2025-11-04T15:35:07-06:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 420110380 ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE INC ALLA 5638647611 PO BOX 715 POSTVILLE IA 52162 HOLLEE MCCORMICK EXEC. VP AND GENERAL MANAGER 5638647611 2025-11-04 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-11-04 2024 2025-03-06 01:10:19Z HOLLEE MCCORMICK PO BOX 715 POSTVILLE IA 52162 24808365 0 X WWW.ACREC.COM X 1938 IA PROVIDE SAFE, RELIABLE AND AFFORDABLE ELECTRIC SERVICES AND RELATED INNOVATIONS IN TECHNOLOGY. 9 9 42 0 859053 0 0 0 24189247 24691612 124619 116753 0 0 24313866 24808365 14433 16326 581360 81994 4425890 4632993 0 0 0 19192183 20077052 24213866 24808365 100000 0 73004351 83346538 45557753 56387818 27446598 26958720 ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE IS DEDICATED TO ENHANCING THE QUALITY OF LIFE FOR OUR MEMBERS, PARTNERS AND NEIGHBORS BY PROVIDING SAFE, RELIABLE AND AFFORDABLE ELECTRIC SERVICES AND OTHER INNOVATIVE SOLUTIONS. 0 0 ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE WAS ORGANIZED IN 1938 BY MEMBERS BECAUSE INVESTOR-OWNED UTILITIES BYPASSED RURAL IOWA DUE TO ITS SPARSE POPULATION. ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE PROVIDES ELECTRIC POWER TO 9,964 CUSTOMERS ON 2,530 MILES OF LINE IN PORTIONS OF EIGHT COUNTIES: ALLAMAKEE, CLAYTON, FAYETTE, WINNESHIEK, CHICKASAW, BREMER, DELAWARE AND DUBUQUE. OUR CUSTOMER BASE IS 95% FARM AND RURAL RESIDENTIAL AND MAINTAINS 24-HOUR AROUND-THE-CLOCK ELECTRIC SERVICE. CREWS ARE AVAILABLE TO ENSURE QUALITY SERVICE AT ALL TIMES. 0 0 0 0 0 0 0 1 0 1 1 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 0 0 0 1 33 0 1 42 1 1 1 0 0 0 0 23600337 1404129 0 0 0 X 9 9 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 1 1 0 X DAVID DECKER 5638647611 PO BOX 715 POSTVILLE IA 52162 X JEFFREY BRADLEY PRESIDENT UNTIL 09/2024 5.60 X X 11400 0 0 MICHAEL GIBBS VICE PRESIDENT 3.10 X X 7200 0 0 CYNTHIA HEFFERN SECRETARY-TREASURER 6.30 X X 10800 0 0 ROGER ARTHUR DIRECTOR 4.50 X 6900 0 0 NELSON CONVERSE DIRECTOR 2.10 X 8100 0 0 GREG FORMANEK DIRECTOR 2.70 X 8700 0 0 JERRY KELEHER DIRECTOR 2.00 X 7800 0 0 ALAN STEFFENS DIRECTOR/ PRESIDENT FROM 09/2024 3.00 X X 9600 0 0 BRICE WOOD DIRECTOR 2.60 X 7800 0 0 HOLLEE MCCORMICK EXECUTIVE VP & GEN MANAGER 44.20 X 170460 0 32796 DAVID DECKER CFO 55.40 X 134781 0 15264 JASON TROENDLE DIRECTOR OF OPERATIONS 44.80 X 124218 0 30240 JOSH ABBOTT LEAD LINEMAN 47.00 X 118827 0 31632 JACK REGAN LINE CREW FOREMAN 45.10 X 122875 0 4500 TIM BAUCH LINE SUPERINTENDENT 44.30 X 115520 0 28034 RYAN WAGNER MEMBER SERVICE MANAGER 41.90 X 113806 0 18186 978787 0 160652 18 0 1 0 A & A ELECTRIC AND UNDERGROUND 100 9TH STREET SE KASSON MN 55944 FIBEROPTIC INSTALLATION, UGD SERVICES 4254512 WEST UNION TRENCHING 800 HWY 150 SOUTH WEST UNION IA 52175 UNDERGROUND TRENCHING SERVICES 2460589 R&S FIBEROPTIC SERVICES 500 SUNRISE BLVD DECORAH IA 52101 CONSULTING AND FIBEROPTIC INTERNET DEVEL 750904 RIGGS TREE SERVICE (DBA NEW AGE TREE SER PO BOX 453225 GROVE OK 74345 TREE CUTTING AND VEGETATION MANAGEMENT 613900 ASPLUNDH TREE EXPERT COMPANY 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 TREE CUTTING AND VEGETATION MANAGEMENT 351950 9 ELECTRICITY SALES 221000 22355072 22355072 OTHER INCOME 517000 1445686 604775 840911 COOP CAPITAL CREDITS 221000 802702 802702 EQUITY INVESTMENTS 221000 88152 18142 70010 24691612 113689 113689 3064 0 3064 3064 3064 24808365 23762549 859053 186763 X 16326 81994 491425 3158424 717500 265644 1371366 2308173 COST OF POWER 11771859 DISTRIBUTION MAINTENANC 2234315 DISTRIBUTION OPERATIONS 1763994 ADMIN & GENERAL 699345 -72000 24808365 725969 482700 2443870 5326965 1661441 1245780 409385 226001 91382032 33070370 52734887 58311662 2491519 4889495 12513889 12838231 23391 25704 73004351 83346538 1880479 2225249 43737 46023 39655713 49511751 2668722 3292801 1309102 1311994 45557753 56387818 X 490 490 13376447 13474350 14069661 13483880 27446598 26958720 73004351 83346538 X 0 -487878 X X 0 1 X 0 0 0 1 X 149566 149566 6365560 2172025 4193535 5537187 3718272 1818915 79329719 27180073 52149646 58311662 OTHER INVESTMENTS 4657586 C IOWA CHOICE RENEWABLES,LLC 1399 C MINNOWA ALLIANCE, LLC 230510 C 4889495 DAIRYLAND POWER COOPERATIVE 8489575 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 2789364 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 1028815 C FEDERATED RURAL ELECTRIC INSURANCE CORPORATION 155904 C RURAL ELECTRIC SUPPLY COOPERATIVE 292229 C OTHER PATRONAGE CREDITS & MEMBERSHIPS 58534 C IOWA AREA DEVELOPMENT GROUP 17273 C CHARGE EV, LLC 6537 C 12838231 POSTRETIREMENT BENEFIT OBLIGATION 1023922 DEFERRED CREDITS 215614 CUSTOMER DEPOSITS 72458 1311994 X 22294072 0 22294072 2514293 2514293 24808365 22212078 0 22212078 2596287 2596287 24808365 PART IV, LINE 2B: ALLAMAKEE-CLAYTON ELECTRIC (ACEC) ESTABLISHED RECARE, A CUSTOMER CONTRIBUTION FUND IN WHICH MEMBERS OF ACEC CAN ASSIST OTHER MEMBERS WHO NEED HELP PAYING ELECTRIC BILLS. ACEC COLLECTS CONTRIBUTIONS FROM MEMBERS AND DISBURSES FUNDS TO BENEFICIARIES WHO MEET ELIGIBILITY CRITERIA AS ESTABLISHED BY A RECARE COUNCIL. THE RECARE COUNCIL CONSISTS OF A REPRESENTATIVE OF NORTHEAST IOWA COMMUNITY ACTION, A REPRESENTATIVE OF SHEPHERD OF THE HILLS, AND THE ALLAMAKEE-CLAYTON ELECTRIC GENERAL MANAGER. THE RECARE COUNCIL MEETS ANNUALLY TO REVIEW THE PROGRAM AND MAKE ANY CHANGES TO THE PROGRAM. A BENEFICIARY MUST BE REFERRED BY NORTHEAST IOWA COMMUNITY ACTION CORPORATION, SHEPHERD OF THE HILLS, A PASTOR OF A CHURCH, A VETERAN'S ORGANIZATION OR SIMILAR SOCIAL SERVICES OFFICE. DOCUMENTATION ON THE APPROPRIATE FORM, ALONG WITH THE NAME OF THE REFERRING AGENCY OR PERSON IS REQUIRED BEFORE FUNDS ARE APPROVED FOR DISBURSEMENT. APPLICATIONS FOR FUNDS ARE REVIEWED BY ACEC STAFF AND THE GENERAL MANAGER TO DETERMINE IF THE APPLICANT MEETS QUALIFICATIONS. IF APPROVED, NOTIFICATION OF APPROVAL AND THE AMOUNT OF FUNDS IS PROVIDED TO THE RECIPIENT, RECARE COUNCIL REPRESENTATIVES FROM NORTHEAST IOWA COMMUNITY ACTION AND SHEPHERD OF THE HILLS. PART X, LINE 2: THE COOPERATIVE BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. PART XI, LINE 4B - OTHER ADJUSTMENTS: OTHER EXPENSES NETTED TO REVENUE FOR GAAP 2,514,293. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2024 MARGINS IN 2025 81,994. OTHER EXPENSES NETTED TO REVENUE FOR GAAP 2,514,293. X 0 0 0 HOLLEE MCCORMICK EXECUTIVE VP & GEN MANAGER 170085 0 0 0 375 0 5136 0 29130 0 204726 0 0 0 JASON TROENDLE DIRECTOR OF OPERATIONS 123946 0 0 0 272 0 3768 0 27585 0 155571 0 0 0 JOSH ABBOTT LEAD LINEMAN 118540 0 0 0 287 0 3972 0 28504 0 151303 0 0 0 DAVID DECKER CFO 133646 0 0 0 1135 0 6168 0 10252 0 151201 0 0 0 SCHEDULE J, PART II, COLUMN C INCLUDED IN THE AMOUNT REPORTED IN COLUMN C FOR THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: - HOLLEE MCCORMICK $5,136 - JASON TROENDLE $3,768 - JOSH ABBOTT $3,972 - DAVID DECKER $6,168 ACTUAL COOPERATIVE CONTRIBUTIONS TO THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: - HOLLEE MCCORMICK $38,878 - JASON TROENDLE $28,569 - JOSH ABBOTT $27,850 - DAVID DECKER $29,622 FORM 990, PART VI, SECTION A, LINE 6 ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE HAS TWO CLASSES OF MEMBERS. CLASSES OF MEMBERS ARE CLASS A MEMBERS (TRADITIONAL MEMBERS OF THE COOPERATIVE) AND CLASS B MEMBERS (MUNICIPAL UTILITIES). CLASS DISTINCTION IS FOR THE PURPOSE OF ALLOCATION OF COOPERATIVE PATRONAGE. FORM 990, PART VI, SECTION A, LINE 7A ALLAMAKEE-CLAYTON ELECTRIC COOPERATIVE HAS TWO CLASSES OF MEMBERS WITH EACH CLASS HAVING EQUAL VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEES OF THE ORGANIZATION HAVE BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE EXECUTIVE VICE PRESIDENT AND GENERAL MANAGER, COOPERATIVE ATTORNEY AND DIRECTOR OF FINANCE BEFORE IT IS FILED. THE BOARD OF DIRECTORS WILL BE PROVIDED WITH THE FINAL DRAFT BEFORE IT IS FILED. THE DIRECTOR OF FINANCE REVIEWS AND VERIFIES ALL FINANCIAL NUMBERS AND CALCULATIONS TO ENSURE THEY ACCURATELY REFLECT FINANCIAL STATEMENT INFORMATION. A QUESTIONNAIRE IS PROVIDED BY THE FORM 990 PREPARER WHICH IS COMPLETED BY THE DIRECTOR OF FINANCE. COOPERATIVE BOARD POLICIES AND OPERATING PROCEDURES ARE REVIEWED IN THE PROCESS OF COMPLETING THE QUESTIONNAIRE. THE COOPERATIVE ATTORNEY REVIEWS FORM 990 PRIOR TO ITS BEING FILED TO VERIFY THAT QUESTIONS ARE ANSWERED CORRECTLY AND THE FORM IS COMPLETED PROPERLY. FORM 990, PART VI, SECTION B, LINE 12C BOARD GOVERNANCE POLICY NO. 407, "CONFLICTS OF INTEREST", IMPOSES A SELF-POLICING REQUIREMENT FOR EACH DIRECTOR TO DISCLOSE SITUATIONS OR CIRCUMSTANCES THAT POSE A CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. ACCORDING TO THE POLICY, A DIRECTOR MAY REQUEST AN OPINION FROM THE COOPERATIVE'S GENERAL COUNSEL TO DETERMINE IF A PARTICULAR SITUATION POSES A CONFLICT OF INTEREST OR THE APPEARANCE THEREOF. THE POLICY FURTHER ASSIGNS RESPONSIBILITY TO THE BOARD OF DIRECTORS AND THE GENERAL MANAGER WITH ADVICE OF THE GENERAL COUNSEL TO ASSURE COMPLIANCE WITH THE POLICY. THE POLICY REQUIRES EACH DIRECTOR TO ANNUALLY SIGN A CONFLICT OF INTEREST DISCLOSURE STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWS THE GENERAL MANAGER'S COMPENSATION DURING THE ANNUAL MANAGER PERFORMANCE REVIEW PROCESS. A COMPENSATION STUDY WAS DONE IN 2023 IN WHICH THE BOARD APPROVED A NON-UNION EMPLOYEE COST OF LIVING WAGE INCREASE FOR THE YEARS 2023, 2024, AND 2025. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON WRITTEN 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 EXECUTIVE VP/GENERAL MANAGER AND DIRECTOR OF FINANCE/ADMIN SERVICES. 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 IX, LINE 24E STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 5-10 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. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -569,872. ALLOCATION OF 2024 MARGINS IN 2025 81,994. PART XII LINE 2C THE ENTIRE BOARD OF DIRECTORS IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.