2011-05-12T14:46:11-05:00 2010-12-31 EIDE BAILLY LLP 4310 17TH AVE S PO BOX 2545 FARGO ND 581082545 990 2010-01-01 410449191 NORTH STAR ELECTRIC COOP NORT 2186342202 441 STATE HWY 172 NW BAUDETTE MN 566230719 Steve Arnesen 2186342202 2011-05-12 1 LISA CHAFFEE CPA 7012398500 2011-05-12 2010 2016-02-24 21:20:13Z Dan Hoskins 441 STATE HWY 172 NW BAUDETTE MN 566230719 12348167 0 X WWW.NORTHSTARELECTRIC.COOP X 1940 MN Responsibly provide electric energy and other beneficial services to our member owners 7 7 27 0 0 0 0 0 10837140 11626673 728559 713081 3536 89 11569235 12339843 0 7500 0 0 2349198 2226465 0 0 0 8113951 8885174 10463149 11119139 1106086 1220704 28824577 27983448 17024632 15707601 11799945 12275847 The mission of North Star Electric Cooperative is to improve the lives of our member-owners and community by responsibly providing electric energy and other beneficial services while maintaining the very highest standard of performance. 0 0 To provide electric and utility service to 5,332 members under the guidance of the Rural Utility Service Division of the USDA. 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 1 1 1 0 1 22 0 1 27 1 0 0 0 0 0 11606604 746415 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 0 1 0 0 X Ann Ellis 2186342202 441 State Hwy 172 W Baudette MN 56623 X Steve Arnesen 9.00 X X 14500 0 0 Bruce Polkinghorne 8.00 X X 5600 0 0 Michael Hanson 6.00 X X 7680 0 0 Julian Brzoznowski 10.00 X 9150 0 0 L J Anderson 3.00 X 6400 0 0 Lorraine Nygaard 3.00 X 10350 0 0 Michael Trueman 6.00 X 4850 0 0 Randall Bergan 5.00 X 7875 0 0 Dan Hoskins 40.00 X 130372 0 112928 Ann Ellis 40.00 X 86531 0 41729 283308 0 154657 1 0 1 0 0 Electric sales 221000 11595695 11595695 Capital credits 221000 37725 37725 Miscellaneous 900099 -6747 -6747 11626673 259745 259745 453336 453336 453336 453336 8413 8324 89 89 12339843 11626762 0 713081 7500 384930 114069 1192810 415727 118929 872989 998400 Cost of Power 6178195 Distribution Expense 1458412 Adminstrative & General 1049647 Customer Expense & Sale 553996 Allocated Costs -2226465 11119139 120 997277 770349 1068146 1533568 724169 266227 458991 473387 76430 181195 36342274 13005931 24025080 23336343 1437173 1386779 37191 35600 28824577 27983448 1291399 1163721 1210906 314214 14259696 14008790 262631 220876 17024632 15707601 X 0 0 0 0 11799945 12275847 11799945 12275847 28824577 27983448 X 1220704 -744802 X 0 0 0 63183 63183 3136183 787509 2348674 33142908 12218422 20924486 23336343 Member Deposits 71288 Retiree Health Insurance Liability 149588 220876 1 Lake of the Woods County 206 8th Ave SE Baudette MN 56623 416005827 Government 7500 Book Land Economic Development of Lineman School 1 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: We applied for a USDA REDLG (Rural Economic Development Loan & Grant) in 2010. We received news that the application was accepted and funds will be available in 2011. The purpose of the application was to provide a loan to the County to aid in the construction of a building that would be leased to MState to extend their electrical lineworkers training program to our area. Land was donated in 2010 for this program. X X X 0 0 0 Dan Hoskins 128720 0 0 0 1652 0 95030 0 20761 0 246163 0 0 0 Supplemental Information Part III Form 990, Schedule J, Part II, Column C, Compensation Of Officers, Directors, Key Employees, Highest Compensated Employees And Independent Contractors: included in column "c" , deferred compensation, is the estimated annual increase in the actuarial value of the defined benefit plan. The estimated increase for Dan Hoskins is $87,753. This amount is an estimate in the increase of the value of the plan and is not current year expenses of the cooperative. The current year expense for this defined benefit plan was $35,562. Steve Ellis Spouse of NSEC Finance Manager 114069 Employee Wages & Benefits 0 Form 990, Part VI, Section A, line 6 The Cooperative has voting members. Each member has one vote. Form 990, Part VI, Section A, line 7a The Cooperative is divided into 8 districts. Each district is represented by one board member. Members can only vote for board members within their district. Form 990, Part VI, Section A, line 7b Changes to the Cooperative's by-laws must be approved by the Cooperative's members. The directors are limited by the bylaws as to decisions relating to the sale of the cooperative, mergers and other significant transactions. Form 990, Part VI, Section A, line 8b The Cooperative did not have any committees with the authority to act on behalf of the Board of Directors. Form 990, Part VI, Section B, line 11 The Finance Manager and General Manager reviewed the Form 990 prior to presenting the Form 990 to the Board of Directors. The Board of Directors reviewed and approved the Form 990 at the May 2011 board meeting. Form 990, Part VI, Section B, line 12c The Cooperative expects directors or employees who have conflicts of interest to disclose them immediately as they occur. Due care is taken to avoid unethical behavior and ensure honesty and accountability. The responsibility for the review and determination of board conflicts rests with the Board President. The responsibility for the review and determination of employees rests with the General Manager. All members are required to abstain from voting on any situation that may arise. Form 990, Part VI, Section B, line 15a NRECA data is gathered by the Board of Directors. The General Manager salary will be within the average range of the data - not highest and not lowest. The board approves the General Manager salary. Minutes are kept of the board meeting deliberations. This annual process last took place in July 2010. In the 2010 year there were no employee salary adjustments. The General Manager reviews the performance evaluation of the Finance Manager. This process was last performed in 2009. Form 990, Part VI, Section C, line 19 The Cooperative bylaws are distributed to all new members. Financial statements are shared with members at the annual meeting. Monthly board meeting minute summaries are reported in the cooperative's newsletter each month. The Cooperative's code of conduct is available upon request. Compensation Of Officers Form 990, Part VII, Section A, Column (F) Included in column "f", estimated amount of other compensation, is the estimated annual increase in the actuarial value of the defined benefit plan. The estimated increase for Dan Hoskins is $87,753 and for Ann Ellis is $29,550. These amounts are estimates in the increase of the value of the plan and are not current year expenses of the cooperative. The current year expense for this defined benefit plan was $35,562 and $23,847, respectively. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Retirements of Capital Credits -744,747. Changes in Membership -55. Total to Form 990, Part XI, Line 5: -744,802. Audited Financials Form 990, Part IV, Line 12 Although the Cooperative did not have an audit for the calendar year ended December 31, 2010, it did have an audit performed by an independent accountant for the period from August 1, 2009 through July 31, 2010. The audit period was chosen in order to reduce the cost of the audit, as it was not performed during peak season for the audit firm. The cooperative is scheduled to have an independent audit performed for the period August 1, 2010 through July 31, 2011. Form 990, Part IX, Statement Of Functional Expenses, Line 24e The labor, pension, other employee benefits 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. North Star Electric Cooperative Community Trust PO Box 719 Baudette MN 56623 204992283 Donations for Charitable and Educational Purposes MN 501(C)(3) 7 North Star Electric Coop 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 North Star Electric Cooperative Community Trust K North Star Electric Cooperative Community Trust R