2026-08-28T14:49:17-05:00 2025-12-31 423603499 EIDE BAILLY ADVISORY LLC 345 N REID PL STE 400 SIOUX FALLS SD 571037077 990 2025-01-01 420723014 NORTHWEST IOWA POWER COOPERATIVE NORT 7125464141 31002 COUNTY ROAD C38 PO BOX 240 LE MARS IA 510310240 MATTHEW R WASHBURN EXECUTIVE VP & GEN MANAGER 7125464141 2026-08-27 1 LAURIE HANSON P00851848 6053391999 2026-08-27 2025 MATTHEW R WASHBURN 31002 COUNTY ROAD C38 PO BOX 240 LE MARS IA 510310240 124060780 0 X WWW.NIPCO.COOP X 1949 IA WHOLESALE ELECTRICITY SALES TO ITS MEMBER COOPERATIVES. 7 7 45 0 0 0 0 0 113729851 123110209 258946 158439 623184 792132 114611981 124060780 7367 23088 5847600 5831000 6562676 6813627 0 0 0 101544497 110745035 113962140 123412750 649841 648030 279034305 301403673 180675737 199265509 98358568 102138164 WHOLESALE ELECTRICITY SALES TO ITS MEMBER COOPERATIVES. 0 0 NIPCO IS A WHOLESALE POWER SUPPLIER TO SIX RURAL ELECTRIC DISTRIBUTION COOPERATIVES AND ONE MUNICIPAL COOPERATIVE COMPRISED OF SIX CITIES. 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 0 0 0 0 0 0 0 1 1 0 0 1 78 0 1 45 1 1 1 0 0 0 0 106724378 2836987 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 JANE SCHEITLER 7125464141 31002 COUNTY ROAD C38 PO BOX 240 LE MARS IA 510310240 X LOUIS REED PRESIDENT 10.00 0.00 X X 20210 0 0 RONALD STEINHOFF VICE PRESIDENT 10.00 0.00 X X 17530 0 0 TRENT WILL SECRETARY 8.00 0.00 X X 11080 0 0 THOMAS WAGNER TREASURER 7.00 0.00 X X 7990 0 0 BRYAN GREVE DIRECTOR 8.00 0.00 X 11100 0 0 JAMES ELSE DIRECTOR 9.00 0.00 X 14160 0 0 BRENDA LUNDERGARD DIRECTOR 9.00 0.00 X 15500 0 0 MATTHEW WASHBURN EXECUTIVE VP & GENERAL MANAGER 43.00 0.00 X 324715 0 135556 JANE SCHEITLER CFO 41.00 0.00 X 160731 0 65023 JAYME HUBER VP OF ENGINEERING SERVICE 41.00 0.00 X 187635 0 64898 STEVE SPIELER CIO 40.00 0.00 X 171654 0 56509 MARK NELSON POWER DISPATCHING MANAGER 41.00 0.00 X 143956 0 56961 THOMAS BERKENPAS TRANSMISSION SUPERINTENDENT 43.00 0.00 X 138109 0 76170 WILLIAM THOMPSON CREW FOREMAN 43.00 0.00 X 137556 0 58269 GRANT OLIVER CREW FOREMAN 43.00 0.00 X 136597 0 45122 1498523 0 558508 36 0 1 0 WATTS ELECTRIC COMPANY 13351 DOVERS ST WAVERLY NE 68462 TRANSMISSION LINE CONSTRUCTION 11299575 N&M POWER COMPANY PO BOX 644 BROKEN BOW NE 68822 SWITCH STATION CONSTRUCTION 1127170 SCHOON CONSTRUCTION INC 1500 S 2ND CHEROKEE IA 51012 FIBER BORING 147894 CASEY JACKSON CONSTRUCTION PO BOX 307 MOVILLE IA 51039 STORM ASSISTANCE 120613 CARDIS MFG CO INC 101 GRANDY DRIVE 1 SIOUX CITY IA 51106 INSTALL FENCING 104212 5 SALE OF POWER 221000 103192901 103192901 RTO SERVICE REVENUE 221000 14335758 14335758 CAPITAL CREDITS 221000 4602530 4602530 OTHER ELECTRIC REVENUE 221000 702827 702827 FIBER OPTIC SALES 517000 276193 276193 123110209 158439 158439 140387 0 140387 140387 140387 MISCELLANEOUS REVENUE 900099 651745 651745 651745 124060780 123761954 0 298826 X 23088 5831000 1002020 4648178 763871 399558 7782385 6678578 PURCHASED POWER 87299156 TRANSMISSION 5109487 STEAM GENERATION 3481004 CUSTOMER SERVICE & SALE 2068428 -1674003 123412750 5521822 4240389 11180603 11976478 219295 532431 6736294 6323269 1252503 898515 276775887 74313220 182256015 202462667 1966891 3831231 69833964 71072190 44346 44346 22572 22157 279034305 301403673 17251818 17923996 1276771 3068854 153765812 172591376 7680146 4860732 701190 820551 180675737 199265509 X 0 0 0 0 98358568 102138164 98358568 102138164 279034305 301403673 X 648030 3131566 X 0 1 X 1 0 1393895 1393895 15679712 5041241 10638471 252741191 69271979 183469212 6961089 6961089 202462667 BASIN ELECTRIC POWER COOPERATIVE - PATRONAGE CAPITAL CREDITS 66654415 C NRUCFC - PATRONAGE CAPITAL CREDITS 1095381 C COBANK - PATRONAGE CAPITAL CREDITS 1022815 C FEDERATED RURAL ELECTRIC INSURANCE - PATRONAGE CAPITAL CREDITS 376716 C OTHER ASSOCIATED COMPANIES - PATRONAGE CAPITAL CREDITS 158204 C NRUCFC - SUBORDINATE CERTIFICATES 1262124 C NRUCFC - MEMBER CAPITAL SECURITIES 500000 C INVESTMENTS IN ASSOCIATED COMPANIES - OTHER INVESTMENTS 2535 C 71072190 ACCUMULATED PROVISION FOR PENSION & BENEFITS 820551 820551 X 124060780 0 124060780 0 124060780 117581750 0 117581750 5831000 5831000 123412750 PART X, LINE 2: THE COOPERATIVE EVALUATES ITS TAX POSITIONS THAT HAVE BEEN TAKEN OR ARE EXPECTED TO BE TAKEN ON INCOME TAX RETURNS TO DETERMINE IF AN ACCRUAL IS NECESSARY FOR UNCERTAIN TAX POSITIONS. AS OF DECEMBER 31, 2025 AND 2024, THE UNRECOGNIZED TAX BENEFITS ACCRUAL WAS ZERO. THE COOPERATIVE WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2025 MARGINS TO MEMBERS IN 2026 5,831,000. 1 LIFE SKILLS TRAINING CENTER 1510 INDUSTRIAL RD SW LE MARS IA 51031 420999011 501(C)(3) 15000 0 DONATION TO BUILDING RENOVATION PROJECT 1 0 PART I, LINE 2: NIPCO WILL OCCASSIONALLY GIVE BIGGER DONATIONS TO PROJECTS IN OUR SERVICE TERRITORY. LIFE SKILLS TRAINING CENTER, A CENTER FOR INDIVIDUALS WITH DISABILITIES, INITIATED A RENOVATION PROJECT OF AN EXISTING BUILDING THAT THEY PURCHASED TO BE USED FOR DAY REHABILITATION SERVICES FOR CLIENTS. THESE CLIENTS ARE FROM PLYMOUTH COUNTY AND SURROUNDING COUNTIES. THE DONATION WAS GIVEN TO HELP WITH THEIR FUND DRIVE TO PAY FOR THE BUILDING RENOVATION. 1 X X 0 1 0 MATTHEW WASHBURN EXECUTIVE VP & GENERAL MANAGER 322860 0 254 0 1601 0 107456 0 31921 0 464092 0 0 0 JAYME HUBER VP OF ENGINEERING SERVICE 184149 0 254 0 3232 0 42404 0 25195 0 255234 0 0 0 STEVE SPIELER CIO 169887 0 271 0 1496 0 35089 0 23963 0 230706 0 0 0 JANE SCHEITLER CFO 159650 0 271 0 810 0 35158 0 32324 0 228213 0 0 0 THOMAS BERKENPAS TRANSMISSION SUPERINTENDENT 135595 0 271 0 2243 0 45975 0 32418 0 216502 0 0 0 MARK NELSON POWER DISPATCHING MANAGER 141003 0 271 0 2682 0 47361 0 11824 0 203141 0 0 0 WILLIAM THOMPSON CREW FOREMAN 136274 0 271 0 1011 0 32726 0 27585 0 197867 0 0 0 GRANT OLIVER CREW FOREMAN 136005 0 271 0 321 0 17522 0 29642 0 183761 0 0 0 PART I, LINE 4B INVESTMENT GAINS/(LOSSES) IN SUPPLEMENT NON-QUALIFIED RETIREMENT PLAN: MATTHEW WASHBURN $32,501.30 JAYME HUBER $4,695.99 JANE SCHEITLER $5,111.93 STEVE SPIELER $5,597.32 SCHEDULE J, PART II, COLUMN C PER THE INSTRUCTIONS, COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR PERSONS LISTED IN SCHEDULE J, PART II. ACTUAL EXPENSE OF THE PLAN MAY BE SIGNIFICANTLY DIFFERENT FROM THE CHANGE IN ACTUARIAL VALUE. ACTUAL EXPENSES OF THE PLAN ARE AS FOLLOWS: MATTHEW WASHBURN $58,055 JANE SCHEITLER $20,342 JAYME HUBER $23,198 MARK NELSON $25,737 WILLIAM THOMPSON $22,548 STEVE SPIELER $21,336 THOMAS BERKENPAS $25,717 GRANT OLIVER $15,391 CHANGES IN ACTUARIAL VALUES ARE AS FOLLOWS: MATTHEW WASHBURN $88,181 JANE SCHEITLER $25,302 JAYME HUBER $31,200 MARK NELSON $43,088 WILLIAM THOMPSON $28,526 STEVE SPIELER $24,808 THOMAS BERKENPAS $41,705 GRANT OLIVER $13,321 FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE HAS TWO CLASSES OF MEMBERS. CLASS A MEMBERS EACH APPOINT ONE MEMBER OF THE BOARD OF DIRECTORS AND EACH OF THOSE DIRECTORS HAS ONE VOTE. CLASS A MEMBERS ARE ALSO ALLOCATED PATRONAGE CAPITAL BASED ON A PRO-RATA SHARE OF THEIR PURCHASES OF ELECTRICITY. CLASS B MEMBERS DO NOT HAVE REPRESENTATION ON THE BOARD OF DIRECTORS, BUT DO RECEIVE ALLOCATIONS OF PATRONAGE CAPITAL. FORM 990, PART VI, SECTION A, LINE 7A EACH OF THE COOPERATIVE'S CLASS A MEMBERS HAS THE RIGHT TO APPOINT ONE REPRESENTATIVE TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE COOPERATIVE'S BY-LAWS AND ARTICLES OF INCORPORATION MUST BE AUTHORIZED BY A MAJORITY VOTE OF THE MEMBERSHIP. ALSO, THE COOPERATIVE MAY NOT SELL, MORTGAGE, LEASE, OR OTHERWISE DISPOSE OF ITS PROPERTY UNLESS AUTHORIZED AT A MEETING OF THE MEMBERS BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE BOARD OF DIRECTORS OF NIPCO SERVES AS ALL COMMITTEES FOR THE COOPERATIVE. COMMITTEES INCLUDE AUDIT COMMITTEE, TAX COMMITTEE AND LABOR COMMITTEE. ALL ACTIONS ARE APPROVED DURING NORMAL BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 11B JANE SCHEITLER, CFO, WILL REVIEW THE COMPLETED FORM 990 AND PRESENT THE FORM 990 TO THE BOARD OF DIRECTORS PRIOR TO ITS ISSUANCE. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO DIRECTORS AND OFFICERS. DIRECTORS AND OFFICERS ARE RESPONSIBLE FOR INFORMING THE EXECUTIVE VP & GENERAL MANAGER OF ANY POTENTIAL CONFLICTS. THE EXECUTIVE VP & GENERAL MANAGER WILL DETERMINE WHETHER THE SITUATION IS A CONFLICT AND WHAT ACTION IS NECESSARY TO MITIGATE THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE EXECUTIVE VP & GENERAL MANAGER IS SET ANNUALLY BY THE BOARD OF DIRECTORS. AN ANNUAL UPDATE FOR COMPARABLE WAGES IS RECEIVED FROM NRECA EVERY YEAR. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE FOR PUBLIC INSPECTION 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 COMPENSATED EMPLOYEES INCLUDED ON FORM 990 PART VII. 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: ALLOCATION OF 2025 MARGINS TO MEMBERS IN 2026 5,831,000. RETIREMENT OF CAPITAL CREDITS -2,699,434. 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. IOWA COOPERATIVES FOR ENERGY EFFICIENCY 1300 13TH ST N PO BOX 508 HUMBOLDT IA 50548 920667865 ENERGY EFFICIENCY CONFERENCE IA NORTHWEST IOWA POWER COOPERATIVE UNRELATED -5012 3664 0 1 0.50000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0