2024-11-13T15:13:34-06:00 2023-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 14296 GRAND FORKS ND 582084296 990 2023-01-01 410330817 ITASCA-MANTRAP CO-OP ELECTRICAL ASS'N ITAS 2187323377 PO BOX 192 PARK RAPIDS MN 56470 CHRISTINE FOX CEO 2187323377 2024-08-30 1 0 MATT LAUGHLIN P00014168 7017754685 2024-08-29 2023 2024-10-15 13:58:12Z X CHRISTINE FOX PO BOX 192 PARK RAPIDS MN 56470 31579654 0 X WWW.ITASCA-MANTRAP.COM X 1939 MN DISTRIBUTE ELECTRIC ENERGY TO MEMBERS 7 6 35 0 7496 0 0 0 30232246 29989647 52198 183569 618050 1326454 30902494 31499670 47074 48215 1722425 2064965 778288 778774 0 0 0 28354706 28607716 30902493 31499670 1 0 72198735 73502047 37009638 37558798 35189097 35943249 DISTRIBUTE ELECTRIC ENERGY TO MEMBERS. 0 0 PROVIDE ELECTRIC ENERGY TO 10,496 MEMBERS. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 1 107 0 1 35 1 1 1 0 0 0 0 31289647 1590006 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X MINDY YOUNG 2187323377 16930 COUNTY ROAD 6 PARK RAPIDS MN 56470 X TIM KIVI SECRETARY 3.55 X 9675 0 0 DAN BREITBACH VICE CHAIR 3.59 X 10400 0 0 BRIAN BEHRENS CHAIR 3.50 X 11600 0 0 AL CZECZOK ASSISTANT SECRETARY/TREASURER 2.14 X 10400 0 0 NANCY UTKE DIRECTOR 7.89 X 12000 0 0 PAT ROEHL DIRECTOR 2.65 X 10000 0 0 TERRY COOK TREASURER 5.76 X 12200 0 0 SHANNON SNELL DIRECTOR OF OPERATIONS 40.00 X 136703 0 13672 CHRISTINE FOX PRESIDENT/CEO 40.00 X 219774 0 44792 ESTHER SIMON CFO 40.00 X 58246 0 17430 NICOLE TORKELSON MARKETING/MEMBER SERVICES MANAGER 40.00 X 93537 0 36229 MINDY YOUNG CFO 40.00 X 75171 0 4625 CHAD GRANDE JOURNEYMAN 40.00 X 109675 0 28581 CHRISTOPHER BUNGERT JOURNEYMAN 40.00 X 115087 0 32180 CASEY DAVIS LEAD LINEMAN 40.00 X 111944 0 71055 DAN COX JOURNEYMAN LINEMAN 40.00 X 115919 0 31858 MICHAEL MOEN LEAD LINEMAN 40.00 X 116835 0 17657 GERALD BYER OPERATIONS MANAGER - FORMER OFFICER 40.00 X 110148 0 111105 1339314 0 409184 11 1 1 0 CARR'S TREE SERVICE PO BOX 250 OTTERTAIL MN 56571 TREE CLEARING 445837 INTEGRITY CONTRACTING 17827 COUNTY 2 SHEVLIN MN 56676 UNDERGROUND ELECTRIC LINE CONSTRUCTION 408929 STAR ENERGY SERVICES 6875 COUNTY RD 28 SW SUITE 2 ALEXANDRIA MN 56308 ENGINEERING AND INSPECTION 171725 3 ELECTRIC SALES 221000 29989647 29989647 29989647 180158 180158 3411 0 3411 3411 3411 87480 79984 7496 7496 CAPITAL CREDITS 221000 1318958 1318958 1318958 31499670 31308605 7496 183569 X 48215 2064965 778774 1067785 2287363 COST OF POWER 20617051 DIST. EXP. - OPERATIONS 1884444 DIST. EXP. - MAINTENANC 970060 ADMIN & GENERAL EXP. 752789 1028224 31499670 500 500 6605805 5694688 3352135 1935720 881482 730371 1012553 2327485 396017 402808 83695260 35476043 46440021 48219217 13503785 14184773 1364 1364 5073 5121 72198735 73502047 4420440 4437433 5900000 7200000 4678 809 26016786 24854875 667734 1065681 37009638 37558798 X 0 0 0 0 35189097 35943249 35189097 35943249 72198735 73502047 X 0 754152 X X 0 1 X 1 0 0 1 X 325898 325898 4918306 2062734 2855572 77350623 33413309 43937314 1100433 1100433 48219217 PATRONAGE CAPITAL FROM ASSOCIATED ORGANIZATIONS 13497605 C CFC CAPITAL TERM CERTIFICATES 686668 C STOCKS IN ASSOCIATED COMPANIES 500 C 14184773 DEFERRED CREDITS 1018881 MEMBER DEPOSITS 46800 1065681 X 31499670 0 31499670 0 31499670 29434705 0 29434705 2064965 2064965 31499670 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 ITASCA-MANTRAP CO-OP ELECTRICAL ASS'N 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 $809. PART X, LINE 2: THE ASSOCIATION'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 ASSOCIATION HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE INCOME TAX RETURNS OF THE ASSOCIATION ARE SUBJECT TO EXAMINATION BY THE IRS AND STATE TAX AUTHORITIES, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. PART XII, LINE 4B - OTHER ADJUSTMENTS: BENEFITS PAID TO MEMBERS 2,064,965. 1 ITASCA-MANTRAP CO-OP ELECTRICAL ASS'N TRUST PO BOX 192 PARK RAPIDS MN 564700192 205048055 501(C)(3) 48215 0 GENERAL FUNDING 1 PART I, LINE 2: THE ORGANIZATION CONTRIBUTES UNCLAIMED CAPITAL CREDITS TO THE ITASCA-MANTRAP CO-OP ELECTRICAL ASS'N TRUST FOR DISBURSEMENT TO OTHER CHARITABLE ORGANIZATIONS. X X 0 0 0 CHRISTINE FOX PRESIDENT/CEO 211012 0 0 0 8762 0 16080 0 28712 0 264566 0 0 0 GERALD BYER OPERATIONS MANAGER - FORMER OFFICER 109526 0 0 0 622 0 91982 0 19123 0 221253 0 0 0 CASEY DAVIS LEAD LINEMAN 111088 0 0 0 856 0 27872 0 43183 0 182999 0 0 0 SHANNON SNELL DIRECTOR OF OPERATIONS 135877 0 0 0 826 0 0 0 13672 0 150375 0 0 0 NANCY UTKE NANCY, DIRECTOR, REPRESENTS THE COOP ON GREAT RIVER ENERGY'S BOARD 20086990 PURCHASE OF POWER 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A MEMBER OWNED COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 7A THERE IS ONE CLASS OF MEMBERSHIP AND MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B COOPERATIVE MEMBERS VOTE ON CHANGES TO THE BYLAWS OR ARTICLES OF INCORPORATION. FORM 990, PART VI, SECTION B, LINE 11B COPIES OF FORM 990 ARE GIVEN TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND DISCUSSED AT THE ITASCA-MANTRAP CO-OP BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C THE COOPERATIVE REGULARLY MONITORS AND ENFORCES COMPLIANCE WITH THEIR CONFLICT OF INTEREST POLICY BY REQUESTING A FORM 990 QUESTIONNAIRE BE COMPLETED. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS FILLS OUT A CEO PERFORMANCE APPRAISAL FORM. THE BOARD REVIEWS OTHER LOCAL COOPERATIVES CEO SALARIES AND REFERS TO THE NRECA ANNUAL MINNESOTA SALARY SURVEY FOR GUIDANCE. THEY REVIEW THE APPRAISAL, SURVEYS, DISCUSS THE PROGRESS ON GOALS ASSIGNED AMONGST THEMSELVES AND THEN BRING THE CEO INTO THE ROOM AND DISCUSS THESE SAME ITEMS WITH HER. FOR ALL OTHER OFFICERS AND KEY EMPLOYEES OF THE COOPERATIVE, A PERFORMANCE REVIEW IS PERFORMED AND REFERENCE TO THE NRECA ANNUAL MINNESOTA SALARY SURVEY IS MADE. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART VII, COLUMN "F" INCLUDED IN PART VII, COLUMN "F AND SCHEDULE J, PART II, COLUMN "C" IS THE ESTIMATED ANNUAL INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THIS AMOUNT IS AN ESTIMATE IN THE INCREASE OF THE VALUE OF THE PLAN AND IS NOT A CURRENT YEAR EXPENSE OF THE COOPERATIVE. THE ESTIMATED ACTUARIAL INCREASE FOR THESE OFFICERS AND HIGHEST COMPENSATED EMPLOYEES ARE: CHRISTINE FOX - $0 GERALD BYER - $74,734 SHANNON SNELL - $0 ESTHER SIMON - $0 MINDY YOUNG - $0 CASEY DAVIS - $13,815 MICHAEL MOEN - $0 CHRISTOPHER BUNGERT - $0 DAN COX - $0 NICOLE TORKELSON - $9,810 CHAD GRANDE - $0 THE ACTUAL CURRENT YEAR CONTRIBUTION INTO THE DEFINED BENEFIT PLAN FOR THESE OFFICERS AND HIGHEST COMPENSATED EMPLOYEES ARE: CHRISTINE FOX - $0 GERALD BYER - $9,762 SHANNON SNELL - $0 ESTHER SIMON - $3,416 MINDY YOUNG - $0 CASEY DAVIS - $7,627 MICHAEL MOEN - $0 CHRISTOPHER BUNGERT - $0 DAN COX - $0 NICOLE TORKELSON - $7,048 CHAD GRANDE - $0 FORM 990, PART IX, LINE 4: BENEFITS PAID TO OR FOR MEMBERS BENEFITS PAID TO OR FOR MEMBERS NOW INCLUDES PATRONAGE DIVIDENDS PAID. THIS AMOUNT IS AN EXPENSE FOR PURPOSES OF FORM 990, BUT IS NOT RECOGNIZED AS AN EXPENSE UNDER G.A.A.P. REPORTING REQUIREMENTS, WHICH ARE USED FOR BOOK INCOME. THE RESULT IS A BOOK TO TAX DIFFERENCE WHICH IS DISCLOSED ON PART XI AND IN SCHEDULE O. IN REFERENCE TO FORM 990, PART IX, LINE 4, THE COOPERATIVE HAS INTERPRETED "PATRONAGE DIVIDENDS PAID" AS CAPITAL CREDITS ALLOCATED TO MEMBERS UNDER THE PREEXISTING OBLIGATIONS PURSUANT TO THE BYLAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDIT -1,309,928. ALLOCATED CAPITAL CREDIT 2,064,965. MEMBERSHIP CREDIT -885. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT MAKE ANY CHANGES TO ITS AUDIT OVERSIGHT AND SELECTION PROCESS DURING THE YEAR. ITASCA-MANTRAP CO-OP ELECTRICAL ASS'N TRUST PO BOX 192 PARK RAPIDS MN 564700192 205048055 COMMUNITY TRUST MN 501(C)(3) LINE 7 ITASCA-MANTRAP COOPERATIVE ELECTRICAL ASSOCIATION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 ITASCA-MANTRAP CO-OP ELECTRICAL ASS'N TRUST R 52011 CASH TRANSFERRED