2024-11-01T09:37:50-05:00 2023-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2023-01-01 460215043 KINGSBURY ELECTRIC COOPERATIVE INC KING 6058543522 511 HWY 14 W PO BOX 126 DE SMET SD 57231 RACHEL ANDERSON OFFICE MANAGER/ACCOUNTANT 6058543522 2024-10-31 1 1 LAURIE HANSON CPA P00851848 6053391999 2024-10-31 2023 2024-10-15 13:58:12Z DEAN BJORKLUND 511 HWY 14 W PO BOX 126 DE SMET SD 57231 4078692 0 X WWW.KEC-SD.COOP X 1945 SD TO PROVIDE ELECTRIC SERVICES TO OUR MEMBERS. 6 6 13 0 0 0 0 0 3720844 3767732 -5695 -1835 -47218 -15028 3667931 3750869 2425 3625 424037 242393 881749 980578 0 0 0 2359720 2533043 3667931 3759639 0 -8770 10786257 11965736 7305535 8327383 3480722 3638353 X THE MISSION OF KINGSBURY ELECTRIC COOPERATIVE, INC. IS TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM'S SERVICE AREA AT THE LOWEST PRICE CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE; TO DEVELOP AND MAINTAIN A STRONG FINANCIAL STRUCTURE, PROVIDING ADEQUATE FUNDING AND CAPITAL TO COVER COOPERATIVE OBLIGATIONS AND FUTURE DEVELOPMENT; TO ADVISE AND INFORM MEMBERS AND EMPLOYEES OF COOPERATIVE DEVELOPMENTS AND OPERATIONS; AND TO PROVIDE FOR SAFE AND EFFICIENT OPERATIONS OF THE SYSTEM. 0 0 PROVIDED ELECTRIC SERVICE TO 888 MEMBERS ALONG 669.39 MILES OF ELECTRIC 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 0 0 0 0 0 0 0 0 0 0 1 9 0 1 13 1 0 0 0 0 0 3773812 242483 0 0 0 X 6 6 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 0 1 1 0 0 X THE ORGANIZATION 6058543522 PO BOX 126 DE SMET SD 572310126 DEAN BJORKLUND PRESIDENT 2.00 X X 3500 0 0 ALAN VEDVEI VICE PRESIDENT 2.00 X X 4250 0 0 VERNE JENSEN SECRETARY/TREASURER 2.00 X X 2650 0 0 DAVE HELLER DIRECTOR 2.00 X 4500 0 0 RICHARD ABRAHAMSON DIRECTOR 2.00 X 4000 0 0 GREG NOEM DIRECTOR 2.00 X 3500 0 0 EVAN BUCKMILLER GENERAL MANAGER 40.00 X 137272 0 33024 RACHEL ANDERSON ACCOUNTANT 40.00 X 62179 0 19505 221851 0 52529 1 0 1 0 0 SALE OF POWER 221000 3563127 3563127 CAPITAL CREDITS 221000 204605 204605 3767732 5876 5876 7711 -7711 -7711 -7711 305084 320112 -15028 -15028 3750869 3767732 0 -16863 X 3625 242393 292434 537336 94444 56364 210154 351003 COST OF POWER 1805199 DISTRIBUTION - MAINTENA 272922 DISTRIBUTION - OPERATIO 97821 CUSTOMER ACCOUNTS & SER 88191 -292247 3759639 150 150 157044 374369 416644 481079 419369 394467 24415 3911 12833687 4929424 7281435 7904263 69739 69739 2278897 2349194 5564 5564 133000 383000 10786257 11965736 487959 449775 133000 483553 5644636 6862747 1000000 500000 39940 31308 7305535 8327383 X 0 0 0 0 3480722 3638353 3480722 3638353 10786257 11965736 X -8770 166401 X 0 1 X 1 0 14782 14782 413900 227694 186206 12046720 4701730 7344990 358285 358285 7904263 EAST RIVER ELECTRIC POWER COOPERATIVE 2083223 C FEDERATED RURAL ELECTRIC INSURANCE CORPORATION 51111 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 135508 C OTHER 20444 C RURAL ELECTRIC SUPPLY COOPERATIVE 58908 C 2349194 CUSTOMER DEPOSITS 12250 FINANCE LEASE LIABILITY 19058 31308 X 3750869 0 3750869 0 3750869 3517246 0 3517246 242393 242393 3759639 PART X, LINE 2: THE COOPERATIVE BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. PART XII, LINE 4B - OTHER ADJUSTMENTS: MARGINS ALLOCATED TO MEMBERS 242,393. X X 0 0 0 EVAN BUCKMILLER GENERAL MANAGER 137272 0 0 0 0 0 15582 0 19246 0 172100 0 0 0 SCHEDULE J, PART II, COLUMN C PER THE INSTRUCTIONS, COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR PERSONS LISTED IN SCHEDULE J, PART II. ACTUAL EXPENSE OF THE PLAN MAY BE SIGNIFICANTLY DIFFERENT FROM THE CHANGE IN ACTUARIAL VALUE. CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: - EVAN BUCKMILLER $11,272 ACTUAL COOPERATIVE CONTRIBUTIONS TO THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: - EVAN BUCKMILLER $4,310 FORM 990, PART VI, SECTION A, LINE 6 AS A COOPERATIVE, ALL INDIVIDUALS RECEIVING ELECTRIC POWER ARE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE COOPERATIVE ELECT REPRESENTATIVES TO THE BOARD OF DIRECTORS AT ANNUAL MEETINGS. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS ARE MADE BY THE BOARD OF DIRECTORS AT PERIODIC BOARD MEETINGS. ANY CHANGES TO THE ARTICLES OF INCORPORATION OR BYLAWS WOULD REQUIRE A VOTE OF THE MEMBERS WHO ATTEND THE ANNUAL MEETING. IF THE COOPERATIVE WANTS TO PURCHASE POWER FROM ANOTHER ORGANIZATION, THEN APPROVAL COMES BY A VOTE OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE COMMITTEES WITH THE BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THIS DOCUMENT WILL BE DISTRIBUTED TO EACH MEMBER OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO DIRECTORS AND OFFICERS. DIRECTORS AND OFFICERS ARE RESPONSIBLE FOR INFORMING THE ENTIRE BOARD OF DIRECTORS OF ANY POTENTIAL CONFLICTS. AFTER DISCLOSURE OF THE POTENTIAL CONFLICT, THE DISCLOSING DIRECTOR OR OFFICER MUST LEAVE THE BOARD MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. ALL PRESENTATIONS AND PROPOSALS OF INTERESTED PERSONS ARE DISCUSSED AND VOTED ON BY NON-INTERESTED PERSONS IN THE ABSENCE OF THE INTERESTED PERSON. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS IS RESPONSIBLE FOR SETTING THE COMPENSATION OF THE GENERAL MANAGER. THE BOARD UTILIZES AN ANNUAL COMPENSATION SURVEY FROM THE NATIONAL TRADE GROUP TO ASSIST IN DETERMINING APPROPRIATE WAGES FOR THE GENERAL MANAGER. DECISIONS OF THE BOARD ARE INCLUDED IN THE BOARD MEETING MINUTES. THIS PROCESS IS UNDERTAKEN ANNUALLY IN AUGUST. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST WITH BOARD APPROVAL. 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. FORM 990, PART IX, LINE 4, BENEFITS PAID TO OR FOR 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 BY-LAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -75,992. PATRONAGE ALLOCATION TO MEMBERS 242,393.