2019-09-24T08:45:59-05:00 2018-12-31 410746479 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2018-01-01 420381704 LINN COUNTY RURAL ELECTRIC COOPERATIVE ASSOCIATION LINN 3193771587 5695 REC DRIVE PO BOX 69 MARION IA 523020069 TERRY SULLIVAN GENERAL MANAGER/CEO 3193771587 2019-09-17 1 CRAIG POPENHAGEN P01587689 5072802300 2019-09-05 67.137.57.251 2019-09-17 15:40:58 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 E15E9B4EB1A60BD1D702B694EDC9E6CB78BD26C3 2018 2019-02-21 02:37:17Z TERRY SULLIVAN 5695 REC DRIVE PO BOX 69 MARION IA 523020069 53823827 0 X WWW.LINNCOUNTYREC.COM X 1938 IA PROVIDING ELECTRICAL SERVICE TO THE MEMBERS OF THE COOPERATIVE. 7 7 75 0 -10824 0 0 0 49334127 50993391 257494 369603 3328856 2369204 52920477 53732198 0 0 1000000 1000000 459103 482836 0 0 0 47527176 49306570 48986279 50789406 3934198 2942792 148909026 159491284 93435255 100469188 55473771 59022096 PROVIDING ELECTRICAL SERVICE TO THE MEMBERS OF THE COOPERATIVE. 0 0 COOPERATIVE PURCHASED POWER FROM CENTRAL IOWA POWER COOPERATIVE IN 2018 FOR $31,212,849 FOR DISTRIBUTION TO COOPERATIVE MEMBERS. COOPERATIVE DISTRIBUTED PURCHASED POWER TO MEMBERS OVER 2,341 MILES OF DISTRIBUTION LINE. THE COOPERATIVE BILLED 29,295 SERVICES ON A MONTHLY BASIS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 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 1 0 1 16 0 75 1 1 1 0 0 0 0 52094316 2804513 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X JENNIFER FEDDERSEN 3193771587 5695 REC DRIVE MARION IA 523020069 GARY SCHROPP PRESIDENT 5.70 X X 23500 0 0 RON O'NEIL VICE PRESIDENT 4.80 X X 15000 0 0 LISA ROSE SECRETARY 1.40 X X 6000 0 0 ROGER KRUG DIRECTOR 2.40 X X 7500 0 0 KIRK HILAND TREASURER 4.90 X X 16500 0 0 KENNETH SQUIRES DIRECTOR 4.10 X 14500 0 0 JEANNA SAGER ASSISTANT SECRETARY 2.60 X 9500 0 0 TERRY SULLIVAN GM/CEO 45.00 X 190883 0 39678 NAROTTAM J PATEL CONTROLLER - PART YEAR 42.00 X 130779 0 28996 KEVIN STUCKER LEAD ENGINEER 44.00 X 120108 0 30816 JENNIFER FEDDERSEN CONTROLLER 42.00 X 115685 0 27474 STEVEN CARROLL MEMBER SERVICES SUPERVISOR 42.00 X 111440 0 22154 LEN TOW LINE SUPERINTENDENT - PART YEAR 41.00 X 105758 0 27703 GREG HANCOX SUB FOREMAN 45.00 X 104829 0 29259 971982 0 206080 13 0 1 0 RINDERKNECHT 100 29TH AVENUE CEDAR RAPIDS IA 52404 BUILDING CONTRACTOR 1055755 SWICK CABLE CONTRACTOR'S PO BOX 107 TIPTON IA 52772 ELECTRICAL CONTRACTOR 656427 VAN WERT ENTERPRISES 606 8TH ST GRUNDY CENTER IA 50638 METER READING 530969 EILERTSON INC PO BOX 1025 FOND DU LAC WI 54935 ELECTRICAL CONTRACTOR 517973 ASPLUNDH 1700 SOLUTIONS CENTER CHICAGO IL 60677 TREE CONTRACTOR 400740 13 SALE OF POWER 221000 50993391 50993391 50993391 238432 17108 221324 222800 91629 131171 131171 131171 62008 0 62008 62008 CAPITAL CREDITS 523000 2330042 2330042 MISCELLANEOUS 900099 5086 5086 MYRIAD INTEREST EXPENSE 900099 -27932 -27932 2307196 53732198 53390527 -10824 352495 X 1000000 482836 3933452 3910748 COST OF POWER 31212849 DIST EXP-OPERATIONS 3287970 ADMIN & GENERAL EXPENSE 1913564 CONSUMER ACCOUNT EXPENS 1802235 3245752 50789406 9859 9859 1695680 1334437 4440337 4851696 2556599 2876020 169310 48869 154898753 39669036 104999610 115229717 1884840 1932614 32916960 32994635 235831 213437 148909026 159491284 4594165 4358962 1647846 1519411 86756983 94137595 436261 453220 93435255 100469188 X 0 0 0 0 55473771 59022096 55473771 59022096 148909026 159491284 X 2942792 605535 X X 0 1 X 1 0 914852 914852 7910167 2133669 5776498 6279049 3902001 2377048 139794685 33633366 106161319 115229717 OTHER INVEST IN ASSOC ORGANIZATIONS 802030 C PAT CAP FROM ASSOC ORGS 26284132 C NRUCFC CAP TERM CERTS 1323686 C NRUCFC MEMBER CAP SEC 4000000 C OTHER INVESTMENTS 84787 C NOTE RECEIVABLE-CORRIDOR 300000 C ECONOMIC DEVELOPMENT LOAN 200000 C 32994635 CONSUMER DEPOSITS 201640 PATRONAGE CAPITAL PAYABLE 86746 ACCUM PROVISION FOR PENSION & BENEFITS 164834 453220 X PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE (IRC). CORRIDOR DEVELOPMENT, INC.'S INCOME TAX EXPENSE FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 WAS $22,994 AND $17,964, RESPECTIVELY. THE COOPERATIVE HAS EVALUATED ITS TAX POSITIONS AND DETERMINED IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2018. X X X 0 0 0 TERRY SULLIVAN GM/CEO 190883 0 0 0 0 0 28028 0 11650 0 230561 0 0 0 NAROTTAM J PATEL CONTROLLER - PART YEAR 130779 0 0 0 0 0 18302 0 10694 0 159775 0 0 0 KEVIN STUCKER LEAD ENGINEER 120108 0 0 0 0 0 17646 0 13170 0 150924 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 ALL ELECTRIC CUSTOMERS OF THE COOPERATIVE ARE VOTING MEMBERS. EACH MEMBER IS ENTITLED TO ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS. THERE IS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS VOTE ON CHANGES TO THE ARTICLES OF INCORPORATION. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES; THEREFORE, COMMITTEE MEETINGS ARE NOT DOCUMENTED. FORM 990, PART VI, SECTION B, LINE 11B GM/CEO AND CONTROLLER REVIEW THE FULL FORM 990 AFTER IT IS COMPILED BY THE STAFF AND AUDIT FIRM AT A REGULAR BOARD MEETING. ANY SUGGESTED CHANGES OR ADDITIONS ARE REVIEWED AND FORWARDED TO THE AUDIT FIRM, PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REVIEWS THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS WITH GENERAL COUNSEL GUIDANCE. FOLLOWING THE REVIEW THE BOARD COMPLETES A CONFLICT OF INTEREST DISCLOSURE STATEMENT. IT IS THE GM/CEO'S RESPONSIBILITY TO PROVIDE ASSISTANCE TO THE BOARD TO ASSURE COMPLIANCE WITH THIS POLICY AND TO DEVELOP AND ENFORCE APPROPRIATE MANAGEMENT POLICY RELATING TO CONFLICTS OF INTEREST OF EMPLOYEES. DIRECTORS AND EMPLOYEES ARE REQUIRED TO MAKE FULL DISCLOSURE TO THE BOARD AND/OR COOPERATIVE OF ANY FACTS WHICH MAY INDICATE A CONFLICT OF INTEREST. THEY SHALL DISQUALIFY THEMSELVES FROM DECISIONS WHICH POSE A CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. THEY MAY REQUEST AN OPINION OF THE COOPERATIVE'S GENERAL COUNSEL BEFORE SUCH ACTION IS TAKEN. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S SALARY AND THE COMPENSATION OF THE BOARD OF DIRECTORS IS SET BY THE BOARD ON AN ANNUAL BASIS BASED UPON LOCAL, REGIONAL AND NATIONAL COMPENSATION DATA. A COMPENSATION CONSULTANT IS USED APPROXIMATELY EVERY FIVE YEARS. THIS COMPENSATION CONSULTANT WAS LAST UTILIZED IN 2014. DOCUMENTATION OF THE ANNUAL COMPENSATION DETERMINATION IS LOCATED IN THE PERSONNEL FILE. THE MANAGEMENT STAFF SALARY IS SET ON AN ANNUAL BASIS BY CEO USING LOCAL, REGIONAL AND NATIONAL COMPENSATION DATA. DOCUMENTATION OF THE ANNUAL COMPENSATION DETERMINATION IS LOCATED IN THE PERSONNEL FILE. FORM 990, PART VI, SECTION C, LINE 19 ARTICLES AND BYLAWS ARE PROVIDED TO MEMBERS UPON RECEIVING SERVICE OR UPON A LATER REQUEST. CONFLICT OF INTEREST POLICY UPON REQUEST. FINANCIAL STATEMENTS IN AN ANNUAL REPORT MAILED TO MEMBERS AND UPON REQUEST. FORM 990, PART IX, LINE 4 THE IRS INSTRUCTIONS STATE THAT PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS SHOULD BE REPORTED ON LINE 4. THE ORGANIZATION HAS INTERPRETED PATRONAGE DIVIDENDS PAID TO MEAN PATRONAGE DIVIDENDS ALLOCATED OR TO BE ALLOCATED FOR THE CURRENT YEAR. SINCE THIS ALLOCATION IS NOT AN EXPENSE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP), THIS HAS RESULTED IN A RECONCILING ITEM TO NET ASSETS IN PART XI ON PAGE 12 OF THE FORM 990. FORM 990, PART XI, LINE 9: CAPITAL CREDITS RETIRED -494,982. CHANGE IN OTHER EQUITIES 27,136. EQUITY IN EARNINGS OF SUBSIDIARY 37,774. EXPENSE INCLUDED ON 990 NOT ON BOOKS (INVOLTA HOLDINGS, LLC #26-0610499) 35,617. PATRONAGE DIVIDENDS PAID 1,000,000. ROUNDING -10. FORM 990, PART XII, LINE 2C AUDIT FIRM IS NOT LIMITED IN NUMBER OF YEARS AS LONG AS DIFFERENT PARTNER LEADS THE AUDIT EVERY FIVE YEARS CORRIDOR DEVELOPMENT INC 5695 REC DR MARION IA 52302 421370547 ECONOMIC DEVELOPMENT IA LINN COUNTY REC C 42766 1994169 1.00000 1 MYRIAD DEVELOPERS LC 5695 REC DR MARION IA 52302 421370547 RENTAL REAL ESTATE IA CORRIDOR DEVELOPMENT INC C 65191 1835071 1.00000 0 1 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 CORRIDOR DEVELOPMENT INC D 300000 ACTUAL CORRIDOR DEVELOPMENT INC A 17108 ACTUAL