2025-09-04T09:41:36-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2024-01-01 200538386 SOUTHWEST IOWA REC SOUT 8882204869 1801 GROVE AVENUE CORNING IA 508411623 PHIL KINSER CEO 8882204869 2025-09-03 1 1 KATHERINE LUTZKE CPA P01760889 5072802300 2025-09-02 2024 2025-03-06 01:10:19Z PHIL KINSER 1801 GROVE AVENUE CORNING IA 508411623 14305952 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 33 0 11989 0 0 0 12441515 13338349 94549 88047 653890 759704 13189954 14186100 0 0 324500 494044 256249 278302 0 0 0 12038468 12331704 12619217 13104050 570737 1082050 44485689 49599324 25362944 29274157 19122745 20325167 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 DISTRIBUTED ELECTRIC ENERGY TO 6,063 MEMBER-CONSUMERS OF RURAL RESIDENTIAL, SMALL COMMERCIAL, LARGE POWER AND PUBLIC AUTHORITY USERS IN A MANNER CONSISTENT WITH SOUND BUSINESS PRACTICES. WE INSTALLED 64 NEW SERVICES AND RETIRED 57 SERVICES. WE ADDED 39.14 MILES OF OVERHEAD LINE AND RETIRED 38.36 MILES OF OVERHEAD LINE. WE INSTALLED 2.08 MILES OF UNDERGROUND LINE AND RETIRED 0.36 MILES OF UNDERGROUND LINE. 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 38 0 1 33 1 1 1 0 0 0 0 14806069 137533 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 1801 GROVE AVENUE CORNING IA 508411623 MARILYN WERNER PRESIDENT 5.87 X X 10500 0 0 MARK HERZBERG VICE PRESIDENT 2.67 X X 5000 0 0 KAY FAST-DEYOE SECRETARY 3.21 X X 6250 0 0 JASON SMITH TREASURER 2.95 X X 4000 0 0 ADAM BOSWELL DIRECTOR 2.35 X 1250 0 0 DEENA MOORE DIRECTOR 4.69 X 4000 0 0 DANA MORGAN DIRECTOR 1.35 X 2750 0 0 DALE WALKUP DIRECTOR 2.27 X 4000 0 0 TERRY BARNES DIRECTOR 4.25 X 6000 0 0 ALAN SPENCER DIRECTOR 1.17 X 4000 0 0 BONNIE LARSON DIRECTOR 3.10 X 5500 0 0 PHIL KINSER CEO/GENERAL MANAGER 40.00 X 187558 0 37494 JUSTIN MURPHY DIRECTOR OF OPERATIONS 40.00 X 111208 0 35745 352016 0 73239 2 0 1 0 IES COMMERCIAL INC PO BOX 27 HOLDREGE NE 68949 LINE CONSTRUCTION 1936333 STANLEY CONSULTANTS 225 IOWA AVENUE MUSCATINE IA 52761 ENGINEERING 148787 SBS INSPECTIONS 404 NORTH 4TH STREET OLATHE CO 81425 POLE INSPECTIONS 138975 3 ELECTRIC REVENUE 221000 13264421 13264421 MISC PROGRAM REVENUE 900099 73928 73928 13338349 43595 43595 67800 23348 44452 44452 44452 130851 96504 34347 22358 11989 CAPITAL CREDITS 523000 722275 722275 MISCELLANEOUS REVENUE 900099 3082 3082 725357 14186100 14086064 11989 88047 494044 278302 883347 1428592 COST OF POWER 6513842 DISTRIBUTION EXPENSE - 1217388 DISTRIBUTION EXPENSE - 900841 ADMINISTRATIVE AND GENE 766465 621229 13104050 83362 82846 148472 182511 1247268 1969947 662182 1277352 1292183 1094362 1015965 1026799 59177098 19235426 35753316 39941672 3614377 3959872 668564 63963 44485689 49599324 1448505 2036062 23589266 27008274 325173 229821 25362944 29274157 X 0 0 0 0 19122745 20325167 19122745 20325167 44485689 49599324 X 1082050 120372 X 0 1 X 1 1 1 262582 262582 2122841 900341 1222500 4565700 2834845 1730855 52225975 15500240 36725735 39941672 PATRONAGE CAPITAL IN ASSOCIATED ORGANIZATION 3403801 C MEMBERSHIPS IN ASSOCIATED ORGANIZATIONS 6270 C CAPITAL TERM CERTIFICATES 549801 C 3959872 CONSUMER DEPOSITS 73900 DEFERRED CREDITS 155921 229821 X 14186100 0 14186100 0 14186100 12610006 0 12610006 494044 494044 13104050 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED AT DECEMBER 31, 2024 AND 2023. THE COOPERATIVE HAS EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2024 AND 2023. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE DIVIDENDS ALLOCATED 494,044. X X 0 0 0 PHIL KINSER CEO/GENERAL MANAGER 187558 0 0 0 0 0 12258 0 25236 0 225052 0 0 0 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 OF THE MEMBERS OF THE BOARD OF DIRECTORS FOR THEIR REVIEW AT A BOARD MEETING 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. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. 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: PATRONAGE DIVIDENDS ALLOCATED 494,044. RETIREMENT OF CAPITAL CREDITS -370,837. CHANGES IN OTHER EQUITIES -2,835.