2024-10-28T10:04:51-05:00 2023-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2023-01-01 421468305 HEARTLAND POWER COOPERATIVE HEAR 6415842251 216 JACKSON ST THOMPSON IA 504780065 JON LEERAR CEO/GENERAL MANAGER 6415842251 2024-10-23 1 1 LAURIE HANSON CPA P00851848 6053391999 2024-10-23 2023 2024-10-15 13:58:12Z JON LEERAR 216 JACKSON ST THOMPSON IA 504780065 31452142 0 X WWW.HEARTLANDPOWER.COM X 1997 IA TO PROVIDE ELECTRICITY TO RURAL COMMUNITIES. 7 7 27 0 33543 7509 0 0 29482956 31107162 102095 51185 123059 136708 29708110 31295055 0 0 1557647 1798381 2390871 2732170 0 0 0 25248595 25311193 29197113 29841744 510997 1453311 58299150 63233645 24022726 26486127 34276424 36747518 X OUR VISION IS TO BE THE PROVIDER OF CHOICE FOR ENERGY AND SERVICES BY ALL CONSUMERS. OUR PRIMARY PURPOSE IS TO PROVIDE ELECTRICAL ENERGY AND OTHER SERVICES THAT ENHANCE THE QUALITY OF LIFE OF OUR MEMBERS AND THE ECONOMIC AND SOCIAL WELL-BEING OF THE REGION AT THE LOWEST POSSIBLE COST CONSISTENT WITH SOUND ECONOMIC AND MANAGEMENT DECISIONS. 0 0 HEARTLAND POWER COOPERATIVE INVESTED IN NEW SERVICE LINES, LINE AND SERVICE IMPROVEMENTS, AND ORDINARY REPLACEMENT OF EXISTING LINE TO KEEP UP THE CONDITION OF OUR DISTRIBUTION SYSTEM. A SUMMARY OF THESE IMPROVEMENTS IS LISTED BELOW:15 MILES OF OVERHEAD LINE WAS REBUILT22 MILES OF UNDERGROUND LINE WAS INSTALLED35 NEW SERVICES CONNECTED467 NEW POLES WERE PLACED FOR NEW LINE, NEW SERVICES, AND FOR ORDINARY REPLACEMENT OF DAMAGED OR DECAYED POLES OR FOR BETTER LINE CLEARANCE3,056 POLES WERE INSPECTED FOR DECAY OR DAMAGE, 36 POLES TAGGED FOR REPLACEMENT306 ARRESTORS WERE ADDED TO LINES TO DRAIN OFF LIGHTNING SURGES48 ELECTRONIC TRIP SAVERS WERE INSTALLED TO IMPROVE RELIABILITY AND REDUCE OUTAGES165 SECURITY LIGHTS WERE REPAIRED 0 0 0 0 0 0 0 1 0 1 0 1 0 1 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 0 0 0 1 15 0 1 27 1 1 1 0 0 0 0 30570059 362337 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 1 0 X KARRIE PRINGNITZ 6415842251 216 JACKSON ST THOMPSON IA 50478 X DON KNUDTSON PRESIDENT 8.00 X X 11250 0 0 MARK KINGLAND VICE PRESIDENT 6.00 X X 7500 0 0 VINCE MORISCHE SECRETARY 6.00 X X 10025 0 0 GARY PEARSON ASST. SECRETARY-TREASURER 4.00 X X 5850 0 0 MICHAEL COLE DIRECTOR 6.00 X 10350 0 0 ROGER SOLOMONSON DIRECTOR 7.00 X 7425 0 0 ROGER TJARKS DIRECTOR UNTIL 09/2023 4.00 X 5700 0 0 TRICIA JAEGER TREASURER 6.00 X X 9150 0 0 JON LEERAR CEO/GENERAL MANAGER 50.00 X 193122 0 122945 KARRIE PRINGNITZ DIRECTOR OF FINANCE 50.00 X 124399 0 74162 DAVE LOW DIRECTOR OF OPERATIONS 50.00 X 119195 0 76655 JARRETT WOODS FIRST CLASS LINEMAN 40.00 X 100597 0 17640 604563 0 291402 4 0 1 0 ZINNIEL UTILITY CONTRACTING 4 SOMSEN ST NEW ULM MN 56073 UNDERGROUND UTILITY CONTRACTOR 353958 MCPEAK TRENCHING PO BOX 7 LUVERNE IA 50660 UNDERGROUND UTILITY CONTRACTOR 147940 ASPLUNDH TREE EXPERT CO 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 TREE TRIMMING 140758 STAR ENERGY SERVICES 6841 POWER LANE SW ALEXANDRIA MN 56308 ENGINEERING AND OTHER SERVICES 116114 4 SALE OF POWER 221000 30016509 30016509 CAPITAL CREDITS 221000 1090653 1090653 31107162 51185 51185 80633 0 80633 80633 80633 179619 157087 22532 22532 PARTNERSHIP INCOME 517000 33543 33543 33543 31295055 31129694 33543 131818 1798381 541091 1657837 380144 153098 495578 1771674 COST OF POWER 22127590 OTHER OPERATIONS 916351 29841744 185883 46768 2736763 2779571 1661714 2686867 1871419 2494033 21407 185140 58443875 19637545 36636513 38806330 105703 105703 14401648 15295143 678100 834090 58299150 63233645 2717183 2913931 10799482 11350323 1256686 3822404 9249375 8399469 24022726 26486127 X 0 0 0 0 34276424 36747518 34276424 36747518 58299150 63233645 X 1453311 1017783 X 0 1 X 1 0 1 10663 21014 16024 15653 0 136340 136340 1771096 733261 1037835 7668408 3113936 4554472 48868031 15790348 33077683 38806330 DAIRYLAND POWER COOPERATIVE, INC. 14024056 C FEDERATED RURAL ELECTRIC INSURANCE CORP 124499 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 821278 C WCTA 50183 C RURAL ELECTRIC SUPPLY COOPERATIVE 30356 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 20039 C NATIONAL INFORMATION SERVICE COOPERATIVE 58141 C COBANK 147500 C OTHER INVESTMENTS 19091 C 15295143 CUSTOMER DEPOSITS 57365 DEFERRED CREDITS 7984569 OTHER LIABILITIES 26334 LEASE LIABILITIES 331201 8399469 X 31261512 0 31261512 33543 33543 31295055 28043363 0 28043363 1798381 1798381 29841744 PART IV, LINE 1B: THE HPC OPERATION ROUND UP PROGRAM WAS ESTABLISHED IN 2003 AND IS FUNDED WITH THE MONIES VOLUNTARILY COLLECTED BY ROUNDING UP PARTICIPATING CUSTOMER-OWNER'S ELECTRIC BILLS. THE PURPOSE OF THE PROGRAM SHALL BE THE ACCUMULATION AND DISBURSEMENT OF FUNDS FOR CHARITABLE PURPOSES OF ORGANIZATIONS, INDIVIDUALS AND/OR FAMILY EMERGENCY DISASTERS IN THE SERVICE AREA AND REGIONAL COOPERATIVE FAMILY OF HEARTLAND POWER COOPERATIVE (HPC). THE BOARD OF DIRECTORS OF HPC ADMINISTER THE PROGRAM AND A COMMITTEE DESIGNATED BY THE HPC BOARD OF DIRECTORS REVIEWS APPLICATIONS FOR PRESENTATION AND APPROVAL OF THE HPC BOARD. PART X, LINE 2: THE COOPERATIVE BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. PART XI, LINE 4B - OTHER ADJUSTMENTS: PARTNERSHIP INCOME NOT ON BOOKS 33,543. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2023 MARGINS TO MEMBERS IN 2024 1,798,381. X X X 0 0 0 JON LEERAR CEO/GENERAL MANAGER 193122 0 0 0 0 0 88860 0 34085 0 316067 0 0 0 KARRIE PRINGNITZ DIRECTOR OF FINANCE 124399 0 0 0 0 0 41383 0 32779 0 198561 0 0 0 DAVE LOW DIRECTOR OF OPERATIONS 119195 0 0 0 0 0 55411 0 21244 0 195850 0 0 0 SCHEDULE J, PART II COL (C) INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR JON LEERAR OF $83,354. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR JON'S DEFINED BENEFIT PLAN WAS $49,820. INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR KARRIE PRINGNITZ OF $40,098. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR KARRIE'S DEFINED BENEFIT PLAN WAS $32,845. INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR DAVID LOW OF $45,311. THE ACTUAL EXPENSE OF THE COOPERATIVE FOR DAVID'S DEFINED BENEFIT PLAN WAS $29,320. FORM 990, PART VI, SECTION A, LINE 6 CLASSES OF MEMBERS INCLUDE RESIDENTIAL, AGRICULTURAL, AND COMMERCIAL. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS IN ALL CLASSES MAY VOTE, EACH MEMBER HAVING EQUAL AUTHORITY. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN BYLAW CHANGES REQUIRE MEMBER APPROVAL. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE GENERAL MANAGER OR FINANCE OFFICER REVIEWS THE 990 IN DETAIL. AFTER THEIR REVIEW, THE 990 IS PROVIDED TO EACH BOARD MEMBER. THE 990 IS NOT FILED UNTIL EACH BOARD MEMBER HAS BEEN GIVEN A COPY OF IT AND GIVEN AMPLE TIME TO REVIEW IT. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND BOARD MEMBERS ARE COVERED BY THE CONFLICT OF INTEREST POLICY. ANNUALLY, AND OTHERWISE UPON THE SEATING OF ANY NEW BOARD MEMBER OR UPON THE HIRING OF ANY NEW EMPLOYEE, A DISCLOSURE OF CONFLICT OF INTEREST STATEMENT WILL BE SIGNED BY EACH DIRECTOR. IT WILL BE THE RESPONSIBILITY OF THE BOARD PRESIDENT TO ADDRESS ANY CONFLICTS OF INTEREST AND TAKE APPROPRIATE ACTION IF ANY DIRECTOR OF THE COOPERATIVE HAS BEEN DEEMED NOT ADHERING TO THIS POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION FOR THE CEO/GENERAL MANAGER IS: COMPARABILITY DATA, ANNUAL REVIEW AND BOARD APPROVAL. THE DISCUSSION IS DOCUMENTED IN A SPECIAL BOARD MEETING. THE BOARD OF DIRECTORS UTILIZE THE ANNUAL NRECA COMPENSATION SURVEY WHEN REVIEWING THE CEO/GENERAL MANAGER COMPENSATION. THIS PROCESS WAS LAST UNDERTAKEN IN AUGUST 2023. THE PROCESS OF DETERMINING COMPENSATION FOR OTHER OFFICERS AND MANAGEMENT IS: COMPARABILITY DATA AND AN ANNUAL REVIEW BY THE CEO/GENERAL MANAGER. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS OF THE COOPERATIVE UPON REQUEST. FORM 990, PART VII, COLUMN F, OTHER COMPENSATION: INCLUDED IN OTHER COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR THE CEO/GENERAL MANAGER AND DIRECTOR OF FINANCE. THE CURRENT YEAR INCREASE OR DECREASE DOES NOT REPRESENT CURRENT YEAR CONTRIBUTIONS TO THE PLAN. RATHER, IT IS AN ESTIMATE OF THE INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE PLAN AS CALCULATED BY THE PLAN ADMINISTRATOR. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -747,717. CHANGE IN OTHER EQUITIES 662. ALLOCATION OF 2023 MARGINS TO MEMBERS IN 2024 1,798,381. PARTNERSHIP INCOME NOT ON BOOKS -33,543. 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 IX, LINE 24E STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 5-10 ARE INCLUDED IN DISTRIBUTION EXPENSE, ADMINISTRATIVE & GENERAL EXPENSE AND CUSTOMER EXPENSE. THEREFORE, LABOR, PENSION AND PAYROLL TAXES ARE SHOWN AS A REDUCTION TO OTHER EXPENSES ON LINE 24E.