2024-09-30T09:04:52-05:00 2023-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 1297 BISMARCK ND 585021297 990 2023-01-01 450217628 CAPITAL ELECTRIC COOPERATIVE INC CAPI 7012231513 PO BOX 730 BISMARCK ND 585020730 DEON VILHAUER PRESIDENT 7012231513 2024-09-20 1 0 LANCE RAMBOUSEK P01212867 7012231717 2024-09-20 2023 2024-10-15 13:58:12Z PAUL FITTERER PO BOX 730 BISMARCK ND 585020730 47804613 0 X CAPITALELEC.COM X 1945 ND CAPITAL ELECTRIC COOPERATIVE SERVES OUR COMMUNITY AND MEMBER-OWNERS AS THEIR TRUSTED ENERGY PROVIDER AND PARTNER. 9 9 44 0 0 0 0 0 41931931 43244534 2531776 10819 3700459 3059675 48164166 46315028 0 0 6361012 3096235 1341916 1444277 0 0 0 40461238 41774516 48164166 46315028 0 0 145742846 150150055 88651844 91798200 57091002 58351855 CAPITAL ELECTRIC COOPERATIVE IS COMMITTED TO PROVIDING SAFE, RELIABLE AND EFFICIENT ELECTRIC POWER AT A REASONABLE COST TO ALL MEMBER OWNERS. 0 0 WE ARE AN ELECTRICAL DISTRIBUTION COOPERATIVE SUPPLYING ELECTRIC POWER TO OUR MEMBER CONSUMERS. 0 0 0 0 0 0 0 0 0 1 0 0 1 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 81 0 44 1 0 0 0 0 0 0 0 42992656 3321372 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X LUKE STEEN 7012231513 PO BOX 730 BISMARCK ND 585020730 X DEON VILHAUER PRESIDENT 6.00 X X 22675 0 0 KYLE TSCHOSIK ASSISTANT SECRETARY-TREASU 5.00 X X 15075 0 0 DAVID CHARLES VICE PRESIDENT 6.00 X X 10225 0 0 KAYLA PULVERMACHER DIRECTOR 5.00 X 8675 0 0 DWIGHT WRANGHAM DIRECTOR 6.00 X 9625 0 0 REX HOLLENBECK DIRECTOR 5.00 X 6675 0 0 DAVID STRALEY SECRETARY-TREASURER 3.00 X X 3050 0 0 SARA VOLLMER DIRECTOR 8.00 X 11625 0 0 LYNDON ANDERSON DIRECTOR 40.00 X 13275 0 0 BRET WEILAND DIRECTOR (STARTED IN JUNE) 5.00 X 5625 0 0 PAUL FITTERER GENERAL MANAGER 46.00 X 223759 0 141605 LUKE STEEN BUSINESS MANAGER 46.00 X 156321 0 50934 RICK DRESSLER OPERATIONS MANAGER 40.00 X 136556 0 47074 MATT HAGEN LEAD LINEWORKER 40.00 X 113497 0 41817 GREGORY OWEN ENGINEERING MANAGER 40.00 X 130138 0 34923 JESSE GOEHRING LEAD LINEWORKER 40.00 X 124813 0 17085 BRADEN MARTIN JOURNEYMAN LINEWORKER 40.00 X 108894 0 30690 1100503 0 364128 7 0 1 0 GIESER UTILITY CONTRACTING INC 28337 214TH AVE NE WING ND 584949611 LINE CONSTRUCTION 1238371 VETSCH INDEPENDENT POWER INC 8100 WILLOW RD N MANDAN ND 58554 LINE CONSTRUCTION 639716 FISCHER CONTRACTING 5105 TANDEM DR BISMARCK ND 58501 LINE CONSTRUCTION 504814 VERIZON PO BOX 16810 NEWARK NJ 071016810 METERING 320025 SUMMIT UTILITY LOCATING PO BOX 18159 MISSOULA MT 59808 LINE LOCATION SERVICES 206611 5 OPERATING REVENUE/PATRONAGE 221000 43219273 43219273 OTHER REVENUE 221000 25261 25261 43244534 261697 261697 1238707 1489585 -250878 -250878 -250878 POWER SUPPLY CAPITAL CREDITS 221000 3009310 3009310 MISCELLANEOUS REVENUE 221000 50365 50365 3059675 46315028 46253844 0 61184 X 3096235 486604 957673 2275270 4097529 PURCHASED POWER EXPENSE 29284637 ADMIN, GENERAL, & CUSTO 3649391 DISTRIBUTION EXPENSE - 3199738 SALES, TAX AND OTHER EX 712228 -1444277 46315028 4113131 2881782 4484894 0 4308934 4125986 3281999 4178622 419883 315666 156992354 46668622 103187352 110323732 25946653 28324267 145742846 150150055 3344946 2812175 82069857 80545166 3237041 8440859 88651844 91798200 X 42265143 44105228 0 0 14825859 14246627 57091002 58351855 145742846 150150055 X 0 1260853 X X 0 1 X 1 0 156992354 46668622 110323732 110323732 INVESTMENTS IN ASSOCIATED COMPANIES 27873724 OTHER INVESTMENTS 261411 SPECIAL FUNDS 189132 28324267 OTHER LIABILITIES 8440859 8440859 X 46315028 0 46315028 0 46315028 43218793 0 43218793 3096235 3096235 46315028 PART X, LINE 2: CAPITAL ELECTRIC HAS ADOPTED THE PROVISIONS OF FASB ACCOUNT STANDARDS CODIFICATION TOPIC ASC 740-10 ON JANUARY 1, 2009. THE IMPLEMENTATION OF THIS STANDARD HAS NO IMPACT ON THE FINANCIAL STATEMENTS. AS OF BOTH THE DATE OF ADOPTION AND THE CURRENT YEAR END, THE UNRECOGNIZED TAX BENEFIT ACCRUAL WAS ZERO. CAPITAL ELECTRIC IS NO LONGER SUBJECT TO FEDERAL TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2008 AND STATE EXAMINATIONS FOR YEARS BEFORE 2008. CAPITAL ELECTRIC UNDERGOES AN ANNUAL ANALYSIS OF THE VARIOUS TAX POSITIONS, ASSESSING THE LIKELIHOOD OF THOSE POSITIONS BEING UPHELD UPON EXAMINATION WITH RELEVANT TAX AUTHORITIES AS DEFINED BY ASC 740-10. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL CREDITS ALLOCATED FOR CURRENT YEAR 3,096,235. 0 0 0 PAUL FITTERER GENERAL MANAGER 222659 0 1100 0 0 0 122973 0 18632 0 365364 0 0 0 LUKE STEEN BUSINESS MANAGER 155121 0 1200 0 0 0 33058 0 17876 0 207255 0 0 0 RICK DRESSLER OPERATIONS MANAGER 135356 0 1200 0 0 0 45376 0 1698 0 183630 0 0 0 MATT HAGEN LEAD LINEWORKER 112261 0 1236 0 0 0 24575 0 17242 0 155314 0 0 0 GREGORY OWEN ENGINEERING MANAGER 128938 0 1200 0 0 0 17348 0 17575 0 165061 0 0 0 PART II INCLUDED IN COLUMN 'C', 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 ACTUARIAL VALUE IN THE PLANS RECEIVED FROM NRECA. THE CURRENT YEAR EXPENSE AND THE INCREASE IN ACTUARIAL VALUE FOR EACH EMPLOYEE IS REFLECTED IN THE SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F. FORM 990, PART IV, LINE 12A CAPITAL ELECTRIC RECEIVES AN ANNUAL AUDIT BY AN INDEPENDENT ACCOUNTING FIRM (BRADY MARTZ & ASSOCIATES) THAT COVERS AN AUDIT YEAR OF JANUARY THROUGH DECEMBER. FORM 990, PART VI, SECTION A, LINE 6 CAPITAL ELECTRIC IS A COOPERATIVE OWNED BY ITS MEMBERS, WHICH ALL HAVE THE SAME VOTING RIGHT. FORM 990, PART VI, SECTION A, LINE 7A THE COOPERATIVE MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS APPROVE SIGNIFICANT DECISIONS SUCH AS BYLAW CHANGES; HAVE THE ABILITY TO REINSTATE EXPELLED BOARD MEMBERS; CALL SPECIAL MEETINGS; REMOVE A DIRECTOR; AS WELL AS HAVE FINAL VOTE WHETHER THE COOPERATIVE SHOULD SELL, LEASE, OR DISPOSE OF A SUBSTANTIAL AMOUNT OF THE COOPERATIVE'S PROPERTY. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE IRS FORM 990 AND ALL REQUIRED SCHEDULES ARE DISSEMINATED TO AND REVIEWED BY EACH BOARD MEMBER. FORM 990, PART VI, SECTION B, LINE 12C CAPITAL ELECTRIC MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY BY HAVING EACH DIRECTOR, KEY EMPLOYEE, AND HIGHLY COMPENSATED EMPLOYEE COMPLETE AN ANNUAL QUESTIONNAIRE (AS PROVIDED BY NRECA) THAT INVOLVES CONFLICT OF INTEREST QUESTIONS. FORM 990, PART VI, SECTION B, LINE 15 COMPARABILITY DATA IS USED BY THE BOARD OF DIRECTORS TO DELIBERATE IN AN EXECUTIVE SESSION AND MAKE DECISIONS REGARDING COMPENSATION. THIS PROCESS IS DONE ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 UPON BECOMING A MEMBER, A PERSON/ORGANIZATION RECEIVES A COPY OF CAPITAL ELECTRIC'S BYLAWS. EACH YEAR, IN JUNE, AN ANNUAL MEETING IS HELD FOR ALL MEMBERS. SUMMARIZED FINANCIALS ARE INCLUDED IN THE ANNUAL MEETING BOOKLET (MAILED TO EACH MEMBER PRIOR TO THE ANNUAL MEETING) AND THE AUDITED FINANCIAL STATEMENT INFORMATION IS PRESENTED BY THE INDEPENDENT AUDITOR AT THE MEETING. OTHERWISE, GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS CAN BE REVIEWED WITH A MEMBER 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 ALL INDIVIDUALS LISTED ON THE TABLE IS AS FOLLOWS: PAUL FITTERER - $113,672 LUKE STEEN - $26,437 RICK DRESSLER - $40,067 MATT HAGEN - $20,271 GREGORY OWEN - $11,853 JESSE GOEHRING - $11,600 BRADEN MARTIN - $12,343 THIS AMOUNT IS AN ESTIMATE OF THE INCREASE OF THE VALUE OF THE PLAN AND IS NOT A CURRENT YEAR EXPENSE OF THE COOPERATIVE, THEREFORE THESE AMOUNTS HAVE NOT BEEN CARRIED OVER TO COMPENSATION OF CURRENT OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES ON THE STATEMENT OF FUNCTIONAL EXPENSE FOR THE APPLICABLE INDIVIDUALS. THE ACTUAL EXPENSE INCURRED FOR ALL INDIVIDUALS LISTED ON THE TABLE WHO PARTICIPATE IN THE DEFINED BENEFIT PLAN IS AS FOLLOWS: PAUL FITTERER - $62,728 LUKE STEEN - $44,282 RICK DRESSLER - $35,802 MATT HAGEN - $23,027 GREGORY OWEN - $26,879 JESSE GOEHRING - $23,027 BRADEN MARTIN - $20,687 FORM 990, PART IX, LINE 4 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 THE LABOR AND PENSION REPORTED ON LINES 5 & 8 ARE ALREADY INCLUDED IN DISTRIBUTION EXPENSE, ADMINISTRATIVE & GENERAL EXPENSE, AND CUSTOMER EXPENSE. THEREFORE, THESE AMOUNTS ARE BEING SUBTRACTED OUT AS AN OTHER DEDUCTION (ALLOCATED COSTS) ON LINE 24E IN THE AMOUNT OF $1,444,277. FORM 990, PART XI, LINE 9: RETIRED CAPITAL CREDITS GAIN 287,473. CAPITAL CREDITS RETIRED -2,060,705. CAPITAL CREDITS - REISSUED -62,150. NET MARGIN ALLOCATED 3,096,235. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.