2012-05-10T11:40:03-05:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2011-01-01 420381704 LINN COUNTY RURAL ELECTRIC COOPERATIVE ASSOCIATION LINN 3193771587 5695 REC DRIVE PO BOX 69 MARION IA 523020069 KIM COLBERG 3193771587 2012-05-07 1 DEAN ROHNE P00625086 5074347000 2011 2016-02-24 21:20:13Z KIM COLBERG 5695 REC DRIVE PO BOX 69 MARION IA 523020069 46370237 0 X WWW.LINNCOUNTYREC.COM X 1938 IA PROVIDING ELECTRICAL SERVICE TO THE MEMBERS OF THE COOPERATIVE. 7 7 66 0 -5115 -5115 0 0 42892167 43510933 341787 348807 2562899 2510497 45796853 46370237 0 0 0 410626 354894 370887 0 0 0 42044371 43631879 42399265 44413392 3397588 1956845 94173321 100476430 66192351 70993664 27980970 29482766 PROVIDING ELECTRICAL SERVICE TO THE MEMBERS OF THE COOPERATIVE. 0 0 COOPERATIVE PURCHASED POWER FROM CENTRAL IOWA POWER COOPERATIVE IN 2011 FOR $28,897,367 FOR DISTRIBUTION TO COOPERATIVE MEMBERS. COOPERATIVE DISTRIBUTED PURCHASED POWER TO MEMBERS OVER 2,190 MILES OF DISTRIBUTION LINE. THE COOPERATIVE BILLED ITS MEMBERS' 25,273 SERVICES ON A MONTHLY BASIS. 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 0 0 1 12 0 1 66 1 1 1 0 0 0 0 43696103 2784134 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X NICK PATEL 3193771587 5695 REC DRIVE MARION IA 523020069 GARY SCHROPP 5.70 X X 13650 0 0 LISA ROSE 3.00 X X 7000 0 0 ROGER KRUG 3.80 X X 7350 0 0 ROSE RENNEKAMP 1.40 X X 0 0 2800 KENNETH SQUIRES 4.40 X X 11550 0 0 ELMER VANORNY 3.30 X 8050 0 0 DAN WILLE 4.40 X 0 0 9300 KIRK HILAND 5.40 X 2100 0 0 KIM R COLBERG 45.20 X 148356 0 30585 NAROTTAM J PATEL 43.60 X 104182 0 25964 302238 0 68649 2 0 1 0 AVENIA 5033 24TH AVE S MOORHEAD MN 56560 ELECTRICAL CONTRACTOR 549497 RINDERKNECHT PO BOX 369 CEDAR RAPIDS IA 52406 CONSTRUCTION COMPANY 491695 VAN WERT ENTERPRISES PO BOX 141 GRUNDY CENTER IA 50638 METER READING 438179 IES COMMERCIAL INC PO BOX 27 HOLDREGE NE 68949 ELECTRICAL CONTRACTOR 430736 ASPLUNDH TREE EXPERTS PO BOX 640032 PITTSBURGH PA 15264 TREE TRIMMING 359410 9 SALE OF POWER 221000 43510933 43510933 43510933 327571 327571 21236 21236 21236 21236 80285 80285 80285 CAPITAL CREDITS 523000 2435327 2435327 INVOLTA, LLC 518210 -5115 -5115 2430212 46370237 46026545 -5115 348807 410626 370887 3408292 2467041 COST OF POWER 28897367 DISTRIBUTION- OPERATION 2362533 ADMIN & GENERAL EXPENSE 2064499 CONSUMER ACCOUNT EXPENS 1677908 2754239 44413392 18959 18959 584538 992106 4385212 3815950 2053149 2042578 178152 193947 98118069 23183673 70457449 74934396 1019055 1056182 15127070 17080097 349737 342215 94173321 100476430 3647094 3982966 917166 727781 60999909 65671927 628182 610990 66192351 70993664 X 0 0 0 0 27980970 29482766 27980970 29482766 94173321 100476430 X 1956845 -455049 X X 0 1 1 X 0 340350 340350 4688693 1179490 3509203 4744407 2823569 1920838 88344619 19180614 69164005 74934396 OTHER INVEST IN ASSOC ORGANIZATIONS 642984 C PAT CAP FROM ASSOC ORGS 10895271 C NRUCFC CAP TERM CERTS 1424311 C NRUCFC MEMBER CAP SEC 4000000 C OTHER INVESTMENTS 117531 C 17080097 CONSUMER DEPOSITS 187511 PATRONAGE CAPITAL PAYABLE 162264 ACCUM PROVISION FOR PENSION & BENEFITS 261215 610990 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. CORRIDOR DEVELOPMENT, INC.'S INCOME TAX EXPENSE (BENEFIT) FOR THE YEARS ENDING DECEMBER 31, 2011 AND 2010 WAS $6,483 AND $4,471, RESPECTIVELY. THE COOPERATIVE HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2011. WITH FEW EXCEPTIONS, THE COOPERATIVE AND ITS SUBSIDIARY ARE NO LONGER SUBJECT TO FEDERAL, STATE, OR LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2008. X X X 0 0 0 KIM R COLBERG 148356 0 0 0 0 0 22155 0 8430 0 178941 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 ALL ELECTRIC CUSTOMERS OF THE COOPERATIVE ARE VOTING MEMBERS. EACH MEMBER IS ENTITLED TO ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS. THERE IS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS VOTE ON CHANGES TO THE ARTICLES OF INCORPORATION. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES; THEREFORE, COMMITTEE MEETINGS ARE NOT DOCUMENTED. FORM 990, PART VI, SECTION B, LINE 11 GM/CEO AND CONTROLLER REVIEW THE FULL FORM 990 AFTER IT IS COMPILED BY THE STAFF AND AUDIT FIRM AT A REGULAR BOARD MEETING. ANY SUGGESTED CHANGES OR ADDITIONS ARE REVIEWED AND FORWARDED TO THE AUDIT FIRM, PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REVIEWS THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS WITH GENERAL COUNSEL GUIDANCE. FOLLOWING THE REVIEW THE BOARD COMPLETES A CONFLICT OF INTEREST DISCLOSURE STATEMENT. IT IS THE GM/CEO'S RESPONSIBILITY TO PROVIDE ASSISTANCE TO THE BOARD TO ASSURE COMPLIANCE WITH THIS POLICY AND TO DEVELOP AND ENFORCE APPROPRIATE MANAGEMENT POLICY RELATING TO CONFLICTS OF INTEREST OF EMPLOYEES. DIRECTORS AND EMPLOYEES ARE REQUIRED TO MAKE FULL DISCLOSURE TO THE BOARD AND/OR COOPERATIVE OF ANY FACTS WHICH MAY INDICATE A CONFLICT OF INTEREST. THEY SHALL DISQUALIFY THEMSELVES FROM DECISIONS WHICH POSE A CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. THEY MAY REQUEST AN OPINION OF THE COOPERATIVE'S GENERAL COUNSEL BEFORE SUCH ACTION IS TAKEN. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S SALARY AND THE COMPENSATION OF THE BOARD OF DIRECTORS IS SET BY THE BOARD ON AN ANNUAL BASIS BASED UPON LOCAL, REGIONAL AND NATIONAL COMPENSATION DATA. A COMPENSATION CONSULTANT IS USED EVERY FIVE YEARS. THE CONTROLLER'S SALARY IS SET ON AN ANNUAL BASIS BY CEO USING LOCAL, REGIONAL AND NATIONAL COMPENSATION DATA. THIS COMPENSATION CONSULTANT WAS LAST UTILIZED IN 2008. FORM 990, PART VI, SECTION C, LINE 19 ARTICLES AND BYLAWS ARE PROVIDED TO MEMBERS UPON RECEIVING SERVICE OR UPON A LATER REQUEST. CONFLICT OF INTEREST POLICY UPON REQUEST. FINANCIAL STATEMENTS IN AN ANNUAL REPORT MAILED TO MEMBERS AND UPON REQUEST. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: CAPITAL CREDITS RETIRED -923,641. CHANGE IN OTHER EQUITIES 16,575. EQUITY IN EARNINGS OF SUBSIDIARY 37,127. INCOME INCLUDED ON 990 NOT ON BOOKS 4,264. PATRONAGE DIVIDENDS PAID 410,626. TOTAL TO FORM 990, PART XI, LINE 5: -455,049. FORM 990, PART XII, LINE 2C THE COOPERATIVE'S OVERSIGHT OF THE AUDIT AND SELECTION OF INDEPENDENT AUDITOR HAS NOT CHANGED. CORRIDOR DEVELOPMENT INC 5695 REC DR MARION IA 52302 421370547 ECONOMIC DEVELOPMENT IA LINN COUNTY REC C 28205 811317 1.00000 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 ALL AMOUNTS UNDER 50000