2014-07-24T11:42:47-05:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2013-01-01 421378565 MIDLAND POWER COOPERATIVE MIDL 5153864111 1005 E LINCOLNWAY JEFFERSON IA 50129 JACK RUNGE PRESIDENT 5153864111 2014-07-11 1 CRAIG POPENHAGEN P01587689 5074347000 2013 2015-11-30 17:44:51Z JACK RUNGE 1005 E LINCOLNWAY JEFFERSON IA 50129 45982371 0 X WWW.MIDLANDPOWER.COM X 1991 IA SALE OF ELECTRICITY TO APPROXIMATELY 8,700 MEMBERS LOCATED IN CENTRAL IOWA TO GENERATE INCOME FOR THE SOLE PURPOSE OF MEETING LOSSES AND EXPENSES. 15 15 57 0 19319 0 0 0 34509328 43666257 299111 310148 1556322 1632652 36364761 45609057 0 0 710179 1261431 318427 369791 0 0 0 33412166 42172818 34440772 43804040 1923989 1805017 70390557 86317727 40576550 47979777 29814007 38337950 X SALE OF ELECTRICITY TO APPROXIMATELY 8,700 MEMBERS LOCATED IN CENTRAL IOWA TO GENERATE INCOME FOR THE SOLE PURPOSE OF MEETING LOSSES AND EXPENSES. 1 0 MIDLAND POWER IS A RURAL ELECTRIC COOPERATIVE THAT PROVIDES ELECTRICITY TO ITS MEMBERS. 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 25 0 57 1 1 1 0 0 0 0 44433015 2085748 0 X 15 15 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JEFF BROPHY 5153864111 1005 EAST LINCOLNWAY JEFFERSON IA 50129 JACK RUNGE PRESIDENT 6.90 X X 10300 0 16 TOM ROSS VICE PRESIDENT 6.40 X X 8900 0 16 PAUL HEINEMAN TREASURER 3.40 X X 3650 0 16 RANDY CHRISTENSEN SECRETARY 4.00 X X 5550 0 25 MICHAEL COLEMAN ASSISTANT SECRETARY/TREASU 5.40 X X 7350 0 16 KIM RINKER DIRECTOR 3.20 X 3800 0 16 TOM INGEBRITSON DIRECTOR 5.60 X 6350 0 16 JAMES WEIGEL DIRECTOR 3.30 X 5350 0 16 CHARLES GILBERT DIRECTOR 3.30 X 4300 0 16 EARL CHECK DIRECTOR 3.50 X 6550 0 5 JIM MARSO DIRECTOR 3.30 X 4750 0 16 KEVIN RASMUSSEN DIRECTOR 4.20 X 6650 0 16 JOEL SKOW DIRECTOR 5.00 X 6350 0 16 LARRY TILTON DIRECTOR 4.60 X 5500 0 16 RICK THOMPSON DIRECTOR 2.10 X 3200 0 16 WILLIAM MCKIM CEO 40.00 X 167478 0 14014 JEFF BROPHY VICE PRESIDENT OF FINANCE 40.00 X 86263 0 13248 342291 0 27500 1 0 1 0 NORTH CENTRAL LINE SERVICE PO BOX 86 ALTA IA 51002 OVERHEAD LINE CONSTRUCTION 633179 LEGACY POWER LINE INC 12822 HWY 10 PO BOX 469 WADENA MN 56482 OVERHEAD LINE CONSTRUCTION 542185 IES 120 SOUTH LINCOLN STREET PO BOX 27 HOLDREDGE NE 68949 OVERHEAD LINE CONSTRUCTION 249072 POOR BOY TREE SERVICE INC 273 EAST 410TH ROAD FAIR PLAY MO 65649 TREE TRIMMING 170218 CENTRAL IOWA TREE CARE 508 CRAWFORD STREET BOONE IA 50036 TREE TRIMMING 126102 8 SALE OF POWER 221000 43633200 43633200 MONITORING SERVICES 517000 33057 18505 14552 43666257 307481 307481 1510 0 1510 1510 1510 17667 15000 2667 2667 2667 230835 358314 -127479 -132246 4767 CAPITAL CREDITS 900099 1758621 1758621 1758621 45609057 45279590 19319 310148 1261431 369791 1684347 2630616 COST OF POWER 31810380 DIST EXP - MAINTENANCE 2118728 ADMIN & GENERAL EXPENSE 1403515 DIST EXP - OPERATIONS 1248578 1276654 43804040 508837 666469 5890367 3257902 114042 3030587 4359037 96524 910228 1416740 416620 2272644 93971386 33936877 49335577 60034509 10228450 14030300 16402 26025 53489 43535 70390557 86317727 3676620 4721680 702545 652499 35248398 41539035 948987 1066563 40576550 47979777 X 0 0 0 0 29814007 38337950 29814007 38337950 70390557 86317727 X 1805017 6718926 X X 0 1 X 1 0 281470 281470 6568492 2935103 3633389 80815629 30986690 49828939 6305795 15084 6290711 60034509 CIPCO - PATRONAGE CAPITAL 1866047 C CORNBELT - PATRONAGE CAP 5915776 C NRUCFC - PATRONAGE CAP 277514 C NRUCFC CAPITAL TERM CERTS 1167074 C NRUCFC - MEMBER CAP SEC 1550000 C OTHER INVESTMENTS 453281 C FEDERAL ECON DEVEL LOANS 2115598 C SPECIAL FUNDS REV LOANS 685010 C 14030300 CONSUMER DEPOSITS 152851 ACCRUED POST RETIREMENT BENEFITS 913712 1066563 X 45571838 0 45571838 37219 37219 45609057 42505390 0 42505390 1298650 1298650 43804040 PART X, LINE 2: THE COOPERATIVE HAS QUALIFIED AS A TAX-EXEMPT ORGANIZATION, UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE, AND ACCORDINGLY, INCOME TAXES HAVE NOT BEEN RECORDED IN THE ACCOMPANYING STATEMENTS. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2013 AND 2012. WITH FEW EXCEPTIONS, THE COOPERATIVE IS NO LONGER SUBJECT TO FEDERAL, STATE, OR LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2010. PART XI, LINE 4B - OTHER ADJUSTMENTS: COSTS INCLUDED AS EXPENSES ON 990 AND REVENUES ON FINANCIAL STATEMENTS 37,219. PART XII, LINE 4B - OTHER ADJUSTMENTS: COSTS INCLUDED AS EXPENSES ON 990 AND REVENUES ON FINANCIAL STATEMENTS 37,219. ALLOCATED PATRONAGE DIVIDEND 1,261,431. X X 0 0 0 WILLIAM MCKIM CEO 167478 0 0 0 0 0 1651 0 12363 0 181492 0 0 0 FORM 990, PART III, LINE 2 ON MARCH 22, 2012, THE MEMBERS OF BOTH MIDLAND POWER COOPERATIVE (THE COOPERATIVE)AND HUMBOLDT COUNTY RURAL ELECTRIC COOPERATIVE (HCREC) VOTED TO APPROVE THE MERGER BETWEEN THE TWO ELECTRIC COOPERATIVES. PURSUANT TO THE TERMS OF THE MERGER AND EFFECTIVE JANUARY 1, 2013, THE COOPERATIVE AND HCREC WERE MERGED INTO A SINGLE ELECTRIC COOPERATIVE WITH THE COOPERATIVE AS THE SURVIVING ENTITY. THERE WAS NO CONSIDERATION GIVEN AS PART OF THE MERGER AND PATRONS EQUITY OF THE INDIVIDUAL COOPERATIVES HAS BEEN COMBINED WITH NO ADJUSTMENTS MADE TO THE EQUITY ACCOUNTS OF INDIVIDUAL PATRONS OF EACH COOPERATIVE. ADDITIONALLY, NO GOODWILL WAS RECORDED AS A RESULT OF THE MERGER. FORM 990, PART VI, SECTION A, LINE 6 ALL ELECTRIC CUSTOMERS OF THE COOPERATIVE ARE VOTING MEMBERS OF THE COOPERATIVE. EACH MEMBER HAS ONE VOTE AT THE ANNUAL MEETING OF THE MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED TO THREE YEAR TERMS BY THE MEMBERS OF THE COOPERATIVE AT THE COOPERATIVE'S ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B ANY MERGERS OR AMENDMENTS TO THE ARTICLES OF INCORPORATION OR BY-LAWS ARE SUBJECT TO APPROVAL BY THE COOPERATIVE'S MEMBERS. FORM 990, PART VI, SECTION B, LINE 11 THE 990 RETURN WILL BE PRESENTED TO THE BOARD OF DIRECTORS AND APPROVED BY THE BOARD BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS ARE REQUIRED TO FILL OUT A CONFLICT OF INTEREST DISCLOSURE STATEMENT ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 MIDLAND POWER COOPERATIVE'S BOARD OF DIRECTORS PERFORMS AN ANNUAL REVIEW OF THE GENERAL MANAGER USING NRECA SURVEY DATA TO DETERMINE THE RATE OF PAY. THE GENERAL MANAGER USES THE SAME NRECA DATA THE BOARD USES IN DETERMING THE SALARIES OF THE KEY EMPLOYEES AND HOURLY EMPLOYEES THAT ARE NON-UNION. FORM 990, PART VI, SECTION C, LINE 19 ANNUAL REPORTS ARE DISTRIBUTED AT THE ANNUAL MEETING THAT CONTAIN THE FINANCIAL STATEMENTS, ALL OTHER POLICIES ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -831,256. CHANGES IN OTHER EQUITIES 83,403. EQUITY ADDED THROUGH ACQUISITION 6,205,348. PATRONAGE DIVIDENDS PAID 1,261,431. FORM 990, PART XII, LINE 2C THE OVERSIGHT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT TO PERFORM THE AUDIT OF THE FINANCIAL STATEMENTS BY THE BOARD OF DIRECTORS HAS NOT CHANGED. FORM 990, PART IX, LINE 4 THE IRS INSTRUCTIONS STATE THAT PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS SHOULD BE REPORTED ON LINE 4. THE ORGANIZATION HAS INTERPRETED PATRONAGE DIVIDENDS PAID TO MEAN PATRONAGE DIVIDENDS ALLOCATED OR TO BE ALLOCATED FOR THE CURRENT YEAR. SINCE THIS ALLOCATION IS NOT AN EXPENSE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP), THIS HAS RESULTED IN A RECONCILING ITEM TO NET ASSETS IN PART XI ON PAGE 12 OF THE FORM 990 AND IN PART XII ON SCHEDULE D.