2023-09-28T17:27:30-05:00 2022-12-31 450250958 EIDE BAILLY LLP 200 E 10TH ST STE 500 SIOUX FALLS SD 571046375 990 2022-01-01 460221377 GRAND ELECTRIC COOPERATIVE INC GRAN 6052445211 PO BOX 39 BISON SD 57620 ERIC KAHLER GENERAL MANAGER 6052445211 2023-09-14 1 ERIC KAHLER XXX-XX-XXXX 1 LAURIE HANSON CPA P00851848 6053391999 2023-09-14 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z ERIC KAHLER PO BOX 39 BISON SD 57620 13823097 0 X WWW.GRANDELECTRIC.COOP X 1950 SD PROVIDING ELECTRICITY TO PEOPLE IN RURAL AREAS. 9 9 56 0 0 0 0 0 12825283 13083131 268443 212016 -38611 8549 13055115 13303696 9395 14785 780000 1261930 4868217 5221140 0 0 0 6374456 6608856 12032068 13106711 1023047 196985 62433415 66121486 38482875 41526087 23950540 24595399 GRAND ELECTRIC IS COMMITTED TO PROVIDE OUR MEMBERS AND EMPLOYEES WITH SOUND FINANCIAL MANAGEMENT, RELIABLE ENERGY AND SAFETY AS OUR HIGHEST PRIORITY. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 1,860 MEMBERS AND INSTALLED 4.06 MILES OF NEW ELECTRICAL SERVICE LINE. 0 0 0 0 0 0 0 0 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 1 153 0 1 56 1 0 0 0 0 0 13130421 759610 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X TORI KLING 6052445211 PO BOX 39 BISON SD 57620 X JOHN J LONG PRESIDENT 4.00 X X 10524 0 0 ROSS KOPREN VICE PRESIDENT 7.00 X X 14533 0 0 SHARON LONGWOOD SECRETARY 3.00 X X 9533 0 0 MAXINE RASMUSSEN TREASURER 4.00 X X 9533 0 0 ERIC ARNESON DIRECTOR 4.00 X 9533 0 0 LORI BESLER DIRECTOR 3.00 X 8533 0 0 JAMES ERK DIRECTOR 3.00 X 13533 0 0 ROBERT JOHNSON DIRECTOR 3.00 X 13033 0 0 REID PALMER DIRECTOR 3.00 X 8033 0 0 COLGAN HUBER INTERIM GM / ASST GM (BEG 07/2022) 20.00 X 126648 0 34669 ERIC KAHLER MGR TELECOM OPS / GM (BEG 07/2022) 20.00 X 53415 0 31003 JERRY SWARTZ JOURNEYMAN LINEMAN 40.00 X 105165 0 12749 RILEY DALZELL JOURNEYMAN LINEMAN 40.00 X 115898 0 33545 TANNER JOHNSON JOURNEYMAN LINEMAN 40.00 X 113135 0 27952 LUKE CLEMENTS JOURNEYMAN LINEMAN 40.00 X 105723 0 64533 LYLE REIFFF MANAGER OF TELECOM OPERATIONS 40.00 X 101068 0 62892 817840 0 267343 7 0 1 0 BOLDT POWER INC PO BOX 57 ISABEL SD 57633 CONSTRUCTION 2181358 CABLE COMMUNICATION SERVICES INC 7200SHADOWLAND CT BLACK HAWK SD 57718 CONSTRUCTION 887415 ELECTRICAL CONSULTANTS INC 3521 GABEL ROAD BILLINGS MT 59102 ENGINEERS 436078 BL CONTRACTING LLC PO BOX 185 BISON SD 57620 CONSTRUCTION 270383 BESLER INC PO BOX 1527 RAPID CITY SD 57709 CONSTRUCTION 109387 5 SALE OF ELECTRICITY 221000 12022687 12022687 COOP CAPITAL CREDITS 221000 615482 615482 OTHER OPERATING 221000 444962 444962 13083131 199190 199190 12826 0 12826 12826 12826 527950 519401 8549 8549 13303696 13091680 0 212016 14785 1261930 330403 3824890 765440 300407 1134627 1822593 COST OF POWER 4881568 DISTRIBUTION-MAINTENANC 947823 ALLOCATED EXP & OTHER 777494 DISTRIBUTION-OPERATIONS 522493 -3477742 13106711 10870083 8543004 1465659 1553448 28736 25786 1077528 1371032 241043 227280 70606591 24269057 40879977 46337534 24898 24935 7442526 7534092 402965 504375 62433415 66121486 1184152 1556297 33335951 38890078 3962772 1079712 38482875 41526087 X 0 0 0 0 23950540 24595399 23950540 24595399 62433415 66121486 X 196985 447874 X 0 1 X 1 0 111391 111391 2026393 939904 1086489 63098071 23329153 39768918 5370736 5370736 46337534 BASIN ELECTRIC POWER COOPERATIVE 6078576 C MEMBERSHIPS 3050 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 500425 C OTHER PATRONAGE CAPITAL CREDITS 952041 C 7534092 DEFERRED CREDITS 1059797 CUSTOMER DEPOSITS 19915 1079712 X 13280116 -23580 -23580 13303696 0 13303696 11821201 0 11821201 1285510 1285510 13106711 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 2D - OTHER ADJUSTMENTS: RECLASS NONOPERATING EXPENSE IN REVENUE ON AUDIT -23,580. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATIONS OF 2022 MARGINS TO MEMBERS IN 2023 1,261,930. RECLASS NONOPERATING EXPENSE IN REVENUE ON AUDIT 23,580. X 0 1 X X 0 0 0 LUKE CLEMENTS JOURNEYMAN LINEMAN 105066 0 400 0 257 0 42782 0 21751 0 170256 0 0 0 LYLE REIFFF MANAGER OF TELECOM OPERATIONS 100047 0 400 0 621 0 33580 0 29312 0 163960 0 0 0 COLGAN HUBER INTERIM GM / ASST GM (BEG 07/2022) 93436 0 25200 0 8012 0 29666 0 6816 0 163130 0 0 0 RILEY DALZELL JOURNEYMAN LINEMAN 115267 0 400 0 231 0 30422 0 11791 0 158111 0 0 0 PART I, LINE 1A THE CORPORATION PROVIDES A HOUSE FOR THE GENERAL MANAGER TO LIVE IN. PREVIOUS GENERAL MANAGER, COLLE NASH, MOVED OUT OF THE HOUSE IN MAY OF 2022. THE NEW GENERAL MANAGER, ERIC KAHLER, DID NOT LIVE IN THE HOUSE DURING 2022. SCHEDULE J PART II COLUMN C INCLUDES THE ESTIMATED CURRENT YEAR INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. 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 VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE BYLAWS REQUIRE A MAJORITY APPROVAL OF THE MEMBERS AT THE ANNUAL MEETING OR AT A SPECIAL MEETING CALLED BY RESOLUTION OF THE BOARD OF DIRECTORS. EITHER MEETING REQUIRES A QUORUM AS DEFINED BY ARTICLE III, SECTION 4 IN THE BYLAWS. 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 THE GENERAL MANAGER AND ACCOUNTING SUPERVISOR REVIEW THE 990 IN DETAIL. AFTER THEIR REVIEW, THE 990 IS PROVIDED TO EACH BOARD MEMBER. THE GENERAL MANAGER AND/OR ACCOUNTING SUPERVISOR PRESENT THE 990 TO THE BOARD OF DIRECTORS AT THE MEETING HELD PRIOR TO ITS FILING IF SO REQUESTED BY ANY BOARD MEMBER. WHETHER PRESENTED IN A BOARD MEETING OR NOT, 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 ARTICLE IV SECTION 3B, OF THE BYLAWS, IS FOLLOWED DURING THE NOMINATING OF OUR DIRECTORS. THE NOMINATING COMMITTEE IS AWARE OF THE CONFLICT OF INTEREST POLICY WHEN ELECTING NEW DIRECTORS. THE CONFLICT OF INTEREST POLICY APPLIES TO THE BOARD OF DIRECTORS. THE BOARD DETERMINES WHETHER A CONFLICT OF INTEREST EXISTS. IF A CONFLICT EXISTS, THE PERSON INVOLVED WOULD BE REQUIRED TO ABSTAIN FROM DISCUSSION AND VOTING ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS REVIEW COMPENSATION SURVEYS FOR OTHER MANAGERS IN OUR REGION AND NEIGHBORING STATES ALONG WITH REVIEWING YEARLY PERFORMANCE. THE PROCESS WAS UNDERTAKEN IN 2022. FORM 990, PART VI, SECTION C, LINE 19 BYLAWS ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE INCLUDED IN THE ANNUAL REPORT AND MADE AVAILABLE TO MEMBERS AT THE ANNUAL MEETING. FORM 990 PART VII, LINE 2 THE TOTAL NUMBER OF EMPLOYEES RECEIVING MORE THAN $100,000 IN REPORTABLE COMPENSATION FOR 2022 INCLUDES ERIC KAHLER AND COLGAN HUBER. AS NOTED ELSEWHERE IN SCHEDULE O, FIFTY PERCENT OF TOTAL COMPENSATION FOR MR. KAHLER AND MR. HUBER WAS REPORTED ON PART VII DUE TO THE AGREEMENT WITH AN UNRELATED ORGANIZATION. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -814,056. ALLOCATIONS OF 2022 MARGINS TO MEMBERS IN 2023 1,261,930. FORM 990 PART VII ERIC KAHLER'S COMPENSATION AND BENEFITS, AS REPORTED IN PART VII OF THE 990, ARE HALF OF HIS TOTAL COMPENSATION. GRAND ELECTRIC AND WEST RIVER COOPERATIVE TELEPHONE COMPANY, AN UNRELATED ENTITY, HAVE A MANAGEMENT AGREEMENT FOR SERVICES. THE AMOUNT REIMBURSED IS EQUAL TO 50% OF HIS SALARY AND BENEFITS. ERIC'S TIME IS SPLIT 50/50 BETWEEN THE TWO ENTITIES. FORM 990 PART VII COLGAN HUBER'S COMPENSATION AND BENEFITS, AS REPORTED IN PART VII OF THE 990, ARE HALF OF HIS TOTAL COMPENSATION. GRAND ELECTRIC AND WEST RIVER COOPERATIVE TELEPHONE COMPANY, AN UNRELATED ENTITY, HAVE A MANAGEMENT AGREEMENT FOR SERVICES. THE AMOUNT REIMBURSED IS EQUAL TO 50% OF HIS SALARY AND BENEFITS. COLGAN'S TIME IS SPLIT 50/50 BETWEEN THE TWO ENTITIES. FORM 990, PART IX, LINE 24E STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 6-10 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. FORM 990, PART VII, COLUMN F, OTHER COMPENSATION: INCLUDED IN OTHER COMPENSATION FOR EMPLOYEES REQUIRED TO BE LISTED ON PART VII, WITH THE EXCEPTION OF ERIC KAHLER, IS THE ESTIMATED CURRENT YEAR INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. 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 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.