2024-06-27T13:06:36-05:00 2023-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2023-01-01 411955109 CENTRAL ELECTRIC COOPERATIVE INC CENT 6059967516 PO BOX 850 MITCHELL SD 57301 KEN SCHLIMGEN GENERAL MANAGER 6059967516 2024-06-24 1 KEN SCHLIMGEN XXX-XX-XXXX 1 LAURIE HANSON CPA P00851848 6053391999 2024-06-24 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z KEN SCHLIMGEN PO BOX 850 MITCHELL SD 57301 39588022 0 X WWW.CENTRALEC.COOP X 2000 SD PROVIDING RELIABLE ENERGY AND SERVICES AT A GOOD VALUE. 9 9 47 0 4353 51 0 0 36077138 37446736 10824 131795 123006 23326 36210968 37601857 25674 32825 3478054 2334827 5341302 5661016 0 0 0 27365938 28890226 36210968 36918894 0 682963 109967351 119327952 62159975 69709711 47807376 49618241 PROVIDING ENERGY AND SERVICES WITH A COMMITMENT TO SAFETY AND MEMBER SATISFACTION. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 5,000 COOPERATIVE MEMBERS. BUILT 69 NEW SERVICES AND RETIRED 34 SERVICES WITHIN OUR 4,480 MILES OF LINE. 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 1 149 0 1 47 1 1 1 0 0 0 0 39076439 1139248 0 0 0 X 9 9 0 0 1 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X X DEAN UHER 6059967516 25487 403RD AVE PO BOX 850 MITCHELL SD 57301 X DUANE WOLBRINK PRESIDENT 9.00 X X 16316 0 0 TODD VAN WALLEGHEN VICE PRESIDENT 6.00 X X 15541 0 0 MARK REINDL TREASURER 6.00 X X 15141 0 0 MARK HOFER SECRETARY 8.00 X X 14591 0 0 ROBERT BANKS DIRECTOR 5.00 X 15966 0 0 MERLIN BECHEN DIRECTOR 7.00 X 18166 0 0 ROGER CAMPBELL DIRECTOR (END 09/2023) 6.00 X 9587 0 0 JEFF GUSTAFSON DIRECTOR 9.00 X 14866 0 0 DONITA LOUDNER DIRECTOR 9.00 X 17616 0 0 BRADEE PAZOUR DIRECTOR (BEG 09/2023) 9.00 X 3904 0 0 KEN SCHLIMGEN GENERAL MANAGER 40.00 X 199385 0 9114 DEAN UHER MANAGER OF FINANCE & ADMIN 44.00 X 108799 0 66642 BRIAN BULTJE MANAGER OF OPERATIONS 41.00 X 147328 0 9334 DUSTIN ROSKENS LINE SUPERINTENDENT 40.00 X 128490 0 62622 PATRICK SOUKUP MANAGER OF MEMBER SERVICES 40.00 X 128169 0 29117 TIM NEISES AREA FOREMAN 41.00 X 121394 0 8563 NORTON TRUMAN JOURNEYMAN LINEMAN 42.00 X 119823 0 21823 1095082 0 207215 25 0 1 0 DAVE'S CONSTRUCTION 5104 N HARVESTORE RD SIOUX FALLS SD 57107 CONSTRUCTION SERVICES 561175 LARSON DIGGING 601 LINCOLN AVE NW HURON SD 57350 CONSTRUCTION SERVICES 400563 HIGHLINE CONSTRUCTION INC 16124 OLD LAKE RD PAYNESVILLE MN 56362 CONSTRUCTION SERVICES 218230 CE CONSTRUCTION 900 W SPRUCE ST MITCHELL SD 57301 REPAIRS 191482 STAR ENERGY SERVICES 6841 POWER LANE SW ALEXANDRIA MN 56308 ENGINEERING SERVICES 172483 5 SALE OF POWER 221000 35384262 35384262 CAPITAL CREDITS 221000 2062474 2062474 37446736 128895 128895 1188 0 1188 1188 1188 4900 2000 2900 2900 2900 2006303 1984165 22138 17785 4353 37601857 37464521 4353 132983 X 32825 2334827 525197 4134467 660510 340842 1697488 2670338 COST OF POWER 23260671 DISTRIBUTION - MAINTENA 2002607 DISTRIBUTION - OPERATIO 1391341 TAXES 551048 -2683267 36918894 2980296 3071373 3096395 3361897 733320 633304 4420733 6265419 1377488 1650471 106521487 27598703 73145198 78922784 90112 93940 22917209 24322164 1206600 1006600 109967351 119327952 3687328 4639049 56522345 63359498 1950302 1711164 62159975 69709711 X 0 0 0 0 47807376 49618241 47807376 49618241 109967351 119327952 X 682963 1127902 X 0 1 X 1 0 69144 69144 8678318 3046669 5631649 96548482 24552034 71996448 1225543 1225543 78922784 EAST RIVER ELECTRIC POWER COOPERATIVE, INC. 22340327 C COBANK 323987 C FEDERATED RURAL ELECTRIC INSURANCE CORPORATION 258423 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 765244 C RURAL ELECTRIC ECONOMIC DEVELOPMENT, INC. 77128 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 341256 C OTHER MEMBERSHIPS AND ALLOCATIONS 215799 C 24322164 DEFERRED CREDITS 1657241 POSTRETIREMENT BENEFITS 53923 1711164 X 37601857 0 37601857 0 37601857 34584067 0 34584067 2334827 2334827 36918894 PART X, LINE 2: 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 THE UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. PART XII, LINE 4B - OTHER ADJUSTMENTS: CAPITAL CREDITS ALLOCATED IN 2024 FOR 2023 2,334,827. X 0 0 0 KEN SCHLIMGEN GENERAL MANAGER 199385 0 0 0 0 0 7190 0 4341 0 210916 0 0 0 DUSTIN ROSKENS LINE SUPERINTENDENT 128490 0 0 0 0 0 58754 0 5547 0 192791 0 0 0 DEAN UHER MANAGER OF FINANCE & ADMIN 108799 0 0 0 0 0 24011 0 44489 0 177299 0 0 0 PATRICK SOUKUP MANAGER OF MEMBER SERVICES 128169 0 0 0 0 0 24317 0 6508 0 158994 0 0 0 BRIAN BULTJE MANAGER OF OPERATIONS 147328 0 0 0 0 0 5828 0 5429 0 158585 0 0 0 SCHEDULE J, PART II, COLUMN C PER THE INSTRUCTIONS, THE AMOUNT REPORTED ON SCHEDULE J, PART II, COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN, NOT THE AMOUNT PAID BY THE COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE UPDATED IN SEPTEMBER 2023 WITH THE FOLLOWING MODIFICATIONS: THE COOPERATIVE'S PURCHASE OF ELECTRIC ENERGY ADDED A CLAUSE ABOUT THE RELIABILITY TO MEMBERS TO MAKE REASONABLE EFFORTS WITH ADEQUATE AND DEPENDABLE ELECTRIC SERVICE BUT DOES NOT OR CANNOT GUARANTEE A CONTINUOUS AND UNINTERRUPTED SUPPLY. A QUORUM OF MEMBERS FOR A SPECIAL MEETING OF MEMBERS SHALL CONSIST OF FORTY MEMBERS PRESENT. THE POWER AND DUTIES OF THE BOARD WERE UPDATED TO INCLUDE THE EXERCISE OF ALL OF THE POWERS OF THE COOPERATIVE, EXCEPT SUCH AS ARE BY LAW, THE ARTICLES OF INCORPORATION, CONVERSION OR MERGER OR THESE BYLAWS CONFERRED UPON RESERVED TO THE MEMBERS. EACH DIRECTOR WILL PARTICIPATE AS NECESSARY TO ENHANCE THE PRESTIGE OF THE COOPERATIVE, BROADEN ITS OPERATION AND FULFILL ITS PUBLIC OBLIGATIONS, AND DEVOTE REASONABLE TIME AND ATTENDANCE AT MEETINGS OF AFFILIATED ORGANIZATIONS AND AT TRAINING SESSIONS DESIGNED FOR DIRECTORS AND OFFICERS. THE COOPERATIVE SET UP FORMAL PROCEDURES FOR THE REMOVAL OF DIRECTORS. A DIRECTOR QUORUM CAN BE CONSIDERED IF IN PERSON OR ELECTRONICALLY, REGARDLESS THE SIZE OF THE QUORUM, AN AFFIRMATIVE VOTE OF THE MAJORITY OF THE ENTIRE BOARD IS REQUIRED TO PASS ANY ACTION PRESENTED TO THE BOARD FOR CONSIDERATION. THE BOARD OF DIRECTORS MAY AUTHORIZE ANY OFFICERS OR AGENTS TO ENTER INTO ANY CONTRACT OR EXECUTE AND DELIVER ANY INSTRUMENT IN THE NAME AND ON BEHALF OF THE COOPERATIVE. HOWEVER, THE BOARD OF DIRECTORS MAY NOT ENTER INTO A WHOLESALE POWER SUPPLY CONTRACT WITH A NON-COOPERATIVE WHOLESALE POWER SUPPLIER UNLESS SUCH CONTRACT IS AUTHORIZED AT A MEETING OF THE MEMBERS AFFIRMED BY VOTE OF NOT LESS THAN TWO-THIRDS OF ALL THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS ONE CLASS OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS BY DISTRICT. FORM 990, PART VI, SECTION A, LINE 7B MEMBER APPROVAL IS REQUIRED FOR BYLAW CHANGES OR THE SALE OF 10% OR MORE OF THE COOPERATIVE'S PROPERTY. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED WITH THE FULL GOVERNING BOARD AT A BOARD OF DIRECTORS MEETING PRIOR TO FILING THE 990. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS AND EMPLOYEES OF THE COOPERATIVE ARE COVERED BY THE CONFLICT OF INTEREST POLICY. THE OFFICERS AND DIRECTORS ANNUALLY DISCLOSE THE INTERESTS THAT COULD RESULT IN CONFLICTS. ANY KNOWN CONFLICTS ARE REVIEWED AT A BOARD OF DIRECTORS MEETING. THE GENERAL MANAGER AND BOARD PRESIDENT SHALL ENSURE THE ENFORCEMENT OF THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION FOR THE GENERAL MANAGER INCLUDES REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS AND USE OF COMPARABILITY DATA. ALL OTHER EMPLOYEES, INCLUDING THE MANAGER OF FINANCE AND ADMINISTRATION, GO THROUGH AN ANNUAL PERFORMANCE REVIEW. THE GENERAL MANAGER REVIEWS AND APPROVES COMPENSATION FOR ALL EMPLOYEES. THE OVERALL WAGE AND SALARY PLAN IS APPROVED BY THE BOARD. A WAGE AND SALARY STUDY IS CONDUCTED EVERY 2-3 YEARS TO COMPARE AND BENCHMARK WAGES USING INDUSTRY, STATE, AND REGIONAL DATA. THE LATEST STUDY WAS CONDUCTED IN 2022. FORM 990, PART VI, SECTION C, LINE 19 THIS INFORMATION IS PROVIDED TO THE COOPERATIVE'S MEMBERS VIA A NEW MEMBER PACKET OR IN THE ANNUAL REPORT. FORM 990, PART VII, COLUMN (F) PER THE INSTRUCTIONS TO FORM 990, THE AMOUNT REPORTED IN PART VII COLUMN (F) INCLUDES THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN, NOT THE AMOUNT PAID BY THE COOPERATIVE. FORM 990, PART IX, LINE 24E, STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 5-10 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 IX, LINE 4 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 BYLAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -1,206,925. CAPITAL CREDITS ALLOCATED 2,334,827.