2024-11-07T13:37:56-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2023-01-01 420381704 LINN COUNTY RURAL ELECTRIC COOPERATIVE ASSOCIATION LINN 3193771587 PO BOX 69 MARION IA 523020069 TERRY SULLIVAN GENERAL MANAGER/CEO 3193771587 2024-11-07 1 1 KATHERINE LUTZKE CPA P01760889 5072802300 2024-11-07 2023 2024-10-15 13:58:12Z TERRY SULLIVAN PO BOX 69 MARION IA 523020069 71395159 0 X WWW.LINNCOUNTYREC.COM X 1938 IA PROVIDING ELECTRICAL SERVICE TO THE MEMBERS OF THE COOPERATIVE. 7 7 78 0 0 0 0 0 60846384 65785738 780215 326468 1631767 3297886 63258366 69410092 0 0 1500000 1000000 588159 678137 0 0 0 57742496 59599062 59830655 61277199 3427711 8132893 192250615 208132445 111188003 118190640 81062612 89941805 PROVIDING ELECTRICAL SERVICE TO THE MEMBERS OF THE COOPERATIVE. 0 0 COOPERATIVE PURCHASED POWER FROM CENTRAL IOWA POWER COOPERATIVE IN 2023 FOR $35,409,554 FOR DISTRIBUTION TO COOPERATIVE MEMBERS. COOPERATIVE DISTRIBUTED PURCHASED POWER TO MEMBERS OVER 2,483 MILES OF DISTRIBUTION LINE. THE COOPERATIVE BILLED 33,393 SERVICES ON A MONTHLY BASIS. 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 26 0 78 1 0 0 0 0 0 66600517 3661110 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X JENNIFER FEDDERSEN 3195261042 PO BOX 69 MARION IA 52302 GARY SCHROPP PRESIDENT 3.93 0.00 X X 29640 0 0 RONALD O'NEIL VICE PRESIDENT 5.97 0.00 X X 21600 0 0 KENNETH SQUIRES ASSISTANT SECRETARY 3.85 0.00 X X 16800 0 0 LISA ROSE TREASURER 2.39 0.00 X X 12600 0 0 JEANNA SAGER SECRETARY 2.56 0.00 X X 9000 0 0 GARY SCHLOTTERBACK DIRECTOR 2.38 0.00 X 4800 0 0 ROGER KRUG DIRECTOR 2.62 0.00 X 6660 0 0 KIRK HILAND DIRECTOR 2.71 0.00 X 9600 0 0 TERRY SULLIVAN GM/CEO 40.00 0.00 X 268033 0 101734 JENNIFER FEDDERSEN CFO 40.00 0.00 X 135785 0 61885 KEVIN STUCKER TECHNOLOGY MANAGER 40.00 0.00 X 166441 0 57997 NICHOLAS HOLUB LINEMAN 40.00 0.00 X 137384 0 49811 TODD VAN ERSVELDE LINEMAN 40.00 0.00 X 128503 0 45547 NABIN KANDEL ELECTRICAL ENGINEER 40.00 0.00 X 138915 0 34433 DAN APPELHANS LINE SUPERINTENDENT 40.00 0.00 X 135206 0 40316 1220967 0 391723 38 0 1 0 INTREN 18202 WEST UNION RD UNION IL 60180 ELECTRICAL CONTRACTOR 1809398 SWICK CABLE CONTRACTOR'S INC PO BOX 107 TIPTON IA 52772 ELECTRICAL CONTRACTOR 1370871 ASPLUNDH 1700 SOLUTIONS CENTER CHICAGO IL 60677 ROW/TREE TRIMMING CONTRACTOR 961055 EILERTSON PO BOX FOND DU LAC WI 54935 ELECTRICAL CONTRACTOR 862715 USIC PO BOX 715409 CINCINATI OH 45271 LOCATING CONTRACTOR 420785 7 SALE OF POWER 221000 65785738 65785738 65785738 226872 226872 2084663 1985067 99596 99596 99596 77201 0 77201 77201 CAPITAL CREDITS 523000 3187435 3187435 MISCELLANEOUS 900099 33250 33250 3220685 69410092 69083624 0 326468 X 1000000 678137 4541254 5422503 COST OF POWER 35409554 DIST EXP-OPERATIONS 5403324 DIST EXP-MAINTENANCE 3236585 ADMIN & GENERAL EXPENSE 2344335 3241507 61277199 9859 9859 1806482 1126216 6744514 6682241 7497903 11114519 324431 324346 202339630 51323279 139796239 151016351 1705563 1742318 34121011 35838995 244613 277600 192250615 208132445 5139611 4433763 1757289 1771572 103870805 111516397 420298 468908 111188003 118190640 X 0 0 0 0 81062612 89941805 81062612 89941805 192250615 208132445 X 8132893 746300 X X 0 1 X 1 0 914852 914852 10742952 3258842 7484110 9510515 5812899 3697616 181171311 42251538 138919773 151016351 OTHER INVEST IN ASSOC ORGANIZATIONS 1195381 C PAT CAP FROM ASSOC ORGS 28829737 C NRUCFC CAP TERM CERTS 1228353 C NRUCFC MEMBER CAP SEC 4000000 C OTHER INVESTMENTS 132134 C ECONOMIC DEVELOPMENT LOAN 453390 C 35838995 CONSUMER DEPOSITS 214645 PATRONAGE CAPITAL PAYABLE 26664 ACCUM PROVISION FOR PENSION & BENEFITS 227599 468908 X PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE (IRC). THE COOPERATIVE HAS EVALUATED ITS TAX POSITIONS AND DETERMINED IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023. X X X X 0 0 0 TERRY SULLIVAN GM/CEO 268033 0 0 0 0 0 64020 0 37714 0 369767 0 0 0 KEVIN STUCKER TECHNOLOGY MANAGER 166441 0 0 0 0 0 39499 0 18498 0 224438 0 0 0 JENNIFER FEDDERSEN CFO 135785 0 0 0 0 0 33399 0 28486 0 197670 0 0 0 NICHOLAS HOLUB LINEMAN 137384 0 0 0 0 0 33538 0 16273 0 187195 0 0 0 DAN APPELHANS LINE SUPERINTENDENT 135206 0 0 0 0 0 30791 0 9525 0 175522 0 0 0 TODD VAN ERSVELDE LINEMAN 128503 0 0 0 0 0 30196 0 15351 0 174050 0 0 0 NABIN KANDEL ELECTRICAL ENGINEER 138915 0 0 0 0 0 32729 0 1704 0 173348 0 0 0 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 MEMBERS ELECT THE BOARD OF DIRECTORS. THERE IS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS VOTE ON CHANGES TO THE ARTICLES OF INCORPORATION. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES; THEREFORE, COMMITTEE MEETINGS ARE NOT DOCUMENTED. FORM 990, PART VI, SECTION B, LINE 11B GM/CEO AND CONTROLLER REVIEW THE FULL FORM 990 AFTER IT IS COMPILED BY THE STAFF AND AUDIT FIRM AT A REGULAR BOARD MEETING. ANY SUGGESTED CHANGES OR ADDITIONS ARE REVIEWED AND FORWARDED TO THE AUDIT FIRM, PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REVIEWS THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS WITH GENERAL COUNSEL GUIDANCE. FOLLOWING THE REVIEW THE BOARD COMPLETES A CONFLICT OF INTEREST DISCLOSURE STATEMENT. IT IS THE GM/CEO'S RESPONSIBILITY TO PROVIDE ASSISTANCE TO THE BOARD TO ASSURE COMPLIANCE WITH THIS POLICY AND TO DEVELOP AND ENFORCE APPROPRIATE MANAGEMENT POLICY RELATING TO CONFLICTS OF INTEREST OF EMPLOYEES. DIRECTORS AND EMPLOYEES ARE REQUIRED TO MAKE FULL DISCLOSURE TO THE BOARD AND/OR COOPERATIVE OF ANY FACTS WHICH MAY INDICATE A CONFLICT OF INTEREST. THEY SHALL DISQUALIFY THEMSELVES FROM DECISIONS WHICH POSE A CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. THEY MAY REQUEST AN OPINION OF THE COOPERATIVE'S GENERAL COUNSEL BEFORE SUCH ACTION IS TAKEN. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S SALARY AND THE COMPENSATION OF THE BOARD OF DIRECTORS IS SET BY THE BOARD ON AN ANNUAL BASIS BASED UPON LOCAL, REGIONAL AND NATIONAL COMPENSATION DATA. A COMPENSATION CONSULTANT IS USED APPROXIMATELY EVERY THREE TO FIVE YEARS. THIS COMPENSATION CONSULTANT WAS LAST UTILIZED IN 2022. THE CONSULTANT UPDATES PAY GRADES/RANGES ON AN ANNUAL BASIS. DOCUMENTATION OF THE ANNUAL COMPENSATION DETERMINATION IS LOCATED IN THE PERSONNEL FILE. THE MANAGEMENT STAFF SALARY IS SET ON AN ANNUAL BASIS BY CEO USING LOCAL, REGIONAL AND NATIONAL COMPENSATION DATA. A COMPENSATION STUDY WITH PERIODIC UPDATES IS FURTHER USED FOR OTHER OFFICERS AND STAFF WITHIN THE ORGANIZATION. DOCUMENTATION OF THE ANNUAL COMPENSATION DETERMINATION IS LOCATED IN THE PERSONNEL FILE. FORM 990, PART VI, SECTION C, LINE 19 ARTICLES AND BYLAWS ARE PROVIDED TO MEMBERS UPON RECEIVING SERVICE OR UPON A LATER REQUEST. CONFLICT OF INTEREST POLICY UPON REQUEST. FINANCIAL STATEMENTS IN AN ANNUAL REPORT MAILED TO MEMBERS AND UPON REQUEST. FORM 990, PART IX, LINE 4: THE IRS INSTRUCTIONS STATE THAT PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS SHOULD BE REPORTED ON LINE 4. THE ORGANIZATION 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 HAS RESULTED 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 -250,051. CHANGE IN OTHER EQUITIES -40,405. EQUITY IN EARNINGS OF SUBSIDIARY 36,756. PATRONAGE DIVIDENDS PAID 1,000,000. FORM 990, PART XII, LINE 2C: AUDIT FIRM IS NOT LIMITED IN NUMBER OF YEARS AS LONG AS DIFFERENT PARTNER LEADS THE AUDIT EVERY FIVE YEARS CORRIDOR DEVELOPMENT 5695 REC DR MARION IA 52302 421370547 ECONOMIC DEVELOPMENT IA LINN COUNTY REC C 138010 1992940 1.00000 1 MYRIAD DEVELOPERS LC 5695 REC DR MARION IA 52302 421370547 RENTAL REAL ESTATE IA CORRIDOR DEVELOPMENT INC C 70625 1375208 1.00000 0 1 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 NO TRANSACTIONS GREATER THAN 50000