2026-06-08T14:56:05-05:00 2025-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2025-01-01 421404169 NORTH WEST RURAL ELECTRIC COOPERATIVE NORT 7127074935 PO BOX 435 ORANGE CITY IA 51041 LYLE D KORVER CEO 7127074935 2026-06-08 1 LAURIE HANSON CPA P00851848 6053391999 2026-05-18 2025 2025-03-06 01:10:19Z LYLE D KORVER PO BOX 435 ORANGE CITY IA 51041 67016511 0 X WWW.NWREC.COOP X 1938 IA PROVIDE ELECTRICITY TO ITS MEMBERS. 11 11 43 0 -412 0 0 0 61117768 66258037 363537 314946 10331 80454 61491636 66653437 55708 53725 3500000 3100000 5166087 5427912 0 0 0 51056506 56689437 59778301 65271074 1713335 1382363 153360780 157482544 82960634 83791388 70400146 73691156 WE WILL SAFELY AND EFFICIENTLY PROVIDE RELIABLE AND AFFORDABLE ELECTRIC SERVICE TO OUR MEMBERS. 0 0 PURCHASE AND DISTRIBUTION OF ELECTRIC POWER TO MEMBERS. NORTH WEST REC SERVES 7,397 MEMBERS OVER 3,740 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 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 23 0 1 43 1 0 0 0 0 0 64321257 1920347 0 0 0 X 11 11 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 1 1 X LYLE KORVER 7127074935 PO BOX 435 ORANGE CITY IA 510410435 X JEFF REHDER PRESIDENT 8.00 X X 10900 0 0 DALE ULLRICH VICE PRESIDENT 5.00 X X 8675 0 0 STEVE BROWN SECRETARY 5.00 X X 8805 0 0 TOM WAGNER TREASURER 5.00 X X 8880 0 0 SHIRLEY SCHROEDER ASSISTANT SECRETARY/TREASURER 5.00 X X 11570 0 0 STEVE ABMA DIRECTOR 5.00 X 9205 0 0 DOUGLAS BECKER DIRECTOR (UNTIL MAR 2025) 5.00 X 1300 0 0 DAVE BOSMA DIRECTOR 6.00 X 8295 0 0 SCOTT FEUERHELM DIRECTOR 5.50 X 6980 0 0 DAN HOFFMAN DIRECTOR 7.00 X 8655 0 0 DAN VAN BEEK DIRECTOR 5.00 X 7200 0 0 DAVID BRUGGEMAN DIRECTOR (AS OD APR 2025) 5.00 X 6355 0 0 LYLE D KORVER CEO 43.90 X 310395 0 65961 CURTIS F AHRENHOLZ FINANCE DIRECTOR 41.30 X 152817 0 39839 DOUGLAS J ALONS OPERATIONS DIRECTOR 40.20 X 143342 0 32521 DERRICK W HAAK ASSISTANT OPERATIONS DIRECTOR 40.20 X 132204 0 33933 ROBERT J DRIESEN MEMBER SERVICES DIRECTOR 40.50 X 129538 0 34306 MICHAEL A BERKENPAS OPERATIONS FIELD SUPERVISOR 44.60 X 135723 0 32279 ANTHONY J ROLFES LEAD LINEMAN 43.90 X 126360 0 33042 1227199 0 271881 23 0 1 0 H&D UNDERGROUND INC 24434 240TH ST SLEEPY EYE MN 56085 URD BORING & PLOWING 124814 1 SALE OF POWER 221000 63257740 63257740 CAPITAL CREDITS 221000 3072660 3072660 EQUITY EARNINGS 221000 -72363 -72363 66258037 296116 296116 18830 0 18830 18830 18830 374201 363074 11127 11127 MISC.NON-OP.REVENUE - 221000 69739 69739 INCOME (LOSS) FROM LLC 221000 -412 -412 69327 66653437 66269164 -412 384685 X 53725 3100000 690737 12025 3736358 674435 314357 2747118 3553754 COST OF POWER 49312824 ADMIN & GENERAL 1915100 DISTRIBUTION-MAINTENANC 1809668 DISTRIBUTION-OPERATIONS 1688890 -4337917 65271074 9327901 7226259 8455653 9559938 7604128 7496709 2640036 1938629 73791 74732 122579657 32859828 85628139 89719829 43315 43180 2215117 2617754 37285495 38703782 51013 51013 36192 50719 153360780 157482544 6623114 5965573 60539029 64517624 5000000 5000000 10798491 8308191 82960634 83791388 X 0 0 0 0 70400146 73691156 70400146 73691156 153360780 157482544 X 1382363 1908647 X 0 1 X 1 0 0 218059 218059 4139201 1801561 2337640 8411375 5289346 3122029 109811022 25768921 84042101 89719829 NORTHWEST IOWA POWER COOPERATIVE 33528378 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 3885420 C FEDERATED RURAL ELECTRIC INSURANCE 195873 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 218666 C RESCO 676713 C OTHER MISCELLANEOUS INVESTMENTS 198732 C 38703782 POSTRETIREMENT BENEFIT OBLIGATION 250811 CUSTOMER DEPOSITS 427008 DEFERRED CREDITS 7630372 8308191 X 66647126 -6311 -6311 66653437 0 66653437 62164763 -6311 -6311 62171074 3100000 3100000 65271074 PART X, LINE 2: THE COOPERATIVE HAS EVALUATED WHETHER IT WAS NECESSARY TO RECOGNIZE ANY BENEFIT FROM UNCERTAIN TAX POSITIONS IN CURRENTLY OPEN TAX PERIODS AND DETERMINED THAT THERE ARE NO MATERIAL UNCERTAINTIES WITHIN ITS FILED TAX RETURNS. AS OF DECEMBER 31, 2025 AND 2024, THE UNRECOGNIZED TAX BENEFIT ACCRUAL WAS ZERO. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XI, LINE 2D - OTHER ADJUSTMENTS: WIRELESS INTERNET - LABOR - OFFICE STAFF -6,311. PART XII, LINE 2D - OTHER ADJUSTMENTS: WIRELESS INTERNET - LABOR - OFFICE STAFF -6,311. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2025 MARGINS TO MEMBERS IN 2026 3,100,000. 1 NORTHWEST IOWA COMMUNITY COLLEGE FOUNDATION 603 W PARK STREET SHELDON IA 51201 421275893 501(C)(3) 7500 0 POWERLINE PROGRAM 1 0 PART I, LINE 2: THE BOARD APPROVES GRANTS. NO FURTHER MONITORING IS DONE AS THE GRANTS ARE NOT CONDITIONAL. X X 0 0 0 LYLE D KORVER CEO 296700 0 0 0 13695 0 45867 0 22370 0 378632 0 0 0 CURTIS F AHRENHOLZ FINANCE DIRECTOR 148791 0 0 0 4026 0 17491 0 23664 0 193972 0 0 0 DOUGLAS J ALONS OPERATIONS DIRECTOR 141919 0 0 0 1423 0 8080 0 25720 0 177142 0 0 0 MICHAEL A BERKENPAS OPERATIONS FIELD SUPERVISOR 135486 0 0 0 237 0 5381 0 27896 0 169000 0 0 0 DERRICK W HAAK ASSISTANT OPERATIONS DIRECTOR 131790 0 0 0 414 0 6069 0 29034 0 167307 0 0 0 ROBERT J DRIESEN MEMBER SERVICES DIRECTOR 127806 0 0 0 1732 0 6622 0 28822 0 164982 0 0 0 ANTHONY J ROLFES LEAD LINEMAN 126135 0 0 0 225 0 4878 0 29113 0 160351 0 0 0 SCHEDULE J, PART II, COLUMN C PER THE INSTRUCTIONS FOR FORM 990, SCHEDULE J, PART II, COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN RATHER THAN THE ACTUAL COST OF THE BENEFIT. PATRICIA AHRENHOLZ SPOUSE 12025 CONTRACTED JANITORIAL SERVICES 0 FORM 990, PART VI, SECTION A, LINE 6 ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A ONE CLASS OF MEMBERSHIP WITH EACH MEMBER RECEIVING ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B ONE CLASS OF MEMBERSHIP WITH EACH MEMBER RECEIVING ONE VOTE TO MAKE CHANGES TO THE ARTICLES OF INCORPORATION. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES WITH BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS GIVEN TO THE BOARD MEMBERS AND REVIEWED DURING A MEETING OF THE GOVERNING BOARD. THE FORM 990 IS FILED WITH THE IRS SUBSEQUENT TO THE SAID BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST DISCLOSURE STATEMENTS ARE COMPLETED ANNUALLY. PERSONS COVERED BY THE POLICY INCLUDE BOARD DIRECTORS AND ALL EMPLOYEES. MANAGEMENT AND SUPERVISORS DETERMINE WHETHER A CONFLICT EXISTS. MANAGEMENT AND BOARD DIRECTORS REVIEW AND INVESTIGATE ACTUAL CONFLICTS. PERSONS WITH A CONFLICT ARE RESTRICTED FROM DECISION MAKING. APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION IS TAKEN. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS DETERMINES COMPENSATION FOR THE CEO UTILIZING NRECA COMPENSATION SURVEY DATA. THE COMPENSATION PROCESS IS COMPLETED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 18 FORM 990 IS AVAILABLE FOR PUBLIC INSPECTION AT EACH LOCATION. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE INCLUDED IN THE ANNUAL REPORT MAILED TO ALL MEMBERS, AND IT IS ALSO AVAILABLE ON THE COOPERATIVE'S WEBSITE. THE ARTICLES OF INCORPORATION AND BYLAWS ARE AVAILABLE ON OUR WEBSITE. THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST. FORM 990, PART VII, COLUMN F, OTHER COMPENSATION: INCLUDED IN OTHER COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR THE CEO. THE CURRENT YEAR INCREASE OR DECREASE DOES NOT REPRESENT CURRENT YEAR CONTRIBUTIONS TO THE PLAN. RATHER, IT IS AN ESTIMATE OF THE INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE PLAN AS CALCULATED BY THE PLAN ADMINISTRATOR. 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 XI, LINE 9: CAPITAL CREDIT RETIREMENTS -1,470,381. DONATED CAPITAL CREDITS AND OTHER CHANGES 279,028. ALLOCATION OF 2025 MARGINS TO MEMBERS IN 2026 3,100,000. FORM 990, PART IX, LINE 4, BENEFITS PAID TO OR FOR MEMBERS: 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 BY-LAWS OF THE COOPERATIVE.