2024-09-10T12:51:14-05:00 2023-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2023-01-01 411857633 LAKE COUNTRY POWER LAKE 2187425751 26039 BEAR RIDGE DRIVE COHASSET MN 55721 MARK BAKK GENERAL MANAGER 2187425751 2024-08-28 1 0 DAVID HOLT P00014251 7017754685 2024-08-28 2023 2024-08-08 14:25:15Z MARK BAKK 26039 BEAR RIDGE DRIVE COHASSET MN 55721 111084328 0 X WWW.LAKECOUNTRYPOWER.COOP X 1996 MN TO PROVIDE ELECTRICITY AND OTHER SERVICES TO THE COOPERATIVE'S MEMBERS. 9 7 153 0 0 0 0 0 108745308 106284324 74375 184232 2045192 3939621 110864875 110408177 37929 29234 7071866 11772255 1066185 1118664 0 0 0 102695593 97488024 110871573 110408177 -6698 0 369734330 393961504 245319527 259880223 124414803 134081281 TO ENHANCE OUR COMMUNITIES BY PROVIDING SAFE, RELIABLE, AND AFFORDABLE ENERGY SERVICES TO OUR MEMBERS. 0 0 PROVISION OF ELECTRICITY AND OTHER SERVICES TO THE COOPERATIVE'S 44,148 MEMBERS. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 1 61 0 1 153 1 1 1 0 0 0 0 106284324 3922678 0 0 0 X 9 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X TRACY PETERSON WIRTANEN 2187425751 8535 PARK RIDGE DRIVE MOUNTAIN IRON MN 55768 CRAIG OLSON PRESIDENT 9.65 X 18000 0 0 LARRY ANDERSON DIRECTOR 8.84 X 16200 0 0 DANIEL KINGSLEY VICE PRESIDENT 8.01 X 14400 0 0 MICHAEL FORSMAN SECRETARY 9.10 X 14400 0 0 STEVE RAUKAR DIRECTOR 8.93 X 12900 0 0 JASON LONG TREASURER 7.06 X 12900 0 0 BRIAN NAPSTAD DIRECTOR 8.10 X 12883 0 0 ROBERT BRUCKBAUER DIRECTOR 8.35 X 11100 0 0 JEFF SHELDON DIRECTOR 9.92 X 9883 0 0 MARK BAKK GENERAL MANAGER 50.00 X 337315 0 79207 DEREK HOWE CHIEF OPERATING OFFICER 50.00 X 236308 0 82246 TRACY PETERSON WIRTANEN CHIEF FINANCIAL OFFICER 50.00 X 209396 0 40379 WILLIAM BUSSEY DIRECTOR OF SAFETY & RISK MANAGEMENT 50.00 X 191960 0 72896 JEFF THIEL CREW CHIEF 53.29 X 171726 0 23687 REBECCA SEELEY HUMAN RESOURCES DIRECTOR 50.00 X 166654 0 76874 WADE GOULD AREA SUPERVISOR 50.00 X 156879 0 54110 ZACHARY DIIORIO CREW CHIEF 48.77 X 149054 0 31712 1741958 0 461111 79 0 1 0 ZIELIE'S TREE SERVICE INC 28190 STATE HIGHWAY 137 ASHLAND WI 54806 RIGHT OF WAY CLEARING 5606100 LAKE STATES CONSTRUCTION LLC 25172 COMMERCIAL DRIVE GRAND RAPIDS MN 55744 CONSTRUCTION OF ELECTRICAL DIST. LINES 3464833 NATIONAL INFORMATION SOLUTIONS COOPERATI 3131 TECHNOLOGY DRIVE NW MANDAN ND 58554 SOFTWARE SUPPORT 732946 ULLAND BROTHERS INC PO BOX 340 CLOQUET MN 55720 CONSTRUCTION OF SUBSTATION 565872 LAMB CONSTRUCTION PO BOX 344 SCHROEDER MN 55613 CONSTRUCTION OF ELECTRICAL DIST. LINES 155701 7 RESIDENTIAL SALES-RURAL 221000 80152695 80152695 COMMERCIAL SALES 221000 16844463 16844463 INDUSTRIAL SALES 221000 8375463 8375463 FORFEITED DISC/PENALTIES 221000 325712 325712 MISC SERVICE REVENUES 221000 215044 215044 370947 370947 106284324 150512 150512 68969 35249 33720 33720 33720 492255 640902 -148647 -148647 CAPITAL CREDITS 517000 4083961 4083961 OTHER NON-OPERATING INCOME 517000 4307 4307 4088268 110408177 110223945 0 184232 X 29234 11772255 1118664 23089 7447774 11427491 COST OF POWER 53159972 DIST EXP - MAINTENANCE 9579475 ADMIN & GENERAL EXPENSE 6091719 DIST EXP - OPERATIONS 5525925 4232579 110408177 6290810 10295730 12242836 13481226 8158096 8316916 519292 362236 435033146 134416544 283624477 300616602 10465835 10791098 48432984 50097696 369734330 393961504 24874943 17962522 11072 5013773 18054 16765 219676846 236106803 738612 780360 245319527 259880223 X 0 0 0 0 124414803 134081281 124414803 134081281 369734330 393961504 X 0 9666478 X X 0 1 X 1 0 0 1 X 3469514 3469514 24883117 6499733 18383384 28892137 16277229 12614908 377788378 111639582 266148796 300616602 GREAT RIVER ENERGY - PATR CAP 40092343 C NRUCFC - CAPITAL TERM CERTS 2264449 C NRTC - PATRONAGE CAPITAL 762163 C NRUCFC - PATRONAGE CAPITAL 863725 C RESCO - PATRONAGE CAPITAL 981201 C ECONOMIC DEVELOPMENT LOANS 1343415 C OTHER PROGRAM RELATED 3514649 C NISC - PATRONAGE CAPITAL 275751 C 50097696 CUST DEPOSITS-REFUNDABLE 780360 780360 X 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 LAKE COUNTRY POWER ELECTRIC TRUST. THESE FUNDS ARE TRANSFERRED DIRECTLY TO THE TRUST ON A MONTHLY 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 TRUST. FOR THE YEAR ENDED DECEMBER 31, 2023, THE ACCOUNT HELD $16,765. PART X, LINE 2: LAKE COUNTRY POWER IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE, HOWEVER THE COOPERATIVE IS SUBJECT TO CORPORATE INCOME TAX ON ANY UNRELATED BUSINESS ACTIVITY. IN ADDITION, LAKE COUNTRY POWER HOLDINGS, INC. IS A TAXABLE CORPORATION. THE COOPERATIVE'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANTIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS, AND OTHER EVIDENCE. IT IS THE OPINION OF MANAGEMENT THAT THE COOPERATIVE HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE INCOME TAX RETURNS OF THE COOPERATIVE ARE SUBJECT TO EXAMINATION BY THE IRS AND STATE TAX AUTHORITIES, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. ALL FILINGS ARE CURRENT. 1 BETTER IN OUR BACK YARD 306 W SUPERIOR ST 902 DULUTH MN 55802 824173274 501(C)(4) 6100 0 MEMBERSHIP AND GOLD SPONSORSHIP WINTER DINNER 1 PART I, LINE 2: LAKE COUNTRY POWER MAKES CHARITABLE DONATIONS TO SUPPORT ITS COMMUNITY. X X X X 0 0 0 MARK BAKK GENERAL MANAGER 337315 0 0 0 0 0 71055 0 10658 0 419028 0 0 0 DEREK HOWE CHIEF OPERATING OFFICER 236308 0 0 0 0 0 64766 0 19844 0 320918 0 0 0 WILLIAM BUSSEY DIRECTOR OF SAFETY & RISK MANAGEMENT 191960 0 0 0 0 0 49209 0 25666 0 266835 0 0 0 TRACY PETERSON WIRTANEN CHIEF FINANCIAL OFFICER 209396 0 0 0 0 0 40379 0 2129 0 251904 0 0 0 REBECCA SEELEY HUMAN RESOURCES DIRECTOR 166654 0 0 0 0 0 53187 0 25602 0 245443 0 0 0 WADE GOULD AREA SUPERVISOR 156879 0 0 0 0 0 30423 0 25419 0 212721 0 0 0 JEFF THIEL CREW CHIEF 171726 0 0 0 0 0 0 0 24877 0 196603 0 0 0 ZACHARY DIIORIO CREW CHIEF 149054 0 0 0 0 0 8025 0 24877 0 181956 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN (C) INCLUDED IN SCHEDULE J, PART II, COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. FOR THE FOLLOWING INDIVIDUALS, THE ESTIMATED INCREASE IS: MARK BAKK: $64,543 DEREK HOWE: $59,987 TRACY PETERSON WIRTANEN: $32,191 WILLIAM BUSSEY: $45,463 JEFF THIEL: $0 REBECCA SEELEY: $49,723 WADE GOULD: $27,411 ZACHARY DIIORIO: $3,712 THESE AMOUNTS ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. CURRENT YEAR CONTRIBUTIONS INTO THE DEFINED BENEFIT PLAN WERE: MARK BAKK: $79,921 DEREK HOWE: $58,662 TRACY PETERSON WIRTANEN: $22,286 WILLIAM BUSSEY: $45,975 JEFF THIEL: $0 REBECCA SEELEY: $42,513 WADE GOULD: $36,976 ZACHARY DIIORIO $11,582 GREAT RIVER ENERGY CRAIG OLSON REPRESENTS THE COOP. ON THE GREAT RIVER ENERGY BOARD 52249409 PURCHASE OF ELECTRICITY FROM THE ORGANIZATION'S POWER SUPPLIER 0 GREAT RIVER ENERGY ROBERT BRUCKBAUER REPRESENTS THE COOP. ON THE GREAT RIVER ENERGY BOARD 52249409 PURCHASE OF ELECTRICITY FROM THE ORGANIZATION'S POWER SUPPLIER 0 FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE HAS ONE CLASS OF MEMBERS. ALL ELECTRIC CUSTOMERS BECOME MEMBERS WHEN THEIR ELECTRIC SERVICE IS ESTABLISHED. MEMBERS ARE RESPONSIBLE FOR ELECTING THE BOARD OF DIRECTORS, RECEIVE ALLOCATIONS OF THE COOPERATIVE'S NET INCOME, AND MAY AMEND THE ARTICLES OF INCORPORATION OR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE COOPERATIVE ARE RESPONSIBLE FOR ELECTING REPRESENTATIVES TO SERVE ON THE BOARD OF DIRECTORS. THE COOPERATIVE'S SERVICE TERRITORY IS DIVIDED INTO NINE DISTRICTS AND EACH DISTRICT HAS ONE REPRESENTATIVE ON THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS MAY ALTER, AMEND, OR REPEAL THE BY-LAWS OF THE COOPERATIVE. FORM 990, PART VI, SECTION B, LINE 11B EACH MEMBER OF THE BOARD OF DIRECTORS WILL RECEIVE A COPY OF THE FORM 990 PRIOR TO FILING OF THE RETURN. THE BOARD WILL REVIEW AND APPROVE THE FILING OF THE RETURN. IN ADDITION, MANAGEMENT WILL PERFORM A DETAILED REVIEW OF THE RETURN IN ADVANCE OF ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C THE COOPERATIVE'S CONFLICT OF INTEREST POLICY APPLIES TO DIRECTORS, OFFICERS, AND OTHER SENIOR MANAGEMENT. DIRECTORS COMPLETE CONFLICT OF INTEREST DISCLOSURE STATEMENTS ANNUALLY AT THE TIME OF THE BOARD REORGANIZATION. OFFICERS AND OTHER SENIOR MANAGEMENT COMPLETE A "CONFLICT OF INTEREST DISCLOSURE STATEMENT" UPON HIRING. STATEMENTS ARE REVIEWED BY HUMAN RESOURCES AT THAT TIME. SHOULD A CONFLICT ARISE AFTER HIRING, THE DIRECTOR, OFFICER, OR OTHER SENIOR MANAGEMENT IS RESPONSIBLE FOR DISCLOSING THE CONFLICT TO THE BOARD OF DIRECTORS. THE BOARD SHALL DETERMINE THE EXTENT AND NATURE OF ANY ACTUAL OR APPARENT CONFLICT OF INTEREST AND DECIDE WHAT ACTION IS TO BE TAKEN WITH RESPECT TO THE CONFLICT. ACTIONS AVAILABLE AT THE BOARD'S DISCRETION INCLUDE REQUIRING DIVESTITURE OF PROPERTY, IMPOSING CONDITIONS AND RESTRICTIONS, OR REQUIRING RESIGNATION OF THE DIRECTOR, OFFICER, OR EMPLOYEE. FORM 990, PART VI, SECTION B, LINE 15 THE SALARY OF THE GENERAL MANAGER IS APPROVED ANNUALLY BY THE BOARD OF DIRECTORS. THIS WAS LAST PERFORMED IN 2023. WAGE RATES FOR UNION EMPLOYEES ARE DETERMINED THROUGH NEGOTIATIONS, WITH THE FINAL CONTRACT BEING APPROVED BY THE BOARD OF DIRECTORS. THE COOPERATIVE HAS A RATIFIED UNION CONTRACT THROUGH DECEMBER 31, 2024. NON-UNION EMPLOYEES ARE REVIEWED ANNUALLY THROUGH A PROCESS THAT INCLUDES AN EVALUATION OF JOB PERFORMANCE, AN ANNUAL EMPLOYEE APPRAISAL, AND AN APPROVED RANGE OF WAGE INCREASES BASED ON A POLICY APPROVED BY THE BOARD OF DIRECTORS. THIS PROCESS WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE UPON REQUEST. FINANCIAL STATEMENT INFORMATION IS INCLUDED IN THE COOPERATIVE'S ANNUAL REPORT. FORM 990, PART XI, LINE 9: BOOK TO TAX DIFFERENCE FROM TAXABLE SUBSIDIARY 325,264. RETIREMENT OF CAPITAL CREDITS -2,539,884. ALLOCATED CAPITAL CREDITS 11,772,255. DONATED CAPITAL 410,336. RETIRED CAPITAL CREDITS LOSS -301,493. LAKE COUNTRY POWER ELECTRIC TRUST 26039 BEAR RIDGE DRIVE COHASSET MN 55721 206179494 COMMUNITY TRUST MN 501(C)(3) LINE 10 LAKE COUNTRY POWER 1 LAKE COUNTRY POWER HOLDINGS INC 26039 BEAR RIDGE DRIVE COHASSET MN 55721 411977064 HOLDING COMPANY MN LAKE COUNTRY POWER C 254530 13466765 1.00000 1 LSTS HOLDINGS INC 26039 BEAR RIDGE DRIVE COHASSET MN 55721 410810558 HOLDING COMPANY MN LAKE COUNTRY POWER HOLDINGS INC C 46144 5523696 1.00000 1 LSC HOLDINGS INC 26039 BEAR RIDGE DRIVE COHASSET MN 55721 411367401 HOLDING COMPANY MN LAKE COUNTRY POWER HOLDINGS INC C 126730 5589872 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 LAKE COUNTRY POWER ELECTRIC TRUST R 210941 CASH TRANSFERRED PART IV: LAKE COUNTRY POWER HOLDINGS, INC OWNS 100% OF LSTS HOLDINGS, INC AND LSC HOLDINGS, INC AND FILES A CONSOLIDATED TAX RETURN WITH THESE SUBSIDIARIES. THE AMOUNTS REPORTED IN PART IV FOR INCOME AND ASSETS FOR LAKE COUNTRY POWER HOLDINGS, INC ARE THE CONSOLIDATED AMOUNTS AFTER ELIMINATIONS REPORTED ON ITS FORM 1120. THE AMOUNTS REPORTED FOR INCOME AND ASSETS FOR LSTS HOLDINGS, INC AND LSC HOLDINGS, INC ARE INCLUDED WITHIN THE CONSOLIDATED TOTALS REPORTED FOR LAKE COUNTRY POWER HOLDINGS, INC. LAKE COUNTRY POWER OWNS 100% OF LAKE COUNTRY POWER HOLDINGS, INC.