2025-09-02T13:33:56-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2024-01-01 420287740 GRUNDY COUNTY RURAL ELECTRIC COOPERATIVE GRUN 3198245251 303 N PARK AVE GRUNDY CENTER IA 50638 MICHAEL GEERDES CEO 3198245251 2025-08-31 1 1 KATHERINE LUTZKE CPA P01760889 5072802300 2025-08-31 2024 2025-03-06 01:10:19Z MICHAEL GEERDES 303 N PARK AVE GRUNDY CENTER IA 50638 10275054 0 X N/A X 1937 IA SALE OF DEPENDABLE, RELIABLE ELECTRICITY AND SERVICES TO OUR MEMBERS. 7 7 15 0 -323 0 0 0 9400127 9524975 31492 28969 818871 721110 10250490 10275054 0 0 886551 1042985 1362935 1379181 0 0 0 8001307 7852211 10250793 10274377 -303 677 27173178 28388987 13952742 14362263 13220436 14026724 PROVIDING DEPENDABLE, AFFORDABLE ELECTRIC SERVICE TO RURAL FAMILIES, FARMS AND INDUSTRIES IN GRUNDY, BLACK HAWK, MARSHALL, TAMA, BUTLER AND HARDIN COUNTIES. 0 0 SALE OF DEPENDABLE, RELIABLE ELECTRICITY AND SERVICES TO OUR MEMBERS. 0 0 0 0 0 0 0 0 0 1 1 0 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 1 1 0 0 1 12 0 1 15 1 0 0 0 0 0 9558561 750850 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X JEFF BROPHY 3198245251 303 N PARK AVE GRUNDY CENTER IA 50638 NICK STROHBEHN PRESIDENT 1.52 0.00 X X 6200 0 0 KEVIN PRUISNER VICE PRESIDENT 3.85 0.00 X X 10250 0 0 MATT KOPRIVA SECRETARY 1.38 0.00 X X 5925 0 0 NORBERT BOYLE TREASURER 3.25 0.00 X X 10225 0 0 JASON PAPER ASST. TREASURER/SECRETARY 1.17 0.00 X X 4300 0 0 LARRY ROHACH DIRECTOR 4.15 0.00 X 9500 0 0 ROGER BROWN DIRECTOR 0.89 0.00 X 4875 0 0 MICHAEL GEERDES GENERAL MANAGER/CEO 40.00 0.00 X 109452 0 55789 160727 0 55789 1 0 1 0 LIBERTY LINE BUILDERS INC 123 PINE LODGE RD MONTEZUMA IA 50171 ELECTRICAL LINE SERVICES 1044967 1 SALE OF ELECTRICITY 221000 9524975 9524975 9524975 28969 28969 14789 0 14789 14789 G & T CAPITAL CREDITS 900099 632113 632113 OTHER CREDITS 900099 75074 75074 K-1 INCOME/LOSS FROM ICR 900099 -323 -323 -543 -543 706321 10275054 10232162 -323 43215 X 1042985 216516 400342 233807 445456 83060 395440 734226 COST OF POWER 6189569 OPERATION 441599 DISTRIBUTION MAINTENANC 355847 SALES EXPENSE 160040 -424510 10274377 1013642 1143406 407974 422776 1245538 967935 335928 333482 155483 208374 139442 204653 26577496 7820558 17878729 18756938 5996442 6351423 27173178 28388987 721954 866236 13139112 13398127 91676 97900 13952742 14362263 X 0 0 5069312 5156320 8151124 8870404 13220436 14026724 27173178 28388987 X 677 805611 X 0 1 X 1 1 1 60000 60000 21711095 5935691 15775404 4072406 1884867 2187539 733995 733995 18756938 INVESTMENT IN PARTNERSHIP 255443 F CAPITAL TERM CERTIFICATES-NRUCFC 296741 F INVESTMENT IN ASSOCIATED ORGANIZATIONS 5799239 F 6351423 CUSTOMER DEPOSITS 43459 POST-RETIREMENT BENEFITS PLAN 54441 97900 X 10275377 0 10275377 -323 -323 10275054 9231392 0 9231392 1042985 1042985 10274377 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE AND A SIMILAR SECTION OF THE IOWA INCOME TAX LAW. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED AT DECEMBER 31, 2024 AND 2023. THE COOPERATIVE FILES INFORMATION RETURNS IN THE U.S. FEDERAL JURISDICTION. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2024 AND 2023. PART XI, LINE 4B - OTHER ADJUSTMENTS: INCOME (LOSS) FROM ICR -323. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE DIVIDENDS ALLOCATED 1,042,985. X X 0 0 0 MICHAEL GEERDES GENERAL MANAGER/CEO 109452 0 0 0 0 0 8341 0 47448 0 165241 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS HAVE TO RECEIVE ELECTRICITY FROM GRUNDY COUNTY REC. GRUNDY COUNTY REC IS A NOT-FOR-PROFIT ORGANIZATION, AND ANY MARGINS ARE ALLOCATED BACK TO THE MEMBERSHIP ON A PROPORTIONATE AMOUNT BASED ON SALES. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS ELECT DIRECTORS EACH YEAR ON A ROTATING BASIS AT THE ANNUAL MEMBERSHIP MEETING IN SEPTEMBER. ONE MEMBERSHIP EQUALS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B AS DETAILED IN THE ARTICLES OF INCORPORATION, ALTERING THE ARTICLES OF INCORPORATION REQUIRES A VOTE BY THE MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. THE RETURN IS THEN PRESENTED TO THE BOARD FOR REVIEW. IF CHANGES ARE REQUIRED THIS IS DONE BEFORE FILING THE TAX RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REVIEWS ANNUALLY IF THERE ARE ANY CONFLICTS OF INTEREST. DIRECTORS AND EMPLOYEES ARE QUESTIONED ABOUT NEW OR OLD SITUATIONS THAT EXIST IN THE ORGANIZATION. IF CONFLICTS ARISE THEY WOULD BE PROPERLY DOCUMENTED. FORM 990, PART VI, SECTION B, LINE 15A THE SALARY OF THE GENERAL MANAGER IS DETERMINED USING COMPARABILITY DATA. THE GENERAL MANAGER NEGOTIATES AN AMOUNT OF MONEY FOR ANNUAL RAISES FOR ALL OTHER EMPLOYEES. THE WAGE INCREASES ARE THEN DISTRIBUTED TO THE EMPLOYEES BY THE GENERAL MANAGER AS HE SEES FIT. THE GENERAL MANAGER DOES CALL AROUND TO OTHER SURROUNDING COOP GENERAL MANAGERS, AND COMPARES WAGES WITH THEM. THE AGREED UPON AMOUNT OF WAGE INCREASES IS STATED AS A DOLLAR AMOUNT, OR A PERCENTAGE OF TOTAL SALARIES (NOT INCLUDING THE GENERAL MANAGER). ALL FINAL DECISIONS REGARDING ALL COMPENSATION REQUIRES A FORMAL DECISION BY THE BOARD IN THE FORM OF A MOTION AND VOTE. FORM 990, PART VI, SECTION C, LINE 19 THE DOCUMENTS ARE ON FILE AT THE COOPERATIVE'S MAIN HEADQUARTER'S BUILDING. THEY ARE AVAILABLE FOR EXAMINATION UPON REQUEST FOR A LEGITIMATE PURPOSE. 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 AND IN PART XII ON SCHEDULE D. FORM 990, PART XI, LINE 9: RETIRED CAPITAL CREDITS -8,235. PATRONAGE DIVIDENDS ALLOCATED 1,042,985. PATRONAGE DIVIDENDS PAID -255,569. DONATED CAPITAL 26,107. INCOME/LOSS FROM ICR 323. GRUNDY COUNTY INDUSTRIAL PARK LC 303 N PARK AVE GRUNDY CENTER IA 50638 421507483 INDUSTIAL PARK MANAGEMENT IA N/A RELATED -543 255158 0 0 0.50000 NEW INITIATIVES INC 303 N PARK AVE GRUNDY CENTER IA 50638 421502721 ECONOMIC DEVELOPMENT IA GRUNDY COUNTY RURAL ELECTRIC COOPERATIVE C 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 NO TRANSACTIONS GREATER THAN 50000