2021-09-30T10:49:18-05:00 2020-12-31 450250958 EIDE BAILLY LLP 200 E 10TH ST STE 500 SIOUX FALLS SD 571046375 990 2020-01-01 420243365 FARMERS ELECTRIC COOPERATIVE INC FARM 6417436146 2389 HWY 92 PO BOX 330 GREENFIELD IA 50849 C CHARLES DUNN CEO 6417436146 2021-09-24 1 C CHARLES DUNN 999009999 LAURIE HANSON CPA P00851848 6053391999 2021-09-24 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z C CHARLES DUNN 2389 HWY 92 PO BOX 330 GREENFIELD IA 50849 14455091 0 X WWW.FARMERSREC.COM X 1938 IA TO PROVIDE OUR MEMBERS WITH A DEPENDABLE QUALITY AND QUANTITY OF ELECTRICAL ENERGY. 9 9 24 0 0 0 0 0 13868514 14319786 105653 90855 47137 -1632 14021304 14409009 10248 3356 1263022 670651 2295147 2275997 0 0 0 9987956 10154501 13556373 13104505 464931 1304504 43234382 44017181 23835233 22943899 19399149 21073282 PROVIDE OUR MEMBERS WITH A DEPENDABLE QUALITY AND QUANTITY OF ELECTRICAL ENERGY AT THE LOWEST POSSIBLE RATES CONSISTENT WITH SOUND BUSINESS PRACTICES AND FINANCIAL FEASIBILITY AND TO PROVIDE SUCH OTHER SERVICES THAT WOULD BE DESIRABLE FOR THE BETTERMENT OF OUR MEMBERS. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 4,990 MEMBERS AND RETIRED 5.8 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 18 0 1 24 1 0 0 0 0 0 13985609 103128 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X C CHARLES DUNN 6417436146 2389 HWY 92 GREENFIELD IA 50849 X ROBERT NEWTON DIRECTOR UNTIL 08/2020 2.01 X 3450 0 0 MARK EARHART DIRECTOR 2.74 X 5100 0 0 ROXANN RHOADS TREASURER 4.30 X X 8550 0 0 STEVE CHANDLER VICE PRESIDENT 3.80 X X 6900 0 0 DAN WESTPHAL PRESIDENT 3.90 X X 5800 0 0 KEVIN TANNER SECRETARY 2.50 X X 5400 0 0 KEVIN STENDER DIRECTOR 2.61 X 4800 0 0 DARRELL JENSEN DIRECTOR 2.06 X 4200 0 0 JANELLE PEIFFER DIRECTOR 1.33 X 2625 0 0 KRIS PETTER DIRECTOR 4.43 X 6625 0 0 C CHARLES DUNN CEO 40.00 X 155378 0 89465 GARRETT THOMPSON CFO UNTIL 09/2020 40.00 X 82476 0 32866 LORI KINYON CFO FROM 10/2020 40.00 X 26595 0 2724 317899 0 125055 1 0 1 0 CR ENVIRONMENTAL INC 1847 100TH ST CORYDON IA 50060 TREE TRIMMING 300316 NATIONAL INFORMATION SOLUTIONS PO BOX 1147 MANDAN ND 58554 SOFTWARE/MAILING OF STMTS./POSTAGE 108872 MIDWEST SPRAY TEAM & SALES PO BOX 65668 WEST DES MOINES IA 50265 BRUSH/WEED SPRAYING 100358 3 SALE OF POWER 221000 13633205 13633205 CAPITAL CREDITS 221000 686126 686126 455 455 14319786 90493 90493 11600 11238 362 362 362 33212 34844 -1632 -1632 14409009 14318154 0 90855 3356 670651 449306 1398651 301909 126131 813995 1280449 COST OF POWER 6814505 DISTRIBUTION-OPERATIONS 1319784 ADMIN & GENERAL 1000381 DISTRIBUTION-MAINTENANC 844310 -1918923 13104505 3669991 3922333 1502439 1349823 998437 838477 524030 703905 402707 315978 41712748 11626208 29555401 30086540 6573277 6794999 8100 5126 43234382 44017181 1224045 1251006 7868 0 22547661 21628583 55659 64310 23835233 22943899 X 0 0 0 0 19399149 21073282 19399149 21073282 43234382 44017181 X 1304504 369629 X 0 1 X 1 0 0 0 179763 179763 1631003 301973 1329030 39503866 11324235 28179631 398116 398116 30086540 PATRONAGE CAPITAL CREDITS 6194122 C NATIONAL RURAL COOPERATIVE FINANCE CORPORATION 578527 C COOPERATIVE RESPONSE CENTER, INC. 10000 C RURAL ELECTRIC SUPPLY COOPERATIVE 6645 C MEMBERSHIPS 5705 C 6794999 CUSTOMER DEPOSITS 49875 OTHER DEFERRED CREDITS 14435 64310 X 14409009 0 14409009 0 14409009 12433854 0 12433854 670651 670651 13104505 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, 2020 AND 2019, 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 2020 MARGINS TO MEMBERS IN 2021 670,651. X X 0 0 0 C CHARLES DUNN CEO 146978 0 510 0 7890 0 40011 0 51336 0 246725 0 0 0 SCHEDULE J, PART II, COLUMN (C) PART II COLUMN (C) INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN OF $35,511 FOR CEO, C. CHARLES DUNN. THE ACTUAL CONTRIBUTION TO THE DEFINED BENEFIT PLAN FOR C. CHARLES DUNN WAS $29,609. 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 EVP/CHIEF EXECUTIVE OFFICER. 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 15A THE BOARD OF DIRECTORS DETERMINED THE COMPENSATION FOR THE CHIEF EXECUTIVE OFFICER THROUGH THE USE OF COMPENSATION STUDIES FROM NRECA. THIS PROCESS WAS COMPLETED DURING SEPTEMBER OF 2019. THE DISCUSSION AND DECISION BY THE BOARD WAS DOCUMENTED. 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/GENERAL MANAGER. 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 XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -301,022. ALLOCATION OF 2020 MARGINS TO MEMBERS IN 2021 670,651. 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. 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