2025-07-08T08:57:46-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 420243365 FARMERS ELECTRIC COOPERATIVE INC FARM 6417436146 2389 HWY 92 PO BOX 330 GREENFIELD IA 50849 HOLI WESTON CEO 6417436146 2025-06-30 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-06-30 2024 2025-03-06 01:10:19Z HOLI WESTON 2389 HWY 92 PO BOX 330 GREENFIELD IA 50849 15689705 0 X WWW.FARMERSREC.COM X 1938 IA TO PROVIDE OUR MEMBERS WITH A DEPENDABLE QUALITY AND QUANTITY OF ELECTRICAL ENERGY. 9 9 21 5 0 0 0 0 15254210 15311345 297441 247109 2678 40648 15554329 15599102 8207 15850 1650857 1841065 2246811 2493479 0 0 0 11446503 11044566 15352378 15394960 201951 204142 47860581 47959932 23296314 22098066 24564267 25861866 FARMERS ELECTRIC COOPERATIVE, INC. EXISTS TO DELIVER SAFE, RELIABLE, AFFORDABLE ELECTRICITY AND OTHER SERVICES TO IMPROVE THE QUALITY OF LIFE WITHIN OUR COMMUNITIES. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 5,108 CONSUMERS OR 3,832 MEMBERS, SERVED 1,865.98 MILES OF LINE, AND ADDED 3.93 MILES OF 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 1 1 0 0 1 19 0 1 21 1 0 0 0 0 0 15030596 696111 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 X LORI KINYON 6417436146 2389 HWY 92 PO BOX 330 GREENFIELD IA 50849 X MARK EARHART DIRECTOR UNTIL AUG/VICE PRESIDENT 5.60 X X 9625 0 0 ROXANN RHOADS TREASURER 5.70 X X 9050 0 0 STEVE CHANDLER VICE PRESIDENT UNTIL AUG/DIRECTOR 3.70 X X 5425 0 0 DAN WESTPHAL PRESIDENT 6.40 X X 9350 0 0 KEVIN TANNER SECRETARY 5.80 X X 9575 0 0 KEVIN STENDER DIRECTOR 5.60 X 8225 0 0 CARY GILMAN DIRECTOR 6.50 X 8975 0 0 JANELLE PEIFFER DIRECTOR 4.40 X 9450 0 0 KRIS PETTER DIRECTOR 6.40 X 9100 0 0 LORI KINYON CFO 40.00 X 107424 0 35122 HOLI WESTON CEO 40.00 X 136993 0 49843 DAVID SHIKE DIRECTOR OF OPERATIONS 40.00 X 108817 0 20601 ROSS WRIGHT LINEMAN FOREMAN 45.70 X 107682 0 38042 JAMES KINTIGH LINEMAN FOREMAN 43.10 X 105262 0 57720 DARRIAN FISCHER JOURNEYMAN LINEMAN 44.10 X 102432 0 14447 CHAD BERREY JOURNEYMAN LINEMAN 44.50 X 102375 0 26790 849760 0 242565 8 0 1 0 CR ENVIRONMENTAL INC 1847 100TH ST CORYDON IA 50060 TREE TRIMMING 179597 NATIONAL INFORMATION SOLUTIONS PO BOX 1147 MANDAN ND 58554 SOFTWARE/PRINTING 118308 2 X SALE OF POWER 221000 14582970 14582970 CAPITAL CREDITS 221000 728375 728375 15311345 238109 238109 18500 9500 9000 9000 9000 69805 81103 -11298 -11298 EXTRAORDINARY REVENUE 221000 50000 50000 1946 1946 51946 15599102 15351993 0 247109 15850 1841065 408598 1584260 360727 139894 759737 1420579 COST OF POWER 7676790 DISTRIBUTION-OPERATIONS 1436157 ADMIN & GENERAL 1005061 DISTRIBUTION-MAINTENANC 857343 -2111101 15394960 5896328 2295944 1303433 1598994 960193 1496308 945120 891291 122195 124454 48800167 14591643 31651526 34208524 6976252 7338482 5534 5935 47860581 47959932 1203192 1390378 21976530 20590421 116592 117267 23296314 22098066 X 0 0 0 0 24564267 25861866 24564267 25861866 47860581 47959932 X 204142 1093457 X 0 1 X 1 0 0 0 233056 233056 1996008 511698 1484310 45076870 14079945 30996925 1494233 1494233 34208524 RURAL ELECTRIC SUPPLY COOPERATIVE 6645 C PATRONAGE CAPITAL CREDITS 6737605 C NATIONAL RURAL COOPERATIVE FINANCE CORPORATION 578527 C MEMBERSHIPS 5705 C COOPERATIVE RESPONSE CENTER, INC. 10000 C 7338482 CUSTOMER DEPOSITS 46330 DEFERRED CREDITS 70937 117267 X 15599102 0 15599102 0 15599102 13553895 0 13553895 1841065 1841065 15394960 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, 2024 AND 2023, 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 XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2024 MARGINS TO MEMBERS IN 2025 1,841,065. X X 0 0 0 HOLI WESTON CEO 129181 0 355 0 7457 0 33920 0 17398 0 188311 0 0 0 JAMES KINTIGH LINEMAN FOREMAN 104309 0 355 0 598 0 50135 0 8633 0 164030 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN C: PART II, COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN OF $28,353 FOR HOLI WESTON AND $46,156 FOR JAMES KINTIGH. THE ACTUAL CONTRIBUTION TO THE DEFINED BENEFIT PLAN FOR HOLI WESTON WAS $27,757 AND $19,686 FOR JAMES KINTIGH. FORM 990, PART VI, SECTION A, LINE 6 ALL MEMBERS ARE OF THE SAME CLASS. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS HAVE ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B REVISIONS TO THE ARTICLES OF INCORPORATION REQUIRE A VOTE FROM THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES WITH THE BROAD AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE PRESENTED AT THE REGULARLY SCHEDULED BOARD MEETING BY THE CEO. FORM 990, PART VI, SECTION B, LINE 12C ALL DIRECTORS, OFFICERS, AND MEMBERS OF MANAGEMENT ARE COVERED BY THE CONFLICT OF INTEREST POLICY. POTENTIAL CONFLICTS ARE DISCUSSED AND DETERMINED AT THE BOARD LEVEL. PERSONS WITH CONFLICTS ABSTAIN FROM DISCUSSION AND VOTING ON THE ISSUE AT HAND. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS DETERMINED THE COMPENSATION FOR THE CEO THROUGH THE USE OF COMPENSATION STUDIES FROM NRECA. THIS PROCESS WAS COMPLETED DURING NOVEMBER 2022. THE BOARD PERFORMED AN EVALUATION OF THE CEO IN ITS MAY 2023 BOARD MEETING. THE DISCUSSION AND DECISION BY THE BOARD WERE DOCUMENTED. NO EVALUATIONS OR COMPARISONS WERE DONE IN 2024 BUT WILL BE DONE GOING FORWARD. FORM 990, PART VI, SECTION C, LINE 19 THE ARTICLES OF INCORPORATION AND BY-LAWS ARE GIVEN TO NEW MEMBERS. THE FINANCIAL STATEMENTS ARE PROVIDED IN THE ANNUAL REPORT OR UPON REQUEST. THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON 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 CEO. 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 VIII, LINE 11A: IN 2023, A VENDOR'S EMAIL WAS COMPROMISED BY A THIRD PARTY, INCLUDING A FRAUDULENT BANK ACCOUNT FOR PAYMENT OF SOME LARGE EQUIPMENT INVOICES. ACH PAYMENTS TOTALLING APPROXIMATELY $260,000 WERE SUBSEQUENTLY SENT TO THE WRONG BANK ACCOUNT. THE LOCAL BANK OF FARMERS ELECTRIC COOPERATIVE WAS ABLE TO RECOVER SOME OF THE REMAINING FUNDS IN THE ACCOUNT, BUT THE TOTAL LOSS OF $239,269 WAS BOOKED AS AN EXTRAORDINARY EXPENSE ON THE 2023 FORM 990, PART IX. FOR 2024, THE $50,000 REPORTED ON PART VIII, LINE 11A IS THE INSURANCE PAYMENT RECEIVED RELATED TO THIS INCIDENT, REPORTED AS EXTRAORDINARY INCOME. IN RESPONSE TO THE INCIDENT, PROCEDURES WERE PUT INTO PLACE IN WHICH THE BANK CALLS THE CONTROLLER PRIOR TO ANY ACH GOING OUT IN ORDER TO VERIFY THE TRANSFER IS PROPERLY AUTHORIZED. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -747,608. ALLOCATION OF 2024 MARGINS TO MEMBERS IN 2025 1,841,065. FORM 990, PART IX, LINE 24E STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 5-10 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. SOUTHWEST IOWA FARMERS SERVICE INC 2389 HWY 92 GREENFIELD IA 50849 421466097 INACTIVE IA FARMERS ELECTRIC COOPERATIVE INC C 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0