2023-11-06T11:38:43-06:00 2022-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2022-01-01 410419129 MINNESOTA VALLEY COOPERATIVE LIGHT & POWER ASSOCIATION MINN 3202692163 PO BOX 248 MONTEVIDEO MN 562650248 PATRICK C CARRUTH GENERAL MANAGER 3202692163 2023-10-26 1 PATRICK CARRUTH XXX-XX-XXXX 0 DAVID HOLT P00014251 7017754685 2023-10-26 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z PATRICK C CARRUTH PO BOX 248 MONTEVIDEO MN 562650248 25650709 0 X WWW.MNVALLEYREC.COM X 1938 MN TO PROVIDE ELECTRICAL ENERGY SERVICES TO RURAL CUSTOMERS 7 6 37 0 445575 100302 815245 0 20711284 22483563 384913 195848 720977 1847902 22632419 24527313 21 95 3356134 3309787 680661 926087 0 0 0 19023273 20898171 23060089 25134140 -427670 -606827 77827017 85287908 47510049 54182615 30316968 31105293 MINNESOTA VALLEY COOPERATIVE LIGHT AND POWER ASSOCIATION IS A PROACTIVE COOPERATIVE THAT CONTINUES TO PROVIDE VALUE TO OUR MEMBERS. 0 0 PURCHASE AND DISTRIBUTION OF ELECTRICAL POWER TO APPROXIMATELY 5,316 RURAL CUSTOMERS 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 1 12 0 37 1 1 1 0 0 0 0 22483744 3170210 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 1 0 0 1 1 1 0 X THE ORGANIZATION 3202692163 PO BOX 248 MONTEVIDEO MN 562650248 STEVE NORMAN PRESIDENT 8.00 X 18880 0 0 MARK PETERSON SECRETARY 8.00 X 19320 0 0 TIMOTHY VELDE DIRECTOR 8.00 X 18920 0 0 GARY GROOTHUIS TREASURER 8.00 X 18760 0 0 DONALD FERNHOLZ VICE PRESIDENT 8.00 X 19000 0 0 DARRYL BURSACK DIRECTOR 8.00 X 19000 0 0 WAYNE PELTIER DIRECTOR 8.00 X 18520 0 0 PATRICK CARRUTH GENERAL MANAGER 40.00 X 447894 0 205693 JILL ROTHSCHADL OFFICE MANAGER 40.00 X 155548 0 46649 ERIC WOLLSCHLAGER OPERATION MANAGER 40.00 X 140930 0 76154 JAMES HUGHES FOREMAN 40.00 X 124751 0 121948 KENT SMITH FOREMAN 40.00 X 127616 0 63927 SCOTT KUBESH MEMBER SERVICES MANAGER 40.00 X 131169 0 104831 ANDREW JOHNSON CREW CHIEF 40.00 X 120884 0 76172 1381192 0 695374 17 0 1 0 KARIAN PETERSON POWERLINE PO BOX 345 MONTEVIDEO MN 56265 POWERLINE CONTRACTING 2669781 MINNESOTA VALLEY TREE SERVICE 501 S 1ST MONTEVIDEO MN 56265 RIGHT OF WAY TREE CLEANING 781647 POWER SYSTEMS ENGINEERING INC 1532 W BROADWAY MADISON WI 53713 ENGINEERING CONSULTING 340915 NISC PO BOX 1147 MANDAN ND 58554 COMPUTER SOFTWARE AND SERVICES 121830 4 ELECTRIC SALES 221000 22483563 22483563 22483563 151028 151028 46850 2030 44820 44820 44820 1340090 1121366 218724 218724 CAPITAL CREDITS 900099 1400632 1400632 MANAGEMENT FEE FROM SUBSIDIARY 900099 151000 151000 GRANITE FALLS ENERGY, LLC K-1 900099 77546 75851 1695 1629178 24527313 23929015 445575 152723 X 95 3309787 926087 1081707 2551915 COST OF POWER 11038400 DISTRIBUTION/MAINTENANC 1873753 DISTRIBUTION/OPERATIONS 1614348 GENERAL AND ADMIN 938874 1799174 25134140 1394542 1921563 2474233 2632680 1475552 4966731 409207 156396 91628605 32691673 55918996 58936932 5505204 5227634 10629525 11426209 19758 19763 77827017 85287908 1450865 1502170 273573 343411 43460547 47044461 3300000 2325064 1992573 47510049 54182615 X 0 0 0 0 30316968 31105293 30316968 31105293 77827017 85287908 X -606827 1395152 X 0 1 X 1 0 332625 332625 6807589 2849857 3957732 84240701 29787919 54452782 247690 53897 193793 58936932 4851496 C INVESTMENT IN OTHER INVESTMENTS 376138 C 5227634 INVESTMENT IN ASSOCIATED COMPANIES 11426209 C 11426209 ACCRUED SALES TAX -994 ACCRUED VACATION 279795 CONSUMER DEPOSITS 71120 OTHER ACCRUALS 500801 OTHER LIABILITIES 879294 SICK LEAVE 262557 1992573 X PART X, LINE 2: THE ASSOCIATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. THE SUBSIDIARY, MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY, OPERATES AS A CORPORATION AND FILES ANNUALLY ON FEDERAL FORM 1120 AND AS SUCH IS TREATED AS A CORPORATION FOR INCOME TAX PURPOSES. THE ASSOCATION'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANTIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS, AND OTHER EVIDENCE. IT IS THE OPINION OF MANAGEMENT THAT THE ASSOCIATION HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE FEDERAL INCOME TAX RETURNS OF THE COMPANY ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. X X X 0 0 0 PATRICK CARRUTH GENERAL MANAGER 447894 0 0 0 0 0 182548 0 28861 0 659303 0 0 0 JAMES HUGHES FOREMAN 124751 0 0 0 0 0 98804 0 25028 0 248583 0 0 0 SCOTT KUBESH MEMBER SERVICES MANAGER 131169 0 0 0 0 0 81687 0 25503 0 238359 0 0 0 ERIC WOLLSCHLAGER OPERATION MANAGER 140930 0 0 0 0 0 65466 0 12569 0 218965 0 0 0 JILL ROTHSCHADL OFFICE MANAGER 155548 0 0 0 0 0 35062 0 14364 0 204974 0 0 0 ANDREW JOHNSON CREW CHIEF 120884 0 0 0 0 0 53028 0 24970 0 198882 0 0 0 KENT SMITH FOREMAN 127616 0 0 0 0 0 40783 0 25028 0 193427 0 0 0 SCHEDULE J, PART II, COLUMN C INCLUDED IN SCHEDULE J, PART II, COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. FOR THE FOLLOWING EMPLOYEES, THE ESTIMATED INCREASE IS AS FOLLOWS: PATRICK CARRUTH: $172,498 ERIC WOLLSCHLAGER: $61,247 JAMES HUGHES: $95,625 KENT SMITH: $37,602 JILL ROTHSCHADL: $30,362 SCOTT KUBESH: $77,562 ANDREW JOHNSON: $49,958 THESE ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLANS AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. CURRENT YEAR CONTRIBUTIONS INTO THE DEFINED BENEFIT PLAN WERE AS FOLLOWS: PATRICK CARRUTH: $88,084 ERIC WOLLSCHLAGER: $29,885 JAMES HUGHES: $24,268 KENT SMITH: $24,268 JILL ROTHSCHADL: $44,186 SCOTT KUBESH: $37,544 ANDREW JOHNSON: $23,484 THESE AMOUNTS ARE INCLUDED IN THE ABOVE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. BASIN ELECTRIC POWER ENTITY FOR WHICH WAYNE PELTIER, CURRENT DIRECTOR, WAS SERVING AS A DIRECTOR 10197164 PURCHASE OF POWER 0 FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE IS A MEMBER OWNED COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER OF THE COOPERATIVE HAS ONE VOTE IN ELECTIONS OF THE BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B EACH MEMBER OF THE COOPERATIVE IS ALLOWED ONE VOTE FOR BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B THE GENERAL MANAGER REVIEWS THE 990 FOR ACCURACY AND THEN THE FORM 990 IS REVIEWED AND APPROVED FOR FILING AT A MEETING OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 EMPLOYEE COMPENSATION IS DETERMINED BY THE GENERAL MANAGER. THE BOARD APPROVES THE GENERAL MANAGER'S SALARY. COMPENSATION IS COMPARED TO THE NATIONAL AVERAGES BY NRECA'S COMPENSATE WAGE AND SALARY PLAN. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S FORM 990 PUBLIC INSPECTION COPY IS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 BY-LAWS AND ARTICLES OF INCORPORATION ARE SENT OUT TO EACH NEW COOPERATIVE MEMBER. THE ORGANIZATION'S ANNUAL REPORT IS AVAILABLE AT ITS WEBSITE. FORM 990, PART IX, LINE 4 AS REQUIRED BY FORM 990 INSTRUCTIONS, FORM 990, PART IX, LINE 4 (BENEFITS PAID TO OR FOR MEMBERS) INCLUDES PATRONAGE DIVIDENDS PAID. THIS AMOUNT IS AN EXPENSE FOR PURPOSES OF FORM 990, BUT IS NOT RECOGNIZED AS AN EXPENSE UNDER G.A.A.P. REPORTING REQUIREMENTS, WHICH ARE USED FOR BOOK INCOME. THE RESULT IS A BOOK TO TAX DIFFERENCE WHICH IS DISCLOSED ON PART XI. IN REFERENCE TO PART IX, LINE 4, THE COOPERATIVE HAS INTERPRETED "PATRONAGE DIVIDENDS PAID" AS CAPITAL CREDITS ALLOCATED TO MEMBERS UNDER THE PREEXISTING OBLIGATIONS PURSUANT TO THE BYLAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: ALLOCATED CAPITAL CREDITS 3,309,787. RETIRED CAPITAL CREDITS -2,772,415. EARNINGS FROM TAXABLE SUBSIDIARY 680,262. BOOK TO TAX - GRANITE FALLS ENERGY -77,546. DEFINED BENEFIT PLAN-PRIOR SVC COST 265,371. NET GAIN/LOSS OF AVAILABLE FOR SALE -10,307. MINNESOTA VALLEY TREE SERVICE 603 13TH STREET GRANITE FALLS MN 56241 411958100 TREE TRIMMING AND CLEARING MN MINNESOTA VALLEY COOPERATIVE LIGHT & POWER HOLDING COMPANY KARIANPETERSON POWER LINE PO BOX 345 MONTEVIDEO MN 56265 411979829 POWER LINE CONSTRUCTION MN MINNESOTA VALLEY COOPERATIVE LIGHT & POWER HOLDING COMPANY MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY 501 S FIRST STREET MONTEVIDEO MN 56265 264222869 MANAGEMENT OF COMPANIES MN MINNESOTA VALLEY COOPERATIVE LIGHT & POWER ASSOCIATION C 5893592 6536677 1.00000 1 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 KARIANPETERSON POWER LINE M 2669781 CASH PAID MINNESOTA VALLEY TREE SERVICE M 781647 CASH PAID MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY L 151000 CASH PAID MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY F 855641 CASH RECEIVED PART I: TREES SERVICE AND KARIAN PERTERSON ARE DISREGARDED ENTITIES OF MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY WHICH IS A C CORPORATION. ACCORDINGLY, THE ASSETS AND INCOME OF THE DISREGARDED ENTITIES ARE INCLUDED ON THE TAX RETURN OF MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY. AS NONE OF THE ASSETS OR INCOME OF THE DISREGARDED ENTITIES ARE INCLUDED ON THE TAX RETURN OF MINNESOTA VALLEY LIGHT & POWER ASSOCIATION, THERE ARE NO INCOME OR ASSETS TO REPORT PER THE IRS INSTRUCTIONS.