2026-06-23T09:54:18-05:00 2025-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2025-01-01 420228180 EASTERN IOWA LIGHT & POWER COOPERATIVE EAST 8559383616 PO BOX 3003 WILTON IA 527783003 KIRK TREDE CEO 8559383616 2026-06-02 1 KATHERINE LUTZKE CPA P01760889 5072802300 2026-06-02 2025 2025-03-06 01:10:19Z KIRK TREDE PO BOX 3003 WILTON IA 527783003 77497324 0 X WWW.EASTERNIOWA.COM X 1935 IA PROVISION OF ELECTRICITY TO MEMBERS ON THE COOPERATIVE BASIS 15 15 94 0 0 0 0 0 64430905 73331663 183637 152364 3916364 3841868 68530906 77325895 0 0 3376917 5259292 868943 931338 0 0 0 62680048 67695263 66925908 73885893 1604998 3440002 211574058 223249649 112210740 117794214 99363318 105455435 EASTERN IOWA REC IS COMMITTED TO PROVIDING SAFE, RELIABLE AND AFFORDABLE OFFERINGS TO OUR MEMBERS TO ENHANCE THEIR QUALITY OF LIFE. 0 0 PROVISION OF ELECTRICITY TO COOPERATIVE MEMBER-CONSUMERS. DURING 2025, A TOTAL OF 24,179 ACCOUNTS CONSUMED 642,475,000 KWH OF ELECTRICITY. THE COOPERATIVE OWNS, MAINTAINS, AND OPERATES 4,689 MILES OF RURAL DISTRIBUTION LINES. THE COOPERATIVE PROVIDES SERVICE TO 18,971 INDIVIDUAL MEMBERS. 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 72 0 1 94 1 0 0 0 0 0 73331662 3875268 0 0 0 X 15 15 0 0 1 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 0 1 1 X DAVID ZORICH 8559383616 1705 WEST THIRD ST WILTON IA 52778 X KENNETH PURDY PRESIDENT 6.00 0.00 X X 13821 0 0 KURT OLSON VICE PRESIDENT 6.00 0.00 X X 14032 0 0 MIKE BIXLER SECRETARY 4.50 0.00 X X 14582 0 0 HENRY BENTLEY TREASURER 12.00 0.00 X X 16232 0 0 BRAD WEISS ASST. SECRETARY 8.00 0.00 X X 17282 0 0 GARY KESTER DIRECTOR 12.00 0.00 X 7632 0 0 TOM HOTZ DIRECTOR 3.00 0.00 X 15632 0 0 ALLAN DUFFE DIRECTOR 7.00 0.00 X 12032 0 0 MICHAEL SHUGER DIRECTOR 12.00 0.00 X 11232 0 0 ROBERT SCHNEIDER JR DIRECTOR 3.00 0.00 X 14832 0 0 GARY BRUNS DIRECTOR 15.00 0.00 X 15232 0 0 DENISE TIMMERMAN DIRECTOR 10.00 0.00 X 16432 0 0 AUBREY LEE CARTWRIGHT JR DIRECTOR 10.00 0.00 X 16432 0 0 JOEL CARSTENSEN DIRECTOR 8.00 0.00 X 14032 0 0 KATHY WUNDERLICH DIRECTOR 7.00 0.00 X 18032 0 0 KIRK TREDE CEO 60.00 0.00 X 323610 0 186771 DAVID ZORICH DIVISION MANAGER OF ACCOUN 45.00 0.00 X 155871 0 47617 MARK ELDER DIVISION MANAGER OF OPERAT 45.00 0.00 X 153725 0 63268 TIM IOSSI MANAGER OF OPERATION TECHN 50.00 0.00 X 146324 0 93384 DON ROTH DIVISION MANAGER OF MEMBER 50.00 0.00 X 172465 0 61426 KEVIN BOHNSACK SUBSTATION FOREMAN 43.30 0.00 X 137286 0 74285 BRIAN SCHOER SENIOR PROJECT CONSULTANT 45.00 0.00 X 161935 0 51847 1468685 0 578598 50 0 1 0 ASPLUNDH TREE EXPERT CO INC PO BOX 827464 PHILADELPHIA PA 19182 TREE TRIM SERVICE 1342614 J&R UNDERGROUND LLC PO BOX 843194 DALLAS TX 75284 CONSTRUCTION SERVICES 531681 NISC PO BOX 1147 MANDAN ND 58554 INFORMATION SERVICES 484771 SOLOMON CO PO BOX 669533 DALLAS TX 75266 TRANSFORMER SERVICES 424750 ADVANCED UNDERGROUND 11453 31ST STREET DRIVE WEST MILAN IL 61264 CONSTRUCTION SERVICES 393037 10 SALE OF POWER 221000 73331663 73331663 73331663 107543 107543 10421 0 10421 10421 10421 216250 171429 44821 44821 44821 CAPITAL CREDITS 221000 3828553 3828553 INCOME FROM SUBSIDIARY 221000 1894 1894 OTHER NON-OPERATING 900099 1000 1000 3831447 77325895 77163110 0 162785 X 5259292 931338 4097172 7459471 COST OF POWER 43090892 DISTRIBUTION EXPENSE - 4676002 ADMINISTRATIVE AND GENE 4671090 DISTRIBUTION EXPENSE - 2975039 725597 73885893 3142128 4474178 497881 2005492 6268640 8172665 5769779 5195521 3536966 3673362 1862613 1770622 243040630 83915183 153044087 159125447 34927988 35720793 2523976 3111569 211574058 223249649 6201971 6514322 1921180 1837889 103011694 107848405 845000 845000 230895 748598 112210740 117794214 X 187890 189710 0 0 99175428 105265725 99363318 105455435 211574058 223249649 X 3440002 2652115 X 0 1 X 1 0 2643520 2643520 17115015 3129561 13985454 213933897 80785622 133148275 9348198 9348198 159125447 CENTRAL IOWA POWER COOPERATIVE CAPITAL CREDITS 31055576 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 1724673 C RURAL ELECTRIC SUPPLY COOPERATIVE CAPITAL CREDITS 957519 C COBANK CAPITAL CREDITS 984561 C NATIONAL INFORMATION SYSTEM COOPERATIVE CAPITAL CREDITS 118894 C EQUIY OF NEW RESOURCES (AFFILIATE) 193970 C EQUITY OF NEW VENTURES (SUBSIDIARY) 295091 C FORMER HEADQUARTERS PROPERTY HELD FOR SALE 260859 F OTHER 129650 C 35720793 CUSTOMER DEPOSITS 748598 748598 X 77325895 0 77325895 0 77325895 68626601 0 68626601 5259292 5259292 73885893 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE, THUS THERE IS NO PROVISION FOR INCOME TAXES AT DECEMBER 31, 2025 AND 2024. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2025 AND 2024. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE DIVIDENDS ALLOCATED 5,259,292. PARTS XI AND XII: ALTHOUGH NOT REQUIRED TO BE COMPLETED, EASTERN IOWA LIGHT AND POWER COOPERATIVE ELECTS TO COMPLETE THESE PARTS AS IT BELIEVES THAT THE INFORMATION CONTAINED IN THESE SCHEDULES WOULD BE HELPFUL AND INFORMATIVE TO THE USER OF THE FORM 990. PART XII, LINE 4B, OTHER: 2025 CAPITAL CREDITS ALLOCATED AND EXPENSED ON FORM 990 - SEE DISCLOSURE ON SCHEDULE O FOR PART IX, PAGE 10, QUESTION 4: $5,259,292 1 X X X 0 0 0 KIRK TREDE CEO 299625 0 65 0 23920 0 162810 0 23961 0 510381 0 0 0 TIM IOSSI MANAGER OF OPERATION TECHN 142359 0 150 0 3815 0 77499 0 15885 0 239708 0 0 0 DON ROTH DIVISION MANAGER OF MEMBER 171532 0 90 0 843 0 59394 0 2032 0 233891 0 0 0 MARK ELDER DIVISION MANAGER OF OPERAT 152859 0 350 0 516 0 46677 0 16591 0 216993 0 0 0 BRIAN SCHOER SENIOR PROJECT CONSULTANT 158414 0 75 0 3446 0 34715 0 17132 0 213782 0 0 0 KEVIN BOHNSACK SUBSTATION FOREMAN 135647 0 166 0 1473 0 68381 0 5904 0 211571 0 0 0 DAVID ZORICH DIVISION MANAGER OF ACCOUN 154975 0 274 0 622 0 33239 0 14378 0 203488 0 0 0 PART II, LINES 1 THROUGH 6, COLUMN C - RETIREMENT & DEFERRED COMPENSATION: THE COOPERATIVE HAS INTERPRETED THE INSTRUCTIONS FOR COLUMN C TO INCLUDE BOTH THE CONTRIBUTIONS PAID TO THE DEFINED BENEFIT RETIREMENT PLAN AND THE INCREASE IN THE ACTUARIAL VALUE OF PLAN ASSETS ATTRIBUTABLE TO THE LISTED COOPERATIVE OFFICER OR HIGHLY COMPENSATED EMPLOYEE. THE COOPERATIVE IS A PARTICIPANT IN THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION (NRECA) RETIREMENT SECURITY PLAN (RS PLAN) WHICH IS A DEFINED BENEFIT PLAN QUALIFIED UNDER SECTION 401 AND TAX-EXEMPT UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE. IT IS A MULTI-EMPLOYER PLAN UNDER THE ACCOUNTING STANDARDS. ALL FULL-TIME EMPLOYEES OF THE COOPERATIVE ARE COVERED BY THE PLAN AFTER A 12 MONTH WAITING PERIOD. THE COOPERATIVE MAKES CONTRIBUTIONS TO THE PLAN BASED ON A PERCENTAGE OF THE PRIOR YEAR REGULAR TIME EARNINGS OF EACH EMPLOYEE. FOR 2025, THE COOPERATIVE MADE CONTRIBUTIONS TO THE PLAN ON BEHALF OF THE LISTED EMPLOYEES. IN ADDITION, COLUMN C INCLUDES THE ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE PLAN ASSETS ATTRIBUTABLE TO THESE EMPLOYEES. THE AMOUNTS FOR THE LISTED EMPLOYEES ARE AS FOLLOWS: EMPLOYEE: KIRK W TREDE EMPLOYER PLAN CONTRIBUTIONS: $64,362 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $162,810 TIM IOSSI EMPLOYER PLAN CONTRIBUTIONS: $31,574 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $77,499 BRIAN SCHOER EMPLOYER PLAN CONTRIBUTIONS: $34,715 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $34,445 KEVIN BOHNSACK EMPLOYER PLAN CONTRIBUTIONS: $23,746 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $68,381 MARK ELDER EMPLOYER PLAN CONTRIBUTIONS: $33,258 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $46,677 DONALD ROTH EMPLOYER PLAN CONTRIBUTIONS: $34,646 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $59,394 DAVID ZORICH EMPLOYER PLAN CONTRIBUTIONS: $33,239 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $18,599 FORM 990, PART VI, SECTION A, LINE 4 DURING 2025, THE COOPERATIVE ADOPTED AMENDED AND RESTATED BYLAWS TO MODERNIZE GOVERNANCE AND ALIGN WITH CURRENT PRACTICES. KEY UPDATES INCLUDED CLARIFYING MEMBER RIGHTS AND OBLIGATIONS (INCLUDING PROPERTY ACCESS AND SAFETY COMPLIANCE), EXPANDING AND UPDATING MEMBERSHIP PROVISIONS, AND ADDING PROCEDURES FOR TERMINATION AND REINSTATEMENT. THE BYLAWS ALSO INTRODUCED REMOTE PARTICIPATION FOR MEMBERS AND DIRECTORS, UPDATED BOARD GOVERNANCE (INCLUDING A POLICY COMMITTEE AND REVISED COMPENSATION STRUCTURE), EXPANDED GENERAL MANAGER AUTHORITY, AND PERMITTED ELECTRONIC NOTICES. ADDITIONAL CHANGES REFINED MEETING PROCEDURES, UPDATED REGULATORY LANGUAGE, AND IMPROVED OVERALL CLARITY AND FLEXIBILITY OF GOVERNANCE PROVISIONS. FORM 990, PART VI, SECTION A, LINE 6 ALL ELECTRIC CUSTOMERS OF THE COOPERATIVE ARE VOTING MEMBERS. EACH MEMBER IS ENTITLED TO ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A THE COOPERATIVE IS DIVIDED INTO FIVE DISTRICTS OF REASONABLY EQUAL SIZE. EACH MEMBER IN THE DISTRICT HAS ONE VOTE PER DIRECTOR TO BE ELECTED. EACH DISTRICT ELECTS THREE MEMBERS TO THE 15-MEMBER BOARD OF DIRECTORS. IN NORMAL CIRCUMSTANCES THE TERMS IN EACH DISTRICT ARE FOR THREE YEARS AND ARE STAGGERED SO THAT EACH DISTRICT ELECTS ONLY ONE DIRECTOR EACH YEAR. AT CERTAIN TIMES, BECAUSE OF THE RESIGNATION OR DEATH OF A DIRECTOR, A DISTRICT MAY HAVE MULTIPLE ELECTIONS FOR BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B THE COOPERATIVE MAY NOT SELL, MORTGAGE, LEASE OR OTHERWISE DISPOSE OF OR ENCUMBER ALL OR A SUBSTANTIAL PORTION OF ITS PROPERTY UNLESS IT IS AUTHORIZED BY THE MAJORITY OF ALL ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS PROVIDED TO THE CEO FOR REVIEW PRIOR TO FILING WITH THE IRS. THE FIRST BOARD OF DIRECTOR MEETING AFTER THE 990 IS FILED, THE FORM 990 WILL BE REVIEWED BY THE BOARD OF DIRECTORS. THIS IS DONE BY SHOWING THE FORM 990 IN ITS' ENTIRETY TO THE BOARD AND REVIEWING THE FINANCIAL DATE AND DISCLOSURES THAT MANAGEMENT DEEMS TO BE SIGNIFICANT. AT THAT TIME THE BOARD MAY RATIFY THE FORM 990 AS FILED OR REQUEST CHANGES. IF CHANGES ARE DEEMED NECESSARY, AN AMENDED FORM 990 WILL BE FILED WITH THE IRS IN A TIMELY MANNER. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER AND COOPERATIVE EMPLOYEE IS REQUIRED TO ANNUALLY DISCLOSE ACTIVITIES AND RELATIONSHIPS THAT COULD BE CONSIDERED AS A CONFLICT OF INTEREST AS DEFINED BY THE COOPERATIVE'S CODE OF CONDUCT/ETHICS POLICY. ALL POTENTIAL CONFLICTS ARE REVIEWED. A MANAGEMENT EMPLOYEE AND THE CEO REVIEWS THE EMPLOYEE DISCLOSURES; THE CEO REVIEWS THE BOARD DISCLOSURES AND THE BOARD PRESIDENT REVIEWS THE CEO'S DISCLOSURE. A RECAP OF POTENTIAL CONFLICTS IS THEN REVIEWED BY THE BOARD OF DIRECTORS TO DETERMINE IF AN ACTUAL CONFLICT EXITS. IF SO, THE BOARD DECIDES HOW THE COOPERATIVE WILL DEAL WITH THESE CONFLICTS. THIS MAY INCLUDE REQUESTING COOPERATIVE EMPLOYEES TO AVOID TRANSACTIONS WITH CERTAIN EMPLOYEES, COMPANIES OR ORGANIZATIONS, REQUESTING THAT CERTAIN INDIVIDUALS ABSTAIN IN THE DECISION MAKING ON CERTAIN TRANSACTIONS, OR RATIFYING CERTAIN TRANSACTIONS OR DECISIONS. ALL ACTIONS ARE DOCUMENTED. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS ESTABLISHES THE COMPENSATION LEVEL FOR THE CEO. THIS IS BASED ON DATA PROVIDED BY A NATIONAL TRADE ORGANIZATION AND THE STATE EMPLOYMENT BUREAU. A COMPENSATION CONSULTANT HAS PERIODICALLY BEEN USED. DECISIONS ON COMPENSATION ARE COMMUNICATED IN A TIMELY MANNER TO APPROPRIATE HUMAN RESOURCES AND PAYROLL PERSONNEL BY THE BOARD PRESIDENT. THIS PROCESS IS DOCUMENTED. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 EASTERN IOWA LIGHT AND POWER COOPERATIVE WILL MAKE SELECTED GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC OR TO ITS' MEMBERS UPON REQUEST. THE COOPERATIVE PROVIDES FINANCIAL STATEMENTS IN ITS ANNUAL REPORT, WHICH IS GIVEN TO ALL MEMBERS ATTENDING DISTRICT MEETINGS. FINANCIAL STATEMENTS ARE ALSO PERIODICALLY INCLUDED IN THE MEMBER NEWSLETTER WHICH IS MAILED TO ALL MEMBERS. PART VI, PAGE 6, QUESTION 16, INVESTMENT IN TAXABLE ENTITY: THE COOPERATIVE HAS INVESTED IN NEW RESOURCES, INC. WHICH IS CO-OWNED WITH OTHER RURAL ELECTRIC COOPERATIVES. EASTERN APPOINTS TWO BOARD MEMBERS TO THE BOARD OF NEW RESOURCES, INC. WHICH CONDUCTS BUSINESS ACTIVITIES THAT ALL OWNING COOPERATIVES WISH TO PURSUE. THE EFFECT OF OWNERSHIP OF THE TAXABLE ENTITY ON THE TAX STATUS OF THE COOPERATIVE IS PERIODICALLY REVIEWED. PART VII, PAGE 7, COMPENSATION OF OFFICERS AND DIRECTORS: USERS OF THIS FORM 990 SHOULD REVIEW THE DISCLOSURE RELATED TO RETIREMENT AND OTHER DEFERRED COMPENSATION IN THE ATTACHED SCHEDULE J - PAGE 3. PART IX, PAGE 10, QUESTION 4, BENEFITS PAID TO OR FOR MEMBERS: THE IRS INSTRUCTIONS STATE THAT PATRONAGE DIVIDENDS PAID BY SECTION 50I(C)(12) ORGANIZATIONS TO THEIR MEMBERS SHOULD BE REPORTED ON LINE 4. THE COOPERATIVE 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 ALSO RESULTS IN A RECONCILING ITEM TO NET ASSETS IN PART XI, ON PAGE 12 OF THE FORM 990. FORM 990, PART XI, LINE 9: CAPITAL CREDITS RETIRED -2,544,035. CHANGE IN MEMBERSHIP AND OTHER EQUITIES -63,142. PATRONAGE ALLOCATION 5,259,292. NEW VENTURES INC PO BOX 3003 WILTON IA 52778 421328834 ECONOMIC DEVELOPMENT IA 501(C)(4) N/A N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 NO TRANSACTIONS GREATER THAN 50000