2024-04-22T09:05:58-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2023-01-01 421445092 EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE EAST 3194433570 PO BOX 248 URBANA IA 52345 TERESA FLOYD CEO 3194433570 2024-04-10 1 TERESA FLOYD 999009999 0 KATHERINE LUTZKE CPA P01760889 5072802300 2024-04-10 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z TERESA FLOYD PO BOX 248 URBANA IA 52345 27030272 0 X WWW.ECIREC.COM X 1995 IA EAST CENTRAL IOWA RURAL ELECTRIC COOPERATIVE PROVIDES ELECTRIC ENERGY SERVICE TO APPROXIMATELY 7,240 MEMBERS TO PARTS OF 10 COUNTIES IN EAST-CENTRAL IOWA. IT'S PRIMARY MISSION IS TO PROVIDE THE BEST POSSIBLE ELECTRICAL SERVICE TO ITS MEMBERS AT THE LOWEST POSSIBLE COST. 8 8 37 0 -306 0 0 0 23860298 25644494 850896 95536 530958 1279623 25242152 27019653 0 0 506886 511558 715471 715471 0 0 0 22785957 23356777 24008314 24583806 1233838 2435847 83334796 86999273 43594987 44836474 39739809 42162799 EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE PROVIDES ELECTRIC ENERGY SERVICE TO APPROXIMATELY 7,240 MEMBERS TO PARTS OF 10 COUNTIES IN EAST-CENTRAL IOWA. ITS PRIMARY MISSION IS TO PROVIDE THE BEST POSSIBLE SERVICE TO ITS MEMBERS FOR THE LOWEST POSSIBLE COST. 0 0 PROVISION OF ELECTRICITY AND ELECTRIC SERVICES TO THE COOPERATIVE'S 7,240 MEMBERS. THIS REPRESENTS 99% OF THE TOTAL REVENUE FOR THE COOPERATIVE FOR 2023. 0 0 0 0 0 0 0 0 0 1 1 0 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 20 0 37 1 0 0 0 0 0 25644494 1285072 0 0 0 X 8 8 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X JENNIFER SCHMITZ 3194434343 PO BOX 248 URBANA IA 52345 STEVE RAU PRESIDENT 3.85 0.00 X X 8965 0 0 JEFF ELLIOTT VICE PRESIDENT 3.77 0.00 X X 9630 0 0 RYAN KRESS SECRETARY/TREASURER 1.73 0.00 X X 5370 0 0 GARY MCKENNA ASSISTANT SECRETARY/TREASU 2.31 0.00 X X 8595 0 0 BRIAN MCNULTY DIRECTOR 1.00 0.00 X 4660 0 0 NICK DONLEA DIRECTOR 1.15 0.00 X 5015 0 0 DONALD SHONKA DIRECTOR 4.67 0.00 X 10385 0 0 JULIE KESTER DIRECTOR 2.06 0.00 X 7915 0 0 TERESA FLOYD CEO 40.00 0.00 X 172574 0 55371 THOMAS SCHMITT OPERATIONS MANAGER 40.00 0.00 X 120569 0 34996 ADAM R ALBERTSEN MEMBER SERVICE MANGER 40.00 0.00 X 102781 0 42396 NATHAN GROOM INFORMATION SYSTEMS MANAGER 40.00 0.00 X 101318 0 43458 JARED GROVER LINEWORKER 40.00 0.00 X 102634 0 31503 BRAXTON CLUBB LINEWORKER 40.00 0.00 X 104446 0 31282 764857 0 239006 6 0 1 0 HIGHLINE CONSTRUCTION CO 16124 OLD LAKE RD PAYNESVILLE MN 56362 DISTRIBUTION LINE REBUILD 1338932 CRC TRENCHING CO 116 TURNER ST WATKINS IA 52354 BORING/TRENCHING 474567 MAURER TREE SERVICE LLC 1203 BAXTER AVE FAIRBANK IA 50629 TREE TRIMMING 198291 UTILITY SERVICE CONTRACTORS PO BOX 33 HIAWATHA IA 52233 DISTRIBTION LINE REBUILD 140641 4 ELECTRICITY SALES 221000 25644494 25644494 25644494 95536 95536 5476 10619 -5143 -5143 CAPITAL CREDITS 221000 1285072 1285072 SCHEDULE K-1 INCOME/LOSS 221000 -306 -306 1284766 27019653 26924423 -306 95536 511558 288480 376888 50103 21621 791575 1597212 2690219 COST OF POWER 13883043 DISTRIBUTION OPERATIONS 2631242 CONSUMER ACCOUNTS 1097451 DISTRIBUTION MAINTENANC 614502 29912 24583806 335859 517292 824323 507078 3444188 3193530 2100584 1996216 186728 176822 93074110 21535343 67052231 71538767 7532675 8045174 18180 18180 1840028 1006214 83334796 86999273 3491318 2509369 39307776 41558819 795893 768286 43594987 44836474 X 0 0 0 0 39739809 42162799 39739809 42162799 83334796 86999273 X 2435847 -12857 X 0 1 X 1 0 155087 155087 5033350 1056152 3977198 15537700 4692648 10845052 72347973 15786543 56561430 71538767 OTHER INVESTMENTS 345050 C HELD TO MATURITY SECURITIES 768224 C ASSOCIATED ORGANIZATIONS 6931900 C 8045174 DEFERRED CREDITS 670796 CUSTOMER DEPOSITS 97490 768286 X PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE (IRC) AND A SIMILAR SECTION OF THE IOWA INCOME TAX LAW. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED AT DECEMBER 31, 2023 AND 2022. THE COOPERATIVE FILES INFORMATION RETURNS IN THE U.S. FEDERAL JURISDICTION. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAD NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022. X X X X X 0 0 0 TERESA FLOYD CEO 172574 0 0 0 0 0 40375 0 14996 0 227945 0 0 0 THOMAS SCHMITT OPERATIONS MANAGER 120569 0 0 0 0 0 27689 0 7307 0 155565 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 ARTICLE V. MEMBERS SECTION 1. ANY INDIVIDUAL FOR HIMSELF, OR HERSELF, AND ANY PERSON AS THE ACCREDITED AGENT AND REPRESENTATIVE ACTING ON BEHALF OF ANY FIRM, ASSOCIATION, CORPORATION, PARTNERSHIP, OR OTHER ORGANIZATION, MAY BECOME A MEMBER IN THIS COOPERATIVE BY (A) APPLYING FOR A MEMBERSHIP CERTIFICATE IN THE COOPERATIVE, (B) AGREEING TO TAKE, RECEIVE, AND PAY FOR ELECTRIC UTILITY SERVICE FURNISHED BY THE COOPERATIVE AS HEREINAFTER IN SECTION 3 OF THIS ARTICLE SPECIFIED, AND (C) AGREEING TO COMPLY WITH AND TO BE BOUND BY THESE ARTICLES OF INCORPORATION, THE BYLAWS OF THE COOPERATIVE, AND SUCH RULES AND REGULATIONS AS MAY FROM TIME TO TIME BE ADOPTED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE; PROVIDED, HOWEVER, THAT NO INDIVIDUAL, EXCEPT AN INDIVIDUAL ACCEPTED FOR MEMBERSHIP BY THE MEMBERS AT ANY MEETINGS HEREOF OR BECOMING A MEMBER BY VIRTUE OF THE CONSOLIDATION WHICH CREATED EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE, SHALL BECOME A MEMBER OF THE COOPERATIVE UNLESS AND UNTIL ACCEPTED FOR MEMBERSHIP BY THE AFFIRMATIVE VOTE OF NOT LESS THAN A MAJORITY OF THE BOARD OF DIRECTORS. APPLICATIONS FOR MEMBERSHIP MAY BE REJECTED FOR JUST CAUSE. SECTION 2. THE COOPERATIVE SHALL HAVE NO CAPITAL STOCK, BUT MEMBERSHIP IN THE COOPERATIVE SHALL BE EVIDENCED BY A MEMBERSHIP CERTIFICATE. MEMBERSHIP IN THE COOPERATIVE SHALL NOT BE TRANSFERABLE. SECTION 3. EACH MEMBER OF THE COOPERATIVE SHALL, AS SOON AS ELECTRIC ENERGY SHALL BE AVAILABLE, PURCHASE FROM THE COOPERATIVE MONTHLY NOT LESS THAN THE MINIMUM AMOUNT OF ELECTRIC ENERGY WHICH SHALL, FROM TIME TO TIME, BE DETERMINED BY RESOLUTION OF THE BOARD OF DIRECTORS OF THE COOPERATIVE AND SHALL PAY THEREFORE AND FOR ALL ADDITIONAL ELECTRIC ENERGY USED BY SUCH MEMBER, THE PRICE WHICH SHALL, FROM TIME TO TIME, BE FIXED THEREFORE BY RESOLUTION OF THE BOARD OF DIRECTORS. EACH MEMBER SHALL ALSO PAY ALL OBLIGATIONS WHICH MAY, FROM TIME TO TIME, BECOME DUE AND PAYABLE BY SUCH MEMBER TO THE COOPERATIVE AS AND WHEN THE SAME SHALL BECOME DUE AND PAYABLE. EACH MEMBER SHALL COMPLY WITH SUCH RULES AND REGULATIONS AS MAY, FROM TIME TO TIME, BE ADOPTED BY THE BOARD OF DIRECTORS. SECTION 4. THE PRIVATE PROPERTY OF THE MEMBERS OF THE COOPERATIVE SHALL BE EXEMPT FROM EXECUTION FOR THE DEBTS OF THE COOPERATIVE AND NO MEMBER SHALL BE INDIVIDUALLY RESPONSIBLE FOR ANY DEBTS OR LIABILITIES OF THE COOPERATIVE. SECTION 5. NO MEMBER OF THE COOPERATIVE MAY OWN MORE THAN ONE MEMBERSHIP AND EACH MEMBER HOLDING A MEMBERSHIP CERTIFICATE SHALL BE ENTITLED TO ONE VOTE AND NO MORE AT ALL MEETINGS OF THE MEMBERS OF THE COOPERATIVE. IF A HUSBAND AND WIFE HOLD A JOINT MEMBERSHIP TOGETHER, THEY SHALL BE JOINTLY ENTITLED TO ONE VOTE AND NO MORE UPON EACH MATTER SUBMITTED TO A VOTE AT A MEETING OF THE MEMBERS. THE VOTE OF EACH MEMBER OF THE COOPERATIVE SHALL BE CAST IN PERSON AND NOT BY PROXY, PROVIDED, THAT AN ABSENT MEMBER MAY CAST HIS WRITTEN VOTE UPON ANY PROPOSITION OF WHICH HE HAS BEEN PREVIOUSLY NOTIFIED IN WRITING, AND OF WHICH A COPY ACCOMPANIES HIS VOTE. FORM 990, PART VI, SECTION A, LINE 7A SEE EXPLANATION FOR PART VI LINE 6 FORM 990, PART VI, SECTION A, LINE 7B SEE EXPLANATION FOR PART VI LINE 6 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 11B PRIOR TO THE 990 BEING FILED THE ORGANIZATION'S INDEPENDENT ACCOUNTANT WILL PRESENT THE COMPLETED 990 TO THE GOVERNING BODY. THIS EVENT IS INCLUDED AS AN AGENDA ITEM AND WILL BE NOTED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD, OFFICERS, AGENTS OF THE COOPERATIVE, AND EMPLOYEES WILL COMPLETE A CONFLICT OF INTEREST FORM IDENTIFYING ANY POTENTIAL CONFLICTS AND THE POLICY REQUIRES ANY SUCH PERSON TO NOTIFY THE ORGANIZATION OF A POTENTIAL CONFLICT IMMEDIATELY. THE DISCLOSURES ARE COMPLETED ANNUALLY IN JUNE AND REVIEWED AT THAT TIME. IF CONFLICTS WERE TO ARISE, THE BOARD OF DIRECTORS WOULD EVALUATE THE POTENTIAL CONFLICT AND DOCUMENT THOSE PROCEDURES. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR THE SALARY RANGES IN THE WAGE AND SALARY PLAN WILL BE ADJUSTED TO REFLECT THE WAGES AND SALARIES OF OTHER ELECTRIC COOPERATIVES IN THE IOWA-WISCONSIN-ILLINOIS REGION AS FOUND IN THE LATEST AVAILABLE NATIONAL COMPENSATION SURVEY OF RURAL ELECTRIC DISTRIBUTION SYSTEMS CONDUCTED BY THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION. FORM 990, PART VI, SECTION B, LINE 15B: FOR EACH POSITION, THE WEIGHTED AVERAGE LOWEST, MEDIAN, AND THIRD QUARTILE WAGE OR SALARY WILL BE CALCULATED FROM THOSE OF OTHER ELECTRIC COOPERATIVES OF THE SAME SIZE AS EAST-CENTRAL IOWA REC AS DEFINED BY TOTAL UTILITY PLANT, REVENUE, AND NUMBER OF CONSUMERS. FOR POSITIONS IN THE COOPERATIVE THAT HAVE NO COMPARABLE POSITION IN THE NRECA NATIONAL COMPENSATION SURVEY, OTHER COMPARATIVE WAGES AND SALARIES FROM THE LOCAL LABOR AREA WILL BE USED. THE BOARD OF DIRECTORS APPROVED THE COMPENSATION ADJUSTMENTS AND DOCOUMENTS APPROVALS IN THE BOARD MEETINGS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENT ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: INCOME FROM EQUITY INVESTMENTS 1,477. PATRONAGE DIVIDENDS PAID 511,558. SCHEDULE K-1 INCOME/LOSS 306. CAPITAL CREDITS RETIRED -526,198. BECCA GROUP INC 2400 BING MILLER LANE URBANA IA 52345 421350925 ECONOMIC DEVELOPMENT IA EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE C 2493 195199 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 NO TRANSACTIONS GREATER THAN 50000