2022-09-12T10:08:45-05:00 2021-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2021-01-01 411857633 LAKE COUNTRY POWER LAKE 2187425748 26039 BEAR RIDGE DRIVE COHASSET MN 55721 MARK BAKK GENERAL MANAGER 2187425748 2022-08-30 1 MARK BAKK 999009999 DAVID HOLT P00014251 7017754685 2022-08-30 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z MARK BAKK 26039 BEAR RIDGE DRIVE COHASSET MN 55721 100297365 0 X WWW.LAKECOUNTRYPOWER.COOP X 1996 MN TO PROVIDE ELECTRICITY AND OTHER SERVICES TO THE COOPERATIVE'S MEMBERS. 9 7 156 0 16106 12662 0 0 89687626 95617761 609625 230037 2181408 3864445 92478659 99712243 19128 27816 3802610 7330352 1080281 1333422 0 0 0 87622394 91050750 92524413 99742340 -45754 -30097 343138601 360562297 231101274 243786163 112037327 116776134 WE DELIVER SAFE AND RELIABLE ELECTRIC SERVICE, MANAGE MEMBER RESOURCES WISELY AND SERVE TO HELP OUR COMMUNITIES PROSPER. 0 0 PROVISION OF ELECTRICITY AND OTHER SERVICES TO THE COOPERATIVE'S 43,800 MEMBERS. 0 0 0 0 0 0 0 1 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 1 0 0 0 0 0 1 1 1 0 1 47 0 156 1 1 1 0 0 0 0 95617761 3765470 0 0 0 X 9 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X TRACY PETERSON WIRTANEN 2187425751 8535 PARK RIDGE DRIVE MOUNTAIN IRON MN 55768 STEVE RAUKAR DIRECTOR 11.51 X 12100 0 0 ROBERT BRUCKBAUER DIRECTOR 9.12 X 11400 0 0 SHERMAN LIIMATAINEN DIRECTOR 2.96 X 3750 0 0 CRAIG OLSON PRESIDENT 8.38 X 15600 0 0 CRAIG CARLSON DIRECTOR 2.88 X 15750 0 0 MICHAEL FORSMAN SECRETARY 10.34 X 15450 0 0 JAMES HUHTA DIRECTOR 8.83 X 14700 0 0 DANIEL KINGSLEY VICE PRESIDENT 7.79 X 15600 0 0 JASON LONG TREASURER 5.19 X 16950 0 0 LARRY ANDERSON DIRECTOR 8.18 X 12300 0 0 GREGORY RANDA GENERAL MANAGER - RETIRED 50.00 X 305316 0 1749 MARK BAKK GENERAL MANAGER 50.00 X 302638 0 72638 DEREK HOWE CHIEF OPERATING OFFICER 50.00 X 221879 0 105051 TRACY PETERSON WIRTANEN CHIEF FINANCIAL OFFICER 50.00 X 184037 0 37319 CRAIG SISTAD CREW CHIEF 51.19 X 149814 0 32195 WILLIAM KOSCHAK CREW CHIEF 50.00 X 147219 0 17832 WILLIAM BUSSEY DIRECTOR OF SAFETY & RISK 50.00 X 179317 0 90428 TODD JOHNSON MANAGER OF ENERGY SERVICES & BUSINESS DEV 50.00 X 147640 0 10276 REBECCA SEELEY HUMAN RESOURCES DIRECTOR 50.00 X 155171 0 105402 1926631 0 472890 60 0 1 0 NORTHERN CLEARING INC 28190 STATE HWY 137 ASHLAND WI 54806 RIGHT OF WAY CLEARING 2716864 NATIONAL INFORMATION SOLUTIONS COOPERATI 3201 NYGREN DR PO BOX 1147 MANDAN ND 58554 SOFTWARE SUPPORT 670457 COOPERATIVE DEVELOPMENT LLC 1831 ANNE ST NW BEMIDJI MN 56601 LOCATING SERVICES 396646 COOPERATIVE RESPONSE CENTER INC 2000 8TH STREET NW AUSTIN MN 55912 AFTER HOURS PHONE SUPPORT 120085 5 PROG. SERV. REVENUE-RELATED 221000 95617761 95617761 95617761 203519 203519 50012 23494 26518 26518 26518 463779 561628 -97849 -97849 CAPITAL CREDITS 900099 3948271 3948271 NCB, LLC K-1 517000 16106 16106 OTHER NON-OPERATING INCOME 900099 -2083 -2083 3962294 99712243 99466100 16106 230037 X 27816 7330352 1333422 44598 6727432 10740568 COST OF POWER 50811298 DIST EXP - MAINTENANCE 9539342 ADMIN & GENERAL EXPENSE 4891098 DIST EXP - OPERATIONS 4653864 3642550 99742340 6409583 9622232 8999383 12226110 5305725 6036527 1024697 678250 395580602 120323689 266998962 275256913 6416144 7758240 47984107 48984025 343138601 360562297 17334942 20262775 2012539 10756 17117 17712 211099421 222817145 637255 677775 231101274 243786163 X 0 0 0 0 112037327 116776134 112037327 116776134 343138601 360562297 X -30097 4768904 X 0 1 X 1 0 0 1 X 3199015 3199015 24527572 5194740 19332832 27543282 14973570 12569712 340310733 100155379 240155354 275256913 GREAT RIVER ENERGY - PATR CAP 40095327 C NRUCFC - CAPITAL TERM CERTS 2267306 C NRTC - PATRONAGE CAPITAL 984844 C NRUCFC - PATRONAGE CAPITAL 864568 C RESCO - PATRONAGE CAPITAL 758473 C ECONOMIC DEVELOPMENT LOANS 779027 C OTHER PROGRAM RELATED 2956110 C NISC - PATRONAGE CAPITAL 278370 C 48984025 CUST DEPOSITS-REFUNDABLE 677775 677775 X PART IV, LINE 2B: THE MEMBERS OF THE COOPERATIVE CAN ELECT TO ROUND UP THEIR MONTHLY ELECTRIC BILL TO THE NEXT DOLLAR. THESE FUNDS COLLECTED FROM THE MEMBERSHIP ARE HELD IN A COOPERATIVE ACCOUNT UNTIL THEY ARE RELEASED TO THE LAKE COUNTRY POWER ELECTRIC TRUST. THESE FUNDS ARE TRANSFERRED DIRECTLY TO THE TRUST ON A MONTHLY BASIS. FUNDS THAT EXIST AT THE END OF THE YEAR ARE A RESULT OF A TIMING DIFFERENCE IN THE RECEIPT OF THE FUNDS AND THE RELEASE OF THEM TO THE TRUST. FOR THE YEAR ENDED DECEMBER 31, 2021, THE ACCOUNT HELD $17,712. PART X, LINE 2: THE COMPANY'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 COMPANY ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. X X X X 0 0 0 MARK BAKK GENERAL MANAGER 302638 0 0 0 0 0 65036 0 10087 0 377761 0 0 0 DEREK HOWE CHIEF OPERATING OFFICER 221879 0 0 0 0 0 84458 0 22851 0 329188 0 0 0 GREGORY RANDA GENERAL MANAGER - RETIRED 305316 0 0 0 0 0 393 0 1564 0 307273 0 0 0 WILLIAM BUSSEY DIRECTOR OF SAFETY & RISK 179317 0 0 0 0 0 68394 0 23931 0 271642 0 0 0 REBECCA SEELEY HUMAN RESOURCES DIRECTOR 155171 0 0 0 0 0 83368 0 23872 0 262411 0 0 0 TRACY PETERSON WIRTANEN CHIEF FINANCIAL OFFICER 184037 0 0 0 0 0 28138 0 11177 0 223352 0 0 0 CRAIG SISTAD CREW CHIEF 149814 0 0 0 0 0 10161 0 23185 0 183160 0 0 0 WILLIAM KOSCHAK CREW CHIEF 147219 0 0 0 0 0 10230 0 8753 0 166202 0 0 0 TODD JOHNSON MANAGER OF ENERGY SERVICES & BUSINES 147640 0 0 0 0 0 2674 0 9217 0 159531 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN (C) INCLUDED IN SCHEDULE J, PART II, COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. FOR THE FOLLOWING INDIVIDUALS, THE ESTIMATED INCREASE IS: GREGORY RANDA: $0 MARK BAKK: $59,236 DEREK HOWE: $79,988 TRACY PETERSON WIRTANEN: $20,796 WILLIAM BUSSEY: $64,891 TODD JOHNSON: $0 CRAIG SISTAD: $0 REBECCA SEELEY: $80,288 WILLIAM KOSCHAK: $0 THESE AMOUNTS ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. CURRENT YEAR CONTRIBUTIONS INTO THE DEFINED BENEFIT PLAN WERE: GREGORY RANDA: $5,863 MARK BAKK: $52,222 DEREK HOWE: $52,222 TRACY PETERSON WIRTANEN: $11,962 WILLIAM BUSSEY $40,927 TODD JOHNSON: $31,235 CRAIG SISTAD: $0 REBECCA SEELEY: $37,846 WILLIAM KOSCHAK: $0 GREAT RIVER ENERGY CRAIG OLSON REPRESENTS THE COOP. ON THE GREAT RIVER ENERGY BOARD 52495438 PURCHASE OF ELECTRICITY FROM THE ORGANIZATION'S POWER SUPPLIER 0 GREAT RIVER ENERGY ROBERT BRUCKBAUER REPRESENTS THE COOP. ON THE GREAT RIVER ENERGY BOARD 52495438 PURCHASE OF ELECTRICITY FROM THE ORGANIZATION'S POWER SUPPLIER 0 FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE HAS ONE CLASS OF MEMBERS. ALL ELECTRIC CUSTOMERS BECOME MEMBERS WHEN THEIR ELECTRIC SERVICE IS ESTABLISHED. MEMBERS ARE RESPONSIBLE FOR ELECTING THE BOARD OF DIRECTORS, RECEIVE ALLOCATIONS OF THE COOPERATIVE'S NET INCOME, AND MAY AMEND THE ARTICLES OF INCORPORATION OR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE COOPERATIVE ARE RESPONSIBLE FOR ELECTING RESPRESENTATIVES TO SERVE ON THE BOARD OF DIRECTORS. THE COOPERATIVE'S SERVICE TERRITORY IS DIVIDED INTO NINE DISTRICTS AND EACH DISTRICT HAS ONE REPRESENTATIVE ON THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS MAY ALTER, AMEND, OR REPEAL THE BY-LAWS OF THE COOPERATIVE. FORM 990, PART VI, SECTION B, LINE 11B EACH MEMBER OF THE BOARD OF DIRECTORS WILL RECEIVE A COPY OF THE FORM 990 PRIOR TO FILING OF THE RETURN. THE BOARD WILL REVIEW AND APPROVE THE FILING OF THE RETURN. IN ADDITION, MANAGEMENT WILL PERFORM A DETAILED REVIEW OF THE RETURN IN ADVANCE OF ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C THE COOPERATIVE'S CONFLICT OF INTEREST POLICY APPLIES TO DIRECTORS, OFFICERS, AND OTHER SENIOR MANAGEMENT. DIRECTORS COMPLETE CONFLICT OF INTEREST DISCLOSURE STATEMENTS ANNUALLY AT THE TIME OF THE BOARD REORGANIZATION. OFFICERS AND OTHER SENIOR MANAGEMENT COMPLETE A "CONFLICT OF INTEREST DISCLOSURE STATEMENT" UPON HIRING. STATEMENTS ARE REVIEWED BY HUMAN RESOURCES AT THAT TIME. SHOULD A CONFLICT ARISE AFTER HIRING, THE DIRECTOR, OFFICER, OR OTHER SENIOR MANAGEMENT IS RESPONSIBLE FOR DISCLOSING THE CONFLICT TO THE BOARD OF DIRECTORS. THE BOARD SHALL DETERMINE THE EXTENT AND NATURE OF ANY ACTUAL OR APPARENT CONFLICT OF INTEREST AND DECIDE WHAT ACTION IS TO BE TAKEN WITH RESPECT TO THE CONFLICT. ACTIONS AVAILABLE AT THE BOARD'S DISCRETION INCLUDE REQUIRING DIVESTITURE OF PROPERTY, IMPOSING CONDITIONS AND RESTRICTIONS, OR REQUIRING RESIGNATION OF THE DIRECTOR, OFFICER, OR EMPLOYEE. FORM 990, PART VI, SECTION B, LINE 15 THE SALARY OF THE CEO/GENERAL MANAGER IS APPROVED ANNUALLY BY THE BOARD OF DIRECTORS. THIS WAS LAST PERFORMED IN 2021. WAGE RATES FOR UNION EMPLOYEES ARE DETERMINED THROUGH NEGOTIATIONS, WITH THE FINAL CONTRACT BEING APPROVED BY THE BOARD OF DIRECTORS. THE COOPERATIVE HAS A RATIFIED UNION CONTRACT THROUGH DECEMBER 31, 2024. NON-UNION EMPLOYEES ARE REVIEWED ANNUALLY THROUGH A PROCESS THAT INCLUDES AN EVALUATION OF JOB PERFORMANCE, AN ANNUAL EMPLOYEE APPRAISAL, AND AN APPROVED RANGE OF WAGE INCREASES BASED ON A POLICY APPROVED BY THE BOARD OF DIRECTORS. THIS PROCESS WAS LAST COMPLETED IN 2021. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE UPON REQUEST. FINANCIAL STATEMENT INFORMATION IS INCLUDED IN THE COOPERATIVE'S ANNUAL REPORT. FORM 990, PART IX, LINE 4 PATRONAGE DIVIDENDS PAID: AS REQUIRED BY FORM 990 INSTRUCTIONS, FORM 990, PART IX, LINE 4 (BENEFITS PAID TO OR FOR MEMBERS) INCLUDES PATRONAGE DIVIDENDS PAID. THIS AMOUNT IS AN EXPENSE FOR PURPOSES OF FORM 990, BUT IS NOT RECOGNIZED AS AN EXPENSE UNDER G.A.A.P. REPORTING REQUIREMENTS, WHICH ARE USED FOR BOOK INCOME. THE RESULT IS A BOOK TO TAX DIFFERENCE WHICH IS DISCLOSED ON PART XI. IN REFERENCE TO PART IX, LINE 4, THE COOPERATIVE HAS INTERPRETED "PATRONAGE DIVIDENDS PAID" AS CAPITAL CREDITS ALLOCATED TO MEMBERS UNDER THE PREEXISTING OBLIGATIONS PURSUANT TO THE BYLAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: BOOK TO TAX DIFFERENCE FROM TAXABLE 1,879,661. RETIREMENT OF CAPITAL CREDITS -5,653,188. ALLOCATED CAPITAL CREDITS 7,330,352. DONATED CAPITAL 377,913. RETIRED CAPITAL CREDITS GAIN 804,069. BOOK TO TAX DIFFERENCE FROM K-1 30,097. LAKE COUNTRY POWER ELECTRIC TRUST 26039 BEAR RIDGE DRIVE COHASSET MN 55721 206179494 COMMUNITY TRUST MN 501(C)(3) 11B LAKE COUNTRY POWER 1 LAKE COUNTRY POWER HOLDINGS INC 26039 BEAR RIDGE DRIVE COHASSET MN 55721 411977064 HOLDING COMPANY MN LAKE COUNTRY POWER C 1879662 7890641 1.00000 1 LAKE STATES TREE SERVICE INC 25172 COMMERCIAL DRIVE GRAND RAPIDS MN 55744 410810558 TREE TRIMMING MN LAKE COUNTRY POWER HOLDINGS INC C 923529 1908374 1.00000 1 LAKE STATES CONSTRUCTION INC 25172 COMMERCIAL DRIVE GRAND RAPIDS MN 55744 411367401 CONSTRUCTION OF ELECTRICAL SYSTEMS MN LAKE COUNTRY POWER HOLDINGS INC C 956133 3278676 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 LAKE STATES TREE SERVICE INC M 2698152 TOTAL PAID TO LSTS LAKE STATES CONSTRUCTION INC M 2919927 TOTAL PAID TO LSC LAKE COUNTRY POWER ELECTRIC TRUST R 206999 CASH TRANSFERRED