2026-05-12T08:47:09-05:00 2025-12-31 450250958 Eide Bailly LLP 18081 Burt St Ste 200 Omaha NE 680224722 990 2025-01-01 420394605 Maquoketa Valley Rural Electric Cooperative MAQU 3194623542 109 N Huber St Anamosa IA 522050370 Jeremy Richert CEO/Executive Vice President 3194623542 2026-05-11 1 Megan L Koziol CPA P01544037 4023302660 2026-05-11 2025 2025-03-06 01:10:19Z Jeremy Richert 109 N Huber St Anamosa IA 522050370 51336729 0 X www.mvec.coop X 1936 IA Provide reliable, quality electric, internet and telephone services to members. 9 9 84 0 3302 1173 100711 100711 43433758 49075159 87608 129664 1970993 2014808 45593070 51320342 21686 20040 1200000 1200000 1498410 1591792 0 0 0 39159757 45289239 41879853 48101071 3713217 3219271 169738874 178963582 121245918 126861088 48492956 52102494 We will be the utility of choice by providing reliable, quality services in a safe, respectful, environmentally responsible, cost-effective manner that benefits our members' quality of life and promotes the success of their local communities. 0 0 Maquoketa Valley Electric Cooperative provides electric energy services over 3,333 miles of distribution line to 18,385 metered services, covering more than 17,418 rural residential and commercial member-consumers in nine counties in Northeastern Iowa. Maquoketa Valley Electric Cooperative provides internet service to 8,118 members and VoIP phone service to 763 members throughout its service territory. 0 1 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 1 73 0 1 84 1 1 1 0 0 0 0 52070896 1197893 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X Kelly Gibbs 3194623542 109 N Huber Street Anamosa IA 52205 Thomas Stewart President 6.70 X X 14260 0 0 Charlie Peters Vice President 4.00 X X 8025 0 0 Judy Gotto Treasurer 5.30 X X 11040 0 0 Billie Zumbach Secretary 3.60 X X 10120 0 0 Scott Minzenmeyer Assistant Secretary 5.50 X X 12510 0 0 Ron Thielen Director 6.00 X 6900 0 0 Todd Wiedenman Director 10.00 X 9265 0 0 Brett Nagel Director 3.50 X 8510 0 0 Gene Manternach Director (Thru 3/2025) 0.00 X 0 0 0 Lee Hein Director 3.50 X 4830 0 0 Jeremy Richert CEO/Executive Vice Preside 55.00 X 269951 0 94048 Kelly Gibbs Chief Financial Officer 50.00 X 175536 0 63571 Brent Wegmann Director of IT 50.00 X 168710 0 63128 Nik Schulte Director of Engineering 50.00 X 143058 0 25595 Dean Koopmann Director of Tech Services 50.00 X 141874 0 90086 Anthony Sheridan Lead Lineman - Foreman 43.87 X 139291 0 45382 Trevor Koopmann Lead Lineman - Foreman 43.58 X 136449 0 20538 1260329 0 402348 42 0 1 0 Corridor Network Construction Inc 3353 Southgate Ct SW Cedar Rapids IA 52404 Fiber network construction & maintenance 2369860 Burken Underground 8827 Esgate Rd Maquoketa IA 52060 underground boring 774481 Wilderness Land Management Inc 3441 Hwy 61 Burlington IA 52601 ROW clearing 632031 Riggs Tree Service PO Box 453225 Grove OK 74345 ROW clearing 434715 USIC Locating Service LLC PO Box 715409 Cincinnati OH 45271 Underground Locates 139294 6 100711 100711 Sale of Power & Other Services 221000 49075159 49075159 49075159 116993 116993 18882 6211 12671 12671 12671 22063 10176 11887 8585 3302 Capital Credits 523000 2002921 2002921 2002921 51320342 51086665 3302 129664 20040 1200000 682411 833023 16253 60105 92356 11486 384567 45471 3766327 6868436 60747 Cost of Power 23347251 Dist Exp - Maintenance 3753290 Dist Exp - Operating 3460814 Federal Income Tax Expe 73 3498421 48101071 1486347 2420173 986863 1138213 1118879 2114073 5348398 7238948 4982613 5026109 1401339 924315 211096322 62403906 143273845 148692416 10981777 11248471 158813 160864 0 0 169738874 178963582 4051115 6100918 913721 903206 112207415 116875737 4073667 2981227 121245918 126861088 X 0 0 0 0 48492956 52102494 48492956 52102494 169738874 178963582 X 3219271 390267 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 635026 635026 3570851 2062466 1508385 199810885 60237633 139573252 7079560 103807 6975753 148692416 Patronage Capital Credits 9523892 C Investment in CFC CTC 961393 C Non-Federal Economic Development Loans 763186 C 11248471 Accumulated Provision for Pension & Benefits 612839 Deferred credits 2368388 2981227 X 51309149 -11193 -11193 51320342 0 51320342 46889878 0 46889878 1211193 1211193 48101071 Part X, Line 2: The Cooperative evaluates its tax positions that have been taken or are expected to be taken on income tax returns to determine if an accrual is necessary for uncertain tax positions. As of December 31, 2025 and 2024, the unrecognized tax benefits accrual was zero. The Cooperative will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. Part XI, Line 2d - Other Adjustments: Expenses Recorded as Revenue -11,193. Part XII, Line 4b - Other Adjustments: Patronage Capital Credits Allocated for Current Year 1,200,000. Expenses Recorded as Revenue 11,193. X X X X 0 0 0 Jeremy Richert CEO/Executive Vice Preside 269951 0 0 0 0 0 64817 0 31868 0 366636 0 0 0 Kelly Gibbs Chief Financial Officer 175536 0 0 0 0 0 30778 0 34599 0 240913 0 0 0 Brent Wegmann Director of IT 168710 0 0 0 0 0 37373 0 27441 0 233524 0 0 0 Dean Koopmann Director of Tech Services 141874 0 0 0 0 0 64063 0 27414 0 233351 0 0 0 Anthony Sheridan Lead Lineman - Foreman 139291 0 0 0 0 0 14556 0 31958 0 185805 0 0 0 Nik Schulte Director of Engineering 143058 0 0 0 0 0 13400 0 13544 0 170002 0 0 0 Trevor Koopmann Lead Lineman - Foreman 136449 0 0 0 0 0 10298 0 11354 0 158101 0 0 0 Schedule J, Part II, Column C Included in the amount reported in column C is $53,832 for the change in actuarial value of the defined benefit plan for Jeremy Richert. Actual Cooperative contributions to the plan were $39,906. Included in the amount reported in column C is $2,256 for the change in actuarial value of the defined benefit plan for Nik Schulte. Actual Cooperative contributions to the plan were $5,624. Included in the amount reported in column C is $30,512 for the change in actuarial value of the defined benefit plan for Brent Wegmann. Actual Cooperative contributions to the plan were $24,914. Included in the amount reported in column C is $23,414 for the change in actuarial value of the defined benefit plan for Kelly Gibbs. Actual Cooperative contributions to the plan were $26,743 Included in the amount reported in column C is $58,407 for the change in actuarial value of the defined benefit plan for Dean Koopmann. Actual Cooperative contributions to the plan were $20,535. Included in the amount reported in column C is $9,905 for the change in actuarial value of the defined benefit plan for Tony Sheridan. Actual Cooperative contributions to the plan were $16,635. Included in the amount reported in column C is $1,157 for the change in actuarial value of the defined benefit plan for Trevor Koopmann. Actual Cooperative contributions to the plan were $4,636. Form 990, Part VI, Section A, line 6 All members signing membership agreements are members of the Cooperative. Members may be Class E (electric only members), Class T (telecommunication only members) or both. Form 990, Part VI, Section A, line 7a Each member-owner is entitled to one vote. Members vote on election of directors and removal of directors. Form 990, Part VI, Section A, line 7b Members elect the 9-member Board of Directors. Terms are three years each and are filled on a rotating basis. Form 990, Part VI, Section A, line 8b No committees are able to act on behalf of the Board. Form 990, Part VI, Section B, line 11b Board will have at least one week to review and recommend changes to the 990. Board will communicate with CFO or CEO regarding such changes. Form 990, Part VI, Section B, line 12c All members of the Board and all employees are covered by conflict of interest policies. For the Board, all directors vote on whether a conflict exists. If a conflict is determined to exist, the effected director is not allowed to discuss or vote on items deemed to be a conflict of interest. Directors must certify as part of annual 990 questionnaire that no conflicts of interest exist. Form 990, Part VI, Section B, line 15 The Board reviews and approves the salary of the CEO using comparable compensation amounts from Form 990's of other organizations and a compensation study. This process is undertaken annually. The Board establishes and approves a salary range for all officer positions based on comparable compensation amounts from Form 990s of other organizations. The CEO is responsible for assigning the officer's salary based upon performance and experience. Form 990, Part VI, Section C, line 19 Articles of Incorporation and Bylaws are available on the Cooperative's website. Financial statements are available upon request and summary statements are made available through the annual report that is distributed to members at the annual meeting. Form 990, Part XI, line 9: Donated Capital 16,040. Patronage Capital Credits Allocated for Current Year 1,200,000. Retirement of Capital Credits -825,773. Form 990, Part XII, Line 2c: The board of directors assumes responsibility for oversight of the audit of the organization's financial statements and selection of an independent accountant. This process has not changed from the prior year.