2022-06-13T16:13:51-05:00 2021-12-31 450250958 Eide Bailly LLP 200 E 10th St Ste 500 Sioux Falls SD 571046375 990 2021-01-01 420394605 Maquoketa Valley Rural Electric Cooperat MAQU 3194623542 109 N Huber St Anamosa IA 522050370 Jeremy Richert CEO/Executive Vice President 3194623542 2022-06-06 1 Jeremy Richert 999009999 Laurie Hanson CPA P00851848 6053391999 2022-06-06 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z Jeremy Richert 109 N Huber St Anamosa IA 522050370 38284158 0 X www.mvec.coop X 1936 IA Provide reliable, quality electric, internet and telephone services in a safe, respectful, environmentally responsible and cost-effective manner. 9 9 83 0 1564 49 0 0 38466813 37065675 129165 32001 1728849 1165180 40324827 38262856 7320 15186 1412381 1175699 1226826 1301410 0 0 0 35438300 34280560 38084827 36772855 2240000 1490001 138137310 145482750 100591941 106102937 37545369 39379813 We will be the utility of choice by providing reliable, quality services in a safe, respectful, environmentally responsible, cost-effective manner that benefits our members' quality of life and promotes the success of their local communities. 0 0 Maquoketa Valley Electric Cooperative provides electric energy services over 3,303 miles of distribution line to 17,449 metered services, covering more than 16,655 rural residential and commercial member-consumers in nine counties in Northeastern Iowa. Maquoketa Valley Electric Cooperative provides internet service to 5,190 members and VoIP phone service to 402 members throughout their service territory. 0 0 0 0 0 0 0 0 0 1 0 0 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 39 0 1 83 1 1 1 0 0 0 0 0 0 34243696 139126 0 0 0 X 9 9 0 0 1 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X Kelly Gibbs 3194623542 109 N Huber Street Anamosa IA 52205 Billie Zumbach Director 5.00 X 9450 0 0 Charles McCullough Assistant Secretary 4.20 X X 9030 0 0 Charlie Peters Director 5.50 X 6930 0 0 Gene Manternach Secretary 2.50 X X 7140 0 0 Jan Null Director 4.00 X 9270 0 0 Judy Gotto Treasurer 3.50 X X 6930 0 0 Larry Swanson Director 8.00 X 5870 0 0 Ron Thielen President 6.00 X X 11550 0 0 Tom Stewart Vice President 4.90 X X 9660 0 0 Jeremy Richert Chief Executive Officer/Exec VP 55.00 X 215553 0 120484 Kelly Gibbs Chief Financial Officer 50.00 X 133702 0 55528 Anthony Sheridan Foreman - Lead Lineman 43.00 X 113215 0 26409 Brent Wegmann IT Director 50.00 X 134773 0 65045 Dan Schulte Director of Operations 50.00 X 133414 0 92722 Pete Boffeli Foreman - Lead Lineman 42.90 X 112921 0 64735 Travis Manders Foreman - Lead Lineman 42.90 X 113755 0 23273 1033163 0 448196 18 0 1 0 Corridor Network Construction Inc 3353 Southgate Ct SW Cedar Rapids IA 52404 Fiber construction 3049589 Pulse Broadband LLC PO Box 716523 Philadelphia PA 19171 Fiber Design 361039 Brian Steines Logging Inc 31076 381st Ave Bellevue IA 52031 Right of Way cutting 254374 Burken Underground LLC 8827 Esgate Rd Maquoketa IA 52060 Boring and trenching 203615 Smart Communications 6422 Grenada Island Ave Apollo Beach FL 33572 Right of Way spraying 194840 7 Sale of Power & Other Services 221000 37065675 37065675 37065675 44271 44271 12270 -12270 -12270 -12270 20054 9032 11022 9458 1564 Capital Credits 523000 1154158 1154158 1154158 38262856 38229291 1564 32001 15186 1175699 542296 693949 20564 44601 76022 12823 194943 26496 3165862 5267805 40873 Cost of Power 17936107 Dist Exp - Operating 2538029 Dist Exp - Maintenance 2011190 Sales Expense 841983 2168427 36772855 1732957 2772254 419822 149615 4693129 4221814 3106091 3131269 1871273 1489795 168677552 45292087 116525578 123385465 9584201 10153359 151439 152931 52820 26248 138137310 145482750 3389387 4294951 139462 142511 95377056 99402301 1686036 2263174 100591941 106102937 X 0 0 0 0 37545369 39379813 37545369 39379813 138137310 145482750 X 1490001 344443 X 0 1 X 1 0 635026 635026 3462310 1575280 1887030 160661730 43631252 117030478 3918486 85555 3832931 123385465 Patronage Capital Credits 8151860 C Investment in CFC CTC 1068243 C Non-Federal Economic Development Loans 933256 C 10153359 Accumulated Provision for Pension & Benefits 463064 Deferred credits 1800110 2263174 X 38261072 0 38261072 1784 1784 38262856 35595372 0 35595372 1177483 1177483 36772855 Part X, Line 2: The Cooperative evaluates its tax positions that have been taken or are expected to be taken on income tax returns to determine if an accrual is necessary for uncertain tax positions. As of December 31, 2021 and 2020, the unrecognized tax benefit accrual was zero. The Cooperative will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. Part XI, Line 4b - Other Adjustments: Expenses Recorded as Revenue 1,784. Part XII, Line 4b - Other Adjustments: Patronage Capital Credits Allocated for Current Year 1,175,699. Expenses Recorded as Revenue 1,784. 1 X X X X 0 0 0 Jeremy Richert Chief Executive Officer/Exec VP 215553 0 0 0 0 0 96529 0 26267 0 338349 0 0 0 Dan Schulte Director of Operations 133414 0 0 0 0 0 70353 0 23813 0 227580 0 0 0 Brent Wegmann IT Director 134773 0 0 0 0 0 40804 0 25691 0 201268 0 0 0 Kelly Gibbs Chief Financial Officer 133702 0 0 0 0 0 31776 0 25224 0 190702 0 0 0 Pete Boffeli Foreman - Lead Lineman 112921 0 0 0 0 0 48628 0 17123 0 178672 0 0 0 Schedule J, Part II, Column C Included in the amount reported in column C is $87,637 for the change in actuarial value of the defined benefit plan for Jeremy Richert. Actual Cooperative contributions to the plan were $31,350. Included in the amount reported in column C is $64,824 for the change in actuarial value of the defined benefit plan for Dan Schulte. Actual Cooperative contributions to the plan were $19,455. Included in the amount reported in column C is $35,246 for the change in actuarial value of the defined benefit plan for Brent Wegmann. Actual Cooperative contributions to the plan were $19,558. Included in the amount reported in column C is $26,137 for the change in actuarial value of the defined benefit plan for Kelly Gibbs. Actual Cooperative contributions to the plan were $19,840. Included in the amount reported in column C is $44,778 for the change in actuarial value of the defined benefit plan for Pete Boffeli. Actual Cooperative contributions to the plan were $13,614. Form 990, Part VI, Section A, line 4 The Bylaws were amended to change Article II, meetings of Members, to state as follows: At all meetings of the members of this Cooperative fifty (50) or more qualified members present in person or returning a mail, electronic or absentee ballot (when Voting by Mail or Absentee Ballot is approved by the Board of Directors) shall constitute a quorum for the transaction of business, except where provided otherwise by law or the Articles of Incorporation. If there is less than a quorum at any meeting, a majority of those present may adjourn the meeting without further notice. Prior to this amendment, ten (10) members in person constituted a quorum. Form 990, Part VI, Section A, line 6 All members signing membership agreements are members of the Cooperative. Members may be Class E (electric only members), Class T (telecommunication only members) or both. Form 990, Part VI, Section A, line 7a Each member-owner is entitled to one vote. Members vote on election of directors and removal of directors. Form 990, Part VI, Section A, line 7b Members elect the 9-member Board of Directors. Terms are three years each and are filled on a rotating basis. Form 990, Part VI, Section A, line 8b No committees are able to act on behalf of the Board. Form 990, Part VI, Section B, line 11b Board will have at least one week to review and recommend changes to the 990. Board will communicate with CFO or CEO regarding such changes. Form 990, Part VI, Section B, line 12c All members of the Board and all employees are covered by conflict of interest policies. For the Board, all directors vote on whether a conflict exists. If a conflict is determined to exist, the effected director is not allowed to discuss or vote on items deemed to be a conflict of interest. Directors must certify as part of annual 990 questionnaire that no conflicts of interest exist. Form 990, Part VI, Section B, line 15 The Board reviews and approves the salary of the CEO using comparable compensation amounts from Form 990's of other organizations and a compensation study. This process is undertaken annually. The Board establishes and approves a salary range for all officer positions based on comparable compensation amounts from Form 990s of other organizations. The CEO is responsible for assigning the officer's salary based upon performance and experience. Form 990, Part VI, Section C, line 19 Articles of Incorporation and Bylaws are available on the Cooperative's website. Financial statements are available upon request and summary statements are made available through the annual report that is distributed to members at the annual meeting. Form 990, Part XI, line 9: Donated Capital 32,829. Patronage Capital Credits Allocated for Current Year 1,175,699. Retirement of Capital Credits -864,085.