2023-08-02T13:59:33-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2022-01-01 410581955 TRAVERSE ELECTRIC COOPERATIVE INC TRAV 3205638616 1618 BROADWAY PO BOX 66 WHEATON MN 562960066 JEREMY HUHNSTOCK GENERAL MANAGER 3205638616 2023-07-19 1 JEREMY HUHNSTOCK 999009999 0 KATHERINE LUTZKE CPA P01760889 5072802300 2023-07-19 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DOUGLAS DIEKMANN 1618 BROADWAY PO BOX 66 WHEATON MN 562960066 13952260 0 X WWW.TRAVERSEELECTRIC.COM X 1940 MN AN ELECTRIC COOPERATIVE PROVIDING ELECTRIC SERVICE TO MEMBERS AT THE LOWEST POSSIBLE COST. 9 9 16 0 3420 0 0 0 12097020 12181691 34312 110484 516565 1441058 12647897 13733233 0 0 1386452 1948350 316283 540975 0 0 0 10945162 11243908 12647897 13733233 0 0 32279504 36319243 16942774 19638031 15336730 16681212 TO PROVIDE ELECTRIC SERVICE AT THE LOWEST POSSIBLE RATES, CONSISTENT WITH SOUND BUSINESS PRINCIPLES. 0 0 SALES OF ELECTRIC POWER TO 2,242 MEMBERS WITH AN AVERAGE OF 3,202 ACTIVE ELECTRIC SERVICES. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 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 22 0 16 1 1 1 0 0 0 0 12573531 1767186 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 0 1 1 0 X MELISSA PRZYMUS 3205638616 1618 BROADWAY WHEATON MN 56296 TOM FRISCH DIRECTOR/VICE PRESIDENT 1.70 X X 3875 0 0 TERRY MONSON DIRECTOR 3.20 X 6063 0 0 STACY EHLERS DIRECTOR 1.50 X 2625 0 0 RUSSELL ARMSTRONG VICE PRESIDENT - PART YEAR 3.00 X X 1625 0 0 MICHAEL MARKS DIRECTOR/TREASURER 3.80 X X 5750 0 0 MICHAEL GAULRAPP DIRECTOR 1.80 X 3750 0 0 MATTHEW GLYNN DIRECTOR 1.70 X 4188 0 0 MARK PEARSON SECRETARY 1.80 X X 4375 0 0 DOUGLAS DIEKMANN PRESIDENT 1.90 X X 4500 0 0 BRADLEY RUDOLPH DIRECTOR 2.00 X 4750 0 0 JOEL JANORSCHKE GENERAL MANAGER - PART YEAR 48.70 X 198299 0 97780 DALE SCHWAGEL OPERATIONS MANAGER/INTERIM GM 48.10 X 116220 0 87176 RICHARD DAVIS LINEMAN-FOREMAN 43.30 X 101180 0 61996 KAREN LUPKES OFFICE MANAGER 43.80 X 113603 0 84737 COLDEN HELBERG JOURNEYMAN LINEMAN 44.10 X 105187 0 42694 675990 0 374383 5 0 1 0 COOPERATIVE BUILDING SOLUTIONS 77 WESTPORT PLAZA DR - STE 250 ST LOUIS MO 63146 NEW HEADQUARTS FACILITY PLANNING AND CON 4994337 STAR ENERGY SERVICES 6841 POWER LN SW ALEXANDRIA MN 56308 CONTRACTED ENGINEERING, IT, SAFETY SERVI 270867 CARR'S TREE SERVICE INC PO BOX 250 OTTERTAIL MN 56571 CONTRACTED TREE TRIMMING 132150 3 ELECTRIC SERVICE 221000 12181691 12181691 12181691 110249 110249 22307 3383 18924 18924 18924 235 0 235 235 235 227087 215644 11443 8023 3420 CAPITAL CREDITS 221000 1010691 1010691 OTHER ELECTRIC REVENUE 221000 400000 400000 1410691 13733233 13600405 3420 129408 1948350 540975 530629 785691 PURCHASED POWER 7363386 DISTRIBUTION EXPENSE - 844789 ADMINISTRATIVE AND GENE 465820 DISTRIBUTION EXPENSE - 457773 795820 13733233 6560162 3314987 940487 922266 168608 136994 471636 890307 139209 94440 34841131 11581193 17070756 23259938 6928646 7700311 32279504 36319243 972734 2008732 0 1195467 15925562 16387905 31928 34077 12550 11850 16942774 19638031 X 0 0 534923 575313 14801807 16105899 15336730 16681212 32279504 36319243 X 0 1344482 X X 0 0 0 428483 428483 429047 295987 133060 33983601 11285206 22698395 23259938 ERC LOANS 98061 C CAPITAL CREDITS IN OTHER CO-OPS 7602250 C 7700311 CONSUMERS DEPOSITS 11850 11850 PART XI: THE ORGANIZATION HAS AUDIT REPORTS WITH YEAR-ENDED OF MARCH 31, 2023 AND 2022, WHICH IS DIFFERENT YEAR-END THAN TAX RETURNS. X X X X 0 0 0 JOEL JANORSCHKE GENERAL MANAGER - PART YEAR 198299 0 0 0 0 0 71651 0 26129 0 296079 0 0 0 DALE SCHWAGEL OPERATIONS MANAGER/INTERIM GM 116220 0 0 0 0 0 52827 0 34349 0 203396 0 0 0 KAREN LUPKES OFFICE MANAGER 113603 0 0 0 0 0 49506 0 35231 0 198340 0 0 0 RICHARD DAVIS LINEMAN-FOREMAN 101180 0 0 0 0 0 30289 0 31707 0 163176 0 0 0 PART I, LINE 3 THE BOARD OF DIRECTORS LOOKS AT COMPARABLE GENERAL MANAGER COMPENSATION PACKAGES AND DOES A FULL BOARD APPRAISAL AT THEIR JULY MEETING EACH YEAR. FORM 990, PART VI, SECTION A, LINE 6 ALL ELECTRIC CUSTOMERS OF THE COOPERATIVE ARE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A COOPERATIVE MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B ALL ACTIVE MEMBERS VOTE ON ANY BYLAW AMENDMENTS. EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS RECEIVE A COPY OF THE FORM 990 AND REVIEW IT AT A BOARD MEETING AFTER IT IS FILED. THE GENERAL MANAGER, OFFICE MANAGER, AND ACCOUNTANT REVIEW THE PREPARED 990 BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C A. EACH DIRECTOR AND EMPLOYEE OF TRAVERSE ELECTRIC SHALL MAKE EVERY REASONABLE EFFORT TO COMPLY WITH THE LETTER AND SPIRIT OF THIS POLICY. B. THE MANAGER SHALL MAKE EVERY REASONABLE EFFORT TO INFORM ALL EMPLOYEES ABOUT THE CONTENT OF THIS POLICY AND MAKE EVERY REASONABLE EFFORT BASED ON THE INFORMATION AVAILABLE TO HIM TO SEE THAT IT IS COMPLIED WITH AND REPORT TO THE BOARD OF DIRECTORS PERIODICALLY ON HOW THIS POLICY IS BEING CARRIED OUT. C. CONSISTENT WITH THE BYLAWS OF TRAVERSE ELECTRIC ANY DIRECTOR OR EMPLOYEE WHOSE CONDUCT INFRINGES UPON EITHER THE LETTER OF SPIRIT OF THIS POLICY, SHALL BE SUBJECT TO: (1) IF DIRECTOR OR MANAGER, EXPULSION OR TERMINATION BY APPROPRIATE ACTION OF THE BOARD OF DIRECTORS, OR (2) IF AN EMPLOYEE, TERMINATION BY APPROPRIATE ACTION OF THE MANAGER. THE ORGANIZATION DOCUMENT PROCEEDINGS RESULTING FROM CONFLICT OF INTEREST IN BOARD MINUTES AND THAT THE BOARD MEMBER ABSTAINED FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS IS RESPONSIBLE FOR REVIEWING THE GENERAL MANAGER SALARY. AN OUTSIDE CONSULTANT PROVIDES THE BOARD WITH METHODS TO PROPERLY EVALUATE THE PERFORMANCE OF THE GENERAL MANAGER (GM) AND REVIEWS COMPARABLE GM COMPENSATION TO VERIFY THE GM'S COMPENSATION IS WITHIN A COMPETITIVE RANGE FOR GM'S OF COMPARABLE ORGANIZATIONS AND PROVIDES THIS INFORMATION TO THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE GM'S COMPENSATION ANNUALLY. THE PROCESS WAS LAST CONDUCTED IN 2022. AN OUTSIDE CONSULTANT CONDUCTED A SALARY STUDY OF ALL NON-UNION POSITIONS WITHIN THE ORGANIZATION UTILIZING UPDATED JOB DESCRIPTIONS FOR EACH POSITION AND RECOMMENDED COMPARABLE SALARY RANGES FOR EACH POSITION. IT DID NOT GUARANTEE AN INCREASE TO ANY EMPLOYEE. THIS INFORMATION WAS PROVIDED TO THE GENERAL MANAGER TO DETERMINE A BUDGET FOR SALARY INCREASES, WHICH IS APPROVED BY THE BOARD OF DIRECTORS. DEPARTMENT MANAGERS COMPLETED A WRITTEN JOB/PERFORMANCE EVALUATION FOR EACH EMPLOYEE IN THEIR DEPARTMENT AND RECOMMENDED A SALARY INCREASE BASED UPON THE SALARY STUDY AND PERFORMANCE EVALUATION. THE GENERAL MANAGER REVIEWS THE SALARY RECOMMENDATIONS AND PROVIDES FINAL APPROVAL. THIS PROCESS WAS LAST CONDUCTED IN 2022. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: DONATED CAPITAL AND CAPITAL CREDITS RETIRED -603,868. PATRONAGE DIVIDENDS ALLOCATED 1,948,350. FORM 990, PART XII LINE 2: THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTANT FOR YEAR ENDED MARCH 31 ANNUALLY. THE 990 IS REPORTED WITH A YEAR END OF DECEMBER 31. 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.