2024-10-29T09:46:39-05:00 2023-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2023-01-01 410473341 PEOPLE'S COOPERATIVE SERVICES PEOP 5073677000 1775 LAKE SHADY AVENUE SOUTH ORONOCO MN 55960 DODY WUBKER CFO 5073677000 2024-10-25 1 0 DAVID HOLT P00014251 7017754685 2024-10-25 2023 2024-10-15 13:58:12Z PEOPLE'S ENERGY COOPERATIVE DODY WUBKER 1775 LAKE SHADY AVENUE SOUTH ORONOCO MN 55960 55740351 0 X WWW.PEOPLESENERGY.COOP X 1936 MN TO DISTRIBUTE ELECTRICITY TO THE MEMBERS OF THE ELECTRIC COOPERATIVE. 7 7 73 0 72925 60665 0 0 54703554 53794420 2046415 178568 1230278 1598101 57980247 55571089 0 0 2144867 2916899 681092 634214 0 0 0 50937765 51753008 53763724 55304121 4216523 266968 177175352 183327546 111011044 115076788 66164308 68250758 TO DISTRIBUTE ELECTRICITY TO THE MEMBERS OF THE ELECTRIC COOPERATIVE. 0 0 THE PRIMARY PURPOSE OF THE COOPERATIVE IS TO BUY ELECTRIC ENERGY AND SELL ELECTRIC ENERGY TO ITS MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 1 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 1 1 1 0 0 1 115 0 1 73 1 1 1 0 0 0 0 52686393 2024608 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X DODY WUBKER 5073677024 1775 LAKE SHADY AVENUE SOUTH ORONOCO MN 55960 X JEROME WOONER BOARD CHAIR 13.00 X 19600 0 0 ROBERT J HOEFS DIRECTOR (RETIRED 3/23/23) 8.90 X 4642 0 0 ART FRIEDRICH DIRECTOR 9.60 X 17550 0 0 TRACY LAURITZEN SECRETARY/TREASURER 18.40 X 27475 0 0 JEFFERY ORTH DIRECTOR 8.60 X 16175 0 0 JODIE TVEDT BOARD VICE CHAIR 12.40 X 20600 0 0 JONATHAN KROENING DIRECTOR 11.90 X 16050 0 0 JOHN D WINTER DIRECTOR (NEW 3/23/23) 9.00 X 16933 0 0 MICHAEL J HENKE CEO/PRESIDENT 50.00 X 258679 0 136114 DODY WUBKER CFO (NEW 5/22/23) 50.00 X 89050 0 37882 MICHELLE OLSON DIRECTOR OF MEMBER SERVICES 50.00 X 142343 0 73464 TYLER STEINBRINK LINEWORKER 54.00 X 151219 0 50089 PATRICK NELSON DIR. OF ENGR & OPERATIONS (TERMED 10/13/23) 50.00 X 152426 0 51396 GWEN STEVENS DIRECTOR OF COOPERATIVE RELATIONS 50.00 X 144163 0 74197 BRIAN IDEKER LEAD LINEWORKER 45.00 X 126226 0 31000 1203131 0 454142 26 0 1 0 NEW AGE TREE SERVICE OF MN INC 601 E MAIN ST PO BOX 543 SPRING GROVE MN 55974 TREE CLEARING 1469935 HIGHLINE CONSTRUCTION 16124 OLD LAKE RD PAYNESVILLE MN 56362 LINE CONSTRUCTION 939877 MASTEC NETWORK SOLUTIONS LLC PO BOX 70 SHEVLIN MN 56676 LINE CONSTRUCTION 805890 E & J UNDERGROUND LLC 15305 HILLSIDE LANE SE CHATFIELD MN 55923 LINE CONSTRUCTION 716098 CARR'S TREE SERVICE PO BOX 250 OTTERTAIL MN 56571 TREE CLEARING 617325 6 SALE OF POWER 221000 53794420 53794420 53794420 154046 154046 400 0 400 400 400 113060 88538 24522 24522 24522 100412 80724 19688 19688 CAPITAL CREDIT 900099 1521869 1521869 OTHER REVENUE 531390 56144 -16781 72925 1578013 55571089 55343718 72925 154446 2916899 634214 3173523 5593119 COST OF POWER 31210702 DISTRIBUTION EXPENSE - 3623709 DISTRIBUTION EXPENSE - 3419024 ADMINISTRATION EXPENSE 2384318 2348613 55304121 2120121 1650450 286 917 5993359 5031170 2975396 3223351 314976 184519 192141272 40627776 144788532 151513496 597972 527315 20375289 21186907 9421 9421 177175352 183327546 5498670 5559094 2702293 2341261 101567678 106002652 1242403 1173781 111011044 115076788 X 0 0 0 0 66164308 68250758 66164308 68250758 177175352 183327546 X 266968 1819482 X X 0 1 X 1 0 462227 462227 8813479 1848397 6965082 180460792 38779379 141681413 2404774 2404774 151513496 NRUCFC-CAPITAL TERM CERTIFICATES 776474 C DAIRYLAND POWER COOPERATIVE 14910324 C NFUCFC-PATRONAGE CAPITAL CREDITS 275415 C NRTC-PATRONAGE CAPITAL CREDITS 378615 C INVESTMENT IN ECONOMIC DEVELOPMENTS 421668 C MEMBERSHIPS & OTHER INVESTMENTS 3901655 C SMEC PATRONAGE 479410 C COMMUNITY SOLAR PROJECT 43346 C 21186907 CONSUMER DEPOSITS 479822 ACCUMULATED PROVISION FOR PENSION 693959 1173781 X PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES. THE COOPERATIVE'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANTIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS, AND OTHER EVIDENCE. IT IS THE OPINION OF MANAGEMENT THAT THE COOPERATIVE HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE FEDERAL INCOME TAX RETURNS OF THE COOPERATIVE ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. ALL FILINGS ARE CURRENT. X X X X 0 0 0 MICHAEL J HENKE CEO/PRESIDENT 248533 0 154 0 9992 0 97866 0 40592 0 397137 0 0 0 GWEN STEVENS DIRECTOR OF COOPERATIVE RELATIONS 143566 0 162 0 435 0 36599 0 39674 0 220436 0 0 0 MICHELLE OLSON DIRECTOR OF MEMBER SERVICES 141514 0 162 0 667 0 37501 0 38512 0 218356 0 0 0 PATRICK NELSON DIR. OF ENGR & OPERATIONS (TERMED 10 152178 0 0 0 248 0 21885 0 31098 0 205409 0 0 0 TYLER STEINBRINK LINEWORKER 150858 0 210 0 151 0 14126 0 36212 0 201557 0 0 0 BRIAN IDEKER LEAD LINEWORKER 125613 0 162 0 451 0 31000 0 1542 0 158768 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN C ON THE SCHEDULE OF OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES, COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION, INCLUDES THE ESTIMATED CURRENT YEAR INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THESE AMOUNTS DO NOT REPRESENT ANY CURRENT YEAR CONTRIBUTIONS TO THE PLAN. THEY ARE ESTIMATES OF THE INCREASE IN THE ACTUARIAL VALUE OF THE PLANS RECEIVED FROM THE NRECA. THE CURRENT YEAR EXPENSE AND ESTIMATED ACTUARIAL INCREASE IN THE VALUE OF THE DEFINED BENEFIT PLAN FOR THE OFFICERS AND FIVE HIGHEST COMPENSATED EMPLOYEES ARE REFLECTED IN THE SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F. FORM 990, PART VI, SECTION A, LINE 6 EACH CUSTOMER IS A MEMBER OF THE ELECTRIC COOPERATIVE AND HAS VOTING RIGHTS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7A EACH CUSTOMER IS A MEMBER OF THE ELECTRIC COOPERATIVE AND MAY ELECT MEMBERS OF THE GOVERNING BODY. EACH MEMBER IS ALLOWED ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B BYLAW CHANGES MUST ALSO BE APPROVED BY A VOTE OF THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND CFO WILL REVIEW THE 990 AND CONDUCT A REVIEW WITH THE BOARD BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS AND KEY EMPLOYEES ANSWER A QUESTIONAIRE REGARDING BUSINESS RELATIONSHIPS, FAMILY RELATIONSHIPS AND INDEPENDENCE. DIRECTORS AND EMPLOYEES WITH A CONFLICT MAY FACE APPROPRIATE SANCTION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD'S PROCESS FOR DETERMINING CEO COMPENSATION IS BASED ON RESULTS OF A WRITTEN PERFORMANCE EVALUATION COMPLETED BY ALL BOARD MEMBERS, THEN SUMMARIZED. COMPENSATION IS THEN DETERMINED BY COMPARING REGIONAL SALARY LEVELS FOR CEOS BASED ON COMPANY SIZE WITH CURRENT CEO'S SALARY AND PERFORMANCE. COMPENSATION OF OFFICERS AND KEY EMPLOYEES ARE BASED UPON AN APPROVED EMPLOYEE COMPENSATION ADMINISTRATION POLICY AND A COMPENSATION PLAN, BOTH APPROVED BY THE BOARD OF DIRECTORS. THE DATA USED IN THE COMPENSATION PLAN IS COLLECTED FROM THE NRECA NATIONAL COMPENSATION SURVEY, THE ECONOMIC RESEARCH INSTITUTE'S (ERI) SALARY SURVEY, AND THE COMPDATA UTILITY SURVEY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII, SECTION A, COLUMN (F) INCLUDED IN COLUMN (F), ESTIMATED AMOUNT OF OTHER COMPENSATION FROM THE ORGANIZATION AND RELATED ORGANIZATIONS, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THE ESTIMATED INCREASE IS $77,643 FOR MICHAEL HENKE, $12,458 FOR DODY WUBKER, $5,711 FOR TYLER STEINBRINK, $11,598 FOR PATRICK NELSON, $25,678 FOR MICHELLE OLSON, $24,527 FOR GWEN STEVENS, AND $22,662 FOR BRIAN IDEKER. THESE AMOUNTS ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. THE CURRENT YEAR EXPENSE FOR THIS DEFINED BENEFIT PLAN WAS $46,718 FOR MICHAEL HENKE, $13,083 FOR DODY WUBKER, $17,461 FOR TYLER STEINBRINK, $24,506 FOR PATRICK NELSON, $26,449 FOR MICHELLE OLSON, $26,449 FOR GWEN STEVENS, AND $17,969 FOR BRIAN IDEKER. FORM 990, PART XI, LINE 9: PATRONAGE DIVIDENDS ALLOCATED 2,916,899. ACCUMULATED OTHER COMPREHENSIVE INCOME 83,275. PATRONAGE CAPITAL RETIRED -1,308,564. BOOK TO TAX DIFFERENCE - HSS 36,784. BOOK TO TAX DIFFERENCE MINNESOTA THREE -24,765. BOOK TO TAX DIFFERENCE - FEDAC 118,405. BOOK TO TAX DIFFERENCE-PEC SOLAR -2,552. FORM 990, PART XII, LINE 2C THE COOPERATIVE'S BOARD OF DIRECTORS ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF ITS INDEPENDENT ACCOUNTANT. FORM 990, PART IX, LINE 4 THE IRS INSTRUCTIONS STATE THAT PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS SHOULD BE REPORTED ON LINE 4. THE ORGANIZATION HAS INTERPRETED PATRONAGE DIVIDENDS PAID TO MEAN PATRONAGE DIVIDENDS ALLOCATED OR TO BE ALLOCATED FOR THE CURRENT YEAR. SINCE THIS ALLOCATION IS NOT AN EXPENSE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP), THIS HAS RESULTED IN A RECONCILING ITEM TO NET ASSETS IN PART XI ON PAGE 12 OF THE FORM 990. 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