2012-07-23T14:08:49-05:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2011-01-01 390544115 POLK-BURNETT ELECTRIC COOPERATIVE POLK 8004210283 1001 STATE HIGHWAY 35 CENTURIA WI 548240310 WILLIAM SCHMIDT 8004210283 2012-07-13 1 DEAN ROHNE P00625086 5074347000 2011 2016-02-24 21:20:13Z WILLIAM SCHMIDT 1001 STATE HIGHWAY 35 CENTURIA WI 548240310 34025513 0 X WWW.POLKBURNETT.COM X 1938 WI TO PROVIDE ELECTRICITY AND MERCHANDISE TO MEMBERS OF THE COOPERATIVE. 9 9 56 0 19210 0 0 0 31372896 32718619 79942 46800 774178 1114656 32227016 33880075 0 0 0 4578637 842255 400405 0 0 0 29568638 28859997 30410893 33839039 1816123 41036 74045005 77595048 46937948 46476611 27107057 31118437 THE MISSION OF POLK-BURNETT IS TO PROVIDE QUALITY SERVICES AND PRODUCTS BENEFICIAL TO OUR MEMBERS, CUSTOMERS AND COMMUNITIES. 0 0 RURAL ELECTRIC COOPERATIVE-SALE OF ELECTRICITY & MERCHANDISE TO MEMBERS OF THE COOPERATIVE. 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 23 0 1 56 1 1 1 0 0 0 0 33191550 1212738 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X HEATHER GERBER 7156462191 1001 STATE HIGHWAY 35 CENTURIA WI 54824 EDWARD WEBER 12.00 X X 8900 0 0 ED GULLICKSON 5.00 X X 6200 0 0 MIKE MORRIS 5.00 X X 5675 1450 0 MARLYN H BOTTOLFSON 3.00 X 4000 1400 0 JEFF PETERSON 3.00 X 4550 0 0 THOMAS SWENSON 4.00 X 4325 0 0 CYNTHIA A THORMAN 7.00 X 7625 0 0 ROBERT R THORSBAKKEN 5.00 X 5125 1480 0 WILLIAM O WAGNER 4.00 X 3800 0 0 WILLIAM SCHMIDT 50.00 X 157659 0 51580 TERILYN WALLIS 50.00 X 117462 0 23504 325321 4330 75084 2 1 1 0 PUSH INC PO BOX 72 RICE LAKE WI 54868 LINE CONSTRUCTION 277526 ZIELE'S TREE SERVICE 1805 MAIN STREET W ASHLAND WI 54806 TREE CUTTING SERVICE 231835 WRIGHT TREE SERVICE PO BOX 1718 DES MOINES IA 50306 TREE CUTTING SERVICE 106838 3 SALE OF POWER 221000 32718619 32718619 32718619 62765 62765 12000 16885 15053 -3053 16885 13832 16885 -3053 15965 -15965 -15965 -15965 77271 114420 -37149 -37149 CAPITAL CREDITS 900099 1103540 1103540 ROYALTY INCOME 900099 32108 32108 POWER NET GLOBAL 812900 2325 2325 1137973 33880075 33785010 19210 75855 4578637 400405 2273139 2661198 COST OF POWER 17172247 DIST EXP-MAINT 2327323 ADMIN & GEN EXPENSE 1379565 DIST EXP-OPERATIONS 1097353 1949172 33839039 3457686 4506423 2733457 2296719 568183 504036 662508 2245047 75504709 18550715 56356910 56953994 899464 899464 9366797 10189365 74045005 77595048 4655796 4530779 41526455 41222522 755697 723310 46937948 46476611 X 0 0 0 0 27107057 31118437 27107057 31118437 74045005 77595048 X 41036 3970344 X X 0 1 1 X 0 211661 211661 6152175 1826181 4325994 8159305 6809034 1350271 60981568 9915500 51066068 56953994 PATRONAGE CAPITAL IN ASSOCIATED ORGS 8914217 C CAPITAL TERM CERTIFICATES 1268580 C OTHER PROGRAM RELATED INVESTMENTS 6568 C 10189365 DEFERRED CREDITS 723310 723310 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COOPERATIVE HAS BEEN GRANTED TAX EXEMPT STATUS BY THE INTERNAL REVENUE SERVICE AND THE STATE OF WISCONSIN. THE COOPERATIVE ADOPTED FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE COOPERATIVE WILL RECOGNIZE ANY ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED BENEFITS IN INCOME TAX, IF INCURRED. THE COOPERATIVE'S PREVIOUS 3 TAX YEARS ARE OPEN FOR EXAMINATION BY THE INTERNAL REVENUE SERVICE. POLK-BURNETT DIVERSIFIED SERVICES, INC. AND ITS SUBSIDIARIES POLK-BURNETT PROPANE SERVICES, INC. AND NORTHWESTERN WISCONSIN SECURITY, INC. AND POLK-BURNETT ECONOMIC DEVELOPMENT CORPORATION ARE TAXABLE AT THE FEDERAL AND STATE LEVEL, AND A PROVISION FOR INCOME TAXES IS INCLUDED IN THE FINANCIAL STATEMENTS. A DEFERRED TAX LIABILITY FOR POLK-BURNETT PROPANE SERICES, INC. IS RECORDED FOR FUTURE TAX CONSEQUENCES ATTRIBUTABLE TO TEMPORARY DIFFERENCES BETWEEN FINANCIAL STATEMENT CARRYING AMOUNTS OF ASSETS AND LIABILITIES AND THEIR RESPECTIVE TAX BASES. PRINCIPALLY THESE DIFFERENCES RELATE TO DEPRECIATION OF PROPERTY AND EQUIPMENT AND OPERATING LOSS CARRY FORWARDS. X X X 1 0 0 WILLIAM SCHMIDT 157659 0 0 0 0 0 35229 0 16351 0 209239 0 0 0 TERILYN WALLIS 57609 0 0 0 59853 0 10756 0 12748 0 140966 0 0 0 PART I, LINE 4A TERILYN WALLIS - PTO PAYOUT $27,558 TERILYN WALLIS - SEVERENCE PAY $32,295 FORM 990, PART VI, SECTION A, LINE 6 ALL CUSTOMERS OF THE COOPERATIVE THAT PURCHASE ELECTRICTY ARE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER OF THE COOPERATIVE HAS THE RIGHT TO ELECT THE BOARD MEMBER WITHIN THE DISTRICT THEY RESIDE. EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B BYLAW AMENDMENTS ADOPTED BY THE BOARD MUST BE PRESENTED TO THE MEMBERS AT THE ORGANIZATION'S ANNUAL MEETING. ANY BOARD DECISION RELATING TO MERGERS, ACQUISITION, OR DISSOLUTION OF THE COOPERATIVE ARE SUBJECT TO MEMBER APPROVAL AT THE ANNUAL MEETING OR AT A SPECIAL MEETING OF THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11 MANAGEMENT PRESENTED THE 990 TO THE BOARD FOR REVIEW PRIOR TO FILING THE FORM WITH THE IRS. COPIES OF THE 990 WERE NOT PROVIDED TO THE GOVERNING BODY BUT IT WAS DISPLAYED USING AN OVERHEAD PROJECTOR DURING A MEETING. FORM 990, PART VI, SECTION B, LINE 12C THE POLICY IS ENFORCED WHENEVER NECESSARY AND REVIEWED ON AN ANNUAL BASIS. BOTH THE SYSTEM LEGAL COUNCIL AND GENERAL MANAGER REVIEW THE POLICY AND BRING CHANGES AND/OR AMENDMENTS BEFORE THE BOARD FOR ADOPTION. THE COOPERATIVE BOARD ELECTS A THIRD OF IT'S DIRECTORS ANNUALLY. THE ANNUAL REVIEW OF THE POLICY TAKES PLACE EACH JUNE WHICH IS THE FIRST BOARD MEETING AFTER THE ANNUAL BOARD MEMBER ELECTION. ANNUALLY EACH BOARD MEMBER SIGNS A DIRECTOR PLEDGE ACKNOWLEDGING AGREEMENT WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 ALL EMPLOYEE POSITIONS OF THE COOPERATIVE ARE SUBJECT TO A WAGE AND BENEFIT STUDY CONDUCTED BY MRA, AN INDEPENDENT THIRD PARTY LOCATED IN MILWAUKEE, WI. THE STUDY WAS LAST PERFORMED IN 2010. GENERAL MANAGER COMPENSATION IS REVIEWED AND APPROVED BY THE NINE MEMBER COOPERATIVE BOARD. OTHER KEY EMPLOYEES PERFORMANCE AND COMPENSATION ARE REVIEWED AND APPROVED BY THE GENERAL MANAGER. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE MAKES ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE THROUGH THEIR WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: RETIREMENT OF CAPITAL CREDITS -608,293. PATRONAGE DIVIDENDS PAID 4,578,637. TOTAL TO FORM 990, PART XI, LINE 5: 3,970,344. PART XI, LINE 2C: THE COOPERATIVE'S BOARD OF DIRECTORS ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS CONSOLIDATED FINANCIAL STATEMENTS AND THE SELECTION OF ITS INDEPENDENT ACCOUNTANT. 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. POLK-BURNETT CHARITIES INC 1001 STATE HIGHWAY 35 CENTURIA WI 54824 391924542 DONATIONS TO COMMUNITY BUSINESSES WI 501(C)(3) LINE 9 POLK-BURNETT ELECTRIC COOPERATIVE 0 POLK-BURNETT ECONOMIC DEVELOPMENT CORPORATION 1001 STATE HIGHWAY 35 CENTURIA WI 54824 391824628 REAL ESTATE DEVELOPMENT WI POLK-BURNETT ELECTRIC COOPERATIVE C -1131 7464 1.00000 POLK-BURNETT DIVERSIFIED INC 1001 STATE HIGHWAY 35 CENTURIA WI 54824 203540722 HOLDING COMPANY WI POLK-BURNETT ELECTRIC COOPERATIVE C -6640 1442825 1.00000 POLK-BURNETT PROPANE SERVICES INC 1001 STATE HIGHWAY 35 CENTURIA WI 54824 203460024 PROPANE SALES AND SERVICE WI POLK-BURNETT DIVERSIFIED INC C 52613 4250947 1.00000 NORTHWESTERN WISCONSIN SECURITY INC 1001 STATE HIGHWAY 35 CENTURIA WI 54824 203460524 SECURITY SERVICES WI POLK-BURNETT DIVERSIFIED INC C -10044 403513 1.00000 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 POLK-BURNETT PROPANE SERVICES INC A 12000 ACTUAL PAYMENTS POLK-BURNETT PROPANE SERVICES INC Q 4913764 ACTUAL PAYMENTS POLK-BURNETT PROPANE SERVICES INC P 433385 ACTUAL PAYMENTS POLK-BURNETT DIVERSIFIED SERVICES INC G 797 ACTUAL PAYMENTS POLK-BURNETT CHARITIES INC Q 51674 ACTUAL PAYMENTS