2024-11-15T15:03:02-06:00 2023-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2023-01-01 410510033 ROSEAU ELECTRIC COOPERATIVE INC ROSE 2184631543 1107 3RD STREET NE ROSEAU MN 56751 TRACEY STOLL GENERAL MANAGER 2184631543 2024-11-15 1 0 MATT LAUGHLIN P00014168 7017754685 2024-11-15 2023 2024-10-15 13:58:12Z TRACEY STOLL 1107 3RD STREET NE ROSEAU MN 56751 20588990 0 X WWW.ROSEAUELECTRIC.COOP X 1940 MN TO DELIVER ELECTRICITY TO MEMBERS 9 9 33 0 1023749 90834 0 0 20292159 20059472 30426 37419 525091 492099 20847676 20588990 0 0 1091207 1087785 3066867 3293370 0 0 0 16267841 15646472 20425915 20027627 421761 561363 42951995 44718251 22157895 22971235 20794100 21747016 ROSEAU ELECTRIC COOPERATIVE IS COMMITTED TO PROVIDING ITS MEMBER OWNERS LOW COST, HIGH QUALITY, SAFE, AND RELIABLE ELECTRICITY WITH FRIENDLY, EFFICIENT, AND KNOWLEDGEABLE SERVICE. 0 0 THE COOPERATIVE DELIVERS ELECTRIC ENERGY TO ITS 6,696 MEMBERS. THE COOPERATIVE SERVES 2,186 MILES. 0 0 0 0 0 0 0 1 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 1 1 0 0 1 16 0 1 33 1 1 1 0 0 0 0 19261104 1141240 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 0 0 X TRACEY STOLL 2184631543 PO BOX 100 ROSEAU MN 56751 X JAMES CHRISTIANSON DIRECTOR 3.63 X 5850 0 0 BRIAN GRAFSTROM DIRECTOR 4.50 X 6850 0 0 SHAWN GUST DIRECTOR 6.85 X 4000 0 0 JAMES HALLAN VICE PRESIDENT 2.25 X X 3850 0 0 MARK SAX PRESIDENT 2.17 X X 4000 0 0 JOE TESAREK DIRECTOR 3.63 X 5850 0 0 EDWARD WALSH DIRECTOR 4.75 X 6050 0 0 MIKE WAHL SECRETARY/TREASURER 3.81 X X 8150 0 0 KERMIT JENSEN DIRECTOR (STARTED APRIL 2023) 3.03 X 2450 0 0 DALE MOSER DIRECTOR (THROUGH APRIL 2023) 8.88 X 4000 0 0 RYAN SEVERSON ASSISTANT MANAGER 40.00 X 150669 0 31470 TRACEY STOLL GENERAL MANAGER 40.00 X 168305 0 129133 RALPH LANDMAN LINE CREW FOREMAN 40.00 X 116587 0 46988 MICHAEL MILLNER LINE SUPERINTENDENT 40.00 X 123389 0 73288 CHAD NELSON LINE CREW FOREMAN 40.00 X 106057 0 66928 JUSTIN OLSON LINEMAN 40.00 X 103638 0 56739 JEREMY LINDEMANN MEMBER SERVICE DIRECTOR 40.00 X 103719 0 59001 923414 0 463547 8 0 1 0 0 ELECTRIC SALES 221000 19074319 19074319 FIBER SALES 517000 532483 532483 CAPITAL CREDITS 221000 359277 359277 OTHER SUPPORTING REVENUE 221000 93393 93393 20059472 37419 37419 FTTH REVENUE 517000 300466 300466 MAINTENANCE CONTRACT 811000 190800 190800 WILD BLUE/POWERCOMM 517000 833 833 492099 20588990 19527822 1023749 37419 X 1087785 503045 2040909 541684 207732 804284 1949315 COST OF POWER 11439741 ADMIN AND GENERAL 1769984 DISTRIBUTIONS 1576413 CUSTOMER SERV & ACCTS 1025448 -2918713 20027627 71041 37032 938991 1463072 800000 2466560 2282162 2384919 2010943 63331 122535 70397752 36851073 32804170 33546679 4222983 4455828 42951995 44718251 2068829 1947368 162177 180949 10468 10571 17826367 18560092 1950000 2000000 140054 272255 22157895 22971235 X 0 0 0 0 20794100 21747016 20794100 21747016 42951995 44718251 X 561363 391553 X 0 1 X 1 0 0 1 X 210000 210000 3423131 1316448 2106683 61932248 35534625 26397623 4832373 4832373 33546679 NOTES RECEIVABLES 174989 C PATRONAGE CAP FROM ASSOC COOP 2128949 C INVESTMENT IN ASSOC ENTERPRISES 1744414 C SUBSCRIPTION TO CTC FROM CFC 347600 C INVESTMENTS IN NON-ASSOC ORGANZATIONS 59876 C 4455828 CONSUMER DEPOSITS 123931 CONTINGENT LIABILITY 148324 272255 X 20505392 0 20505392 83598 83598 20588990 18856244 0 18856244 1171383 1171383 20027627 PART IV, LINE 2B: THE MEMBERS OF THE COOPERATIVE CAN ELECT TO ROUND UP THEIR MONTHLY ELECTRIC BILL TO THE NEXT DOLLAR. THESE FUNDS COLLECTED FROM THE MEMBERSHIP ARE HELD IN A COOPERATIVE ACCOUNT UNTIL THEY ARE RELEASED TO THE ROSEAU ELECTRIC COOPERATIVE TRUST. THESE FUNDS ARE TRANSFERRED DIRECTLY TO THE OPERATION ROUND-UP ON A SEMI-ANNUAL BASIS. FUNDS THAT EXIST AT THE END OF THE YEAR ARE A RESULT OF A TIMING DIFFERENCE IN THE RECEIPT OF THE FUNDS AND THE RELEASE OF THEM TO THE OPERATION ROUND-UP. AS OF DECEMBER 31, 2023 AND 2022, THE ACCOUNT HELD $10,571 AND $10,468, RESPECTIVELY. PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12). THE COOPERATIVE IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. THE COOPERATIVE FILES AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS TO REPORT ITS UNRELATED BUSINESS TAXABLE INCOME (UBTI). THE COOPERATIVE 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, 2023 AND 2022, THE UNRECOGNIZED TAX BENEFIT ACCRUAL WAS ZERO. THE COOPERATIVE WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XI, LINE 4B - OTHER ADJUSTMENTS: MAINTENANCE CONTRACT EXPENSES 83,598. PART XII, LINE 4B - OTHER ADJUSTMENTS: MAINTENANCE CONTRACT EXPENSES 83,598. ALLOCATED CAPITAL CREDITS 1,087,785. X 0 0 0 TRACEY STOLL GENERAL MANAGER 166144 0 654 0 1507 0 108133 0 21258 0 297696 0 0 0 MICHAEL MILLNER LINE SUPERINTENDENT 121821 0 495 0 1073 0 52287 0 21258 0 196934 0 0 0 RYAN SEVERSON ASSISTANT MANAGER 148877 0 554 0 1238 0 31470 0 258 0 182397 0 0 0 CHAD NELSON LINE CREW FOREMAN 105325 0 357 0 375 0 57345 0 9721 0 173123 0 0 0 RALPH LANDMAN LINE CREW FOREMAN 115460 0 374 0 753 0 37406 0 9841 0 163834 0 0 0 JEREMY LINDEMANN MEMBER SERVICE DIRECTOR 103000 0 417 0 302 0 38000 0 21090 0 162809 0 0 0 JUSTIN OLSON LINEMAN 103152 0 335 0 151 0 35738 0 21060 0 160436 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN C INCLUDED IN SCHEDULE J, PART II, COLUMN C IS THE ESTIMATED ANNUAL 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 IN THE INCREASE IN THE ACTUARIAL VALUE OF THE PLAN RECEIVED FROM NRECA. THE CURRENT YEAR EXPENSE AND ESTIMATED ACTUARIAL INCREASE ARE REFLECTED IN THE SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F. FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE HAS ONLY ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS ARE OF THE SAME CLASS AND EACH MEMBER IS ENTITLED TO ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B A SALE OF MORE THAN 25% OF THE COOPERATIVE'S ASSETS MUST BE APPROVED BY THE MEMBERSHIP. APPROVAL FROM THE MEMBERSHIP IS ALSO REQUIRED FOR AN AMENDMENT OF THE BYLAWS. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE GENERAL MANAGER AND OFFICE MANAGER WILL REVIEW A DRAFT OF THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS AND ALL STAFF EMPLOYEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY. THE MANAGER REVIEWS THE DISCLOSURES. IF A CONFLICT ARISES THE EXISTENCE AND NATURE OF THE CONFLICTING INTEREST AND ALL FACTS KNOWN ARE PROVIDED TO THE DISINTERESTED DIRECTORS, WHO WILL DELIBERATE AND VOTE REGARDING THE TRANSACTION OUTSIDE THE PRESENCE OF, AND WITHOUT PARTICIPATION BY, THE INTERESTED PERSON. A MAJORITY OF THE DISINTERESTED DIRECTORS, BUT NOT LESS THAN TWO, AUTHORIZES THE TRANSACTION AS LONG AS IT HAS FAIR TERMS AND IS COMPARABLE TO WHAT MIGHT HAVE BEEN OBTAINED IN AN ARM'S LENGTH TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS ANNUALLY DETERMINES THE GENERAL MANAGER'S SALARY. DELIBERATION IS BASED ON PERFORMANCE AND A SALARY SURVEY OF SIMILAR POSITIONS FROM SURROUNDING COOPERATIVES. THE GENERAL MANAGER'S SALARY IS ADJUSTED ACCORDINGLY AND THE DELIBERATION IS DOCUMENTED IN THE MINUTES. THE ASSISTANT MANAGER'S SALARY IS REVIEWED ANNUALLY BY THE GENERAL MANAGER. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII, COLUMN F INCLUDED IN COLUMN F IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PENSION PLAN. THE ESTIMATED INCREASE FOR EACH EMPLOYEE IS: TRACEY STOLL: $96,233 RYAN SEVERSON: $21,390 MICHAEL MILLNER: $43,271 RALPH LANDMAN: $30,607 CHAD NELSON: $50,856 JUSTIN OLSON: 29,621 JEREMY LINDEMANN: $30,406 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 BENEFITS PLAN FOR EACH EMPLOYEE IS: TRACEY STOLL: $48,721 RYAN SEVERSON: $40,804 MICHAEL MILLNER: $37,242 RALPH LANDMAN: $28,672 CHAD NELSON: $27,371 JUSTIN OLSON: $25,716 JEREMY LINDEMANN: $31,058 FORM 990, PART IX, LINE 4 PATRONAGE DIVIDENDS PAID: AS REQUIRED BY FORM 990 INSTRUCTIONS, FORM 990, PART IX, LINE 4 (BENEFITS PAID TO OR FOR MEMBERS) INCLUDES PATRONAGE DIVIDENDS PAID. THIS AMOUNT IS AN EXPENSE FOR PURPOSES OF FORM 990, BUT IS NOT RECOGNIZED AS AN EXPENSE UNDER G.A.A.P. REPORTING REQUIREMENTS, WHICH ARE USED FOR BOOK INCOME. THE RESULT IS A BOOK TO TAX DIFFERENCE WHICH IS DISCLOSED ON PART XI. IN REFERENCE TO PART IX, LINE 4, THE COOPERATIVE HAS INTERPRETED "PATRONAGE DIVIDENDS PAID" AS CAPITAL CREDITS ALLOCATED TO MEMBERS UNDER THE PREEXISTING OBLIGATIONS PURSUANT TO THE BYLAWS OF THE COOPERATIVE. FORM 990, PART IX, LINE 24E THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 5-10 ARE ALREADY INCLUDED IN DISTRIBUTION EXPENSE, ADMINISTRATIVE AND GENERAL EXPENSE AND CUSTOMER EXPENSE. THEREFORE, THESE AMOUNTS ARE BEING SUBTRACTED OUT AS AN OTHER DEDUCTION ON LINE 24E IN THE AMOUNT OF $3,293,370. THIS AMOUNT IS NETTED WITH FIBER COST OF SALES OF AND OTHER EXPENSES OF $287,821 AND $86,836 TO ARRIVE AT THE TOTAL SHOWN ON LINE 24E. FORM 990, PART XI, LINE 9: ALLOCATED CAPITAL CREDITS 1,087,785. RETIREMENT OF PATRONAGE CAPITAL -727,959. DISCOUNTED CAPITAL CREDITS 29,915. RETIRED CAPITAL CREDIT GAIN 1,812. ROSEAU ELECTRIC COOPERATIVE TRUST 1107 3RD ST NE ROSEAU MN 567510100 387092612 COMMUNITY SUPPORT MN 501(C)(3) LINE 10 ROSEAU ELECTRIC COOPERATIVE INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0