2025-10-22T15:22:36-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 830162161 POWDER RIVER ENERGY CORPORATION POWD 3072833531 PO BOX 930 SUNDANCE WY 827290930 ABBY A OLSON INTERIM VP OF FINANCE 3072833531 2025-10-22 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-10-22 2024 2025-03-06 01:10:19Z ABBY A OLSON PO BOX 930 SUNDANCE WY 827290930 176290772 0 X WWW.PRECORP.COOP X 1945 WY DISTRIBUTES ELECTRIC SERVICE TO RURAL CUSTOMERS IN NORTHEAST WYOMING AND SOUTHEASTERN MONTANA. 11 11 140 0 0 0 0 0 184458208 174134968 5007445 2086552 -21951 2753 189443702 176224273 428712 196426 18602042 9723675 16416987 18046768 0 0 0 153995961 148257404 189443702 176224273 0 0 498355432 482681629 263389275 248483076 234966157 234198553 THE MISSION OF POWDER RIVER ENERGY CORPORATION, A NONPROFIT COOPERATIVE ORGANIZATION, IS POSITIVELY INFLUENCING AND IMPROVING LIVES FOR THOSE WE SERVE BY PROVIDING RELIABLE ENERGY AND SERVICES WHILE PAVING THE WAY FOR ACCESS AND AFFORDABILITY. 0 0 THE PRIMARY FUNCTION OF POWDER RIVER ENERGY CORPORATION, A NONPROFIT COOPERATIVE ORGANIZATION, IS THE DISTRIBUTION OF ELECTRICITY TO ITS 12,473 MEMBER-OWNERS UNDER 501 (C) (12). IN 2024, THE COMPANY SOLD ITS MEMBER-OWNERS 1,956,496,547 KWH OF ELECTRICITY WITH A PEAK COINICIDENT LOAD OF 320,012 KW. IN 2024, THE COMPANY ADDED ROUGHLY $3.9 MILLION IN UTILITY PLANT IN ORDER TO EXTEND AND IMPROVE SERVICE. 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 1049 0 1 140 1 0 0 0 0 0 0 0 174528869 11265191 0 0 0 X 11 11 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 0 0 X ABBY A OLSON 3072833531 PO BOX 930 221 MAIN ST SUNDANCE WY 82729 MICHAEL HALL HELVEY DIRECTOR 2.00 0.00 X 4850 0 32 PAUL BAKER II DIRECTOR 2.00 0.00 X 5600 0 32 MIKE LOHSE DIRECTOR 10.00 0.00 X 8380 0 32 TYRELL MILLER DIRECTOR 5.00 0.00 X 11650 0 32 CLAY BRANSCOM DIRECTOR 12.00 0.00 X 10000 0 32 JAMES BAUMGARTNER DIRECTOR 4.00 2.00 X 8000 0 32 TYLER PIRTZ DIRECTOR 6.00 0.00 X 1200 0 0 DUSTIN MARTINSON DIRECTOR (LEFT 05/2024) 5.00 0.00 X 800 0 0 JAMES PURDY PRESIDENT 10.00 0.00 X X 14150 0 32 GERALD GEIS SECRETARY/TREASURER 10.00 2.00 X X 10050 0 32 PHILIP HABECK VICE PRESIDENT 5.00 0.00 X X 8550 0 32 ABBY OLSON-MGR OF TREAS TO 10/24);INTERIM VP OF FIN (EFF 10/24) 42.00 0.00 X 125009 0 54493 BRIAN MILLS CHIEF EXECUTIVE OFFICER 50.00 0.00 X 282202 0 130804 WILLIAM MERTZ-CFAO TO 102024 DIR OF PRECORP SERV (EFF 10/2024) 53.00 0.00 X 250303 0 106333 QUENTIN ROGERS VICE PRESIDENT OF ENG. & TECH SRV 53.00 0.00 X 191650 0 88102 RICHARD HALLORAN VP OF SYSTEM OPERATIONS 45.00 0.00 X 167246 0 83130 MICHAEL BINGHAM DISTRICT FOREMAN 51.00 0.00 X 182848 0 57877 WAYNE POLLAT DISTRICT FOREMAN 52.00 0.00 X 186791 0 51430 THOMAS MULLOY DISTRICT FOREMAN 48.00 0.00 X 169467 0 57433 KENT HATLING SERVICE FOREMAN 48.00 0.00 X 167527 0 74214 TROY BIFULCO VICE PRESIDENT OF TECH. & SVR 46.00 0.00 X 165347 0 96845 1971620 0 800949 69 0 1 0 SCHULTE TA INC 5950 SWANSON RD GILLETTE WY 82718 CONTRACT LABOR 2138212 RMS INSTRUMENT AND ELECTRIC LLC 1530 BUSINESS CIRCLE GILLETTE WY 82716 CONTRACT LABOR 1306586 BESLER INC PO BOX 15274 RAPID CITY SD 57709 CONTRACT LABOR 1086594 NORTHEAST WY CONSTRUCTION INC PO BOX 1922 GILLETTE WY 82717 CONTRACT LABOR 612100 COOPS SPRAY MULCHING SERVICE PO BOX 761 SUNDANCE WY 82729 CONTRACT LABOR 553678 18 ELECTRIC SERVICE 221122 162921758 162921758 CAPITAL CREDITS 221122 8373713 8373713 TRANSMISSION REVENUE 211121 2674673 2674673 OTHER RENTAL INCOME 531190 150401 150401 JOINT USE POLE REVENUE 531190 14423 14423 174134968 2062429 2062429 16345 13592 2753 2753 2753 77030 52907 24123 24123 24123 176224273 174120545 0 2103728 X 196426 9723675 1562787 9873060 3454262 2308357 848302 388794 56428 43144 160544 83206 5920470 11017012 PURCHASED POWER 120521921 OPER & MAINT. EXP.-DIST 7472883 OPER & MAINT. EXP.-TRAN 1343403 OTHER EXPENSES 686748 562851 176224273 1750 1750 16276282 19376121 16717622 16354310 1100931 1041968 7850591 9559628 1393690 786244 446098915 229675613 212474724 216423302 19122006 1602958 16772202 18051440 152297125 151755059 108139 93409 54240370 47635440 498355432 482681629 17877638 19041682 19109112 21260850 164978684 156279382 61423841 51901162 263389275 248483076 X 0 0 0 0 234966157 234198553 234966157 234198553 498355432 482681629 X 0 -767604 X X 0 1 X 1 0 8730398 8730398 349244 9934628 7501370 2782502 405770912 222922591 182848321 21313733 -748348 22062081 216423302 ASSOCIATED ORGANIZATIONS - PATRONAGE CAPITAL 149108271 C ASSOCIATED ORGANIZATIONS - NON G&T 2646788 C 151755059 SPECIAL FUND - COST OF RETIREMENT (CBM) 18137445 SPECIAL FUND - BASIN ECONOMIC DEVELOPMENT FUND 1000281 SPECIAL FUND - CONSERVATION LOANS 314208 INTEREST AND OTHER RECEIVABLES 159171 ACCRUED UTILITY REVENUES 2595901 SPECIAL FUND - NRECA VCAP 6928434 SPECIAL FUND - DEFERRED REVENUE 18500000 47635440 CUSTOMER ADVANCES FOR CONSTRUCTION 12475701 CBM PREPAID COST OF RETIREMENT 17946895 POST RETIREMENT BENEFIT 1630827 CONSUMER DEPOSITS/INTEREST 16250475 MISCELLANEOUS 474580 COST OF POWER ADJUSTMENT 2154840 OBLIGATIONS UNDER RIGHT TO USE LEASES 967844 51901162 X 176432587 208314 208314 176224273 0 176224273 166500598 0 166500598 9723675 9723675 176224273 PART X, LINE 2: THE COOPERATIVE 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, 2024 AND 2023 THE UNRECOGNIZED TAX BENEFITS ACCRUAL WAS ZERO. THE COOPERATIVE WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAINS ARISING DURING THE YEAR 23,187. NRECA VOLUNTARY CONTRIBUTION ACCELERATED PROGRAM GAINS 517,416. AMORTIZATION OF GAIN/LOSS AND PRIOR SERVICE COST -332,289. PART XII, LINE 4B - OTHER ADJUSTMENTS: 2024 MARGINS ALLOCATED IN 2025 9,723,675. PART XI LINE 1E, COLUMN C NEGATIVE ACCUMULATED DEPRECIATION ON LINE 1E, COLUMN C, IS DUE TO RETIREMENT WORK IN PROCESS WHICH WILL REDUCE ACCUMULATED DEPRECIATION WHEN BOOKED TO THE PLANT ACCOUNTS. 1 POWDER RIVER ENERGY CORPORATION FOUNDATION PO BOX 930 SUNDANCE WY 82729 208802389 501(C)(3) 50000 107577 BOOK ADMINISTRATIVE SUPPORT CHARITABLE DONATION 1 0 PART I, LINE 2: THE COMPANY PROVIDES FUNDING TO THE POWDER RIVER ENERGY CORPORATION FOUNDATION THROUGH DONATIONS AND SPONSORSHIPS, AS WELL AS PROVIDING ADMINISTRATIVE SUPPORT. THE FOUNDATION'S BOARD OF DIRECTORS IS APPOINTED BY THE COMPANY'S BOARD OF DIRECTORS. NON-CASH ASSISTANCE GIVEN TO THE POWDER RIVER ENERGY CORPORATION FOUNDATION INCLUDES ADMINISTRATIVE, LEGAL, AND OPERATIONAL SUPPORT. X X 1 1 X X X 0 0 0 BRIAN MILLS CHIEF EXECUTIVE OFFICER 249301 0 5301 0 27600 0 93424 0 37380 0 413006 0 0 0 WILLIAM MERTZ-CFAO TO 102024 DIR OF PRECORP SERV (EFF 10/2024) 233906 0 16397 0 0 0 71787 0 34546 0 356636 0 0 0 QUENTIN ROGERS VICE PRESIDENT OF ENG. & TECH SRV 186273 0 5377 0 0 0 52122 0 35980 0 279752 0 0 0 TROY BIFULCO VICE PRESIDENT OF TECH. & SVR 160703 0 4644 0 0 0 59974 0 36871 0 262192 0 0 0 RICHARD HALLORAN VP OF SYSTEM OPERATIONS 162099 0 5147 0 0 0 46253 0 36877 0 250376 0 0 0 KENT HATLING SERVICE FOREMAN 165136 0 2012 0 379 0 49468 0 24746 0 241741 0 0 0 MICHAEL BINGHAM DISTRICT FOREMAN 180828 0 1641 0 379 0 38796 0 19081 0 240725 0 0 0 WAYNE POLLAT DISTRICT FOREMAN 184668 0 1744 0 379 0 26684 0 24746 0 238221 0 0 0 THOMAS MULLOY DISTRICT FOREMAN 167286 0 1802 0 379 0 32687 0 24746 0 226900 0 0 0 ABBY OLSON-MGR OF TREAS TO 10/24);INTERIM VP OF FIN (EFF 10/24) 120929 0 4080 0 0 0 17991 0 36502 0 179502 0 0 0 PART I, LINE 1A THE COMPANY HEADQUARTERS ARE LOCATED IN A REMOTE, RURAL AREA IN THE EXTREME NORTHEAST CORNER OF WYOMING. IT IS OCCASIONALLY DEEMED EXPEDIENT TO CHARTER SMALL PISTON-ENGINED AIRPLANES WHEN THE COMPANY BUSINESS REQUIRES TRAVEL OUTSIDE OF OUR SERVICE TERRITORY. THIS OCCURS PRIMARILY WHEN TRAVEL IS NECESSARY TO TWO DESTINATIONS. THE FIRST DESTINATION IS THE STATE CAPITAL IN CHEYENNE, WYOMONG FOR REGULATORY, GOVERNMENTAL, AND ASSOCIATED MEETINGS OR ACTIVITIES AFFECTING THE COMPANY. THE SECOND LOCATION IS THE BISMARCK, NORTH DAKOTA OFFICES OF OUR PRINCIPAL POWER SUPPLIER BASIN ELECTRIC POWER COOPERATIVE. POWDER RIVER ENERGY PURCHASES POWER FROM BASIN ELECTRIC THROUGH MEMBERS 1ST POWER COOPERATIVE. THESE CHARTERS ARE FOR BUSINESS PURPOSES ONLY, HAVE NO COMPENSATORY PURPOSES WHATSOEVER, AND OFTEN ALLOW FOR SAME DAY ROUND TRIP TRAVEL. ONLY THE COMPANY CEO, BRIAN MILLS, OR ITS BOARD OF DIRECTORS CAN AUTHORIZE CHARTER EXPENSE. THE COMPANY OFFERS A WELLNESS PROGRAM EACH YEAR FOR ALL EMPLOYEES. PART OF THE PROGRAM INCLUDES REIMBURSEMENT OF FITNESS CENTER OR WEIGHT MANAGEMENT PROGRAM FEES IN AN AMOUNT OF 50% OF THE TOTAL FEES, WITH A MAXIMUM OF $50 PER QUARTER. PART II, COLUMN C COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. SEE BELOW FOR THE CHANGE IN ACTUARIAL VALUE AND ACTUAL DEFINED BENEFIT PLAN COSTS: EMPLOYEE CHANGE IN ACTUARIAL VALUE ACTUAL BENEFIT EXPENSE BRIAN MILLS $78,464 $53,016 QUENTIN ROGERS $41,931 $40,866 TROY BIFULCO $50,996 $35,296 MICHAEL BINGHAM $31,597 $38,035 THOMAS MULLOY $25,487 $38,035 WAYNE POLLAT $19,484 $38,035 RICHARD HALLORAN $37,158 $35,510 KENT HALTING $42,268 $38,035 ABBY OLSON $10,683 $26,459 WILLIAM MERTZ $58,678 $50,818 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE COMPANY IS ORGANIZED AS AN ELECTRICAL COOPERATIVE, AND THEREFORE HAS MEMBER-OWNERS WHO ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 AND ACCOMPANYING SCHEDULES ARE PREPARED BY THE COMPANY'S CONTROLLER AND REVIEWED BY THE CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER. THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW, AND PRESENTED AT A REGULARLY SCHEDULED BOARD MEETING TO ADDRESS QUESTIONS. THE PROCESS INCLUDES A REVIEW OF THE FORM BY THE COMPANY'S AUDITORS. ANY NECESSARY REVISIONS ARE INCORPORATED BEFORE THE CHIEF FINANCIAL AND ADMINISTRATION OFFICER AUTHORIZES ELECTRONIC FILING OF THE FORM 990 AND SCHEDULES. THE FINAL VERSION IS PROVIDED TO AUDITORS FOR FILING AND TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND DIRECTORS ARE EXPECTED TO BE FAMILIAR WITH THE COMPANY'S CODE OF ETHICS POLICY AND ARE EXPECTED TO DISCLOSE ANY SITUATIONS THAT VIOLATE THE SPIRIT AND INTENT OF THE POLICY, DECISIONS CONSIDERED INCONSISTENT WITH THE CONFLICT OF INTEREST POLICY ARE REPORTED TO THE ENTIRE BOARD OF DIRECTORS THROUGH THE BOARD PRESIDENT, VICE PRESIDENT OR CEO. THE BOARD OF DIRECTORS SHALL DECIDE IF AN INTEREST SHOULD PREVENT THE COOPERATIVE FROM ENTERING INTO A PARTICULAR TRANSACTION. A PERSON WHO IS EMPLOYED BY, OR HAS A SUBSTANTIAL FINANCIAL INTEREST IN, A COMPETING BUSINESS OR ONE SELLING ENERGY OR SUPPLIES TO THE COOPERATIVE IS NOT QUALIFIED TO BE A MEMBER. FORM 990, PART VI, SECTION B, LINE 15A THE COMPANY HAS A COMPENSATION ADMINISTRATION POLICY WHICH PROVIDES THAT THE BOARD OF DIRECTORS MAINTAINS FINAL AUTHORITY FOR COMPENSATION ADMINISTRATION. THE COMPANY HIRES A COMPENSATION CONSULTANT WHO PROVIDES INFORMATION ON MARKET BENCHMARKS AND ASSISTS THE COMPANY IN CREATING ITS SALARY STRUCTURE. THE BOARD OF DIRECTORS IS THE ULTIMATE DETERMINING BODY OF THE SALARY OF THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE COMPANY FILES AN ANNUAL FINANCIAL STATEMENT, THE RUS FINANCIAL AND OPERATING REPORT ELECTRIC DISTRIBUTION, WITH THE UNITED STATES DEPARTMENT OF AGRICULTURE, WHICH IS A MATTER OF PUBLIC RECORD. THE COMPANY, WHICH IS ORGANIZED AS A COOPERATIVE, AND THEREFORE IS OWNED BY ITS MEMBERS, MAKES ALL OF ITS GOVERNING DOCUMENTS AND POLICIES AVAILABLE TO THEM. BYLAWS ARE PROVIDED WHEN A NEW MEMBER ENROLLS, AND ALL OTHER POLICIES ARE AVAILABLE UPON REQUEST. PART IX, LINE 4: THE COMPANY 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: ALLOCATED CAPITAL CREDITS 18,947,510. RETIRED CAPITAL CREDITS -12,516,002. PATRONAGE CAPITAL ASSIGNABLE -8,878,089. NET CHANGE IN RETIRED, UNCLAIMED CAPITAL CREDITS 1,470,664. AMORTIZATION OF POST RETIREMENT BENEFIT -104,767. NET UNREALIZED LOSS ON INVESTMENTS 313,080. PRECORP SERVICES LLC PO BOX 930 SUNDANCE WY 82729 830331925 NO ACTIVITY WY POWDER RIVER ENERGY CORPORATION POWDER RIVER ENERGY CORPORATION FOUNDATION INC PO BOX 930 SUNDANCE WY 82729 208802389 CHARITABLE GIVING WY 501(C)(3) LINE 7 POWDER RIVER ENERGY CORPORATION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 1 0 POWDER RIVER ENERGY CORPORATION FOUNDATION INC B 157577 BOOK SCHEDULE R, PART I THE COMPANY HAS A DISREGARDED ENTITY, PRECORP SERVICES, LLC, WHICH HAS NOT, TO-DATE, CONDUCTED ANY ACTIVITY. SCHEDULE R, PART II IN 2007, THE COMPANY ESTABLISHED THE POWDER RIVER ENERGY CORPORATION FOUNDATION, A CHARITABLE ORGANIZATION DEDICATED TO PROVIDING DONATIONS AND GRANTS FOR CHARITABLE PURPOSES WITHIN THE COMPANY'S SERVICE TERRITORY. THE FOUNDATION HAS A SEPARATE BOARD OF DIRECTORS. THE COMPANY CONTINUES TO PROVIDE ADMINISTRATIVE SERVICES TO THE FOUNDATION, INCLUDING ACCOUNTING, OFFICE SPACE AND SUPPLIES, AND COMMUNICATIONS. THE COMPANY PROCESSES AND TRANSFERS DONATIONS MADE THROUGH THE OPERATION ROUND-UP PROGRAM, WHICH ALLOWS MEMBERS TO CHOOSE TO ROUND UP THEIR ELECTRIC BILL TO THE NEAREST DOLLAR WITH THE DIFFERENCE CONTRIBUTED TO THE FOUNDATION AS A DONATION.