2024-06-05T14:16:46-05:00 2023-12-31 450250958 Eide Bailly LLP 345 N Reid Pl Ste 400 Sioux Falls SD 571037034 990 2023-01-01 420394605 Maquoketa Valley Rural Electric Cooperat MAQU 3194623542 109 N Huber St Anamosa IA 522050370 Jeremy Richert CEO/Executive Vice President 3194623542 2024-06-04 1 Jeremy Richert XXX-XX-XXXX 1 Laurie Hanson CPA P00851848 6053391999 2024-06-04 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z Jeremy Richert 109 N Huber St Anamosa IA 522050370 44012131 0 X www.mvec.coop X 1936 IA Provide reliable, quality electric, internet and telephone services in a safe, respectful, environmentally responsible and cost-effective manner. 8 8 85 0 10879 847 0 100711 41046657 42108718 101277 131730 592022 1661748 41739956 44002907 15752 16971 1113625 1200000 1308886 1451710 0 0 0 37807693 38598518 40245956 41267199 1494000 2735708 152454363 163642141 111246709 119267926 41207654 44374215 We will be the utility of choice by providing reliable, quality services in a safe, respectful, environmentally responsible, cost-effective manner that benefits our members' quality of life and promotes the success of their local communities. 0 0 Maquoketa Valley Electric Cooperative provides electric energy services over 3,319 miles of distribution line to 17,891 metered services, covering more than 17,003 rural residential and commercial member-consumers in nine counties in Northeastern Iowa. Maquoketa Valley Electric Cooperative provides internet service to 6,697 members and VoIP phone service to 513 members throughout its service territory. 0 1 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 59 0 1 85 1 1 1 0 0 0 0 0 0 43240219 1816746 0 0 0 X 8 8 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X Kelly Gibbs 3194623542 109 N Huber Street Anamosa IA 52205 Ron Thielen President 6.50 X X 9020 0 0 Thomas Stewart Vice President 6.20 X X 11880 0 0 Judy Gotto Treasurer 5.00 X X 11660 0 0 Eugene Manternach Secretary 4.00 X X 6800 0 0 Charles McCullough Assistant Secretary 4.40 X X 10340 0 0 Larry Swanson Director 8.00 X 10780 0 0 Jan Null - Left 092023 Director 4.00 X 4510 0 0 Billie Zumbach Director 4.40 X 10560 0 0 Charlie Peters Director 4.00 X 8360 0 0 Jeremy Richert CEO/Executive Vice President 55.00 X 243601 0 92461 Kelly Gibbs Chief Financial Officer 50.00 X 156868 0 53010 Dan Schulte Director of Operations 50.00 X 146623 0 87057 Brent Wegmann Director of IT 50.00 X 149975 0 57999 Dean Koopmann Director of Tech Services 50.00 X 127945 0 77481 Tony Sheridan Lead Lineman - Foreman 44.20 X 131407 0 35797 Travis Manders Lead Lineman - Foreman 44.10 X 133159 0 19567 1173488 0 423372 33 0 1 0 Corridor Network Construction Inc 3353 Southgate Ct SW Cedar Rapids IA 52404 Fiber network construction & maintenance 1803702 Burken Underground LLC 8827 Esgate Rd Maquoketa IA 52060 Underground boring 232295 USIC Locating Services LLC PO Box 715409 Cincinnati OH 45271 Underground Locates 119778 3 100711 100711 Sale of Power & Other Services 221000 42108718 42108718 42108718 127931 127931 3799 0 3799 3799 3799 20103 9224 10879 10879 Capital Credits 523000 1650869 1650869 1650869 44002907 43759587 10879 131730 16971 1200000 620823 749736 13987 67164 71679 15306 255548 30861 3531304 6102240 46981 Cost of Power 20110795 Dist Exp - Operating 3152825 Dist Exp - Maintenance 2080957 Sales Expense 1132029 2067993 41267199 882773 3518760 379914 319983 4551158 5003279 5100721 6582440 1767241 827400 190707540 53608813 129617681 137098727 9999625 10134695 155250 156857 0 0 152454363 163642141 4596137 4355714 141394 161677 100806710 109912719 3000000 2500000 2702468 2337816 111246709 119267926 X 0 0 0 0 41207654 44374215 41207654 44374215 152454363 163642141 X 2735708 430853 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 635026 635026 3492999 1821815 1671184 182172398 51695139 130477259 4407117 91859 4315258 137098727 Patronage Capital Credits 8266084 C Investment in CFC CTC 1068243 C Non-Federal Economic Development Loans 800368 C 10134695 Accumulated Provision for Pension & Benefits 493329 Deferred credits 1844487 2337816 X 43994984 0 43994984 7923 7923 44002907 40059276 0 40059276 1207923 1207923 41267199 Part X, Line 2: 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 benefits 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: Expenses Recorded as Revenue 7,923. Part XII, Line 4b - Other Adjustments: Patronage Capital Credits Allocated for Current Year 1,200,000. Expenses Recorded as Revenue 7,923. X X X X 0 0 0 Jeremy Richert CEO/Executive Vice President 243601 0 0 0 0 0 66116 0 28698 0 338415 0 0 0 Dan Schulte Director of Operations 146623 0 0 0 0 0 60426 0 28122 0 235171 0 0 0 Kelly Gibbs Chief Financial Officer 156868 0 0 0 0 0 23928 0 30685 0 211481 0 0 0 Brent Wegmann Director of IT 149975 0 0 0 0 0 29738 0 29761 0 209474 0 0 0 Dean Koopmann Director of Tech Services 127945 0 0 0 0 0 51749 0 27022 0 206716 0 0 0 Tony Sheridan Lead Lineman - Foreman 131407 0 0 0 0 0 11802 0 25044 0 168253 0 0 0 Travis Manders Lead Lineman - Foreman 133159 0 0 0 0 0 9761 0 10837 0 153757 0 0 0 Schedule J, Part II, Column C Included in the amount reported in column C is $56,178 for the change in actuarial value of the defined benefit plan for Jeremy Richert. Actual Cooperative contributions to the plan were $36,505. Included in the amount reported in column C is $54,337 for the change in actuarial value of the defined benefit plan for Dan Schulte. Actual Cooperative contributions to the plan were $22,327. Included in the amount reported in column C is $23,576 for the change in actuarial value of the defined benefit plan for Brent Wegmann. Actual Cooperative contributions to the plan were $22,445. Included in the amount reported in column C is $17,330 for the change in actuarial value of the defined benefit plan for Kelly Gibbs. Actual Cooperative contributions to the plan were $24,021. Included in the amount reported in column C is $46,490 for the change in actuarial value of the defined benefit plan for Dean Koopmann. Actual Cooperative contributions to the plan were $19,289. Included in the amount reported in column C is $7,541 for the change in actuarial value of the defined benefit plan for Anthony Sheridan. Actual Cooperative contributions to the plan were $15,623. Included in the amount reported in column C is $5,502 for the change in actuarial value of the defined benefit plan for Travis Manders. Actual Cooperative contributions to the plan were $15,620. Form 990, Part VI, Section A, line 6 All members signing membership agreements are members of the Cooperative. Members may be Class E (electric only members), Class T (telecommunication only members) or both. Form 990, Part VI, Section A, line 7a Each member-owner is entitled to one vote. Members vote on election of directors and removal of directors. Form 990, Part VI, Section A, line 7b Members elect the 9-member Board of Directors. Terms are three years each and are filled on a rotating basis. Form 990, Part VI, Section A, line 8b No committees are able to act on behalf of the Board. Form 990, Part VI, Section B, line 11b Board will have at least one week to review and recommend changes to the 990. Board will communicate with CFO or CEO regarding such changes. Form 990, Part VI, Section B, line 12c All members of the Board and all employees are covered by conflict of interest policies. For the Board, all directors vote on whether a conflict exists. If a conflict is determined to exist, the effected director is not allowed to discuss or vote on items deemed to be a conflict of interest. Directors must certify as part of annual 990 questionnaire that no conflicts of interest exist. Form 990, Part VI, Section B, line 15 The Board reviews and approves the salary of the CEO using comparable compensation amounts from Form 990's of other organizations and a compensation study. This process is undertaken annually. The Board establishes and approves a salary range for all officer positions based on comparable compensation amounts from Form 990s of other organizations. The CEO is responsible for assigning the officer's salary based upon performance and experience. Form 990, Part VI, Section C, line 19 Articles of Incorporation and Bylaws are available on the Cooperative's website. Financial statements are available upon request and summary statements are made available through the annual report that is distributed to members at the annual meeting. Form 990, Part XI, line 9: Donated Capital 43,787. Patronage Capital Credits Allocated for Current Year 1,200,000. Retirement of Capital Credits -812,934.