2025-05-07T09:12:40-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2024-01-01 420228180 EASTERN IOWA LIGHT & POWER COOPERATIVE EAST 8559383616 PO BOX 3003 WILTON IA 527783003 KIRK TREDE CEO 8559383616 2025-05-06 1 1 KATHERINE LUTZKE CPA P01760889 5072802300 2025-05-06 2024 2025-03-06 01:10:19Z KIRK TREDE PO BOX 3003 WILTON IA 527783003 68775885 0 X WWW.EASTERNIOWA.COM X 1935 IA PROVISION OF ELECTRICITY TO MEMBERS ON THE COOPERATIVE BASIS 15 15 95 0 0 0 0 0 64648639 64430905 237860 183637 3375053 3916364 68261552 68530906 0 0 4059312 3376917 808979 868943 0 0 0 61568215 62680048 66436506 66925908 1825046 1604998 202157384 211574058 104911080 112210740 97246304 99363318 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 2024, A TOTAL OF 24,132 ACCOUNTS CONSUMED 588,262,000 KWH OF ELECTRICITY. THE COOPERATIVE OWNS, MAINTAINS, AND OPERATES 4,694 MILES OF RURAL DISTRIBUTION LINES. THE COOPERATIVE PROVIDES SERVICE TO 18,789 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 62 0 1 95 1 0 0 0 0 0 64430906 3988922 0 0 0 X 15 15 0 0 0 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 KATHY WUNDERLICH PRESIDENT 9.00 X X 20632 0 0 KENNETH PURDY VICE PRESIDENT 6.50 X X 14821 0 0 KURT OLSON SECRETARY 4.00 X X 16632 0 0 MIKE BIXLER TREASURER 5.50 X X 16582 0 0 HENRY BENTLEY ASST. SECRETARY 6.00 X X 14082 0 0 JOEL CARSTENSEN DIRECTOR 6.00 X 14832 0 0 GLENN MCCULLOH DIRECTOR - PART YEAR 7.00 X 8407 0 0 GARY KESTER DIRECTOR 15.00 X 8432 0 0 MICHAEL MOES DIRECTOR - PART YEAR 5.00 X 6416 0 0 WILLIAM PETERSEN DIRECTOR - PART YEAR 13.00 X 7624 0 0 TOM HOTZ DIRECTOR 7.00 X 15232 0 0 ALLAN DUFFE DIRECTOR 6.00 X 12432 0 0 MICHAEL SHUGER DIRECTOR 3.00 X 12032 0 0 ROBERT SCHNEIDER JR DIRECTOR 6.00 X 13232 0 0 BRAD WEISS DIRECTOR 6.00 X 19232 0 0 GARY BRUNS DIRECTOR 15.00 X 6808 0 0 DENISE TIMMERMAN DIRECTOR 10.00 X 5208 0 0 AUBREY LEE CARTWRIGHT JR DIRECTOR 10.00 X 5208 0 0 KIRK TREDE CEO 60.00 X 304390 0 152016 DAVID ZORICH DIVISION MANAGER OF ACCOUN 45.00 X 150078 0 44616 MARK ELDER DIVISION MANAGER OF OPERAT 45.00 X 148209 0 49936 TIM IOSSI MANAGER OF OPERATION TECHN 45.00 X 141218 0 75776 DON ROTH DIVISION MANAGER OF MEMBER 50.00 X 166062 0 47073 KEVIN BOHNSACK SUBSTATION FOREMAN 46.30 X 133757 0 67679 BRIAN SCHOER SENIOR PROJECT CONSULTANT 45.00 X 154682 0 50199 1416240 0 487295 48 0 1 0 ASPLUNDH TREE EXPERT CO INC PO BOX 827464 PHILADELPHIA PA 19182 TREE TRIM SERVICE 1316978 J&R UNDERGROUND LLC PO BOX 843194 DALLAS TX 75284 CONSTRUCTION SERVICES 864321 CUSTOM BUILDERS 209 WEST SOUTH STREET TIPTON IA 52772 CONSTRUCTION SERVICES 613500 ADVANCED UNDERGROUND 11453 31ST DRIVE WEST MILAN IL 61264 CONSTRUCTION SERVICES 568555 NISC PO BOX 1147 MANDAN ND 58554 INFORMATION SERVICES 481488 10 SALE OF POWER 221000 64430905 64430905 64430905 100745 100745 10334 0 10334 10334 10334 327871 244979 82892 82892 82892 CAPITAL CREDITS 221000 3901959 3901959 INCOME FROM SUBSIDIARY 221000 4071 4071 3906030 68530906 68336935 0 193971 X 3376917 868943 3754644 6946278 COST OF POWER 39381845 ADMINISTRATIVE AND GENE 4493064 DISTRIBUTION EXPENSE - 4411956 DISTRIBUTION EXPENSE - 2969590 722671 66925908 2372942 3142128 490130 497881 6555683 6268640 5143481 5769779 4445982 3536966 2058199 1862613 233807699 80763612 145962403 153044087 33045511 34927988 2083053 2523976 202157384 211574058 5618395 6201971 2051627 1921180 96181108 103011694 845000 845000 214950 230895 104911080 112210740 X 187000 187890 0 0 97059304 99175428 97246304 99363318 202157384 211574058 X 1604998 512016 X 0 1 X 1 0 2643520 2643520 16383555 2821044 13562511 203302816 77942568 125360248 11477808 11477808 153044087 CENTRAL IOWA POWER COOPERATIVE CAPITAL CREDITS 30304091 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 1793286 C RURAL ELECTRIC SUPPLY COOPERATIVE CAPITAL CREDITS 962833 C COBANK CAPITAL CREDITS 871410 C NATIONAL INFORMATION SYSTEM COOPERATIVE CAPITAL CREDITS 119883 C EQUIY OF NEW RESOURCES (AFFILIATE) 187644 C EQUITY OF NEW VENTURES (SUBSIDIARY) 299523 C FORMER HEADQUARTERS PROPERTY HELD FOR SALE 260859 F OTHER 128459 C 34927988 CONSUMER DEPOSITS 230895 230895 X 68530906 0 68530906 0 68530906 63548991 0 63548991 3376917 3376917 66925908 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, 2024 AND 2023. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2024 AND 2023. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE DIVIDENDS ALLOCATED 3,376,917. 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: 2024 CAPITAL CREDITS ALLOCATED AND EXPENSED ON FORM 990 - SEE DISCLOSURE ON SCHEDULE O FOR PART IX, PAGE 10, QUESTION 4 $3,376,917 1 X X X 0 0 0 KIRK TREDE CEO 286392 0 65 0 17933 0 129239 0 22777 0 456406 0 0 0 TIM IOSSI MANAGER OF OPERATION TECHN 137491 0 100 0 3627 0 61042 0 14734 0 216994 0 0 0 DON ROTH DIVISION MANAGER OF MEMBER 165067 0 95 0 900 0 45181 0 1892 0 213135 0 0 0 BRIAN SCHOER SENIOR PROJECT CONSULTANT 151394 0 75 0 3213 0 32043 0 18156 0 204881 0 0 0 KEVIN BOHNSACK SUBSTATION FOREMAN 132041 0 135 0 1581 0 61843 0 5836 0 201436 0 0 0 MARK ELDER DIVISION MANAGER OF OPERAT 147538 0 350 0 321 0 34257 0 15679 0 198145 0 0 0 DAVID ZORICH DIVISION MANAGER OF ACCOUN 149110 0 380 0 588 0 30681 0 13935 0 194694 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 2022, 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: $58,988 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $129,239 TIM IOSSI EMPLOYER PLAN CONTRIBUTIONS: $29,144 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $61,042 BRIAN SCHOER EMPLOYER PLAN CONTRIBUTIONS: $ 32,043 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $27,216 KEVIN BOHNSACK EMPLOYER PLAN CONTRIBUTIONS: $20,528 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $61,843 MARK ELDER EMPLOYER PLAN CONTRIBUTIONS: $30,698 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $34,257 DONALD ROTH EMPLOYER PLAN CONTRIBUTIONS: $31,979 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $45,181 DAVID ZORICH EMPLOYER PLAN CONTRIBUTIONS: $30,681 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $13,812 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 2024. 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 -2,824,777. CHANGE IN MEMBERSHIP AND OTHER EQUITIES -40,124. PATRONAGE ALLOCATION 3,376,917. 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