2024-09-20T15:57:08-05:00 2023-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2023-01-01 410128105 CONNEXUS ENERGY CONN 7633232600 14601 RAMSEY BOULEVARD RAMSEY MN 55303 YAN PAUL MARTINEZ INTERIM CO-CEO & CFO 7633232600 2024-09-20 1 1 LAURIE HANSON CPA P00851848 6053391999 2024-08-27 2023 2024-08-08 14:25:15Z YAN PAUL MARTINEZ 14601 RAMSEY BOULEVARD RAMSEY MN 55303 260977943 0 X WWW.CONNEXUSENERGY.COM X 1937 MN PROVIDING UTILITY SERVICES TO MEMBERS. 8 8 270 0 0 0 0 0 266338228 257779873 120562 2187068 392455 942403 266851245 260909344 342995 449257 9239832 10338647 28094446 29282156 0 0 0 229173972 220839284 266851245 260909344 0 0 491977657 496063364 271244822 273202334 220732835 222861030 CONNEXUS ENERGY SERVES OUR MEMBERSHIP BY PROVIDING COST COMPETITIVE, RELIABLE ELECTRICITY AND RELATED SERVICES, WITH AN ENVIRONMENTAL COMMITMENT, AFFIRMING THE VALUE OF MEMBER COOPERATIVE OWNERSHIP. 0 0 CONNEXUS ENERGY PROVIDED UTILITY SERVICES TO APPROXIMATELY 145,629 MEMBERS IN EIGHT COUNTIES IN THE NORTH SUBURBAN AREA OF MINNEAPOLIS AND ST. PAUL, MN AND MAINTAINED 9,577 MILES OF LINES. 0 0 0 0 0 0 0 0 0 1 0 1 1 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 1 1 1 0 1 198 0 1 270 1 0 0 0 0 0 260622858 17260658 0 0 0 X 8 8 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 0 X KARI MILLER 7633232689 14601 RAMSEY BOULEVARD RAMSEY MN 55303 MIKE THEWS DIRECTOR FROM 04/23 14.00 0.00 X 31021 0 0 FRAN BATOR CHAIR 26.00 0.00 X X 53567 0 0 MARK ETHEN VICE CHAIR 16.00 0.00 X X 24198 0 22333 SHELLY PETERSON SECRETARY/TREASURER 20.00 0.00 X X 46751 0 0 MICHAEL CADY ASST. SECRETARY/TREASURER 12.00 0.00 X X 46691 0 0 DONALD HOLL DIRECTOR UNTIL 04/23 10.00 0.00 X 5760 0 9750 KENNETH FIERECK DIRECTOR 14.00 0.00 X 46531 0 0 GORDON WESTERLIND DIRECTOR 12.00 0.00 X 27531 0 19000 RICHARD BRAASTAD DIRECTOR 10.00 0.00 X 46531 0 0 GREG RIDDERBUSCH PRESIDENT/CEO 50.00 0.20 X 979519 0 86831 YAN PAUL MARTINEZ VP/CFO 48.00 0.30 X 344429 0 71937 BRIAN BURANDT VP POWER SUPPLY/BUS. DEVELOPMENT 50.00 0.00 X 311133 0 67165 MARK KOPLIN VP TECHNOLOGY 45.00 0.30 X 277150 0 84077 NICK LOEHLEIN VP ELECTRIC OPERATIONS 45.00 0.00 X 272342 0 89386 LINDA MAEGI VP EMPLOYEE SERVICES 50.00 0.00 X 253993 0 63349 ALISON MILES VP MEMBER SERVICES 47.00 0.30 X 215131 0 57396 MICHAEL KENNING LEAD LINEWORKER 57.00 0.00 X 221277 0 54563 JARED ROLSTAD LEAD LINEWORKER 56.00 0.00 X 211069 0 32955 LEON RICHTER LEAD LINEWORKER 54.00 0.00 X 208014 0 61716 SCOTT JOHNSON CREW LEAD LINEWORKER 56.00 0.00 X 240556 0 64191 BLAYNE NELSON LEAD LINEWORKER 52.00 0.00 X 198395 0 37616 4061589 0 822265 123 0 1 0 RP SCHROEDER CONSTRUCTION 18329 263RD AVE NW BIG LAKE MN 55309 CONSTRUCTION SERVICES 3929600 BRINK CONSTRUCTORS INC 2950 N PLAZA DR RAPID CITY SD 57702 CONSTRUCTION SERVICES 3012926 ASPLUNDH TREE EXPERTS LLC 1700 SOLUTIONS CENTER CHICAGO IL 60677 VEGETATION MANAGEMENT 2726410 COMPORT CONSULTING GROUP 78 ORCHARD ST RAMSEY NJ 07446 IT CONSULTING & SUPPLIES 1458462 MICHELS POWER INC 817 MAIN ST BROWNSVILLE WI 53006 CONSTRUCTION SERVICES 1205846 21 SALE OF ELECTRICITY 221000 255687397 255687397 UTILITY SERVICES REVENUE 221000 1196847 1196847 895629 895629 257779873 1710311 1710311 335072 0 335072 335072 335072 341146 204210 0 68599 341146 135611 476757 476757 EQUITY EARNINGS-FEDERATED ACQUISI 900099 607331 607331 607331 260909344 258387204 0 2522140 X 449257 10338647 3556651 19244867 2248008 2635928 1596702 130256 102404 2004160 1414720 1606795 2265245 1081097 324995 80890 7165707 14203339 618942 COST OF POWER 176823765 ELECTRIC OPERATIONS 6929640 PROPERTY TAXES 3403294 2684035 260909344 1533 20478179 37673176 32973388 8119371 7198789 1773060 1631688 452576180 188041135 263868236 264535045 9824514 10278728 155414839 126933257 941 941 15301987 32033349 491977657 496063364 26190769 26690841 155991720 150700591 21643035 26277539 67419298 69533363 271244822 273202334 X 0 0 0 0 220732835 222861030 220732835 222861030 491977657 496063364 X 0 2128195 X 0 1 X 1 0 2179025 2179025 16712780 8638615 8074165 420984654 179402520 241582134 12699721 12699721 264535045 INVESTMENTS IN ASSOCIATED ORGANIZATIONS 126933257 C 126933257 INTEREST RECEIVABLE 90139 OTHER ASSETS 13830642 OPERATING LEASE RIGHT OF USE ASSETS 59151 FINANCE LEASE RIGHT OF USE ASSETS 18053417 32033349 DEFERRED CREDITS 23049059 PAYABLE TO GREAT RIVER ENERGY 17949844 OTHER LIABILITIES 6202727 DEFERRED COMP 2367737 MEMBER DEPOSITS 1880273 FINANCE LEASE LIABILITY 18024572 OPERATING LEASE LIABILITY 59151 69533363 X 253743637 -7165707 -7165707 260909344 0 260909344 243404990 0 243404990 17504354 17504354 260909344 PART X, LINE 2: THE COOPERATIVE EVALUATES ITS INCOME TAX POSITIONS ON AN ANNUAL BASIS. MANAGEMENT HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2023 AND 2022 THAT MEET THE CRITERIA FOR RECOGNITION IN THE FINANCIAL STATEMENTS. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSE -7,165,707. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2023 MARGINS TO MEMBERS IN 2024 10,338,647. INTEREST EXPENSE 7,165,707. 1 THE CONNEXUS ENERGY FOUNDATION 14601 RAMSEY BLVD NW RAMSEY MN 55303 843918068 501(C)(3) 449257 0 GENERAL DONATION 1 PART I, LINE 2: THE TOTAL AMOUNT OF CONTRIBUTIONS PLANNED FOR A YEAR IS APPROVED BY THE BOARD AS A PART OF OUR ANNUAL FINANCIAL PLANNING PROCESS. INDIVIDUAL CONTRIBUTIONS ARE APPROVED AND SUBSTANTIATED USING OUR NORMAL PAYMENT APPROVAL PROCESS. X X X X 0 1 0 GREG RIDDERBUSCH PRESIDENT/CEO 533603 0 410700 0 35216 0 55500 0 32141 0 1067160 0 0 0 YAN PAUL MARTINEZ VP/CFO 284148 0 56749 0 3532 0 35866 0 36547 0 416842 0 0 0 BRIAN BURANDT VP POWER SUPPLY/BUS. DEVELOPMENT 256907 0 51495 0 2731 0 31580 0 35943 0 378656 0 0 0 NICK LOEHLEIN VP ELECTRIC OPERATIONS 224391 0 45708 0 2243 0 53801 0 35964 0 362107 0 0 0 MARK KOPLIN VP TECHNOLOGY 228465 0 46173 0 2512 0 48492 0 36015 0 361657 0 0 0 LINDA MAEGI VP EMPLOYEE SERVICES 210311 0 41428 0 2254 0 26150 0 37583 0 317726 0 0 0 SCOTT JOHNSON CREW LEAD LINEWORKER 220436 0 14742 0 5378 0 28607 0 35783 0 304946 0 0 0 MICHAEL KENNING LEAD LINEWORKER 202863 0 13640 0 4774 0 24683 0 30071 0 276031 0 0 0 ALISON MILES VP MEMBER SERVICES 190473 0 23569 0 1089 0 21812 0 35898 0 272841 0 0 0 LEON RICHTER LEAD LINEWORKER 190761 0 12645 0 4608 0 24895 0 37012 0 269921 0 0 0 JARED ROLSTAD LEAD LINEWORKER 196308 0 11240 0 3521 0 20457 0 12680 0 244206 0 0 0 BLAYNE NELSON LEAD LINEWORKER 182915 0 11611 0 3869 0 22644 0 15163 0 236202 0 0 0 PART I, LINE 4B THE DEFERRED COMPENSATION PLAN BALANCES ARE PAYABLE ON DEMAND, IN FULL, BUT THE BALANCES ARE SUBJECT TO RISK OF FORFEITURE UNTIL FULLY DISTRIBUTED. CONTRIBUTIONS MADE TO THE DEFERRED COMPENSATION PLAN FOR 2023 WERE AS FOLLOWS: MARK ETHEN $22,333 DONALD HOLL $9,750 GORDON WESTERLIND $19,000 MARK KOPLIN $20,250 NICK LOEHLEIN $22,500 YAN PAUL MARTINEZ $3,300 GREG RIDDERBUSCH $22,500 FORM 990, PART VI, SECTION A, LINE 6 CUSTOMERS WHO PURCHASE ELECTRICITY FROM THE ORGANIZATION ARE MEMBERS OF THE COOPERATIVE. THERE IS ONLY ONE MEMBER CLASS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE BOARD OF DIRECTORS MAY SELL THE PROPERTY OF THE COOPERATIVE UPON SUCH TERMS AND CONDITIONS AS IT DEEMS APPROPRIATE AND IN THE BEST INTEREST OF THE COOPERATIVE. NO SALE OF MORE THAN TWENTY-FIVE (25%) PERCENT OF THE PROPERTY OF THE COOPERATIVE SHALL BE EFFECTIVE, HOWEVER, UNLESS AUTHORIZED AT A REGULAR OR SPECIAL MEETING BY THE AFFIRMATIVE VOTE OF TWO-THIRDS (2/3) OF THE TOTAL NUMBER OF MEMBERS OF THE COOPERATIVE. FOR THE PURPOSES OF THIS ARTICLE, CONTRACTS TO PURCHASE POWER ARE NOT CONSIDERED PROPERTY. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEES ARE AUTHORIZED TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE 990 INFORMATION RETURN IS DELIVERED TO BOARD MEMBERS A WEEK BEFORE THE BOARD MEETING. IT IS REVIEWED WITH THE ENTIRE BOARD OF DIRECTORS AND SENIOR STAFF AT THE BOARD MEETING, PRIOR TO ISSUANCE. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ARE COVERED BY THE CONFLICT OF INTEREST POLICY. ANNUALLY, BOARD MEMBERS SIGN A CERTIFICATION STATEMENT THAT THEY MEET THE QUALIFICATIONS OF A BOARD MEMBER. THIS CERTIFICATION INCLUDES CONFLICT OF INTEREST LANGUAGE. IF A BOARD MEMBER STATES ON THE CERTIFICATION THAT THERE IS A CONFLICT, THE ENTIRE BOARD WILL REVIEW THE CONFLICT AT THAT TIME. RESTRICTIONS IMPOSED ON A PERSON WITH A CONFLICT WOULD BE DEPENDENT UPON THE SPECIFIC SITUATION, AND MAY INCLUDE ABSTAINING FROM DISCUSSIONS AND VOTING AND/OR A REQUEST FOR RESIGNATION. ALL EMPLOYEES OF THE COOPERATIVE (INCLUDING OFFICERS) ARE GOVERNED BY A BUSINESS CONDUCT AND ETHICS POLICY WHICH INCLUDES CONFLICT OF INTEREST LANGUAGE. POSSIBLE VIOLATIONS ARE REPORTED TO MANAGEMENT FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS BASED ON MARKET DATA FOR SIMILAR POSITIONS AT COMPARABLE COMPANIES. A MARKET STUDY WAS COMPLETED FOR THE CEO IN 2023 AND FOR THE OTHER COOPERATIVE OFFICERS IN 2022. THE BOARD REVIEWS AND APPROVES THE COMPENSATION FOR THE CEO ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS FOR THE PREVIOUS 5 YEARS ARE AVAILABLE ON OUR WEBSITE. ALL OTHER DOCUMENTS ARE MADE AVAILABLE UPON REQUEST. 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: CAPITAL CREDITS RETIRED -8,210,452. ALLOCATION OF 2023 MARGINS TO MEMBERS IN 2024 10,338,647. THE CONNEXUS ENERGY FOUNDATION 14601 RAMSEY BLVD RAMSEY MN 55303 843918068 GRANT MAKING MN 501(C)(3) PF CONNEXUS ENERGY 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 THE CONNEXUS ENERGY FOUNDATION B 449257 CASH