2024-09-12T12:08:40-05:00 2023-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2023-01-01 410144943 BELTRAMI ELECTRIC COOPERATIVE INC BELT 2184443632 PO BOX 488 BEMIDJI MN 566190488 ARLENE HOGQUIST DIRECTOR-FINANCE & CORP SERV 2184442540 2024-08-30 1 1 DAVID HOLT P00014251 7017754685 2024-08-29 2023 2024-08-08 14:25:15Z JARED ECHTERNACH 4111 TECHNOLOGY DR NW BEMIDJI MN 56601 62836167 0 X WWW.BELTRAMIELECTRIC.COM X 1940 MN THE TAX-EXEMPT PURPOSE OF THE ORGANIZATION IS TO DELIVER ELECTRICITY TO MEMBERS. 9 7 71 0 264741 119857 0 0 59226390 61854093 154391 278757 -119600 356389 59261181 62489239 21750 24123 2403138 1347881 7786474 8014628 0 0 0 48844060 52168493 59055422 61555125 205759 934114 138158231 137462177 86534080 85288582 51624151 52173595 TO PROVIDE EXCELLENT VALUE TO OUR MEMBERS THROUGH THE SAFE DELIVERY OF RELIABLE ELECTRIC SERVICE, EXCELLENT MEMBER SERVICE, AND INNOVATIVE ENERGY SOLUTIONS AT FAIR AND REASONABLE PRICES. 0 0 PROVIDED ENERGY TO 18,342 MEMBERS AND 22,295 CUSTOMERS. 0 0 0 0 0 0 0 0 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 59 0 1 71 1 1 1 0 0 0 0 60760185 1887767 0 0 0 X 9 7 1 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X ARLENE HOGQUIST 2184443632 4111 TECHNOLOGY DRIVE NW PO BOX 488 BEMIDJI MN 566190488 X RICHARD COE DIRECTOR 5.60 X 9956 0 0 JOHN LUND PRESIDENT/DIRECTOR 4.40 X 19771 0 0 MURL NORD SECRETARY/DIRECTOR 5.80 X 13133 0 0 CRAIG GAASVIG DIRECTOR 3.40 X 13040 0 0 ROBERT WALLNER DIRECTOR 3.00 X 12798 0 0 SUZANNE KRINGEN VICE PRES/DIRECTOR 5.70 X 20812 0 0 DONALD PERKINS DIRECTOR 3.80 X 11534 0 0 SHARON LEMBKE TREASURER/DIRECTOR 4.20 X 12699 0 0 MICHAEL MONSRUD DIRECTOR 6.30 X 16069 0 0 JARED ECHTERNACH CEO 53.18 X 293802 0 111264 ARLENE HOGQUIST DIRECTOR OF FINANCE & CORPORATE SERVICES 46.83 X 168477 0 178523 RICHARD RIEWER MANAGER OF ENGINEERING 41.37 X 160109 0 72275 ERIC SPLICHAL JOURNEYMAN LINEMAN 45.77 X 124606 0 38214 MIKE BIRKELAND VP OF ELECTRIFICATION & MEMBER EXPERIENCE 43.75 X 168853 0 53237 LEE PEMBERTON MANAGER OF OPERATIONS 43.78 X 136969 0 87864 RICHARD HARRIS OCR TECH LINEMAN 45.56 X 124949 0 40137 1307577 0 581514 24 0 1 0 COOPERATIVE DEVELOPMENT LLC 1831 ANNE STREET NW SUITE 100 BEMIDJI MN 56601 PLOWING, BORING, CABLE LOCATING 1466738 CENTRAL APPLICATORS INC PO BOX 279 FOLEY MN 56329 RIGHT OF WAY SPRAYING & CLEARING 170610 2 SALE OF ELECTRICITY 221000 60760185 60760185 CAPITAL CREDITS 221000 1093908 1093908 61854093 272116 272116 131931 141444 -9513 -9513 506 -10019 22050 15409 6641 6641 6641 210882 190075 20807 20807 COOPERATIVE DEVELOPMENT LLC K-1 541900 345095 70335 274760 345095 62489239 61945741 264741 278757 X 24123 1347881 752554 5635184 1160137 466753 2723486 4555265 COST OF POWER 42643748 DISTRIBUTION 4840844 CUSTOMER SERVICE 2821884 ADMINISTRATIVE & GENERA 2547362 -7964096 61555125 6665892 3294138 7786145 7254248 1748260 2257555 823267 547072 169397726 59049091 108485463 110348635 3489910 3690474 9118650 10027520 3165 34415 37479 8120 138158231 137462177 6335649 5952690 1191007 1289238 6904 6886 77871871 77030650 1128649 1009118 86534080 85288582 X 859050 865970 24029163 24177293 26735938 27130332 51624151 52173595 138158231 137462177 X 934114 -384670 X 0 1 X 1 0 0 1 X 538045 538045 7674092 3246149 4427943 161051865 55802942 105248923 133724 133724 110348635 INVESTMENT IN WISCONSIN ELECTRIC 13966 C INVESTMENT IN MINNKOTA CAPITAL 6118972 C INVESTMENT IN CFC CAPITAL CREDITS 1865898 C INVESTMENT IN RESCO CAPITAL CREDITS 306405 C INVESTMENT - MN RURAL ELECTRIC TRUST 70272 C INVESTMENT - COBANK 445627 C INVESTMENT IN CAPITAL TERM CERT 1064636 C INVESTMENT ASSOC CO - NISC CAP CREDIT 139534 C INVESTMENT IN ASSOCIATED COMPAN 2210 C 10027520 CUSTOMER DEPOSITS 693833 POSTRETIREMENT BENEFIT OBLIGATION 315285 1009118 X PART IV, LINE 2B: MEMBERS OF THE COOPERATIVE CAN ELECT TO ROUND UP THEIR MONTHLY ELECTRIC BILLS TO THE NEXT DOLLAR. THESE FUNDS COLLECTED FROM THE MEMBERSHIP ARE HELD IN A COOPERATIVE ACCOUNT UNTIL THEY ARE RELEASED TO THE BELTRAMI ELECTRIC COOPERATIVE TRUST. FUNDS HELD BY THE COOPERATIVE AT YEAR-END ARE THE RESULT OF A TIMING DIFFERENCE IN THE RECEIPT OF THE FUNDS AND THE RELEASE OF THEM TO THE TRUST. AS OF DECEMBER 31, 2023, THE ACCOUNT HELD $6,886. PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES ON ITS PATRONAGE BASED INCOME UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. THE COMPANY'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 REQUIRED FILINGS ARE CURRENT. 0 GREATER BEMIDJI INC 102 1ST STREET W SUITE 101 BEMIDJI MN 56601 363367707 501(C)(3) 13500 0 PROGRAM SUPPORT 1 PART I, LINE 2: THE BOARD OF DIRECTORS DECIDES WHO SHOULD RECEIVE GRANTS OR ASSISTANCE. AFTER DISBURSEMENT, THE COOPERATIVE DOES NOT MONITOR THE USE OF THE FUNDS. X X 0 0 0 JARED ECHTERNACH CEO 292222 0 200 0 1380 0 94070 0 19835 0 407707 0 0 0 ARLENE HOGQUIST DIRECTOR OF FINANCE & CORPORATE SERV 165747 0 1200 0 1530 0 158620 0 21560 0 348657 0 0 0 RICHARD RIEWER MANAGER OF ENGINEERING 158126 0 1200 0 783 0 54977 0 18886 0 233972 0 0 0 LEE PEMBERTON MANAGER OF OPERATIONS 134556 0 1200 0 1213 0 70549 0 18478 0 225996 0 0 0 MIKE BIRKELAND VP OF ELECTRIFICATION & MEMBER EXPER 166136 0 1200 0 1517 0 32985 0 21900 0 223738 0 0 0 RICHARD HARRIS OCR TECH LINEMAN 122735 0 200 0 2014 0 32461 0 8108 0 165518 0 0 0 ERIC SPLICHAL JOURNEYMAN LINEMAN 122943 0 200 0 1463 0 31675 0 6976 0 163257 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN C COMPENSATION OF OFFICERS, DIRECTORS, KEY EMPLOYEES, HIGHEST COMPENSATED EMPLOYEES: INCLUDED IN OTHER DEFERRED COMPENSATION IS THE ESTIMATED CURRENT YEAR 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 OF THE INCREASE IN THE ACTUARIAL VALUE OF THE PLANS RECEIVED FROM THE NRECA. THE CURRENT YEAR EXPENSE AND THE INCREASE IN ACTUARIAL VALUE FOR EACH EMPLOYEE ARE DISCLOSED IN THE STATEMENT ON SCHEDULE O FOR FORM 990, PART VII, COLUMN F. COOPERATIVE DEVELOPMENT LLC OWNED 50% BY ORGANIZATION 1466738 BELTRAMI ELECTRIC COOPERATIVE, INC. CONTRACTS PLOWING, BORING, AND CABLE LOCATING SERVICES FROM COOPERATIVE DEVELOPMENT, LLC. 0 MINNKOTA POWER COOPERATIVE ENTITY FOR WHICH RICHARD COE, CURRENT DIRECTOR, SERVES AS A DIRECTOR. 39303185 PURCHASE OF POWER 0 FORM 990, PART VI, SECTION A, LINE 2 JARED ECHTERNACH AND JOHN LUND HAVE A BUSINESS RELATIONSHIP DUE TO SERVING TOGETHER ON THE BOARD OF COOPERATIVE DEVELOPMENT, LLC, A RELATED TAXABLE ENTITY. FORM 990, PART VI, SECTION A, LINE 6 BELTRAMI ELECTRIC COOPERATIVE, INC. IS COMPOSED OF MEMBERS. THERE IS ONLY ONE CLASS OF MEMBERS OF WHICH EACH MEMBER IS ENTITLED TO ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS. THERE ARE NINE DIFFERENT DISTRICTS AND EACH DISTRICT HAS ONE BOARD MEMBER SEAT. THE MEMBERS HAVE VOTING RIGHTS IN EACH OF THE NINE DISTRICTS. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS, SUCH AS MAKING CHANGES IN THE BYLAWS AND ENTERING INTO A MERGER, WOULD REQUIRE THE APPROVAL OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE POLICY COMMITTEE AND UNION NEGOTIATION COMMITTEE MAKE RECOMMENDATIONS TO THE FULL BOARD AND ONLY THE FULL BOARD CAN APPROVE THE RECOMMENDATIONS. THE COMMITTEES DO NOT HAVE AUTHORITY TO ACT ON BEHALF OF THE FULL BOARD OF DIRECTORS AND THEY DO NOT KEEP MINUTES. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND DIRECTOR OF FINANCE & CORPORATE SERVICES REVIEWED A DRAFT OF THE FORM 990. THE APPROVED FORM 990 IS THEN PRESENTED AT A BOARD MEETING FOR FINAL APPROVAL PRIOR TO IT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THERE IS A SEPARATE CONFLICT OF INTEREST POLICY FOR THE BOARD OF DIRECTORS IN ADDITION TO THE GENERAL CONFLICT OF INTEREST POLICY FOR ALL EMPLOYEES. THEY ARE REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS. IN REGARDS TO EMPLOYEES, EACH DEPARTMENT IS RESPONSIBLE TO ENSURE COMPLIANCE. IF AN EMPLOYEE WILLFULLY TAKES PART IN A CONFLICT OF INTEREST TRANSACTION, DISCIPLINARY ACTION WILL BE TAKEN. IN REGARD TO THE BOARD OF DIRECTORS, IF A CONFLICT OF INTEREST IS IDENTIFIED, THE BOARD MEMBER NO LONGER MEETS THE QUALIFICATIONS TO BE A MEMBER OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS CONDUCTS AN ANNUAL APPRAISAL OF THE CEO. BASE COMPENSATION IS ESTABLISHED USING COMPARABLE MARKET DATA. INCENTIVE COMPENSATION IS BASED ON SPECIFIC MEASURES AND OUTCOMES AS DETERMINED BY THE BOARD OF DIRECTORS AND IN SUPPORT OF THE COOPERATIVE'S STRATEGIC PLAN. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. 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 JARED ECHTERNACH IS $76,064, $64,939 FOR LEE PEMBERTON, $22,491 FOR MIKE BIRKELAND, $48,296 FOR RICHARD RIEWER, $27,659 FOR ERIC SPLICHAL, $151,566 FOR ARLENE HOGQUIST, AND $28,507 FOR RICHARD HARRIS. 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 $42,708, $36,000, $26,401, $49,050, $25,781, $51,300, AND $25,378, RESPECTIVELY. FORM 990, PART IX, STATEMENT OF FUNCTIONAL EXPENSES, LINE 4: BENEFITS PAID TO MEMBERS - 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, STATEMENT OF FUNCTIONAL EXPENSES, LINE 24E: ALLOCATED WAGES & BENEFIT COSTS - 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 $(8,014,628). THIS IS NETTED WITH $50,532 OF OTHER EXPENSES TO ARRIVE AT THE TOTAL ON LINE 24E. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -1,575,012. INCREASE IN MEMBERSHIPS 6,920. ALLOCATED CAPITAL CREDITS 1,347,881. BOOK/TAX DIFFERENCE FROM K-1S -164,080. EARNINGS FROM TAXABLE SUBSIDIARY -379. BELTRAMI ELECTRIC COOPERATIVE TRUST INC PO BOX 488 BEMIDJI MN 56619 810822628 OPERATION ROUND-UP MN 501(C)(3) LINE 7 0 COOPERATIVE DEVELOPMENT LLC 1831 ANNE STREET NW BEMIDJI MN 56601 410850466 CONSTRUCTION UTILITY SYSTEMS MN BELTRAMI ELECTRIC COOPERATIVE INC UNRELATED 350669 2554359 0 0 0.50000 BELTRAMI ELECTRIC SOLAR LLC 4111 TECHNOLOGY DR NW BEMIDJI MN 56619 814731221 HOLDING COMPANY MN BELTRAMI ELECTRIC COOPERATIVE INC C 2595 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 COOPERATIVE DEVELOPMENT LLC M 1466738 ACCRUAL BELTRAMI ELECTRIC COOPERATIVE TRUST INC R 82606 CASH PAID