiss 3312 42nd St S 200 Fargo ND 58104 162503852 0 X www.casscountyelectric.com X 1937 ND To serve our member's energy needs with affordable and reliable electricity. 9 9 127 0 0 0 0 0 157096511 160795206 1429369 1407620 184174 172380 158710054 162375206 116011 156903 7914538 10249306 14761810 15301766 0 0 0 134360161 139024418 157152520 164732393 1557534 -2357187 347163937 349286060 179218288 175937319 167945649 173348741 The mission of Cass County Electric Cooperative: To serve our member's energy needs with affordable and reliable electricity. 0 0 The Cooperative provided electric energy to 60,646 accounts, 53,605 members and serviced 5,879 of miles at the end of the 2025 year. 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 247 0 1 127 1 0 0 0 0 0 165104889 1656113 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 0 X Sarah Rhea 7013564400 3312 42nd St S Ste 200 Fargo ND 58104 Glenn Mitzel Board Chair 5.50 X X 20660 0 0 Terry Kraft Vice Chair 6.10 X X 18274 0 0 Paul White Secretary 5.10 X X 17310 0 0 Kalvin Hoff Treasurer 6.80 X X 16060 0 0 Douglas Anderson Director 5.00 X 18501 0 0 Vanessa Kummer Director 5.20 X 23810 0 0 Wendy Loucks Director 6.70 X 22873 0 0 Tom Seymour Director 8.20 X 33162 0 0 Stacey Ackerman Director 5.30 X 0 0 0 Paul Matthys CEO 47.20 X 352166 0 262281 Chad Sapa CFO until April 2025 42.30 X 220935 0 52431 Andy Weiss CFO as of April 2025 43.00 X 181812 0 60024 Jodi Bullinger VP of Engineering & Operations 40.60 X 264906 0 44725 Chad Brousseau VP of Member & Energy Serv 43.00 X 165587 0 122431 Phillip Lamb Line Crew Foreman 46.90 X 164995 0 33384 Tim Sanden CIO/VP of Information Tech until April 40.10 X 162844 0 46536 Mitchell Lyter CIO/VP of Information Tech 40.60 X 152302 0 48318 1836197 0 670130 61 0 1 0 DRN Readitech PO Box 69 Ellendale ND 58436 Contractor 1743076 Jerry's Excavating PO Box 809 Casselton ND 58012 Electrical Contractor 1379049 Carr's Tree Service Inc PO Box 250 Ottertail MN 56571 Tree Trimming Contractor 698802 Dan's Directional Drilling LLC 33192 Otter Tail River Rd Ottertail MN 56571 Contractor 697659 Arvig Construction 150 Second St SW Perham MN 56573 Electrical Contractor 525229 12 Electric Sales 221000 159150576 159150576 Capital Credits 221000 1644630 1644630 160795206 1329042 1329042 283604 111224 172380 172380 172380 96000 17422 78578 78578 78578 162375206 160795206 0 1580000 X 156903 10249306 1178116 11079224 2154038 890388 4862248 10039060 Cost of Power 121148890 Distribution Expenses 9684727 Administrative and Gene 4190649 Customer Service Expens 3232917 -14134073 164732393 26311013 19934967 16723869 18521991 12170610 9078051 197897 230043 371783855 102453589 265027163 269330266 5120829 5152457 21491396 22934832 121160 4103453 347163937 349286060 15013975 15876744 1041935 4688837 20960 21414 156329535 148924719 6811883 6425605 179218288 175937319 X 0 0 32966469 35544134 134979180 137804607 167945649 173348741 347163937 349286060 X -2357187 147377 7612902 X 0 1 X 0 1 1 0 1 X 592484 592484 20022866 10420397 9602469 342076742 91752963 250323779 9091763 280229 8811534 269330266 Other Investments 1037456 C Investments in Associated Organizations 21897376 C 22934832 Customer Deposits 3171749 Other Liabilities 63553 Installation Costs of Equip 97767 Postretirement Benefits 2212430 Demand Waiver Projects Costs Reserve 444394 Finance Lease 81767 Operating Lease 353945 6425605 X 162375206 0 162375206 0 162375206 154483087 0 154483087 10249306 10249306 164732393 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 Cass County Electric Cooperative Foundation. These funds are transferred directly to the Cass County Electric Cooperative Foundation on a monthly basis. Funds that exist at the end of year are a result of a timing difference in the receipt of the funds and the release of them to the Cass County Electric Cooperative Foundation. 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, 2025 and 2024, the unrecognized tax benefit accrual was zero. The Cooperative will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. Part XII, Line 4b - Other Adjustments: Patronage Capital Credits Allocated During Current Year 10,249,306. 1 ND Dollars for Scholars 1200 Memorial Highway PO Box 5509 Bismarck ND 58506 371517987 501(c)(3) 10500 0 Education Red River Valley Fair Association 1805 Main Ave West West Fargo ND 58078 371517987 501(c)(3) 0 21000 Book value remaining Unit 404-2012 Dodge 5500 pickup Donation ND State College of Science 800 6th St N Wahpeton ND 58076 450407617 501(c)(3) 10000 0 Education Greater FM EDC 51 Broadway Suite 500 Fargo ND 58102 456011769 501(c)(3) 75000 0 Economic Growth 4 0 Part I, Line 2: The Greater FM EDC reports on how the funds are spent. The ND Dollars for Scholars forwards the names of the students and parents receiving scholarships. The NDSCS Career Innovation Center opened August 2025 to provide academic programming, and workforce training, and we receive a report as to how the grant money is spent. X 0 0 0 Paul Matthys CEO 333712 0 3400 0 15054 0 230694 0 31587 0 614447 0 0 0 Jodi Bullinger VP of Engineering & Operations 215824 0 34262 0 14820 0 18048 0 26677 0 309631 0 0 0 Chad Brousseau VP of Member & Energy Serv 155882 0 1661 0 8044 0 90191 0 32240 0 288018 0 0 0 Chad Sapa CFO until April 2025 93977 0 121458 0 5500 0 20129 0 32302 0 273366 0 0 0 Andy Weiss CFO as of April 2025 174805 0 1887 0 5120 0 24466 0 35558 0 241836 0 0 0 Tim Sanden CIO/VP of Information Tech until Apr 70251 0 88807 0 3786 0 14977 0 31559 0 209380 0 0 0 Mitchell Lyter CIO/VP of Information Tech 144794 0 1600 0 5908 0 19081 0 29237 0 200620 0 0 0 Phillip Lamb Line Crew Foreman 158609 0 1250 0 5136 0 31155 0 2229 0 198379 0 0 0 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. Form 990, Part VI, Section A, line 6 CCEC has one class of members. A person is eligible to become a member of the cooperative effective the date the person initially uses or requests to use electric service and meets the requirements set forth in Article I of the Cooperative's Bylaws. Form 990, Part VI, Section A, line 7a One member, one vote. CCEC members have the right and authority to elect the Board of Directors. Three directors stand for election each year at the annual business meeting. Members also have the right to request a special meeting of the membership when the request is based on valid member demand. Members may consider, vote or act upon other matters as provided by applicable laws. Form 990, Part VI, Section A, line 7b CCEC membership has the right and authority to have the final decision role on the following matters: **The disposition of cooperative assets if proposed sale is over 5% of total assets during a 12-month period. No less than two-thirds of the entire membership must approved the proposed transfer. ** A proposed merger or consolidation; a majority of the members present and voting in person at the member meeting must approve the consolidation or merger. Form 990, Part VI, Section A, line 8b The Board of Directors is the sole body with governing authority over the Cooperative. All committees serve in an advisory capacity. Appropriate records are maintained of proceedings at all governance meetings as well as its advisory standing committees. Form 990, Part VI, Section B, line 11b Board policy 202 regarding Tax Status/Reporting establishes that following the initial preparation of the draft Form 990, the CFO and President/CEO must review the report and submit it to the Board of Directors for approval. The Board must approve the completed Form 990 before it is filed. Form 990, Part VI, Section B, line 12c CCEC Policy 110 Conflict of Interest requires Directors and employees of the Cooperative to disclose annually: **The receipt of any gifts, fees, loans or favors with a value in excess of $100; **Any business transaction that may be considered in competition with the cooperative or deemed a conflict of interest; **The policy also prohibits the use of non-public corporate information for financial or business opportunity benefit. ***Action: Should a conflict be disclosed the board must provide the director an opportunity to comment orally and in writing regarding the information or fact before making a determination. If the board determines that a director is not in compliance with the policy the board will act appropriately including the possibility of sanction, disqualification and/or removal. Legal counsel reviews disclosures. Individuals with a conflict must abstain from voting. Form 990, Part VI, Section B, line 15a At the board reorganization meeting held annually, the board reviews director compensation and benefits. The last review of director compensation was done in 2024. The most current NRECA Director Compensation Survey is provided for review. Note: this survey is done every other year (most current 2024). A CEO evaluation of compensation is done annually by the Board of Directors during an executive session; the CEO is not present during the meeting. As established by Board Policy 105.4, the Board Compensation Committee collects, verifies and analyzes comparative data on compensation which is then provided and reviewed by the board (executive session minutes are kept by legal counsel). The board Chairman is responsible for discussing the outcome of the evaluation with the CEO. The last CEO evaluation occurred in March 2025. An annual performance appraisal is required for all employees; the appraisals on top management personnel are completed by the President/CEO in accordance with Board Policy 224. Local, regional and national wage and salary data is used to determine the wage scale, which is approved annually by the Board of Directors. Form 990, Part VI, Section C, line 19 The Cooperative's Bylaws and Articles of Incorporation are posted on the website (www.casscountyelectric.com). A paper copy is made available to any member upon request. The financial statements are mailed to all members of the Cooperative in the annual report issue of Cooperative's official newsletter, The Highline Notes. The Conflict of Interest Policy is available to the public upon request. Form 990, Part IX, Functional Expense, Line 24e Other Expenses: The salaries, pension, and payroll taxes reported on lines 5-10 are already included in distribution expense, administrative & general expense and customer expense. Therefore, these amounts are being subtracted out as an other deduction on line 24e in the amount of $(15,301,766). Form 990, Part IX, Functional Expense, 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: Patronage Capital Credits Allocated During Current Year 10,249,306. Retired Capital Credits -3,790,528. Discounted Gain on Capital Credits Retired 784,728. Capital Credits Retired Reclassified to Unclaimed 369,396. Form 990, Part VII, Column F Included in Part VII, column F, 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. Part IX, line 5 captures only the current year expense of the defined benefit plan of the Cooperative. Therefore, the compensation in Part IX, line 5 is less than that reported in Part VII. The current year estimated increase in the actuarial value of the defined benefit plan included in Part VII, column F, other compensation for each employee is as follows: Andy Weiss $7346, Paul Matthys $209,856, Chad Brousseau $80,076, Mitchell Lyter $5,248 and Phillip Lamb $23,051. The current year expense for this defined benefit plan included in Part IX, line 5 for each employee is as follows: Andy Weiss $12,340, Paul Matthys $82,680, Chad Brousseau $39,495, Mitchell Lyter $13,411, and Phillip Lamb $28,663.