2021-10-06T10:05:58-05:00 2020-12-31 450250958 Eide Bailly LLP 1730 Burnt Boat Loop Ste 100 Bismarck ND 585030886 990 2020-01-01 410403745 McLeod Cooperative Power Association MCLE 3208643148 3515 11th Street East Glencoe MN 55336 Stephanie Jakel Manager of Finance 3208643148 2021-10-05 1 Stephanie Jakel 999009999 Lisa Chaffee CPA P00193453 7012551091 2021-10-05 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z Stephanie Jakel 3515 11th Street East Glencoe MN 55336 21218281 0 X www.mcleodcoop.com X 1935 MN To enhance the quality of life for our members and customers through effective solutions. 9 9 33 0 51504 45058 0 0 21359567 21041811 355177 145516 0 0 21714744 21187327 0 0 1153149 621777 3134736 3432267 0 0 0 17370748 16922429 21658633 20976473 56111 210854 79291551 80726435 49659969 50595294 29631582 30131141 To deliver energy and other services that will improve the quality of life for our customers, and to maximize customer satisfaction by delivering those services in the most friendly, safe, reliable and competitive manner possible. 0 0 Provided electric service to an average of 6,928 accounts in 2020. We had an increase of 2 miles of line during 2020. The cooperative has 1,914 miles of distribution line as of December 31, 2020. 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 1 1 0 0 1 38 0 1 33 1 1 1 0 0 0 0 20814183 285909 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X Ron Meier 3208643148 3515 11th Street East Glencoe MN 55336 X Daniel Schade Operations and Engineering 40.00 X 124204 0 125625 Carrie Buckley General Manager (Jan-Jul) 40.00 X 144612 0 76249 Terry Underdahl Line Foreman 40.00 X 108041 0 69878 Craig Marti Line Foreman 40.00 X 111841 0 52311 Grant Miller Line Foreman (Jan-Sep) 40.00 X 127945 0 33099 Ryan Schuette Line Foreman 40.00 X 105762 0 50523 Ronald Meier Chief Executive Officer (Jul-Dec) 40.00 X 97387 0 18904 Susan Noyes Manager of Finance (Jan-Jul) 40.00 X 60030 0 33466 Stephanie Jakel Manager of Finance (Aug-Dec) 40.00 X 34919 0 14616 Doug Kirtz - Secretary Treas (Jan-Jun)/President (Jul-Dec) 4.00 X X 8375 0 0 Susan Anderson Secretary Treasurer 3.00 X X 8090 0 0 Keith Peterson - President (Jan-Jun)/Director (Jul-Dec) 3.00 X X 7490 0 0 Joel Griebie Vice President 4.00 X X 7265 0 0 Gary Burdorf Director 3.00 X 6615 0 0 David Resch - Director Jan-Jun Asst. Secretary Treasurer (Jul-Dec) 3.00 X X 6440 0 0 Allan Duesterhoeft Director 3.00 X 6340 0 0 Oria Brinkmeier Director 3.00 X 5995 0 0 Randy Hlavka Director 4.00 X 5995 0 0 977346 0 474671 10 0 1 0 MP Nexlevel LLC 500 County Rd 37 E Maple Lake MN 55358 Line Construction 514961 Burnham Company PO Box 1677 Monticello MN 55362 Tree Service 461174 Star Energy 6841 Power Ln SW Alexandria MN 56308 Engineering Consulting 104187 3 Sale of Electricity 221000 20310361 20310361 Capital Credits 221000 380866 380866 Other Supporting Revenue 517000 299080 299080 Arlington Contract 230000 33527 33527 Heartland K-1 812900 13843 13843 4134 4134 21041811 143212 143212 33258 30954 2304 2304 2304 21187327 20990307 51504 145516 X 621777 505429 2270219 456538 200081 1268737 1979099 UBIT Tax 33038 Cost of Power 12656274 Distribution 2139535 Administrative & Genera 1263088 -2417342 20976473 706150 1157859 4697004 5820531 2489049 2325033 913450 791015 589181 453994 72057152 17058501 48672100 54998651 20440414 14478543 784203 700809 79291551 80726435 5090235 3841272 314194 294916 23571 22398 42852127 45116813 1379842 1319895 49659969 50595294 X 0 0 29631582 30131141 0 0 29631582 30131141 79291551 80726435 X 210854 288705 X 0 1 X 1 0 0 1 X 361564 361564 11398641 543751 10854890 60095317 16514750 43580567 201630 201630 54998651 Patronage Capital 11871386 C Investment in Assoc. Companies 2343860 C Investment in Economic Development Project 262847 C Investment in Water Heater Loans 450 C 14478543 Customer Deposits 131090 Accumulated Provision for Pension & Benefits 473805 Other Regulatory Liability 715000 1319895 X 21188545 15601 15601 21172944 14383 14383 21187327 20354696 0 20354696 621777 621777 20976473 Part IV, Line 2b: The members of the Cooperative can elect to round up their monthly electric bill to the next dollar. These funds collected from the membership are held in a Cooperative account until they are released to the McLeod Cooperative Power Trust. These funds are transferred directly to the McLeod Cooperative Power Trust periodically throughout the year. Funds that exist at the end of year are a result of a timing difference in the receipt of the funds and the release of them to the McLeod Cooperative Power Trust. For the year ended December 31, 2020 the account held $22,398. 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 XI, Line 2d - Other Adjustments: Heartland Book Income 15,601. Part XI, Line 4b - Other Adjustments: Heartland K-1 Tax Income 14,383. Part XII, Line 4b - Other Adjustments: Patronage Capital Credits Allocated During Current Year 621,777. X X X X 0 0 0 Daniel Schade Operations and Engineering 121374 0 225 0 2605 0 89278 0 39054 0 252536 0 0 0 Carrie Buckley General Manager (Jan-Jul) 143403 0 125 0 1084 0 69490 0 8891 0 222993 0 0 0 Terry Underdahl Line Foreman 107226 0 100 0 715 0 35041 0 36957 0 180039 0 0 0 Craig Marti Line Foreman 111320 0 200 0 321 0 24378 0 30037 0 166256 0 0 0 Grant Miller Line Foreman (Jan-Sep) 126417 0 50 0 1478 0 6297 0 28241 0 162483 0 0 0 Ryan Schuette Line Foreman 105294 0 200 0 268 0 16030 0 36446 0 158238 0 0 0 Schedule J, Part II, column C, Deferred Compensation: Included in other compensation is the estimated current year increase in the actuarial value of the defined benefit plan. These amounts do not represent any current year contributions to the plan. They are estimates of the increase in the actuarial value of the plans received from the NRECA. The current year expense and the increase in actuarial value for each employee is reflected in the Schedule O statement for Form 990, Part VII, column F. Form 990, Part VI, Section A, line 6 The members are all the same class. The organization is a member owned electric cooperative. Form 990, Part VI, Section A, line 7a The service territory is divided into districts. Members from that district elect their director to represent them. Directors serve a three year term. Form 990, Part VI, Section A, line 7b If changes are made to the by-laws, the changes will be voted on by the members at the annual meeting. Each member has one vote. Form 990, Part VI, Section A, line 8b There are no committees with authority to act on behalf of the Board of Directors. Form 990, Part VI, Section B, line 11b The Form 990 was reviewed by the Cooperative's CEO & CFO prior to being presented, reviewed, and approved by the Board of Directors before filing with the IRS. Form 990, Part VI, Section B, line 12c When obtaining quotes or bids for purchases or contract work, it is management's responsibility to ensure that there are no violations to this policy. The conflict of interest policy applies to the directors, officers and key employees of McLeod Cooperative Power Association, and any related individuals to the directors, officers, or key employees. It is the responsibility of the interested party to disclose any conflicts of interest. The Board interprets and enforces the conflict of interest policy. If it is determined that the policy is not being followed the individual not following the policy may be sanctioned, disqualified, and/or dismissed. In the event that a conflict may occur the interested parties abstain from voting. Form 990, Part VI, Section B, line 15 The CEO's compensation is reviewed and approved by the Board of Directors. Other officers and employees are reviewed by the CEO and approved by the Board of Directors. The Board uses comparability data and substantiates their decision in board minutes. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy, and financial statements are made available upon request. Form 990, Part VII, Section A, Column (F) Included in column "f", estimated amount of other compensation, is the estimated annual increase in the actuarial value of the defined benefit plan and are not current expenses of the Cooperative. The estimated increase was as follows: Carrie L. Buckley is $62,555 Susan Noyes $8,157 Daniel Schade $82,964 Craig Marti $19,160 Grant Miller $0 Terry Underdahl $29,853 Ronald Meier $0 Stephanie Jakel $1,102 Ryan Schuette $10,966 The current year expense for this defined benefit plan was as follows: Carrie L. Buckley is $16,967 Susan Noyes $10,280 Daniel Schade $21,483 Craig Marti $16,825 Grant Miller $11,216 Terry Underdahl $16,825 Ronald Meier $0 Stephanie Jakel $1,177 Ryan Schuette $15,651 Form 990, Part IX, Statement of Functional Expenses, Line 24e The labor, pension, other employee benefits, and payroll taxes reported on lines 5-10 are already included in distribution expense, administrative & general expense and customer expense. Therefore, these amounts are being subtracted out as an other deduction on line 24e in the amount of $(3,432,267). Form 990, Part XI, line 9: Patronage Capital Retirements -334,290. Heartland K-1 Tax Income -14,383. Heartland Book Income 15,601. Patronage Capital Credits Allocated During Current Year 621,777. McLeod Cooperative Power Trust 3515 11th Street East Glencoe MN 55336 421620470 Charitable Purposes MN 501(c)(3) Line 7 McLeod Cooperative Power Association 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 0 0