2025-06-23T15:49:44-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 460213171 FEM ELECTRIC ASSOCIATION INC FEME 6054266891 PO BOX 468 IPSWICH SD 574510468 SCOTT MOORE GENERAL MANAGER/CEO 6054266891 2025-06-23 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-06-23 2024 2025-03-06 01:10:19Z GARY BACHMAN PO BOX 468 IPSWICH SD 574510468 18653677 0 X WWW.FEMELECTRIC.COOP X 1949 SD TO SAFELY PROVIDE RELIABLE, COST-EFFICIENT ELECTRICITY AND OTHER SERVICES. 5 5 18 0 5811 28 0 0 17793578 17979566 250838 170043 20328 7580 18064744 18157189 7998 7380 1196681 896765 1949025 2349060 0 0 0 13518116 13743212 16671820 16996417 1392924 1160772 48279286 49381710 27435866 27205922 20843420 22175788 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 1,322 MEMBERS AND SERVE APPROXIMATELY 1,959.92 MILES OF OVERHEAD AND UNDERGROUND LINE. IN 2024, ELECTRIC LINE DECREASED BY 6.22 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 1 172 0 1 18 1 1 1 0 0 0 0 17108362 1024705 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 RHONDA TUSCHERER 6054266891 PO BOX 468 IPSWICH SD 574510468 GARY BACHMAN PRESIDENT 4.00 0.00 X X 8815 0 0 TOM THORPE VICE PRESIDENT 1.80 0.00 X X 7215 0 0 PAULA PETERSEN TREASURER 1.90 0.00 X X 7015 0 0 ERIC ODENBACH SECRETARY 1.40 0.00 X X 4815 0 0 KELLY MELIUS ASSISTANT SECRETARY/TREASURER 0.80 0.00 X X 5615 0 0 SCOTT MOORE GENERAL MANAGER/CEO 41.69 0.00 X 173355 0 135895 RHONDA TUSCHERER DIRECTOR OF FINANCE & BENEFITS 40.00 0.00 X 119225 0 74506 SEAN CHRISTIANSEN OPERATIONS MANAGER 40.00 0.00 X 112623 0 59874 RYAN HOLIEN ELECTRICAL DEPT MANAGER 40.00 0.00 X 110297 0 64654 JUSTIN LARSON LINE FOREMAN 43.00 0.00 X 103835 0 93074 652810 0 428003 5 0 1 0 K&H ELECTRIC INC PO BOX 656 LINTON ND 58552 BORING/PLOWING/TRENCHING 395606 1 SALE OF POWER 221000 16996416 16996416 CAPITAL CREDITS 221000 983150 983150 17979566 158281 158281 18900 7138 11762 11762 11762 496930 489350 7580 1769 5811 18157189 17981335 5811 170043 7380 896765 273653 1318759 642704 113944 836447 1241993 COST OF POWER 11011668 DISTRIBUTION - OPERATIO 623032 DISTRIBUTION - MAINTENA 567651 TAXES 267788 -805367 16996417 2836775 2054970 1284733 1205394 2569 17803 697615 602103 546478 769189 44211718 12590145 29766750 31621573 265500 3000 12475161 13099965 403705 7713 48279286 49381710 1481362 1506437 25350114 25497293 604390 202192 27435866 27205922 X 0 0 0 0 20843420 22175788 20843420 22175788 48279286 49381710 X 1160772 171596 X X 0 1 X 1 0 2674 2674 3816597 905028 2911569 39571820 11685117 27886703 820627 820627 31621573 MEMBERSHIPS 4400 C EAST RIVER ELECTRIC POWER COOPERATIVE, INC. 11448821 C RURAL ELECTRIC SUPPLY COOPERATIVE 230629 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 1035605 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 169616 C OTHER PATRONAGE CAPITAL ALLOCATIONS 59455 C FEDERATED RURAL ELECTRIC INSURANCE 105439 C RURAL ELECTRIC ECONOMIC DEVELOPMENT, INC. 46000 C 13099965 CUSTOMER DEPOSITS 8200 DEFERRED CREDITS 193992 202192 X 18157189 0 18157189 0 18157189 16099652 0 16099652 896765 896765 16996417 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 2024 MARGINS TO MEMBERS IN 2025 896,765. X 0 1 X X 0 0 0 SCOTT MOORE GENERAL MANAGER/CEO 173355 0 0 0 0 0 99102 0 39608 0 312065 0 0 0 JUSTIN LARSON LINE FOREMAN 102498 0 0 0 1337 0 57167 0 37729 0 198731 0 0 0 RHONDA TUSCHERER DIRECTOR OF FINANCE & BENEFITS 118685 0 0 0 540 0 37137 0 39573 0 195935 0 0 0 RYAN HOLIEN ELECTRICAL DEPT MANAGER 109031 0 1266 0 0 0 28972 0 37730 0 176999 0 0 0 SEAN CHRISTIANSEN OPERATIONS MANAGER 111963 0 0 0 660 0 27307 0 34613 0 174543 0 0 0 PART I, LINE 1A AS PART OF FEM ELECTRIC'S EMPLOYEE WELLNESS PROGRAM, EMPLOYEES ARE OFFERED UP TO $150/MONTH BENEFIT TO USE TOWARDS FITNESS CENTER MEMBERSHIP, FITNESS TRAINING OR OTHER QUALIFYING PHYSICAL ACTIVITY PROGRAMS. FEM BOARD OF DIRECTORS DO NOT QUALIFY FOR THIS BENEFIT. PART I, LINE 1B FEM DOES NOT HAVE A WRITTEN POLICY BUT DOES HAVE A WRITTEN WELLNESS PLAN AND BUDGET THAT IS APPROVED BY THE FEM BOARD OF DIRECTORS EACH YEAR. ONCE THE PLAN IS APPROVED, THE WELLNESS PLAN IS USED AND FOLLOWED THROUGHOUT THE YEAR. SCHEDULE J, PART II, LINE 1, COLUMN C: PART II COLUMN C INCLUDES THE FOLLOWING CHANGE IN ACTUARIAL BENEFITS FOR: - SCOTT MOORE $92,119 - RHONDA TUSCHERER $32,065 - SEAN CHRISTIANSEN $22,638 - RYAN HOLIEN $24,303 - JUSTIN LARSON $53,222 ACTUAL CONTRIBUTIONS TO THIS PLAN BY THE COOPERATIVE WERE: - SCOTT MOORE $35,296 - RHONDA TUSCHERER $25,632 - SEAN CHRISTIANSEN $23,598 - RYAN HOLIEN $23,598 - JUSTIN LARSON $19,871 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 -725,169. ALLOCATION OF 2024 MARGINS TO MEMBERS IN 2025 896,765. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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 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.