2024-06-24T13:38:34-05:00 2023-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2023-01-01 460218629 LACREEK ELECTRIC ASSOCIATION INC LACR 6056856581 PO BOX 220 MARTIN SD 57551 JOSH FANNING GENERAL MANAGER 6056856581 2024-06-24 1 JOSH FANNING 999009999 1 LAURIE HANSON CPA P00851848 6053391999 2024-06-24 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z WADE RISSE PO BOX 220 MARTIN SD 57551 16493662 0 X WWW.LACREEK.COM X 1948 SD TO PROVIDE ELECTRIC SERVICE TO MEMBERS. 13 11 33 0 0 0 0 0 16734623 16007277 227059 454344 19783 3250 16981465 16464871 4100 5000 1356949 1268930 2860844 3012483 0 0 0 12465079 11697192 16686972 15983605 294493 481266 67477972 70014869 43178332 45066913 24299640 24947956 TO PROVIDE OUR SERVICE TERRITORY WITH SAFE AND RELIABLE SERVICE AT THE LOWEST POSSIBLE COST, WHILE ADVANCING THE QUALITY OF LIFE BY STAYING ABREAST OF THE LATEST TECHNOLOGY AVAILABLE IN OUR INDUSTRY. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 4,000 MEMBERS ON 5,174 MILES OF LINE. 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 1 0 0 0 0 0 0 1 1 0 0 1 254 0 1 33 1 0 0 0 0 0 0 0 15357735 776091 0 0 0 X 13 11 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X JOSH FANNING 6056856581 PO BOX 220 MARTIN SD 57551 X MARION SCHULTZ BOARD MEMBER 3.00 X 10875 0 0 WADE RISSE PRESIDENT 3.00 X X 6850 0 0 BRENT IRELAND VICE PRESIDENT 3.00 X X 5877 0 0 THOMAS SCHLACK TREASURER 3.00 X X 6584 0 0 SCOTT LARSON SECRETARY 3.00 X X 4561 0 0 CLARENCE ALLEN BOARD MEMBER 3.00 X 8548 0 0 TROY KUXHAUS BOARD MEMBER 3.00 X 6908 0 0 CONNIE WHIRLWIND HORSE BOARD MEMBER 3.00 X 4257 0 0 DONOVAN YOUNGMAN BOARD MEMBER 3.00 X 5229 0 0 GERALD SHARP BOARD MEMBER 3.00 X 6177 0 0 NEAL LIVERMONT BOARD MEMBER 3.00 X 3589 0 0 CLIFFORD LAFFERTY BOARD MEMBER 3.00 X 4905 0 0 COLE LANGE BOARD MEMBER 3.00 X 5877 0 0 JOSH FANNING GENERAL MANAGER 40.00 X 136763 0 67178 KASI HARRIS FINANCE MANAGER 40.00 X 76451 0 45129 MICHAEL PISHA LINE SUPERINTENDENT 40.00 X 111261 0 44403 JESSE BYERLEY LINE FORMAN 40.00 X 101238 0 48932 505950 0 205642 3 0 1 0 KELLER CONSTRUCTION 770 MOUNT ROYAL LANE RAPID CITY SD 57702 CONTRACTOR 313921 RUSHMORE ELECTRIC POWER PO BOX 2414 RAPID CITY SD 57709 ENGINEERING 137729 EXO GROUP LLC 32626 DECKER PRAIRIE RD STE 5 MAGNOLIA TX 77355 CONTRACTOR 105017 3 SALE OF ELECTRICITY 221000 14750215 14750215 COOP CAPITAL CREDITS 221000 761463 761463 OTHER REVENUE 221000 495599 495599 16007277 412286 412286 42058 0 42058 42058 42058 32041 28791 3250 3250 16464871 16010527 0 454344 5000 1268930 411950 219295 1896518 311487 173233 1111705 2262551 COST OF POWER 7305315 ADMIN & GENERAL 1513344 DISTRIBUTION-MAINTENANC 1018135 CONSUMER ACCOUNTS 448410 -1962268 15983605 6766032 6047304 1712390 1450685 4311854 5143866 940114 879483 78315395 31142240 44862768 47173155 655591 651641 8229223 8668735 67477972 70014869 1990748 1464911 39772084 42015509 1415500 1586493 43178332 45066913 X 0 0 0 0 24299640 24947956 24299640 24947956 67477972 70014869 X 481266 167050 X X 0 1 X 1 0 110409 110409 1248168 758118 490050 3903603 2725659 1177944 73053215 27658463 45394752 47173155 RUSHMORE ELECTRIC POWER COOPERATIVE, INC. 7841397 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 485550 C BASIN ELECTRIC POWER COOPERATIVE 100 C RURAL ELECTRIC SUPPLY COOPERATIVE 137317 C FEDERATED RURAL ELECTRIC INSURANCE CORPORATION 203361 C NATIONAL RURAL ELECTRIC COOPERATIVE 10 C COBANK MEMBERSHIP 1000 C 8668735 CUSTOMER DEPOSITS 458530 DEFERRED CREDITS 1127963 1586493 X 16464871 0 16464871 0 16464871 14714675 0 14714675 1268930 1268930 15983605 PART X, LINE 2: THE ASSOCIATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE, EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME, IF ANY. THE ASSOCIATION ADOPTED FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) 740-10, RELATING TO ACCOUNTING FOR UNCERTAIN TAX POSITIONS. AS OF DECEMBER 31, 2023 AND 2022, THE ASSOCIATION DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS. THE ASSOCIATION FILES AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN IN THE U.S. FEDERAL JURISDICTION, AND FILES EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN, IF REQUIRED. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2023 MARGINS 1,268,930. X X 0 0 0 JOSH FANNING GENERAL MANAGER 135872 0 271 0 620 0 34973 0 34221 0 205957 0 0 0 MICHAEL PISHA LINE SUPERINTENDENT 106631 0 271 0 4359 0 28121 0 18163 0 157545 0 0 0 JESSE BYERLEY LINE FORMAN 100678 0 271 0 289 0 16083 0 34376 0 151697 0 0 0 SCHEDULE J, PART II, COLUMN (C) INCLUDED IN PART II, COLUMN (C) IS THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR MICHAEL PISHA IN THE AMOUNT OF $23,751, JESSE BYERLEY IN THE AMOUNT OF $12,369, AND FOR JOSH FANNING IN THE AMOUNT OF $29,694. THE COOPERATIVE'S ACTUAL EXPENSE FOR MICHAEL, JESSE, AND JOSH'S PARTICIPATION IN THIS PLAN IN 2023 WAS $18,698, $18,564, AND $26,260 RESPECTIVELY. TERRI GREGG EMPLOYEE; DAUGHTER OF DIRECTOR CLARENCE ALLEN 108728 EMPLOYEE COMPENSATION 0 CODY LARSON EMPLOYEE; SON OF DIRECTOR SCOTT LARSON 110567 EMPLOYEE COMPENSATION 0 FORM 990, PART VI, SECTION A, LINE 6 EACH MEMBER HOLDS ONE MEMBERSHIP AND HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER IS ALLOWED ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS VOTE ON BYLAWS OF THE COOPERATIVE AND THE DIRECTORS OF THE COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS GIVEN TO EACH BOARD MEMBER FOR THEIR REVIEW. COMMENTS AND QUESTIONS ARE DISCUSSED AND ACTED ON, IF NECESSARY, PRIOR TO FILING OF THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS ALL EMPLOYEES AND BOARD MEMBERS. THE GENERAL MANAGER DETERMINES IF A CONFLICT EXISTS WITH AN EMPLOYEE. THE BOARD PRESIDENT AND/OR ATTORNEY DETERMINES IF A CONFLICT EXISTS WITH THE GENERAL MANAGER OR BOARD MEMBERS. THE FULL BOARD IS RESPONSIBLE FOR REVIEWING ACTUAL CONFLICTS. IF A CONFLICT ARISES WITH A BOARD MEMBER, THE BOARD MEMBER WOULD BE REQUIRED TO ABSTAIN FROM DISCUSSION AND VOTING IN THE MATTER. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION FOR THE GENERAL MANAGER IS DETERMINED BY THE COMPENSATION COMMITTEE WITH APPROVAL FROM THE BOARD OF DIRECTORS. COMPARISON OF COMPENSATION OF OTHER INDIVIDUALS IN THE SAME FIELD WITH THE SAME LEVEL OF SERVICE ARE USED. ALSO THE COST OF LIVING IS CONSIDERED. THIS PROCESS IS COMPLETED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 IN WRITTEN FORM, UPON REQUEST. FORM 990, PART VII, COLUMN F, OTHER COMPENSATION: INCLUDED IN OTHER COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR THE GENERAL MANAGER AND THE FINANCE AND BENEFITS MANAGER. THE CURRENT YEAR INCREASE OR DECREASE DOES NOT REPRESENT CURRENT YEAR CONTRIBUTIONS TO THE PLAN. RATHER, IT IS AN ESTIMATE OF THE INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE PLAN AS CALCULATED BY THE PLAN ADMINISTRATOR. FORM 990, PART XI, LINE 9: CAPITAL CREDIT RETIRMENTS -1,101,880. ALLOCATION OF 2023 MARGINS 1,268,930. FORM 990, PART XII, LINE 2C THE BOARD OF DIRECTORS IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. FORM 990, PART IX, LINE 4 STATEMENT OF FUNCTIONAL EXPENSES: THE COOPERATIVE HAS INTERPRETED THE INSTRUCTIONS TO PART IX, LINE 4, TO MEAN PATRONAGE CAPITAL ALLOCATED FOR THE YEAR, RATHER THAN PATRONAGE CAPITAL RETIRED. THIS IS CONSISTENT WITH THE BYLAWS OF THE COOPERATIVE. FORM 990, PART IX, LINE 24E, STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 6-10 ARE INCLUDED IN DISTRIBUTION EXPENSE, ADMINISTRATIVE & GENERAL EXPENSE AND CUSTOMER EXPENSE. THEREFORE, LABOR, PENSION AND PAYROLL TAXES ARE SHOWN AS A REDUCTION TO OTHER EXPENSES ON LINE 24E. LACREEK ELECTRIC YOUTH AND COMMUNITY SUPPORT INC 121 N HAROLD ST MARTIN SD 57551 872388312 PROVIDE SUPPORT TO YOUTH AND COMMUNITY SD 501(C)(3) LINE 7 LACREEK ELECTRIC ASSOCIATION INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0