2022-05-02T14:30:37-05:00 2021-12-31 450250958 Eide Bailly LLP 200 E 10th St Ste 500 Sioux Falls SD 571046375 990 2021-01-01 200538386 Southwest Iowa REC SOUT 8882204869 1801 Grove Avenue Corning IA 508411623 Phil Kinser CEO 8882204869 2022-04-27 1 Phil Kinser 999009999 Laurie Hanson CPA P00851848 6053391999 2022-04-25 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z Phil Kinser 1801 Grove Avenue Corning IA 508411623 12982353 0 X www.swiarec.coop X 2004 IA To distribute electric energy to our members in a manner consistent with sound business practices. 10 10 40 0 8388 0 0 524793 12651609 12217255 156976 86407 43366 36964 12851951 12865419 1222 6904 1130662 1243395 2070699 2082380 0 0 0 9649368 9532740 12851951 12865419 0 0 39579999 40599568 22032395 22176584 17547604 18422984 To distribute electric energy to our member-consumers of rural residential, small commercial, large power and public authority users in a manner consistent with sound business practices. 0 0 We distribute electric energy to 5,981 member-consumers of rural residential, small commercial, large power and public authority users in a manner consistent with sound business practices. We installed 124 new services and retired 114 services. We added 43.63 miles of overhead line and retired 44.26 miles of overhead line. We installed 3.13 miles of underground line and retired 0.82 miles of underground line. 0 1 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 38 0 1 40 1 1 1 0 0 0 0 0 0 12098630 121094 0 0 0 X 10 10 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X Sarah Newton 8882204869 1502 W South Street Mount Ayr IA 50854 Marilyn Werner President 5.42 X X 6525 0 0 Kay Fast Treasurer 2.78 X X 5000 0 0 Terry Barnes Director 2.87 X 2800 0 0 Mark Herzberg Vice President 4.02 X X 2800 0 0 Deena Moore Director 4.01 X 4000 0 0 Dana Morgan Director 1.85 X 3400 0 0 Fred Hossle Director 1.20 X 3400 0 0 Ken Peppmeier Secretary 2.08 X X 3000 0 0 Jason Smith Director 2.16 X 3000 0 0 Dale Walkup Director 2.29 X 3200 0 0 Phil Kinser CEO/General Manager 40.00 X 162535 0 31068 Duane Schafer Director of Operations 40.00 X 101907 0 26297 301567 0 57365 2 0 1 0 SBS Inspections Inc 404 North 4th Street Olathe CO 81425 Pole Testing 121954 1 524793 524793 Electric Revenue 221000 11682781 11682781 Capital Credits 900099 468480 468480 Miscellaneous Revenue 900099 65994 65994 12217255 80107 80107 13800 7500 6300 6300 6300 143316 109434 33882 25494 8388 Miscellaneous Reveneu 900099 3082 3082 3082 12865419 12245831 8388 86407 6904 1243395 224825 1082566 329739 343089 102161 5569 15100 2886 97526 82321 59239 11349 14292 735440 121485 1300497 Purchased Power 6151929 Operations and Maintena 558450 Property Tax 306010 Consumer Account and Sa 45731 24916 12865419 50241 50305 826864 954788 1281598 1208377 897294 834948 416008 617685 103714 117154 49947602 17060416 32159512 32887186 3460255 3459071 384513 470054 39579999 40599568 1582576 1519045 19724270 20394838 524793 200756 262701 22032395 22176584 X 0 0 0 0 17547604 18422984 17547604 18422984 39579999 40599568 X 0 875380 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 119082 119082 1197307 791824 405483 4017175 2614785 1402390 44614038 13653807 30960231 32887186 Patronage Capital in Associated Organizations 2902354 C Memberships in Associated Organizations 6270 C Capital Term Certificates 550447 C 3459071 Consumer Deposits 131343 Other Deferred Credits 131358 262701 X 12865419 0 12865419 0 12865419 11622024 0 11622024 1243395 1243395 12865419 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, 2021 and 2020, 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: 2021 Margins allocated to members 1,243,395. Part XII, Line 4b: Margins allocated for 2021 are included in Form 990, Part IX, Line 4, Statement of Functional Expenses; however, they are not reflected as an expense on the cooperative's financial statement. X 1 1 X X 0 0 0 Phil Kinser CEO/General Manager 162535 0 0 0 0 0 10884 0 20184 0 193603 0 0 0 Part I, Line 1a The CEO's wife sometimes accompanies him on business travel. The Cooperative covers her travel expenses. No additional expenses were incurred in 2021 as a result of this arrangement. Form 990, Part VI, Section A, line 6 Any individual acting for himself or as an accredited representative of an association, corporation, partnership, or organization, and who customarily uses the services rendered by Southwest Iowa REC, may become a member of Southwest Iowa REC. All members are considered as one class; however, for revenue classification purposes, classes are defined as residential, small commercial, large commercial, public authority and resale. Form 990, Part VI, Section A, line 7a All Cooperative members (all considered one class) are entitled to cast one vote for each director that has been nominated to serve on the governing Board of Southwest Iowa REC. Candidates for election on the Board of Directors are nominated by a nominating committee, which committee is elected by the Board. There is a process included in the Articles of Incorporation and By-Laws that provide for nomination by petition, whereby 20 people can place any qualified person on the ballot for election. The election is held at the annual meeting of members. The Cooperative is made up of two regions and each voting member is entitled to cast one vote for each director to be elected from the member's region. Form 990, Part VI, Section A, line 7b Some decisions of the governing Board are subject to the members' approval as follows: sale of certain assets; consolidation of assets. Members may also: control the disposition of revenue and receipts; alter, amend or repeal By-Laws by a vote of 75% of the members present or represented. Each member is entitled to one vote. The Articles of Incorporation may only be changed by the members. 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 prepared Form 990, including any applicable schedules and attachments, is provided to all the members of the Board of Directors for their review prior to submitting the Form 990 to the IRS. Form 990, Part VI, Section B, line 12c Annually, and otherwise upon the seating of any new Board member, a disclosure of conflict of interest statement will be signed by each director and the CEO/General Manager. It is the responsibility of the Board President to address any conflicts of interest and to take appropriate action if anyone has been deemed not adhering to this policy. Such action may include being recused from discussion and vote. Form 990, Part VI, Section B, line 15a The CEO's compensation is reviewed annually by the governing Board of Directors. This process includes using comparability data of similar positions in the electric industry, as well as other industries. Form 990, Part VI, Section C, line 19 Southwest Iowa REC makes its governing documents, conflict of interest policy and financial statements available to the public by providing copies upon request. Form 990, Part XI, line 9: 2021 Margins allocated to members 1,243,395. Retirement of capital credits -368,015.