2023-10-31T10:35:18-05:00 2022-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2022-01-01 420110380 ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE INC ALLA 5638647611 PO BOX 715 POSTVILLE IA 52162 HOLLEE MCCORMICK EXEC. VP AND GENERAL MANAGER 5638647611 2023-10-30 1 HOLLEE MCCORMICK XXX-XX-XXXX 1 LAURIE HANSON CPA P00851848 6053391999 2023-10-30 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z HOLLEE MCCORMICK PO BOX 715 POSTVILLE IA 52162 23456102 0 X WWW.ACREC.COM X 1938 IA PROVIDE SAFE, RELIABLE AND AFFORDABLE ELECTRIC SERVICES AND RELATED INNOVATIONS IN TECHNOLOGY. 9 9 45 0 533219 0 0 0 21509449 23334045 106290 122057 0 0 21615739 23456102 9455 10757 791462 564157 4025294 4332033 0 0 0 16539528 18349155 21365739 23256102 250000 200000 67719661 67496179 40550730 40152268 27168931 27343911 ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE IS DEDICATED TO ENHANCING THE QUALITY OF LIFE FOR OUR MEMBERS, PARTNERS AND NEIGHBORS BY PROVIDING SAFE, RELIABLE AND AFFORDABLE ELECTRIC SERVICES AND OTHER INNOVATIVE SOLUTIONS. 0 0 ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE WAS ORGANIZED IN 1938 BY MEMBERS BECAUSE INVESTOR-OWNED UTILITIES BYPASSED RURAL IOWA DUE TO ITS SPARSE POPULATION. ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE PROVIDES ELECTRIC POWER TO MORE THAN 9,900 CUSTOMERS ON 2,523 MILES OF LINE IN PORTIONS OF EIGHT COUNTIES: ALLAMAKEE, CLAYTON, FAYETTE, WINNESHIEK, CHICKASAW, BREMER, DELAWARE AND DUBUQUE. OUR CUSTOMER BASE IS 95% FARM AND RURAL RESIDENTIAL AND MAINTAINS 24-HOUR AROUND-THE-CLOCK ELECTRIC SERVICE. CREWS ARE AVAILABLE TO ENSURE QUALITY SERVICE AT ALL TIMES. 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 7 0 1 45 1 1 1 0 0 0 0 22658473 988560 0 0 0 X 9 9 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 1 1 0 X DAVID DECKER 5638647611 PO BOX 715 POSTVILLE IA 52162 X JEFFREY BRADLEY PRESIDENT 6.90 X X 10625 0 0 MICHAEL GIBBS VICE PRESIDENT 5.00 X X 9125 0 0 CYNTHIA HEFFERN SECRETARY 8.20 X X 9000 0 0 ROGER ARTHUR DIRECTOR 5.10 X 7250 0 0 NELSON CONVERSE DIRECTOR 3.60 X 8250 0 0 GREG FORMANEK DIRECTOR 3.20 X 8000 0 0 ARLYN FOSSUM DIRECTOR (END 09/2022) 3.40 X 4875 0 0 JERRY KELEHER DIRECTOR 4.00 X 9250 0 0 ALAN STEFFENS DIRECTOR 4.90 X 9500 0 0 BRICE WOOD DIRECTOR (BEGIN 09/2022) 1.40 X 1500 0 0 HOLLEE MCCORMICK EXECUTIVE VP & GEN MANAGER 44.60 X 136063 0 27809 DAVID DECKER CFO 52.90 X 122280 0 12292 JASON TROENDLE DIRECTOR OF OPERATIONS 45.10 X 100893 0 25467 JOSH ABBOTT LEAD LINEMEN 46.70 X 104092 0 27452 JACK REGAN LINE CREW FOREMAN 43.80 X 110416 0 3039 TIM BAUCH LINE SUPERINTENDENT 44.80 X 102407 0 21199 NICK DOUGHERTY LINEMAN 44.60 X 103931 0 1350 857457 0 118608 7 0 1 0 WEST UNION TRENCHING 800 HWY 150 SOUTH WEST UNION IA 52175 UNDERGROUND TRENCHING SERVICES 3160922 R&S FIBEROPTIC SERVICES 500 SUNRISE BLVD DECORAH IA 52101 CONSULTING AND FIBEROPTIC INTERNET DEVEL 1085406 ASPLUNDH TREE EXPERT COMPANY 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 TREE CUTTING AND VEGETATION MANAGEMENT 444497 NEW AGE TREE SERVICE 601 E MAIN STREET SPRING GROVE MN 55974 TREE CUTTING AND VEGETATION MANAGEMENT 424198 ACCULINE CONSULTING 7333 CATTLE DR NASHPORT OH 43830 STAKING SERVICES 113100 5 ELECTRICITY SALES 221000 21568929 21568929 OTHER INCOME 517000 1114574 607352 507222 COOP CAPITAL CREDITS 221000 616333 616333 EQUITY INVESTMENTS 221000 34209 25997 8212 23334045 110487 110487 11570 0 11570 11570 11570 23456102 22792614 533219 130269 X 10757 564157 430031 2952795 702842 246365 982883 2142638 COST OF POWER 11930775 DISTRIBUTION MAINTENANC 2068018 DISTRIBUTION OPERATIONS 1428095 ADMIN & GENERAL 513884 -717138 23256102 796862 574605 6533661 2237107 735049 1405830 154396 399444 78200526 28571749 46790399 49628777 950181 1163673 11737267 12063209 21846 23534 67719661 67496179 3638172 2082725 33372 38961 31160440 34500816 4582149 2038957 1136597 1490809 40550730 40152268 X 490 490 12912847 13168119 14255594 14175302 27168931 27343911 67719661 67496179 X 200000 -25020 X 0 1 X 0 0 0 1 X 149566 149566 6106942 1888867 4218075 5154003 3261506 1892497 66790015 23421376 43368639 49628777 DAIRYLAND POWER COOPERATIVE 7768608 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 2701727 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 1083971 C FEDERATED RURAL ELECTRIC INSURANCE CORPORATION 149893 C RURAL ELECTRIC SUPPLY COOPERATIVE 141802 C OTHER PATRONAGE CREDITS & MEMBERSHIPS 53127 C IOWA AREA DEVELOPMENT GROUP 17273 C CHARGE EV, LLC 6000 C IOWA CHOICE RENEWABLES,LLC 2171 C MINNOWA ALLIANCE, LLC 138637 C 12063209 POSTRETIREMENT BENEFIT OBLIGATION 939204 DEFERRED CREDITS 474823 CUSTOMER DEPOSITS 76782 1490809 X 21712672 0 21712672 1743430 1743430 23456102 20948515 0 20948515 2307587 2307587 23256102 PART IV, LINE 2B: ALLAMAKEE-CLAYTON ELECTRIC (ACEC) ESTABLISHED RECARE, A CUSTOMER CONTRIBUTION FUND IN WHICH MEMBERS OF ACEC CAN ASSIST OTHER MEMBERS WHO NEED HELP PAYING ELECTRIC BILLS. ACEC COLLECTS CONTRIBUTIONS FROM MEMBERS AND DISBURSES FUNDS TO BENEFICIARIES WHO MEET ELIGIBILITY CRITERIA AS ESTABLISHED BY A RECARE COUNCIL. THE RECARE COUNCIL CONSISTS OF A REPRESENTATIVE OF NORTHEAST IOWA COMMUNITY ACTION, A REPRESENTATIVE OF SHEPHERD OF THE HILLS, AND THE ALLAMAKEE-CLAYTON ELECTRIC GENERAL MANAGER. THE RECARE COUNCIL MEETS ANNUALLY TO REVIEW THE PROGRAM AND MAKE ANY CHANGES TO THE PROGRAM. A BENEFICIARY MUST BE REFERRED BY NORTHEAST IOWA COMMUNITY ACTION CORPORATION, SHEPHERD OF THE HILLS, A PASTOR OF A CHURCH, A VETERAN'S ORGANIZATION OR SIMILAR SOCIAL SERVICES OFFICE. DOCUMENTATION ON THE APPROPRIATE FORM, ALONG WITH THE NAME OF THE REFERRING AGENCY OR PERSON IS REQUIRED BEFORE FUNDS ARE APPROVED FOR DISBURSEMENT. APPLICATIONS FOR FUNDS ARE REVIEWED BY ACEC STAFF AND THE GENERAL MANAGER TO DETERMINE IF THE APPLICANT MEETS QUALIFICATIONS. IF APPROVED, NOTIFICATION OF APPROVAL AND THE AMOUNT OF FUNDS IS PROVIDED TO THE RECIPIENT, RECARE COUNCIL REPRESENTATIVES FROM NORTHEAST IOWA COMMUNITY ACTION AND SHEPHERD OF THE HILLS. 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: OTHER EXPENSES NETTED TO REVENUE FOR GAAP 1,743,430. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2022 MARGINS IN 2023 564,157. OTHER EXPENSES NETTED TO REVENUE FOR GAAP 1,743,430. X 0 0 0 HOLLEE MCCORMICK EXECUTIVE VP & GEN MANAGER 135757 0 0 0 306 0 3557 0 25480 0 165100 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE HAS TWO CLASSES OF MEMBERS. CLASSES OF MEMBERS ARE CLASS A MEMBERS (TRADITIONAL MEMBERS OF THE COOPERATIVE) AND CLASS B MEMBERS (MUNICIPAL UTILITIES). CLASS DISTINCTION IS FOR THE PURPOSE OF ALLOCATION OF COOPERATIVE PATRONAGE. FORM 990, PART VI, SECTION A, LINE 7A ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE HAS TWO CLASSES OF MEMBERS WITH EACH CLASS HAVING EQUAL VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEES OF THE ORGANIZATION HAVE BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE EXECUTIVE VICE PRESIDENT AND GENERAL MANAGER, COOPERATIVE ATTORNEY AND DIRECTOR OF FINANCE BEFORE IT IS FILED. THE BOARD OF DIRECTORS WILL BE PROVIDED WITH THE FINAL DRAFT BEFORE IT IS FILED. THE DIRECTOR OF FINANCE REVIEWS AND VERIFIES ALL FINANCIAL NUMBERS AND CALCULATIONS TO ENSURE THEY ACCURATELY REFLECT FINANCIAL STATEMENT INFORMATION. A QUESTIONNAIRE IS PROVIDED BY THE FORM 990 PREPARER WHICH IS COMPLETED BY THE DIRECTOR OF FINANCE. COOPERATIVE BOARD POLICIES AND OPERATING PROCEDURES ARE REVIEWED IN THE PROCESS OF COMPLETING THE QUESTIONNAIRE. THE COOPERATIVE ATTORNEY REVIEWS FORM 990 PRIOR TO ITS BEING FILED TO VERIFY THAT QUESTIONS ARE ANSWERED CORRECTLY AND THE FORM IS COMPLETED PROPERLY. FORM 990, PART VI, SECTION B, LINE 12C BOARD GOVERNANCE POLICY NO. 407, "CONFLICTS OF INTEREST", IMPOSES A SELF-POLICING REQUIREMENT FOR EACH DIRECTOR TO DISCLOSE SITUATIONS OR CIRCUMSTANCES THAT POSE A CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. ACCORDING TO THE POLICY, A DIRECTOR MAY REQUEST AN OPINION FROM THE COOPERATIVE'S GENERAL COUNSEL TO DETERMINE IF A PARTICULAR SITUATION POSES A CONFLICT OF INTEREST OR THE APPEARANCE THEREOF. THE POLICY FURTHER ASSIGNS RESPONSIBILITY TO THE BOARD OF DIRECTORS AND THE GENERAL MANAGER WITH ADVICE OF THE GENERAL COUNSEL TO ASSURE COMPLIANCE WITH THE POLICY. THE POLICY REQUIRES EACH DIRECTOR TO ANNUALLY SIGN A CONFLICT OF INTEREST DISCLOSURE STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWS THE GENERAL MANAGER'S COMPENSATION DURING THE ANNUAL MANAGER PERFORMANCE REVIEW PROCESS. A COMPENSATION STUDY WAS DONE IN 2020 IN WHICH THE BOARD APPROVED A NON-UNION EMPLOYEE COST OF LIVING WAGE INCREASE FOR THE YEARS 2020, 2021 AND 2022. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON WRITTEN 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 EXECUTIVE VP/GENERAL MANAGER AND DIRECTOR OF FINANCE/ADMIN SERVICES. 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 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 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 XI, LINE 9: GAIN/LOSS ON RETIREMENT OF CAPITAL CREDITS 5,272. RETIREMENT OF CAPITAL CREDITS -594,449. ALLOCATION OF 2022 MARGINS IN 2023 564,157.