2025-11-17T13:55:58-06:00 2024-12-31 411360831 OLSEN THIELEN & CO LTD 2675 LONG LAKE ROAD ST PAUL MN 55113 990 2024-01-01 410271520 GARDEN VALLEY TELEPHONE COMPANY DBA GARDEN VALLEY TECHNOLOGIES GARD 2186875251 206 VANCE AVE S PO BOX 259 ERSKINE MN 565350259 CASEY HOLLAND TREASURER 2186875251 2025-11-05 1 1 ALLISON L BOYD CPA P00535697 6514834521 2024 2025-03-06 01:10:19Z CASEY HOLLAND 206 VANCE AVE S PO BOX 259 ERSKINE MN 565350259 41173255 0 X WWW.GVTEL.COM X 1906 MN PROVIDE COMMUNICATION SERVICES TO ITS MEMBERS ON A NON-PROFIT COOPERATIVE BASIS. 9 9 119 0 9025 5208 0 0 42575697 40540564 1758284 617296 7239 5504 44341220 41163364 0 0 7995623 4946147 11692267 12491041 0 0 0 23174333 23726176 42862223 41163364 1478997 0 119454426 121721258 34436022 37753077 85018404 83968181 PROVIDE COMMUNICATION SERVICES TO ITS MEMBERS ON A NON-PROFIT COOPERATIVE BASIS. 0 0 GARDEN VALLEY TELEPHONE COMPANY PROVIDES COMMUNICATION SERVICES TO ITS MEMBERS ON A NON-PROFIT COOPERATIVE BASIS. 0 0 0 0 0 0 0 0 0 1 0 0 1 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 1 1 0 0 1 372 0 1 119 1 1 1 0 0 0 0 0 0 23554673 1972887 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 0 1 0 0 1 1 1 1 X THE ORGANIZATION 2186875251 206 VANCE AVE S PO BOX 259 ERSKINE MN 565350259 ALLEN PAULSON SECRETARY 1.00 X X 10950 0 0 JAMES FERDEN VICE PRESIDENT 1.00 X X 13200 0 0 ARLENE NOVAK PRESIDENT 1.00 X X 13650 0 0 JAMES DEVRIES DIRECTOR 1.00 X 13661 0 0 LELAND HOAAS TREASURER 1.00 X X 10050 0 0 BYRON NESS DIRECTOR 1.00 X 12524 0 0 RONALD KIESOW DIRECTOR 1.00 X 9322 0 0 LARRY DJERNES DIRECTOR 1.00 X 11576 0 0 CASEY HOLLAND DIRECTOR 1.00 X 9382 0 0 TIMOTHY BRINKMAN CEO/GENERAL MANAGER 40.00 X 342444 0 130861 STEVE MUELLER CHIEF FINANCIAL OFFICER 40.00 X 168600 0 61067 JON SMITH CHIEF FACILITIES OFFICER 40.00 X 174048 0 78411 BRIAN GRUNHOVD CHIEF TECHNOLOGY OFFICER 40.00 X 169500 0 76352 HEIDI HAAVEN CHIEF MARKETING OFFICER 40.00 X 163455 0 63733 SUE RASMUSSEN CHIEF HUMAN RESOURCES OFFI 40.00 X 153765 0 62629 LAURIE RAMSEY SERVICE OFC. SUPERVISOR 40.00 X 118608 0 61570 1394735 0 534623 27 0 1 0 MP NEXLEVEL LLC 500 COUNTY RD 37 NW MAPLE LAKE MN 55358 BURIED FIBER OPTIC CABLE INSTALLATION 1803320 USIC LOCATING SERVICES LLC 2281 3225 NEIL ARMSTRONG BLV 200 EAGAN MN 55121 LOCATING BURIED LINES 137553 JCS INC 646 1ST ST E SHEVLIN MN 56676 INTERNET/VIDEO INSTALLATIONS 111791 3 TELEPHONE SERVICES 517000 40357374 40357374 PARTNERSHIP INCOME 517000 179669 179669 ADVERTISING 541800 2401 2401 OTHER INCOME 900099 1120 1120 40540564 617296 617296 15395 9891 5504 5504 5504 41163364 40537043 9025 617296 4946147 807287 9020344 2663410 11963 92740 917392 6780674 PLANT, MAINTENANCE & CO 8061002 ACCESS, PROGRAMMING AND 4984910 CUSTOMER 1902773 CORPORATE 771940 202782 41163364 9528300 6905787 1370959 1972805 3619080 3442587 1854273 2033149 121756 145100 168109328 81332194 84486367 86777134 3904210 3861135 2766250 3401615 989 0 11802242 13181946 119454426 121721258 2262453 2243719 29418439 32346078 2755130 3163280 34436022 37753077 X 0 0 76956635 78343677 8061769 5624504 85018404 83968181 119454426 121721258 X 0 -43075 -1007148 X X 0 1 X 1 0 337264 337264 11699908 4691044 7008864 36741046 27720801 9020245 119331110 48920349 70410761 86777134 MATERIALS AND SUPPLIES 2891829 PREFUNDED PENSION DEPOSIT 571824 PLANT UNDER CONSTRUCTION 2999253 RELATED PARTY NOTE RECEIVABLE 6719040 13181946 POST RETIREMENT BENEFITS 1803236 OTHER LIABILITIES 394023 ADVANCED BILLINGS 966021 3163280 X 41130180 -43075 9891 -33184 41163364 0 41163364 38604385 2387168 2387168 36217217 4946147 4946147 41163364 PART X, LINE 2: ASC 740 DISCLOSURE FROM AUDITED FINANCIAL STATEMENTS: THE COMPANY REVIEWS INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN INCOME TAX RETURNS TO DETERMINE IF THERE ARE ANY INCOME TAX UNCERTAINTIES. THIS INCLUDES POSITIONS THAT THE ENTITY IS EXEMPT FROM INCOME TAXES OR NOT SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME. THE COMPANY RECOGNIZES TAX BENEFITS FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITIONS. THE COMPANY HAS IDENTIFIED NO SIGNIFICANT INCOME TAX UNCERTAINTIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES: $9,891 PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES: $9,891 EQUITY IN LOSS OF SUBSIDIARY: $2,377,277 PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2024 MARGINS REPORTED ON PAGE 10, PART IX, LINE 4: $4,946,147 X X 0 0 0 TIMOTHY BRINKMAN CEO/GENERAL MANAGER 342444 0 0 0 0 0 101501 0 29360 0 473305 0 0 0 JON SMITH CHIEF FACILITIES OFFICER 174048 0 0 0 0 0 52618 0 25793 0 252459 0 0 0 BRIAN GRUNHOVD CHIEF TECHNOLOGY OFFICER 169500 0 0 0 0 0 50559 0 25793 0 245852 0 0 0 STEVE MUELLER CHIEF FINANCIAL OFFICER 168600 0 0 0 0 0 52033 0 9034 0 229667 0 0 0 HEIDI HAAVEN CHIEF MARKETING OFFICER 163455 0 0 0 0 0 48876 0 14857 0 227188 0 0 0 SUE RASMUSSEN CHIEF HUMAN RESOURCES OFFI 153765 0 0 0 0 0 46576 0 16053 0 216394 0 0 0 LAURIE RAMSEY SERVICE OFC. SUPERVISOR 118608 0 0 0 0 0 35777 0 25793 0 180178 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE IS MEMBER-OWNED, AND EACH MEMBER HAS AN EQUAL VOTING RIGHT TO ELECT THE BOARD OF DIRECTORS AND APPROVE CHANGES TO THE COOPERATIVE'S BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7A THE COOPERATIVE IS MEMBER-OWNED AND EACH MEMBER HAS AN EQUAL VOTING RIGHT TO ELECT THE BOARD OF DIRECTORS AND APPROVE CHANGES TO THE COOPERATIVE'S BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES IN BY-LAWS ARE SUBJECT TO APPROVAL BY MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE CHIEF FINANCIAL OFFICER REVIEWS THE RETURN IN DETAIL BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE COMPANY'S BYLAWS REQUIRE DIRECTORS TO DISCLOSE TO THE BOARD ANY CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY, COMPENSATION LEVELS ARE REVIEWED, COMPARED WITH THE COMPENSATION LEVELS OF SIMILAR ORGANIZATIONS, AND ADJUSTED ACCORDINGLY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE GIVEN TO ALL MEMBERS ATTENDING THE COMPANY'S ANNUAL MEETING. ALL GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: EXCISE TAX REFUND 20,389. RETIREMENT OF PATRONAGE CAPITAL -3,434,847. ALLOCATION OF 2024 MARGINS REPORTED ON PAGE 10, PART IX, LINE 4 4,946,147. NET UNREALIZED LOSS ON PREFUNDED PENSION DEPOSIT -161,560. ACCUMULATED DECFICIT OF SUBSIDIARIES -2,377,277. FORM 990, PART XII, LINE 2C THE BOARD HAS ASSUMED RESPONSIBILITY FOR SELECTION OF THE INDEPENDENT AUDITORS AND OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS. GARDEN VALLEY INNOVATIONS LLC 206 VANCE AVE S ERSKINE MN 56535 814324437 PROVIDES IT SUPPORT AND RELATED SERVICES MN 535429 322029 GARDEN VALLEY TELEPHONE COMPANY MIDWEST BROADBAND PROPERTIES LLC 206 VANCE AVE S ERSKINE MN 56535 991168876 TELECOMMUNICATIONS SUPPORT MN 0 0 MAGNIFI BROADBAND INC MIDWEST BROADBAND UNDERGROUND LLC 206 VANCE AVE S ERSKINE MN 56535 991224572 TELECOMMUNICATIONS SUPPORT MN 0 0 MAGNIFI BROADBAND INC GARDEN VALLEY EDUCATION FOUNDATION 206 VANCE AVE S ERSKINE MN 56535 411682056 COMMUNITY SUPPORT THROUGH TECHNOLOGY GRANTS TO AREA PUBLIC SCHOOL DISTRICTS MN 501(C)(3) PF N/A 0 GARDEN VALLEY HOLDINGS INC 206 VANCE AVE S ERSKINE MN 56535 991028414 TELECOMMUNICATIONS MN GARDEN VALLEY TELEPHONE COMPANY C 629104 1.00000 1 MAGNIFI BROADBAND INC 206 VANCE AVE S ERSKINE MN 56535 991082196 TELECOMMUNICATIONS MN GARDEN VALLEY HOLDINGS INC C 587824 8179864 1.00000 1 KENTEC COMMUNICATIONS INC 206 VANCE AVE S ERSKINE MN 56535 840915345 TELECOMMUNICATIONS CO MAGNIFI BROADBAND INC C 1493175 7023997 1.00000 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 MAGNI BROADBAND INC A 351392 FAIR MARKET VALUE KENTEC COMMUNICATIONS INC A 10253 FAIR MARKET VALUE GARDEN VALLEY HOLDINGS INC B 3005881 FAIR MARKET VALUE MAGNI BROADBAND INC D 5985000 FAIR MARKET VALUE KENTEC COMMUNICATIONS INC D 870000 FAIR MARKET VALUE SCHEDULE R, PART V, LINE 1A AND LINE 1D GARDEN VALLEY TELEPHONE COMPANY TOOK OUT A LOAN THROUGH NCSC IN ORDER TO PAY FOR THE ACQUISTION OF SUBSIDIARIES IN 2024. THE LOAN IS IN GARDEN VALLEY TELEPHONE COMPANY'S NAME, BUT KENTEC COMMUNICATIONS, INC. HAS THE ULTIMATE RESPONSIBILITY OF PAYING IT OFF. KENTEC COMMUNICATIONS INC. PAYS THE PRINCIPAL AND INTEREST TO MAGNIFI BROADBAND, INC. IN THE FORM OF MANAGEMENT FEE REVENUE. MAGNIFI BROADBAND, INC. THEN PAYS THAT PRINCIPAL AND INTEREST TO GARDEN VALLEY TELEPHONE COMPANY, WHO ULTIMATELY MAKES THE MONTHLY PAYMENTS ON THE LOAN. GARDEN VALLEY TELEPHONE COMPANY ALSO PROVIDED A LINE OF CREDIT TO KENTEC COMMUNICATIONS INC. THE AGREEMENT WAS APPROVED BY THE GOVERNING BOARDS OF BOTH ENTITIES AND CARRIES AN ANNUAL INTEREST RATE OF 6.9%. THE TRANSACTION WAS UNDERTAKEN TO PROVIDE FINANCING IN PLACE OF KENTEC COMMUNICATIONS, INC. SECURING AN EXTERNAL LINE OF CREDIT. BOTH OF THESE TRANSACTIONS ARE EXCLUDED FROM UNRELATED BUSINESS INCOME TAX UNDER CODE SECTION 512(B)(13)(E).