2011-07-05T09:07:01-05:00 2010-12-31 EIDE BAILLY LLP 200 EAST 10TH ST PO BOX 5125 SIOUX FALLS SD 571175125 990 2010-01-01 460221377 GRAND ELECTRIC COOPERATIVE INC GRAN 6052445211 PO BOX 39 BISON SD 57620 JERRY REISENAUER 6052445211 2011-06-27 1 LAURIE HANSON 6053391999 2011-06-27 2010 2016-02-24 21:20:13Z JERRY REISENAUER PO BOX 39 BISON SD 57620 11686835 0 X WWW.GRANDELECTRIC.COOP X 1950 SD PROVIDING ELECTRICITY TO PEOPLE IN RURAL AREAS. 9 9 58 0 0 0 0 0 10655012 11133712 26139 30647 -22567 -13490 10658584 11150869 5250 6050 0 0 3307173 3733293 0 0 0 6391117 6786955 9703540 10526298 955044 624571 33285806 42984853 21240637 30781593 12045169 12203260 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 1,872 MEMBERS AND ADDED 4.31 MILES OF LINES. 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 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 74 0 1 58 1 0 0 0 0 0 11356243 54816 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 0 1 1 0 X COLGAN HUBER 6052445211 PO BOX 39 BISON SD 57620 JOHN J LONG 2.00 X X 7786 0 4002 ROSS KOPREN 2.00 X X 7736 0 3216 SHARON LONGWOOD 2.00 X X 6486 0 1182 RAYFORD ANDERSON 2.00 X X 6121 0 515 LORI BESLER 2.00 X 5786 0 684 BRAD BESLER 2.00 X 3636 0 275 REID PALMER 2.00 X 8486 0 4194 MAXINE RASMUSSEN 2.00 X 5136 0 1224 GENE STENSLAND 2.00 X 6114 0 1418 JERRY REISENAUER 40.00 X 153455 0 73209 COLGAN HUBER 40.00 X 85393 0 27354 296135 0 117273 1 0 1 0 ELECTRICAL CONSULTANTS INC 3521 GABEL ROAD BILLINGS MT 59102 CONTRACTOR 968494 BOLDT POWER INC PO BOX 57 ISABEL SD 57633 CONTRACTOR 959027 BESLER INC PO BOX 1527 RAPID CITY SD 57709 CONTRACTOR 800075 ENERGY ERECTORS INC 2925 N COMMERCE N LAS VEGAS NV 89030 CONTRACTOR 698039 CMG CONSTRUCTION INC PO BOX 80252 BILLINGS MT 59108 CONTRACTOR 547937 9 ELECTRIC SERVICES 221000 10655127 10655127 CAPITAL CREDITS 221000 275777 275777 OTHER REVENUE 221000 202808 202808 11133712 30647 30647 522476 535966 -13490 -13490 11150869 11120222 0 30647 6050 390200 2581124 549134 212835 985358 820507 COST OF POWER 6113877 ADMIN. AND GENERAL 705551 DIST. - MAINTENANCE 546741 DIST. - OPERATIONS 275664 ALLOCATED AND OTHER -2660743 10526298 705061 2411241 4315538 4390458 93181 78899 661823 643972 247850 163400 48391959 18646947 21957803 29745012 22949 23250 5261688 5511028 19913 17593 33285806 42984853 1135023 2244109 18639146 19801909 650000 8205124 816468 530451 21240637 30781593 X 0 0 0 0 12045169 12203260 12045169 12203260 33285806 42984853 X 624571 -466480 X 0 1 1 X 1 1 58419 58419 37542896 18646947 18895949 10790644 10790644 29745012 INVESTMENT IN RELATED COMPANIES 5511028 C 5511028 DEFERRED CREDITS 305543 CUSTOMER DEPOSITS 11389 OTHER CURRENT LIABILITIES 213519 530451 11150869 10526298 624571 -466480 -466480 158091 11150869 0 11150869 0 11150869 10526298 0 10526298 0 10526298 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COOPERATIVE ADOPTED THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION TOPIC ASC 740-10 (PREVIOUSLY FINANCIAL INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES), ON JANUARY 1, 2009. THE IMPLEMENTATION OF THIS STANDARD HAD NO IMPACT ON THE FINANCIAL STATEMENTS. AS OF BOTH THE DATE OF ADOPTION, AND AS OF DECEMBER 31,2010, THERE WAS NO UNRECOGNIZED TAX ACCRUAL. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. GENERALLY, THE COOPERATIVE IS NO LONGER SUBJECT TO FEDERAL TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2007. PART XI, LINE 8 - OTHER ADJUSTMENTS: RETIREMENT OF CAPITAL CREDITS -466,480. 1 SCHOLARSHIP 4 1250 OPERATION ROUNDUP - GENERAL ASSISTANCE 12 4800 OTHER INFORMATION: PART IV: SCHOLARSHIPS: THE ORGANIZATION MAKES SCHOLARSHIPS AVAILABLE TO STUDENTS OF PARENTS OR GUARDIANS WHO ARE MEMBERS OF GRAND ELECTRIC COOPERATIVE, INC. A FORMAL APPLICATION PROCESS IS IN PLACE FOR THE SCHOLARSHIPS. ONCE AWARDED, THE COOPERATIVE DOES NOT MONITOR THE USE OF THE SCHOLARSHIPS. SCHOLARSHIP CHECKS ARE MADE OUT TO THE STUDENT AND THE COLLEGE OF CHOICE. THEREFORE, STUDENTS ARE NOT ABLE TO CASH SCHOLARSHIP CHECKS WITHOUT ENDORSEMENT BY THE COLLEGE. OPERATION ROUND-UP: THE ORGANIZATION AWARDS ASSISTANCE TO INDIVIDUALS WHO LIVE IN THE COOPERATIVE'S SERVICE AREA AND WHO HAVE SUFFERED SOME TYPE OF HARDSHIP, SUCH AS FINANCIAL OR MEDICAL, OR TO AN ORGANIZATION THAT IS IN NEED OF HELP. ONCE AWARDED, THE USE OF THE FUNDS IS NOT MONITORED. X 0 0 X X 0 0 0 JERRY REISENAUER 146400 0 150 0 6905 0 61914 0 13496 0 228865 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 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 2010. 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 -466,480. TOTAL TO FORM 990, PART XI, LINE 5: -466,480. 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. OTHER COMPENSATION 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. 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.