2024-05-31T09:34:03-05:00 2023-12-31 450250958 Eide Bailly LLP 1730 Burnt Boat Loop Ste 100 Bismarck ND 585030886 990 2023-01-01 450217065 Burke-Divide Electric Cooperative BURK 7019396671 PO Box 6 Columbus ND 587270006 Jerry King General Manager 7019396671 2024-05-29 1 Jerry King 999009999 1 Lisa Chaffee CPA P00193453 7012551091 2024-05-29 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z Jerry King PO Box 6 Columbus ND 587270006 25208417 0 X www.bdec.coop X 1945 ND To provide reliable high quality electricity to members at a competitive cost. 7 7 33 0 0 0 0 0 23137985 24176488 140089 91441 -136988 -98193 23141086 24169736 0 0 2899869 1979388 5025999 4701884 0 0 0 15215218 17488464 23141086 24169736 0 0 100536874 103244404 58225793 60559875 42311081 42684529 To provide reliable, high quality electricity at a competitive cost, to strengthen the area economy and to lead in improving the region's quality of life through innovative, state of the art products and service while operating within cooperative principles. 0 0 The Cooperative has 3,817 active services, serves 1,414 members and maintains 2,572 miles of line. 0 0 0 0 0 0 0 1 0 1 0 1 0 0 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 1 1 0 0 1 373 0 1 33 1 0 0 0 0 0 26355462 483680 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X Brooke Watterud 7019396671 Burke-Divide Electric Cooperative Columbus ND 587270006 X David Sigloh President 9.30 X X 16182 0 0 Kent Haugland Vice President 6.50 X X 12032 0 0 Lynn Jacobson Secretary/Treasurer 8.20 X X 14832 0 0 Steven Overlee Assistant Secretary/Treasurer 5.30 X X 32 0 10775 Lane Titus Director 4.20 X 6957 0 0 Kurt Koppelsloen Director 6.10 X 12032 0 0 Jeff Dahlin Director 6.50 X 32 0 8675 Jerry King General Manager 50.90 X 225237 0 135880 Brooke Watterud Business Manager 41.10 X 118200 0 48115 Eric Sieg Operations Manager 41.50 X 138435 0 59574 Lex Lindbo Line Foreman 45.20 X 144521 0 27980 Jason Bruner Line Foreman 44.30 X 127216 0 59695 Terry Knutson Journeyman Lineman 44.50 X 125602 0 26477 Scott Lesmeister Journeyman Lineman 44.60 X 123849 0 42278 1065159 0 419449 23 0 1 0 Proline Utility Construction LLC 1836 7th Ave Belle Fourche SD 57717 Underground Distribution Construction 454037 Higher Power LLC 8048 68th Street NW Stanley ND 58784 Distribution Construction and Repair 291004 HDR Engineering Inc 3231 Greensboro Drive STE 200 Bismarck ND 58503 Engineering Services 187190 Cass County Electric Cooperative 4100 32nd Ave S Fargo ND 58104 Distribution Construction and Repair 109976 4 Electricity 221000 22957301 22957301 Capital Credits 221000 788789 788789 430398 430398 24176488 266970 266970 175529 -175529 -175529 -175529 764959 863152 -98193 -98193 24169736 24078295 0 91441 X 1979388 593038 3080883 767047 260916 1580205 3344721 Cost of Power 10813376 Distribution Expense 3529764 Admin & General 2249501 Customer Service & Sale 350686 -4379789 24169736 6930039 11319297 7409525 3431590 2935478 3553002 326513 349537 99653254 26125419 72308369 73527835 704591 604610 9919002 10353846 3357 104687 100536874 103244404 2008006 1909940 1990123 4097937 612 607 54227052 54551391 58225793 60559875 X 6831904 6831870 0 0 35479177 35852659 42311081 42684529 100536874 103244404 X 0 373448 X 0 1 X 1 0 0 1 X 680046 680046 8166228 1808229 6357999 89838098 24317190 65520908 968882 968882 73527835 Patronage Capital Credits Associated Companies 9102369 C Special Funds 812500 C FREIC Stock 195443 C RESCO 226138 C Memberships 17396 C 10353846 X 24169736 0 24169736 0 24169736 22190348 0 22190348 1979388 1979388 24169736 Part IV, Line 2b: The Cooperative collects funds for the Operation Round Up program for the Burke-Divide Electric Trust from the members. These funds are recorded as a liability on the Cooperative financials until they are released to the Trust on a monthly basis. The Trust uses the expenditures for rural development. The amount in the financial statements were $612 and $607 for December 31, 2022 and December 31, 2023 respectively. 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, 2023 and 2022, 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: Current Year Patronage Capital Allocated to Members 1,979,388. X X 1 1 X X X 0 0 0 Jerry King General Manager 221964 0 0 0 3273 0 84484 0 54373 0 364094 0 0 0 Eric Sieg Operations Manager 138184 0 0 0 251 0 27785 0 32891 0 199111 0 0 0 Jason Bruner Line Foreman 127069 0 0 0 147 0 28976 0 32056 0 188248 0 0 0 Lex Lindbo Line Foreman 144370 0 0 0 151 0 27267 0 2061 0 173849 0 0 0 Brooke Watterud Business Manager 118015 0 0 0 185 0 18309 0 31236 0 167745 0 0 0 Scott Lesmeister Journeyman Lineman 123704 0 0 0 145 0 14700 0 28850 0 167399 0 0 0 Terry Knutson Journeyman Lineman 125442 0 0 0 160 0 14927 0 12042 0 152571 0 0 0 Part I, Line 1a Travel for companions - The Cooperative will pay for the air fare expenses for spouses to attend the NRECA Annual Meeting with the General Manager and Board of Directors. Health club fee - The Cooperative offers a health club credit to all employees. The credit is $20.00 per month reimbursement only payable upon presentation of actual receipt. These amounts are reported as taxable wages for the individual. 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 reflected in the statement for Form 990, Part VII, Column f. Form 990, Part VI, Section A, line 1a All board members have one voting right. The President only votes if there is a tie. Form 990, Part VI, Section A, line 6 There is only one class of members. Each member is allowed one vote. Each household is considered one member. Form 990, Part VI, Section A, line 7a The members of the Cooperative elect the Board of Directors. Form 990, Part VI, Section A, line 7b Changes to the bylaws and new business activities are both subject to approval of the members. Form 990, Part VI, Section A, line 8b There are no committees that have the authority to act on behalf of the governing body. Form 990, Part VI, Section B, line 11b The General Manager and the Business Manager reviewed a draft of the 990 prior to it being electronically sent to the board for their review and final approval before being filed with the IRS. Form 990, Part VI, Section B, line 12c All employees and Board Members are covered under the policy. The General Manager, staff, and the President of the Board of Directors review the suspected conflicts. The General Manager works with the employees to resolve the conflict. The board is responsible for managing the conflicts that may exist with board members and the General Manager. If the conflict is deemed detrimental to the Cooperative, the employee/board member would be terminated. Form 990, Part VI, Section B, line 15a The Board of Directors performs an annual review of the General Manager's performance with the General Manager. This review includes the involvement of a Compensation Committee that performs a compensation survey or study. After the review, the Board will go into executive session to determine the adjustment to the salary. The General Manager uses compensation studies to determine the Business Manager's compensation. The Board does not approve any other employee salaries. This process is undertaken annually in September. Form 990, Part VI, Section C, line 19 The Cooperative bylaws are available for distribution upon becoming a member and are available to the public upon request. The bylaws are available on the Cooperative's website. Financial statements are available at the annual meeting and upon request. Form 990 Part VII, Section A, Column (F) Included in column "F", 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 increase is was as follows: Jerry King $67,106 Brooke Watterud $9,639 Lex Lindbo $23,692 Jason Bruner $25,568 Terry Knutson $7,425 Eric Sieg $23,408 Scott Lesmeister $7,170 The current year expense for the defined benefit plan was as follows: Jerry King $37,957 Brooke Watterud $18,436 Lex Lindbo $33,000 Jason Bruner $33,000 Terry Knutson $16,343 Eric Sieg $42,488 Scott Lesmeister $16,343 Form 990, Part IX, Line 24e The labor, 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 $(4,701,884). Form 990, Part IX, Line 4 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: Net Savings of Unclaimed Capital Credits -34. Current Year Patronage Capital Allocated to Members 1,979,388. Retirement of Capital Credits -1,605,906. Burke-Divide Electric Trust PO Box 6 Columbus ND 587270006 273710967 Operation Round Up ND 501(c)(3) Line 7 Burke-Divide Electric Cooperative 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0