2025-11-06T11:17:25-06:00 2024-12-31 450250958 Eide Bailly LLP 4585 Coleman St Ste 200 Bismarck ND 58503 990 2024-01-01 383321875 Great Lakes Energy Cooperative GREA 2315826521 1323 Boyne Ave Boyne City MI 497120070 Denne' Smith Chief Financial Officer 2315826521 2025-10-28 1 1 Lisa Chaffee CPA P00193453 7012551091 2025-10-28 2024 2025-03-06 01:10:19Z Shaun Lamp 1323 Boyne Ave Boyne City MI 497120070 278726589 0 X www.gtlakes.com X 1998 MI To deliver reliable electric service at the best possible value for rural Michigan members. 9 9 320 0 1725401 19026 0 0 254340050 275753525 1873630 2073052 38400 546532 256252080 278373109 0 0 9809936 18450398 2213287 46217364 0 0 0 244228857 210408554 256252080 275076316 0 3296793 961358899 1040503055 699332180 759492086 262026719 281010969 Built and led by the communities we serve, we connect our members to innovative energy and communications programs and services. 0 0 Provide electric service to approximately 110,000 members. 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 1 1 1 0 1 111 0 1 320 1 1 1 0 0 0 0 270026355 12984943 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X Denne' Smith 2314871325 1323 Boyne Avenue Boyne City MI 49712 X Howard Bowersox Chairman 9.00 1.00 X X 47100 0 0 Janet Anderson Vice Chairman 6.00 0.00 X X 29200 0 0 Paul Byl Secretary 6.00 0.00 X X 33600 0 0 Dale Farrier Treasurer 3.00 0.00 X X 30200 0 0 David Coveyou Director 3.00 0.00 X 31300 0 0 Mark Carson Director 3.00 1.00 X 39300 0 0 Rick Evans Director 8.00 0.00 X 35700 0 0 Mary O'Connell Director 9.00 0.00 X 38850 0 0 John LaForge Director 5.00 1.00 X 39350 0 0 Shaun Lamp President & CEO 57.00 3.00 X 585268 0 165818 Shari Culver Chief Operating Officer 49.00 11.00 X 338770 0 150057 Jennifer Wilson Chief Impact Officer 51.00 9.00 X 331141 0 171417 John Fettig Chief Financial Officer (End Apr) 58.00 2.00 X 327015 0 126477 Denne' Smith Chief Financial Officer (Beg Apr) 58.00 2.00 X 304823 0 146092 Daryl Desloover VP of Information Technology 57.00 3.00 X 312116 0 169865 Ashley Smith VP of Engineering 60.00 0.00 X 287876 0 68104 Kevin Forbes Director of Operations 60.00 0.00 X 232397 0 131387 Thomas McLouth Lineworker 54.00 0.00 X 217235 0 59177 Nicholas Ochampaugh Lineworker 55.00 0.00 X 216894 0 40462 3478135 0 1228856 167 0 1 0 Trees LLC 1700 Solutions Center Chicago IL 60677 Right of way tree clearing 2304566 Alpine Tree Service LLC 313 Pickeral Lake Dr Newaygo MI 49337 Right of way tree clearing 815546 Aviso LLC 10390 S Highmeadows Ct Traverse City MI 49684 Consulting services 228000 Dykema Gossett PLLC 400 Renaissance Center Detroit MI 48243 Professional Services 212372 Bodman PLC 6th Floor at Ford Field 1901 St An Detroit MI 48226 Professional Services 116209 5 Electric Sales 221000 253636156 253636156 G&T Cooperative Capital Credits 221000 11194791 11194791 Fiber Optic ROU Asset 221000 10880961 10880961 41617 41617 275753525 1883485 1625269 258216 674962 78746 596216 596216 100132 496084 464301 274734 189567 189567 189567 -49684 -49684 -49684 278373109 275753525 1725401 894183 X 18450398 2852155 34862714 5804139 2698356 20915465 28525348 Cost of Power 137651688 UBI Taxes 5497 Distribution Expenses 47541369 Administrative & Genera 12550058 -36780871 275076316 419210 936247 2516824 32687784 34274229 1745502 1469811 18557698 20084445 4200244 3689678 1030531916 227997925 739560874 802533991 715770 817576 159461114 168497072 3074456 0 6619429 961358899 1040503055 44071967 39383196 15306306 646400358 684653401 8859855 20149183 699332180 759492086 X 519740 0 15398771 0 246108208 281010969 262026719 281010969 961358899 1040503055 X 3296793 15687457 X 0 1 X 1 0 5859115 5859115 40457937 8909288 31548649 936687488 219088637 717598851 47527376 47527376 802533991 Investment in Subsidiary -13714016 C Due from Subsidiary 40020337 C Patronage Capital from Assoc Orgs 137673548 C Investments in Other Related Organizations 5725 C Coop Finance Corp Member Certificates 4511478 C 168497072 Customer Deposits 18125838 Finance Lease Liability 6833520 Obligation under interest rate swap -1331126 Postretirement Benefit Obligation -3479049 20149183 X 262575281 -3296793 -3296793 265872074 12501035 12501035 278373109 244124883 -12501035 -12501035 256625918 18450398 18450398 275076316 Part X, Line 2: The Company 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, 2024 and 2023, the accrual was $0. The Company will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. Part XI, Line 2d - Other Adjustments: Change in Equity of Subsidiary -3,296,793. Part XI, Line 4b - Other Adjustments: Fiber Infrastructure Revenue Reported in Expense on Audit 10,880,961. Interest Income Reported in Expense on Audit 1,625,269. Rental Revenue Reported in Expense on Audit 73,551. Allocated Rental Expenses to UBIT activities -78,746. Part XII, Line 2d - Other Adjustments: Fiber Infrastructure Revenue Reported in Revenue on 990 -10,880,961. Interest Income Reported in Revenue on 990 -1,625,269. Rental Revenue Reported in Revenue on 990 -73,551. Allocated Rental Expenses to UBIT activities 78,746. Part XII, Line 4b - Other Adjustments: Patronage Allocations in 2024 for Members in 2025 18,450,398. X X 0 0 0 Shaun Lamp President & CEO 519658 0 64090 0 1520 0 124499 0 41319 0 751086 0 0 0 Jennifer Wilson Chief Impact Officer 285740 0 42712 0 2689 0 140389 0 38296 0 509826 0 0 0 Shari Culver Chief Operating Officer 291027 0 45080 0 2663 0 119030 0 37986 0 495786 0 0 0 Daryl Desloover VP of Information Technology 268856 0 41059 0 2201 0 140768 0 35743 0 488627 0 0 0 John Fettig Chief Financial Officer (End Apr) 284420 0 41059 0 1536 0 95499 0 38472 0 460986 0 0 0 Denne' Smith Chief Financial Officer (Beg Apr) 279137 0 23094 0 2592 0 101854 0 50589 0 457266 0 0 0 Kevin Forbes Director of Operations 199942 0 29919 0 2536 0 103125 0 32762 0 368284 0 0 0 Ashley Smith VP of Engineering 253718 0 32693 0 1465 0 40046 0 33730 0 361652 0 0 0 Thomas McLouth Lineworker 116341 0 4355 0 96539 0 33200 0 28133 0 278568 0 0 0 Nicholas Ochampaugh Lineworker 113518 0 4368 0 99008 0 11335 0 31211 0 259440 0 0 0 Schedule J, Part II, Column C, Deferred Compensation: Included in other compensation is the estimated current year increase in the actuarial value of the defined benefit plan. These amounts do not represent any current year contributions to the plan. They are estimates of the increase in the actuarial value of the plans received from the NRECA. The current year expense and the increase in actuarial value for each employee are reflected in the Schedule O statement for Form 990, Part VII, Column f. Form 990, Part VI, Section A, line 6 Great Lakes Energy is a Cooperative with all electric customers of the Cooperative required to be members. Form 990, Part VI, Section A, line 7a Great Lakes Energy Cooperative is an electric cooperative utility. All members/consumers vote for candidates to fill the nine member Great Lakes Energy Board. An election is held annually. Board Directors serve three year terms and must be re-elected to serve longer than three years. Great Lakes Energy has nine districts with one Board Member from each district. Form 990, Part VI, Section A, line 7b Certain bylaw changes must be ratified by the general membership. This ratification is voted upon in conjunction with the annual Board election. Form 990, Part VI, Section B, line 11b The Great Lakes Energy Cooperative Board of Directors were provided with a questionnaire in June 2025 which was used to assist Management in completing pertinent sections of this 990. At a subsequent Board meeting, prior to filing, the Board reviewed the preliminary 990 and discussed specifices of the 990 return. Form 990, Part VI, Section B, line 12c A questionnaire was delivered to each Board Member and Officers asking each to verify that they had received and read the policy and to certify they had no conflicts of interest. These certificates are on file with the supporting documentation for this 990. If there are any potential conflicts the CFO reviews if a conflict exists. During the discussion of a potential conflict, the individual with the potential conflict abstains from the discussion and voting on the potential confict. Form 990, Part VI, Section B, line 15a Great Lakes Energy Cooperative contracts with a nationally recognized compensation consultant to determine salary levels for the Chief Executive Officer and Chief Financial Officer along with certain others in the Company. The consultant performs an annual market survey and position evaluation utilizing comparative financial data for the industry and company size. The results are confidentially disclosed to the Chairman of the Board of Directors and the Board sets the salary level for the CEO each year. The CEO, using the afore mentioned consultant, sets the salary level for the CFO each year. Form 990, Part VI, Section C, line 19 Great Lakes Energy Cooperative makes company bylaws available to the public on line at www.gtlakes.com and with printed copies upon request. Audited financial statement summaries are mailed to members in Country Lines Magazine. They are also available upon request. Great Lakes Energy Cooperative does not make the conflict of interest policy available to the public. Form 990, Part VII, Column F: Included in Part VII, column F, other compensation is the current year estimated increase in the actuarial value of the defined benefit plans received from the NRECA. These amounts do not represent any current year contributions expense to the plan by the Cooperative. Part IX, line 5 captures only the current year expense of the defined benefit plan of the Cooperative. Therefore, the compensation in Part IX, line 5 is less than that reported in Part VII. Part VII, Section A, line 1 The Cooperative is reimbursed for the hours provided by the officers and board members that serve on the related organization, Great Lakes Energy Connections, Inc. 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. Form 990, Part IX, Functional Expense, Line 24e Other Expenses: The salaries, pension, and payroll taxes reported on lines 5-10 are already included in distribution expense, administrative & general expense and customer expense. Therefore, these amounts are being subtracted out as an other deduction on line 24e in the amount of $(46,217,364). Form 990, Part XI, line 9: Allocation of 2024 margins to members in 2025 18,450,398. Unrealized Gain/(Loss) on Interest Rate Swap -431,333. Sales Tax Refund 360,621. Undeliverable Retired Patronage 863,027. Non-cash Patronage Refunds -258,463. Changes in Equity of Subsidiary -3,296,793. Great Lakes Energy Connections Inc 1323 Boyne Avenue Boyne City MI 49712 824426315 Fiber Internet MI Great Lakes Energy C -2776352 28713124 1.00000 1 1 0 0 1 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 Great Lakes Energy Connections Inc A 1698820 Book Value Great Lakes Energy Connections Inc D 6614180 Book Value Great Lakes Energy Connections Inc J 10880961 Book Value Great Lakes Energy Connections Inc N 318508 Book Value Great Lakes Energy Connections Inc O 4629357 Book Value