2024-06-27T13:11:23-05:00 2023-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2023-01-01 460213171 FEM ELECTRIC ASSOCIATION INC FEME 6054266891 PO BOX 468 IPSWICH SD 574510468 SCOTT MOORE GENERAL MANAGER/CEO 6054266891 2024-06-24 1 SCOTT MOORE 999009999 0 LAURIE HANSON CPA P00851848 6053391999 2024-06-24 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z GARY BACHMAN PO BOX 468 IPSWICH SD 574510468 18556649 0 X WWW.FEMELECTRIC.COOP X 1949 SD TO SAFELY PROVIDE RELIABLE, COST-EFFICIENT ELECTRICITY AND OTHER SERVICES. 5 5 20 0 5497 0 0 0 17257317 17793578 100585 250838 40701 20328 17398603 18064744 7658 7998 883918 1196681 1953055 1949025 0 0 0 13019754 13518116 15864385 16671820 1534218 1392924 45456850 48279286 26693883 27435866 18762967 20843420 TO ENHANCE THE QUALITY OF LIFE OF OUR MEMBERS, BY SAFELY PROVIDING RELIABLE, COST-EFFICIENT ELECTRICITY AND OTHER SERVICES. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 1,306 MEMBERS AND HAVE APPROXIMATELY 1,966.14 MILES OF OVERHEAD AND UNDERGROUND LINE. IN 2023, OVERHEAD LINE DECREASED 15.78 MILES AND UNDERGROUND INCREASED 14.51 MILES. 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 115 0 1 20 1 1 1 0 0 0 0 17280999 548192 0 0 0 X 5 5 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 0 1 1 0 0 X FEM ELECTRIC 6054266891 PO BOX 468 IPSWICH SD 574510468 GARY BACHMAN PRESIDENT 4.40 X X 9215 0 0 TOM THORPE VICE PRESIDENT 2.30 X X 8215 0 0 KELLY MELIUS ASSISTANT SEC/TREASURER 0.90 X X 5215 0 0 ERIC ODENBACH SECRETARY 2.30 X X 6815 0 0 PAULA PETERSEN TREASURER 2.50 X X 7815 0 0 SCOTT MOORE GENERAL MANAGER/CEO/CFO 40.70 X 161603 0 128494 RHONDA TUSCHERER DIRECTOR OF FINANCE & BENEFITS 40.00 X 116781 0 49127 RYAN HOLIEN ELECTRICAL DEPT MANAGER 40.00 X 106470 0 53980 422129 0 231601 3 0 1 0 K&H ELECTRIC INC PO BOX 656 LINTON ND 58552 URD BORING/PLOWING/PITS/CROSS 274275 1 SALE OF POWER 221000 16671819 16671819 COOP CAPITAL CREDITS 221000 1121759 1121759 17793578 224118 224118 8574 48000 0 29854 8574 18146 26720 26720 482379 462051 20328 14831 5497 18064744 17808409 5497 250838 7998 1196681 276306 1272981 289387 110351 843933 1146282 COST OF POWER 10733332 ADMIN & GENERAL 1056498 DISTRIBUTION-OPERATIONS 614348 DISTRIBUTION-MAINTENANC 365804 -1242081 16671820 2391633 2836775 1031573 1284733 8369 2569 614233 697615 515040 546478 41495353 11728603 28495188 29766750 335500 265500 11661628 12475161 403686 403705 45456850 48279286 1555339 1481362 24667181 25350114 471363 604390 26693883 27435866 X 0 0 0 0 18762967 20843420 18762967 20843420 45456850 48279286 X 1392924 687529 X 0 1 X 1 0 2674 2674 3806582 801341 3005241 37686097 10927262 26758835 29766750 MEMBERSHIPS 4400 C RESTRICTED RURAL DEVELOPMENT INVEST 10881755 C RURAL ELECTRIC SUPPLY COOPERATIVE 161588 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 1033770 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 186536 C OTHER COOPERATIVES 56716 C FEDERATED RURAL ELECTRIC INSURANCE 104396 C RURAL ELECTRIC ECONOMIC DEVELOPMENT, INC. 46000 C 12475161 CUSTOMER DEPOSITS 10000 DEFERRED CREDITS 198390 OTHER REGULATORY LIABILITIES 396000 604390 X 18064744 0 18064744 0 18064744 15475139 0 15475139 1196681 1196681 16671820 PART X, LINE 2: THE ASSOCIATION BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE ASSOCIATION WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2023 MARGINS TO MEMBERS IN 2024 1,196,681. X 0 1 X X 0 0 0 SCOTT MOORE GENERAL MANAGER/CEO/CFO 161603 0 0 0 0 0 94484 0 36816 0 292903 0 0 0 RHONDA TUSCHERER DIRECTOR OF FINANCE & BENEFITS 116266 0 0 0 515 0 18024 0 33301 0 168106 0 0 0 RYAN HOLIEN ELECTRICAL DEPT MANAGER 104654 0 0 0 1816 0 20226 0 35557 0 162253 0 0 0 PART I, LINE 1A EMPLOYEES ARE ALLOWED INCENTIVES TO PAY FOR FITNESS CENTER MEMBERSHIPS THROUGH THE ORGANIZATION'S WELLNESS PLAN. SCHEDULE J, PART II, LINE 1, COLUMN C PART II COLUMN C INCLUDES $87,823 OF CHANGE IN ACTUARIAL BENEFITS FOR SCOTT MOORE'S DEFINED BENEFIT PLAN. ACTUAL CONTRIBUTIONS TO THIS PLAN BY THE COOPERATIVE WERE $33,953. PART II COLUMN C INCLUDES $13,194 OF CHANGE IN ACTUARIAL BENEFITS FOR RHONDA TUSCHERER'S DEFINED BENEFIT PLAN. ACTUAL CONTRIBUTIONS TO THIS PLAN BY THE COOPERATIVE WERE $24,619. PART II COLUMN C INCLUDES $16,386 OF CHANGE IN ACTUARIAL BENEFITS FOR RYAN HOLIEN'S DEFINED BENEFIT PLAN. ACTUAL CONTRIBUTIONS TO THIS PLAN BY THE COOPERATIVE WERE $18,989. FORM 990, PART VI, SECTION A, LINE 6 EACH MEMBER HOLDS ONE MEMBERSHIP AND HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A A NOMINATION COMMITTEE IS FORMED FROM THE MEMBERSHIPS IN THE DISTRICT(S) OF THE BOARD MEMBER BEING ELECTED. THAT COMMITTEE IS RESPONSIBLE FOR NOMINEES TO BE PLACED ON THE BALLOT. AN ELECTION IS HELD AT THE ANNUAL MEETING AND EACH MEMBERSHIP HAS ONE VOTE IN THE ELECTION OF THE BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO BY-LAWS MUST BE APPROVED BY MEMBERS. EACH MEMBERSHIP HAS ONE VOTE WITH THE SAME VOTING RIGHTS. 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 THE GENERAL MANAGER/CEO WILL REVIEW THE FORM 990 BEFORE IT IS SUBMITTED TO THE IRS. THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS AT A BOARD MEETING HELD PRIOR TO THE FILING OF THE 990. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR WILL DISCLOSE IN WRITING TO THE BOARD OF DIRECTORS AT THE NEXT SCHEDULED BOARD MEETING ANY CONFLICT OF INTEREST, AS OUTLINED IN THE POLICY, AS THEY EXIST OR WHEN THEY MAY BE INVOLVED IN THE FUTURE. THE BOARD OF DIRECTORS MONITORS CONFLICTS AND IS OVERSEEN BY THE ASSOCIATION'S ATTORNEY. FORM 990, PART VI, SECTION B, LINE 15A THE SDREA ANNUAL WAGE AND SALARY STUDY IS USED AS A BENCHMARK FOR WAGES FOR ALL EMPLOYEES. THE BOARD USES THE SDREA WAGE AND SALARY SURVEY RESULTS. IT IS REVIEWED IN EXECUTIVE SESSION AND DECIDED ON BY THE BOARD. THIS PROCESS WILL BE UNDERTAKEN ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 ALL DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. AN ANNUAL REPORT ON FINANCIAL STATEMENTS IS GIVEN TO THE MEMBERS ANNUALLY. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -509,152. ALLOCATION OF 2023 MARGINS TO MEMBERS IN 2024 1,196,681. 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 GENERAL MANAGER/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 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.