2025-09-19T11:50:55-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 410128105 CONNEXUS ENERGY CONN 7633232600 14601 RAMSEY BOULEVARD RAMSEY MN 55303 YAN PAUL MARTINEZ VICE PRESIDENT/CFO 7633232600 2025-09-18 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-08-26 2024 2025-03-06 01:10:19Z BRIAN BURANDT 14601 RAMSEY BOULEVARD RAMSEY MN 55303 259068416 0 X WWW.CONNEXUSENERGY.COM X 1937 MN PROVIDING UTILITY SERVICES TO MEMBERS. 8 8 261 0 0 0 0 0 257779873 256273120 2187068 2221004 942403 458968 260909344 258953092 449257 576060 10338647 10572183 29282156 30852880 0 0 0 220839284 216951969 260909344 258953092 0 0 496063364 493777555 273202334 267895764 222861030 225881791 CONNEXUS ENERGY SERVES OUR MEMBERSHIP BY PROVIDING COST COMPETITIVE, RELIABLE ELECTRICITY AND RELATED SERVICES, WITH AN ENVIRONMENTAL COMMITMENT, AFFIRMING THE VALUE OF MEMBER COOPERATIVE OWNERSHIP. 0 0 CONNEXUS ENERGY PROVIDED UTILITY SERVICES TO APPROXIMATELY 147,624 MEMBERS IN EIGHT COUNTIES IN THE NORTH SUBURBAN AREA OF MINNEAPOLIS AND ST. PAUL, MN AND MAINTAINED 9,640 MILES OF LINES. 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 231 0 1 261 1 0 0 0 0 0 259404041 22366299 0 0 0 X 8 8 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 0 X YAN PAUL MARTINEZ 7633232648 14601 RAMSEY BOULEVARD RAMSEY MN 55303 FRAN BATOR CHAIR 25.00 0.00 X X 60510 0 0 MARK ETHEN VICE CHAIR 14.00 0.00 X X 26683 0 22500 SHELLY PETERSON SECRETARY/TREASURER 10.00 0.00 X X 49423 0 0 MIKE THEWS ASST. SECRETARY/TREASURER 14.00 0.00 X X 49223 0 0 ANGELA RONAYNE DIRECTOR FROM 04/2024 7.00 0.00 X 32789 0 0 KENNETH FIERECK DIRECTOR UNTIL 04/2024 14.00 0.00 X 16394 0 0 GORDON WESTERLIND DIRECTOR UNTIL 04/2024 12.00 0.00 X 10061 0 6333 RICHARD BRAASTAD DIRECTOR 9.00 0.00 X 49183 0 0 JOSEPH GRUENES DIRECTOR FROM 04/2024 10.00 0.00 X 20289 0 12500 SAM VILLELLA DIRECTOR FROM 04/2024 10.00 0.00 X 9789 0 23000 GREG RIDDERBUSCH PRESIDENT/CEO UNTIL 03/2024 50.00 0.00 X 518420 0 39376 YAN PAUL MARTINEZ VP/CFO 50.00 0.30 X 439202 0 72849 BRIAN BURANDT PRESIDENT/CEO 50.00 0.00 X 407389 0 71011 MARK KOPLIN VP TECHNOLOGY 45.00 0.15 X 295622 0 88237 NICK LOEHLEIN VP ELECTRIC OPERATIONS 45.00 0.00 X 291669 0 96487 LINDA MAEGI VP EMPLOYEE SERVICES 50.00 0.00 X 289918 0 96920 ALISON MILES VP MEMBER SERVICES 47.00 0.50 X 241483 0 61979 SIDNEY JACKSON PRESIDENT AND CEO 03/2024-06/2024 50.00 0.00 X 303905 0 16175 MICHAEL RIMOLDE CREW LEAD 59.00 0.00 X 220319 0 57981 JARED ROLSTAD LEAD LINEWORKER 64.00 0.00 X 231179 0 35662 TED BOONSTRA CREW LEAD 58.00 0.00 X 216562 0 62321 SCOTT JOHNSON CREW LEAD 62.00 0.00 X 233198 0 65892 JARED NEWTON DIRECTOR, ENGINEERING & SYSTEM OPS 50.00 0.00 X 216174 0 63515 4229384 0 892738 134 0 1 0 RP SCHROEDER CONSTRUCTION 18329 263RD AVE NW BIG LAKE MN 55309 CONSTRUCTION SERVICES 6253865 ASPLUNDH TREE EXPERTS LLC 1700 SOLUTIONS CENTER CHICAGO IL 60677 VEGETATION MANAGEMENT 2756913 BRINK CONSTRUCTORS INC 2950 N PLAZA DR RAPID CITY SD 57702 CONSTRUCTION SERVICES 1775453 COMPORT CONSULTING GROUP 78 ORCHARD ST RAMSEY NJ 07446 IT CONSULTING & SUPPLIES 1750981 WRIGHT TREE SERVICE INC PO BOX 1718 DES MOINES IA 50306 VEGETATION MANAGEMENT 1407491 21 SALE OF ELECTRICITY 221000 252506931 252506931 UTILITY SERVICES REVENUE 221000 1174371 1174371 2591818 2591818 256273120 1882378 1882378 350642 0 350642 350642 350642 270119 183831 0 115324 270119 68507 338626 338626 EQUITY EARNINGS-FEDERATED ACQUISI 900099 108326 108326 108326 258953092 256381446 0 2571646 X 576060 10572183 3722051 19798157 2239101 3459449 1634122 198677 104325 1338895 1849286 1706623 2324157 718231 393595 90105 7495018 15052960 713316 COST OF POWER 171356597 ELECTRIC OPERATIONS 7058129 PROPERTY TAXES 3527745 3024310 258953092 20478179 20602832 32973388 32910619 7198789 6735650 1631688 2237879 478137976 197894312 264535045 280243664 10278728 10161630 126933257 110744795 941 941 32033349 30139545 496063364 493777555 26690841 26173201 150700591 147716424 26277539 26007008 69533363 67999131 273202334 267895764 X 0 0 0 0 222861030 225881791 222861030 225881791 496063364 493777555 X 0 3020761 X 0 1 X 1 0 2179025 2179025 17466519 9103245 8363274 455489006 188791067 266697939 3003426 3003426 280243664 INVESTMENTS IN ASSOCIATED ORGANIZATIONS 110744795 C 110744795 INTEREST RECEIVABLE 90139 OTHER ASSETS 12515749 OPERATING LEASE RIGHT OF USE ASSETS 30197 FINANCE LEASE RIGHT OF USE ASSETS 17503460 30139545 DEFERRED CREDITS 21679966 PAYABLE TO GREAT RIVER ENERGY 19010987 OTHER LIABILITIES 5328725 DEFERRED COMP 2478747 MEMBER DEPOSITS 2002548 FINANCE LEASE LIABILITY 17467961 OPERATING LEASE LIABILITY 30197 67999131 X 251458074 -7495018 -7495018 258953092 0 258953092 240885891 0 240885891 18067201 18067201 258953092 PART X, LINE 2: THE COOPERATIVE EVALUATES ITS INCOME TAX POSITIONS ON AN ANNUAL BASIS. MANAGEMENT HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2024 AND 2023 THAT MEET THE CRITERIA FOR RECOGNITION IN THE FINANCIAL STATEMENTS. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSE -7,495,018. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2024 MARGINS TO MEMBERS IN 2025 10,572,183. INTEREST EXPENSE 7,495,018. 1 THE CONNEXUS ENERGY FOUNDATION 14601 RAMSEY BLVD NW RAMSEY MN 55303 843918068 501(C)(3) 576060 0 GENERAL DONATION 1 PART I, LINE 2: THE TOTAL AMOUNT OF CONTRIBUTIONS PLANNED FOR A YEAR IS APPROVED BY THE BOARD AS A PART OF OUR ANNUAL FINANCIAL PLANNING PROCESS. INDIVIDUAL CONTRIBUTIONS ARE APPROVED AND SUBSTANTIATED USING OUR NORMAL PAYMENT APPROVAL PROCESS. X X X X 0 1 0 GREG RIDDERBUSCH PRESIDENT/CEO UNTIL 03/2024 180690 0 334826 0 2904 0 33450 0 6129 0 557999 0 0 0 YAN PAUL MARTINEZ VP/CFO 355250 0 72602 0 11350 0 34800 0 38527 0 512529 0 0 0 BRIAN BURANDT PRESIDENT/CEO 331909 0 65767 0 9713 0 33450 0 37994 0 478833 0 0 0 NICK LOEHLEIN VP ELECTRIC OPERATIONS 232170 0 57814 0 1685 0 58925 0 37942 0 388536 0 0 0 LINDA MAEGI VP EMPLOYEE SERVICES 232911 0 54578 0 2429 0 57609 0 39671 0 387198 0 0 0 MARK KOPLIN VP TECHNOLOGY 234263 0 58590 0 2769 0 49676 0 38947 0 384245 0 0 0 SIDNEY JACKSON PRESIDENT AND CEO 03/2024-06/2024 146179 0 0 0 157726 0 9128 0 7226 0 320259 0 0 0 ALISON MILES VP MEMBER SERVICES 192610 0 47823 0 1050 0 24417 0 37876 0 303776 0 0 0 SCOTT JOHNSON CREW LEAD 210216 0 17863 0 5119 0 28456 0 37640 0 299294 0 0 0 JARED NEWTON DIRECTOR, ENGINEERING & SYSTEM OPS 182987 0 32090 0 1097 0 21866 0 41964 0 280004 0 0 0 TED BOONSTRA CREW LEAD 199692 0 14096 0 2774 0 24765 0 37761 0 279088 0 0 0 MICHAEL RIMOLDE CREW LEAD 203251 0 13937 0 3131 0 26543 0 31641 0 278503 0 0 0 JARED ROLSTAD LEAD LINEWORKER 210906 0 15499 0 4774 0 22735 0 13114 0 267028 0 0 0 PART I, LINE 4B THE DEFERRED COMPENSATION PLAN BALANCES ARE PAYABLE ON DEMAND, IN FULL, BUT THE BALANCES ARE SUBJECT TO RISK OF FORFEITURE UNTIL FULLY DISTRIBUTED. CONTRIBUTIONS MADE TO THE DEFERRED COMPENSATION PLAN FOR 2024 WERE AS FOLLOWS: YAN PAUL MARTINEZ $10,545 BRIAN BURANDT $ 5,948 NICK LOEHLEIN $23,000 LINDA MAEGI $27,825 MARK KOPLIN $20,250 SIDNEY JACKSON $ 6,000 MARK ETHEN $22,500 JOSEPH GRUENES $12,500 GORDON WESTERLIND $ 6,333 SAM VILLELLA $23,000 FORM 990, PART VI, SECTION A, LINE 6 CUSTOMERS WHO PURCHASE ELECTRICITY FROM THE ORGANIZATION ARE MEMBERS OF THE COOPERATIVE. THERE IS ONLY ONE MEMBER CLASS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE BOARD OF DIRECTORS MAY SELL THE PROPERTY OF THE COOPERATIVE UPON SUCH TERMS AND CONDITIONS AS IT DEEMS APPROPRIATE AND IN THE BEST INTEREST OF THE COOPERATIVE. NO SALE OF MORE THAN TWENTY-FIVE (25%) PERCENT OF THE PROPERTY OF THE COOPERATIVE SHALL BE EFFECTIVE, HOWEVER, UNLESS AUTHORIZED AT A REGULAR OR SPECIAL MEETING BY THE AFFIRMATIVE VOTE OF TWO-THIRDS (2/3) OF THE TOTAL NUMBER OF MEMBERS OF THE COOPERATIVE. FOR THE PURPOSES OF THIS ARTICLE, CONTRACTS TO PURCHASE POWER ARE NOT CONSIDERED PROPERTY. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEES ARE AUTHORIZED TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE 990 INFORMATION RETURN IS DELIVERED TO BOARD MEMBERS A WEEK BEFORE THE BOARD MEETING. IT IS REVIEWED WITH THE ENTIRE BOARD OF DIRECTORS AND SENIOR STAFF AT THE BOARD MEETING, PRIOR TO ISSUANCE. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ARE COVERED BY THE CONFLICT OF INTEREST POLICY. ANNUALLY, BOARD MEMBERS SIGN A CERTIFICATION STATEMENT THAT THEY MEET THE QUALIFICATIONS OF A BOARD MEMBER. THIS CERTIFICATION INCLUDES CONFLICT OF INTEREST LANGUAGE. IF A BOARD MEMBER STATES ON THE CERTIFICATION THAT THERE IS A CONFLICT, THE ENTIRE BOARD WILL REVIEW THE CONFLICT AT THAT TIME. RESTRICTIONS IMPOSED ON A PERSON WITH A CONFLICT WOULD BE DEPENDENT UPON THE SPECIFIC SITUATION, AND MAY INCLUDE ABSTAINING FROM DISCUSSIONS AND VOTING AND/OR A REQUEST FOR RESIGNATION. ALL EMPLOYEES OF THE COOPERATIVE (INCLUDING OFFICERS) ARE GOVERNED BY A BUSINESS CONDUCT AND ETHICS POLICY WHICH INCLUDES CONFLICT OF INTEREST LANGUAGE. POSSIBLE VIOLATIONS ARE REPORTED TO MANAGEMENT FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS BASED ON MARKET DATA FOR SIMILAR POSITIONS AT COMPARABLE COMPANIES. A MARKET STUDY WAS COMPLETED FOR THE CEO IN 2024 AND FOR THE OTHER COOPERATIVE OFFICERS IN 2022. THE BOARD REVIEWS AND APPROVES THE COMPENSATION FOR THE CEO ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS FOR THE PREVIOUS 5 YEARS ARE AVAILABLE ON OUR WEBSITE. ALL OTHER DOCUMENTS ARE MADE AVAILABLE UPON REQUEST. 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: CAPITAL CREDITS RETIRED -7,551,422. ALLOCATION OF 2024 MARGINS TO MEMBERS IN 2025 10,572,183. THE CONNEXUS ENERGY FOUNDATION 14601 RAMSEY BLVD RAMSEY MN 55303 843918068 GRANT MAKING MN 501(C)(3) PF CONNEXUS ENERGY 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 THE CONNEXUS ENERGY FOUNDATION B 576060 CASH