2012-10-12T08:57:00-05:00 2011-12-31 450250958 EIDE BAILLY LLP 200 EAST 10TH STREET PO BOX 5125 SIOUX FALLS SD 571175125 990 2011-01-01 460221377 GRAND ELECTRIC COOPERATIVE INC GRAN 6052445211 PO BOX 39 BISON SD 57620 JERRY REISENAUER 6052445211 2012-10-03 1 LAURIE HANSON P00851848 6053391999 2012-10-03 2011 2016-02-24 21:20:13Z JERRY REISENAUER PO BOX 39 BISON SD 57620 16062289 0 X WWW.GRANDELECTRIC.COOP X 1950 SD PROVIDING ELECTRICITY TO PEOPLE IN RURAL AREAS. 9 9 54 0 0 0 0 0 11133712 15199282 30647 281968 -13490 -12593 11150869 15468657 6050 4350 0 1574203 3733293 3693750 0 0 0 6786955 9928413 10526298 15200716 624571 267941 42984853 41238370 30781593 27486153 12203260 13752217 OUR MISSION IS TO MAKE ELECTRIC ENERGY AVAILABLE TO ALL OUR MEMBERS AT THE LOWEST COST CONSISTENT WITH SOUND ECONOMY AND GOOD MANAGEMENT. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 1,897 MEMBERS AND RETIRED 1.86 MILES OF LINES. 0 0 0 0 0 0 0 0 0 1 0 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 0 1 54 0 1 54 1 0 0 0 0 0 17090140 308834 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 0 1 1 0 X COLGAN HUBER 6052445211 PO BOX 39 BISON SD 57620 JOHN J LONG 5.00 X X 9527 0 0 ROSS KOPREN 5.00 X X 8441 0 0 SHARON LONGWOOD 5.00 X X 8091 0 0 RAYFORD ANDERSON 5.00 X X 5971 0 0 LORI BESLER 5.00 X 7741 0 0 BRAD BESLER 5.00 X 5991 0 0 REID PALMER 5.00 X 9841 0 0 MAXINE RASMUSSEN 5.00 X 8441 0 0 GENE STENSLAND 5.00 X 7365 0 0 JERRY REISENAUER 40.00 X 168124 0 89076 COLGAN HUBER 40.00 X 86810 0 29508 326343 0 118584 1 0 1 0 ELECTRICAL CONSULTANTS INC 3521 GABEL ROAD BILLINGS MT 59102 CONTRACTOR 1342170 BOLDT POWER INC PO BOX 57 ISABEL SD 57633 CONTRACTOR 426562 ENERGY ERECTORS INC 2925 N COMMERCE N LAS VEGAS NV 89030 CONTRACTOR 237332 BESLER INC PO BOX 1527 RAPID CITY SD 57709 CONTRACTOR 134304 4 SALE OF ELECTRICITY 221000 14482490 14482490 COOP CAPITAL CREDITS 221000 468067 468067 OTHER OPERATING 221000 248557 248557 OTHER NON-OPERATING 900099 168 168 15199282 281968 281968 581039 593632 -12593 -12593 15468657 15186689 0 281968 4350 1574203 411000 2528742 599074 154934 1129301 920206 COST OF POWER 8914616 ADMIN & GENERAL 1023971 DISTRIBUTION-MAINTENANC 547965 DISTRIBUTION-OPERATIONS 248870 -2856516 15200716 2411241 1567946 4390458 2007503 78899 75612 643972 699666 163400 122996 47857422 17710246 29745012 30147176 23250 23477 5511028 5939008 17593 654986 42984853 41238370 2244109 2241722 19801909 19413833 8205124 5505124 530451 325474 30781593 27486153 X 0 0 0 0 12203260 13752217 12203260 13752217 42984853 41238370 X 267941 1281016 X 0 1 0 X 1 1 40685 40685 1048611 542166 506445 45521288 17168080 28353208 1246838 1246838 30147176 BASIN ELECTRIC POWER COOPERATIVE 5100576 C OTHER INVESTMENTS 325319 C MEMBERSHIPS 7550 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 505563 C 5939008 DEFERRED CREDITS 312140 CUSTOMER DEPOSITS 13334 325474 15468657 15200716 267941 1281016 1281016 1548957 15467053 -1604 -1604 15468657 0 15468657 13624909 0 13624909 1575807 1575807 15200716 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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. GENERALLY, THE COOPERATIVE IS NO LONGER SUBJECT TO FEDERAL TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2008. X 0 0 X X 0 0 0 JERRY REISENAUER 161069 0 150 0 6905 0 75972 0 15690 0 259786 0 0 0 PART I, LINE 1A A RESIDENCE, OWNED BY GRAND ELECTRIC, IS PROVIDED FOR THE GENERAL MANAGER. ALL UTILITIES ARE PAID BY THE COOPERATIVE. THE GENERAL MANAGER IS CHARGED $105 PER MONTH FOR RENT. SUPPLEMENTAL INFORMATION PART III JERRY REISENAUER'S COMPENSATION, AS REPORTED IN PART VII AND SCHEDULE J OF THE 990, INCLUDES COMPENSATION THAT IS REIMBURSED BY AN UNRELATED ENTITY THROUGH A MANAGEMENT AGREEMENT. THE AMOUNT REIMBURSED IS EQUAL TO 50% OF HIS SALARY AND BENEFITS. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE BYLAWS REQUIRE A MAJORITY APPROVAL OF THE MEMBERS AT THE ANNUAL MEETING OR AT A SPECIAL MEETING CALLED BY RESOLUTION OF THE BOARD OF DIRECTORS. EITHER MEETING REQUIRES A QUORUM AS DEFINED BY ARTICLE III, SECTION 4 IN THE BYLAWS. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11 THE GENERAL MANAGER AND FINANCE OFFICER REVIEW THE 990 IN DETAIL. AFTER THEIR REVIEW, THE 990 IS PROVIDED TO EACH BOARD MEMBER. THE GENERAL MANAGER AND/OR FINANCE OFFICER PRESENT THE 990 TO THE BOARD OF DIRECTORS AT THE MEETING HELD PRIOR TO ITS FILING IF SO REQUESTED BY ANY BOARD MEMBER. WHETHER PRESENTED IN A BOARD MEETING OR NOT, THE 990 IS NOT FILED UNTIL EACH BOARD MEMBER HAS BEEN GIVEN A COPY OF IT AND GIVEN AMPLE TIME TO REVIEW IT. FORM 990, PART VI, SECTION B, LINE 12C ARTICLE IV SECTION 3B, OF THE BYLAWS, IS FOLLOWED DURING THE NOMINATING OF OUR DIRECTORS. THE NOMINATING COMMITTEE IS AWARE OF THE CONFLICT OF INTEREST POLICY WHEN ELECTING NEW DIRECTORS. THE CONFLICT OF INTEREST POLICY APPLIES TO THE BOARD OF DIRECTORS. THE BOARD DETERMINES WHETHER A CONFLICT OF INTEREST EXISTS. IF A CONFLICT EXISTS, THE PERSON INVOLVED WOULD BE REQUIRED TO ABSTAIN FROM DISCUSSION AND VOTING ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS REVIEW COMPENSATION SURVEYS FOR OTHER MANAGERS IN OUR REGION AND NEIGHBORING STATES ALONG WITH REVIEWING YEARLY PERFORMANCE. THE PROCESS WAS LAST UNDERTAKEN IN 2011. FORM 990, PART VI, SECTION C, LINE 19 BYLAWS ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE INCLUDED IN THE ANNUAL REPORT AND MADE AVAILABLE TO MEMBERS AT THE ANNUAL MEETING. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: RETIREMENT OF CAPITAL CREDITS -293,187. ALLOCATIONS OF 2011 MARGINS TO MEMBERS IN 2012 1,574,203. TOTAL TO FORM 990, PART XI, LINE 5: 1,281,016. COMPENSATION FOR GENERAL MANAGER AND DIRECTOR OF FINANCE FORM 990 PART VII JERRY REISENAUER'S COMPENSATION, AS REPORTED IN PART VII AND SCHEDULE J OF THE 990, INCLUDES COMPENSATION THAT IS REIMBURSED BY AN UNRELATED ENTITY THROUGH A MANAGEMENT AGREEMENT. THE AMOUNT REIMBURSED IS EQUAL TO 50% OF HIS SALARY AND BENEFITS. JERRY'S TIME IS SPLIT 50/50 BETWEEN THE TWO ENTITIES. COLGAN HUBER'S COMPENSATION, AS REPORTED IN PART VII OF THE 990, INCLUDES COMPENSATION THAT IS REIMBURSED BY AN UNRELATED ENTITY THROUGH A MANAGEMENT AGREEMENT. THE AMOUNT REIMBURSED IS EQUAL TO 60% OF HIS SALARY AND BENEFITS. COLGAN'S TIME IS SPLIT 60/40 BETWEEN THE TWO ENTITIES. ALLOCATED AND OTHER EXPENSE FORM 990, PART IX, LINE 24E STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 6-10 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 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 GENERAL MANAGER AND DIRECTOR OF FINANCE. 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 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.