2024-09-04T07:22:12-05:00 2023-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2023-01-01 410167135 BROWN COUNTY RURAL ELECTRICAL ASSOCIATION BROW 5077943331 PO BOX 529 SLEEPY EYE MN 560850529 MICHAEL HEIDEMANN CEO 5077943331 2024-08-30 1 1 LAURIE HANSON CPA P00851848 6053391999 2024-08-30 2023 2024-08-08 14:25:15Z MICHAEL HEIDEMANN PO BOX 529 SLEEPY EYE MN 560850529 17591380 0 X WWW.BROWNCOUNTYREA.COOP X 1937 MN TO PROVIDE ELECTRICITY SERVICE TO MEMBERS. 9 9 17 0 54541 48415 0 0 16731164 17145339 125526 321501 42704 2776 16899394 17469616 3403 2953 1430943 2219576 518184 566119 0 0 0 14890121 14512167 16842651 17300815 56743 168801 45245763 47777901 24080029 24888999 21165734 22888902 THE MISSION OF BROWN COUNTY ELECTRIC IS TO IMPROVE THE QUALITY OF LIFE FOR ITS MEMBERS BY PROVIDING RELIABLE ELECTRICITY AND SERVICES THAT ARE COMPETITIVELY PRICED. 0 0 THE COOPERATIVE ENGAGES IN THE DISTRIBUTION AND SALE OF ELECTRICAL POWER TO APPROXIMATELY 3,760 MEMBERS IN SOUTHWESTERN MINNESOTA WITH 4,560 ACTIVE ACCOUNTS. THE COOPERATIVE HAS 1,530 MILES OF LINES MADE UP OF OVERHEAD AND UNDERGROUND LINES. 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 1 0 0 1 21 0 1 17 1 1 1 0 0 0 0 16692858 744384 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 1 1 X JENNIFER ROSE 5077943331 24386 STATE HIGHWAY 4 SLEEPY EYE MN 56085 THOMAS HAYES PRESIDENT 7.20 X 12750 0 0 WILLIAM BERG VICE PRESIDENT 5.80 X 13200 0 0 JAMES HANSON SECRETARY/TREASURER 8.10 X 12950 0 0 JOEL CHRISTENSEN DIRECTOR 4.60 X 10800 0 0 JAMES MICKELSON DIRECTOR 4.00 X 12450 0 0 DAVID WENDINGER DIRECTOR 5.60 X 13500 0 0 GREGORY MAGES DIRECTOR 3.10 X 10900 0 0 BRADLEY SPRENGER DIRECTOR 5.40 X 13700 0 0 LANDON SLETTA DIRECTOR 4.50 X 13400 0 0 MICHAEL HEIDEMANN CEO 40.00 X 184752 0 85832 JENNIFER ROSE CFO 40.00 X 90275 0 58108 BRANDON HAVEMEIER ENGINEERING AND OPERATIONS MANAGER 40.10 X 122799 0 55423 ADAM FISCHER LINEMAN-IN-CHARGE 41.40 X 108230 0 47751 NICHOLAS HORMAN LINEMAN-IN-CHARGE 41.40 X 112373 0 32413 CONNOR NELSEN LINEMAN 41.60 X 111201 0 10326 BRADY KERKHOFF LINEMAN 41.50 X 102272 0 39663 945552 0 329516 8 0 1 0 ZINNIEL UTILITY CONTRACTING INC 4 SOMSEN ST NEW ULM MN 56085 UNDERGROUND BORING 235633 SOUTHWOOD 2000 60 PINE STREET CLEMENTS MN 56224 URD LOCATING, ENGINEERING SERVICES, POLE 222971 CARR'S TREE SERVICE PO BOX 250 OTTERTAIL MN 56571 TREE TRIMMING 157010 3 ELECTRIC SALES 221000 16508795 16508795 CAPITAL CREDIT 221000 603018 603018 OTHER SALES 221000 33526 33526 17145339 321501 321501 69999 121764 -51765 -51765 EQUITY EARNINGS 900099 54541 54541 54541 17469616 17093574 54541 321501 2953 2219576 566119 663875 1426939 UBI TAX EXPENSE 1439 COST OF POWER 9836305 DISTRIBUTION-MAINTENANC 998098 ADMINISTRATIVE AND GENE 795143 790368 17300815 6896989 7459646 1243101 1653201 1053442 1197729 54383 40288 46717689 18235047 27417176 28482642 257724 265908 8318642 8630455 4306 48032 45245763 47777901 2021956 2143133 49191 69541 21985570 22647439 23312 28886 24080029 24888999 X 0 0 0 0 21165734 22888902 21165734 22888902 45245763 47777901 X 168801 1554367 X 0 1 X 1 0 59166 59166 1129223 951933 177290 45154187 17283114 27871073 375113 375113 28482642 GREAT RIVER ENERGY 6872565 C COOPERATIVE TELEVISION ASSOCIATION OF SOUTHERN MINNESOTA (CTV) 538252 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 781541 C FEDERATED RURAL ELECTRIC INSURANCE 93515 C MEMBERSHIP 1000 C RURAL ELECTRIC SUPPLY COOPERATIVE 163896 C MINNESOTA RURAL ELECTRIC TRUST EQUITY 18697 C SMEC 33627 C OTHER PATRONAGE CAPITAL AND MEMBERSHIP 127362 C 8630455 CUSTOMER DEPOSIT 28886 28886 X 17469616 0 17469616 0 17469616 15081239 0 15081239 2219576 2219576 17300815 PART X, LINE 2: THE ASSOCIATION EVALUATES ITS TAX POSITIONS THAT HAVE BEEN TAKEN OR ARE EXPECTED TO BE TAKEN ON INCOME TAX RETURNS TO DETERMINE IF AN ACCRUAL IS NECESSARY FOR UNCERTAIN TAX POSITIONS. AS OF DECEMBER 31, 2023 AND 2022, THE UNRECOGNIZED TAX BENEFIT ACCRUAL WAS ZERO. THE ASSOCIATION WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XII, LINE 4B - OTHER ADJUSTMENTS: 2023 PATRONAGE ALLOCATION IN 2024 2,219,576. X 0 0 0 MICHAEL HEIDEMANN CEO 184752 0 0 0 0 0 53590 0 32965 0 271307 0 0 0 BRANDON HAVEMEIER ENGINEERING AND OPERATIONS MANAGER 122799 0 0 0 0 0 20614 0 37274 0 180687 0 0 0 ADAM FISCHER LINEMAN-IN-CHARGE 108230 0 0 0 0 0 17878 0 31775 0 157883 0 0 0 JENNIFER ROSE CFO 90275 0 0 0 0 0 21993 0 38050 0 150318 0 0 0 FORM 990, SCHEDULE J, PART II AS REQUIRED PER THE INSTRUCTIONS OF FORM 990 AND SCHEDULE J, THE AMOUNT REPORTED IN SCHEDULE J COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN RATHER THAN THE EXPENSE ON THE BOOKS OF THE COOPERATIVE. THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR MIKE HEIDEMANN IS $44,005, WHEREAS THE ACTUAL EXPENSE FOR THE PLAN WAS $52,820. THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR BRANDON HAVEMEIER IS $14,073, WHEREAS THE ACTUAL EXPENSE FOR THE PLAN WAS $38,930. THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR JENNIFER ROSE IS $16,900, WHEREAS THE ACTUAL EXPENSE FOR THE PLAN WAS $38,930. THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR ADAM FISCHER IS $12,187, WHEREAS THE ACTUAL EXPENSE FOR THE PLAN WAS $18,335. FORM 990, PART VI, SECTION A, LINE 6 ALL ELECTRIC CUSTOMERS ARE VOTING MEMBERS OF THE COOPERATIVE. EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE COOPERATIVE'S ANNUAL MEETING. THE BOARD CONSISTS OF 9 MEMBERS WITH 3 YEAR TERMS. EACH YEAR THREE SEATS ARE UP FOR RE-ELECTION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS VOTE ON CHANGES TO BY-LAWS AND ARTICLES OF INCORPORATION. THERE IS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE CFO REVIEWS THE 990 IN DETAIL. AFTER HER REVIEW, THE 990 IS PROVIDED TO EACH BOARD MEMBER AND THE GENERAL MANAGER. THE BOARD MEETS EVERY MONTH, AND WILL REVIEW AND APPROVE THE 990 AT THE NEXT SCHEDULED BOARD MEETING. THE 990 WILL THEN BE FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS ALL MEMBERS OF THE BOARD OF DIRECTORS. THE GENERAL MANAGER AND THE BOARD OF DIRECTORS REVIEW THE POTENTIAL CONFLICTS TO DETERMINE IF A CONFLICT EXISTS. IF A CONFLICT EXISTS, THE CONFLICTED BOARD MEMBER OR OFFICER IS EXCLUDED FROM DISCUSSIONS AND VOTES RELATED TO THE POTENTIAL OR EXISTING RELATIONSHIP INVOLVING THE CONFLICT OF INTEREST. THE REMAINING BOARD MEMBERS AND OFFICERS WILL REVIEW, FOR FAIRNESS, ALL PAST TRANSACTIONS INVOLVING THE CONFLICT OF INTEREST. LEGAL REMEDIES WILL BE CONSIDERED IF NEEDED. FORM 990, PART VI, SECTION B, LINE 15 THE GENERAL MANAGER'S COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS ON AN ANNUAL BASIS. STAFF COMPENSATION IS REVIEWED AND APPROVED BY THE GENERAL MANAGER AND THE BOARD OF DIRECTORS ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 ALL DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGES IN POSTRETIREMENT BENEFIT PLAN -1,670. RETIREMENT OF CAPITAL CREDITS -663,594. NET CHANGES IN MEMBERSHIPS 55. 2023 PATRONAGE ALLOCATION IN 2024 2,219,576. BROWN COUNTY RURAL ELECTRIC TRUST 24386 STATE HWY 4 SLEEPY EYE MN 56085 411802166 TO ACCUMULATE AND DISTRIBUTE FUNDS FOR CHARITABLE AND EDUCATIONAL PURPOSES. MN 501(C)(3) LINE 8 BROWN COUNTY RURAL ELECTRICAL ASSOCIATION 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0