2025-10-21T12:38:15-07:00 2024-12-31 990 2024-01-01 390233059 DAIRYLAND POWER COOPERATIVE DAIR 6087884000 P O Box 817 3200 East Avenue South La Crosse WI 546020817 Brent Ridge President and CEO 6087884000 2025-10-21 1 2024 2025-03-06 01:10:19Z Brent Ridge 3200 East Avenue South PO Box 817 La Crosse WI 546020817 485754764 0 X www.dairylandpower.com X Cooperative 1941 WI Dairyland Power Cooperative is an electric generation and transmission cooperative organized under the laws of WI & MN. The Cooperative, whose principal offices are located in WI, provides wholesale electric service to Class A members engaged in retail sale of electricity to member consumers located in WI, MN, IA and IL, and provides electric and other services to Class C, D, E and Special Services members, all on a cooperative, not-for-profit basis. 24 24 579 0 0 0 0 0 491296546 483178241 3153451 2563378 11940 13145 494461937 485754764 0 0 19136682 20947744 78821146 87623597 0 0 0 391353505 372379845 489311333 480951186 5150604 4803578 1585303722 1567424114 1208297654 1169975202 377006068 397448912 Our Mission is to power our communities and empower cooperative members to improve the quality of their lives. Our members are the reason for our existence. We will provide our members with value in the form of safe, reliable, sustainable and competitively-priced electricity. We will build strong relationships with our member cooperatives, employees and all stakeholders. We will live the Cooperative Principles and hold ourselves true to our core values of accountability, integrity, innovation and commitment to community. 0 0 Dairyland Power is an electric generation and transmission cooperative association organized under the laws of WI and MN. The Cooperative, whose principal offices are located in Wisconsin, provides wholesale electric service to Class A members engaged in the retail sale of electricity to member consumers located in WI, MN, IA, and IL, and provides electric and other services to Class C, D, E and Special Services members, all on a cooperative, not-for-profit basis. This provides the basis for Dairyland's exempt purpose. Dairyland Power Cooperative is under the jurisdiction of the Rural Utilities Service which requires Dairyland's accounting records to be maintained, with minor modifications, in accordance with the Uniform System of Accounts for Public Utilities as prescribed by the Federal Energy Regulatory Commission (F.E.R.C.). Because of this, we do not have our expenses grouped by function as shown on the Form 990. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 0 1 1 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 1 194 0 579 1 0 0 0 0 0 450502735 32688651 0 1 0 X 24 24 0 0 0 0 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 X X X April Wehling Exec VP and CFO 6087884000 3200 East Ave So La Crosse WI 54601 X Brent Ridge President and Chief Executive Officer 45 0 X 1073891 0 104151 John B Young Vice President and Chief Risk Officer 47 0 X 281462 0 291048 Benjamin L Porath Executive Vice President and Chief Operating Officer 50 0 X 408251 0 124573 Amanda Hoefling Executive Vice President and Chief Administrative Officer 45 0 X 388073 0 131586 John P Carr Vice President Strategic Growth (retired Q1 2025) 0 0 X 323053 0 159820 April Wehling Executive Vice President and Chief Financial Officer 50 0 X 342186 0 92389 Joyce Peppin Executive Vice President and Deputy General Counsel 50 0 X 331537 0 101569 Jeremy Browning Vice President Generation 40 0 X 313402 0 91835 Kevin Nordt Executive Vice President and Chief Strategy Officer 50 0 X 325326 0 41891 Nathaniel Melby Vice President and Chief Information Officer 45 0 X 274017 0 82639 Jason Herbert Vice President External Affairs 50 0 X 291857 0 35808 Greg Flege Vice President Transmission 60 0 X 234321 0 92387 Andy Black Dir Organizational Effectiveness 40 0 X 293886 0 22726 Ron Franz Sr. Dir Resource and Energy Planning 45 0 X 206325 0 108136 Matt Lewis Dir Business Development and PMO 45 0 X 232455 0 75284 Kathleen Galioto Vice President and Deputy General Counsel 55 0 X 240371 0 57289 Elizabeth Ressie Sr. Dir Safety and Human Resources 50 0 X 223753 0 71598 Ken Schlimgen Mgr Mkt Opr Trading & Wholesale Power (retired Q1 2025) 0 0 X 204175 0 90019 William L Berg Former President and CEO 0 0 X 144706 0 0 Jenny Scharmer Current Director 11 7 X 58137 0 6878 Joe Mattingley Current Director 11 0 X 43327 0 9020 Jim Hager Current Director 11 5 X 41286 0 7028 Barry Radloff Current Director 9 0 X 39200 0 8631 Sandra Davidson Current Director 8 6 X 43347 0 3947 Michael Baker Current Director 10 0 X 39607 0 7164 Jeffrey Bradley Current Director 7 2 X 38682 0 5505 Karen Newbury Current Director 12 0 X 35513 0 7230 Dennis Frame Current Director 8 8 X 38065 0 4326 Ed Gullickson Current Director 14 0 X 34307 0 7912 Chuck Zenner Current Director 9 0 X 34978 0 4960 John Petska Current Director 7 0 X 34068 0 5769 Mark Kingland Current Director 10 0 X 34160 0 5538 Jeff Monson Current Director 10 0 X 36347 0 3096 Brian Berg Current Director 11 0 X 31603 0 3725 Jerry Huber Current Director 10 10 X 31181 0 3775 Bill Trygstad Current Director 14 0 X 29907 0 4506 Clarence Boettcher Current Director 8 0 X 30226 0 3629 Robert Hess Current Director 12 0 X 29325 0 3891 Arthur Friedrich Current Director 13 11 X 28312 0 3343 Daniel Korn Current Director 11 9 X 27708 0 1502 Jane Reich Current Director 20 20 X 25343 0 3815 Neil Plourde Current Director 10 0 X 24586 0 4455 Tom Zwiefelhofer Current Director 10 0 X 18499 0 2975 Dean L Stokke Current Director 8 4 X 17376 0 2461 Larry Hall Current Director 5 5 X 12308 0 1557 Dan Tindell Current Director 0 10 X 3374 0 765 Tracy L Lauritzen Current Director 0 0 X 1968 0 0 Bernadine Hornby Current Director 0 0 X 1609 0 105 6997396 0 1902256 297 1 1 0 Sargent & Lundy LLC 55 E Monroe St Chicago IL 60603 Engineering & Design Support 1312637 Kulig Contracting LLC N36955 US Hwy 53/121 Whitehall WI 54773 Erosion Control 1206929 Infinity Transportation 2022 LLC 201 17th St NW Suite 410 Atlanta GA 30363 Railcar Leasing 982551 Matrix Business Concepts 130 North Main St Concord NH 03301 Electric Utility Consultant 597925 Beacon Hill Solutions Group LLC 20 Ashburton Pl Boston MA 02108 IT Business Consultant 466845 22 X 0 G & T Wholesale Electricity 221000 483178240 483178240 0 0 SO2 Allowances 221100 1 1 0 0 0 0 0 0 483178241 2684992 0 0 2684992 0 0 0 0 0 0 0 0 13145 0 0 0 13145 0 13145 13145 0 0 0 -121614 0 0 0 -121614 -121614 -121614 0 0 0 485754764 483069772 0 2684992 0 0 0 20947744 5819603 0 53362719 12047481 12157142 4236652 0 577402 437633 234396 0 0 13333393 0 0 7214417 0 604747 1577483 0 670313 40358645 0 68019402 5223984 Distribution 1484724 Production 201022683 Transmission 19422706 Taxes 9532968 2664949 480951186 0 0 0 X 38283573 4376346 1796 2726 0 0 41474242 49999645 0 0 0 0 0 0 75258289 77076674 46535381 49218872 2314502189 994475530 1304208380 1320026659 0 6460038 4665021 15416949 15485747 22607169 16622746 35057905 29949678 1585303722 1567424114 129728687 122997145 0 0 0 0 0 0 0 0 0 0 939826544 885256812 0 0 138742423 161721245 1208297654 1169975202 X 640 640 0 0 377005428 397448272 377006068 397448912 1585303722 1567424114 X 4803578 0 0 0 0 15639266 X 0 1 X 1 1 1 X 1 110 0 0 0 1 0 4 0 1 0 46955881 46955881 0 2185362157 993319012 1192043145 0 0 0 0 0 0 0 0 0 82184151 1156518 81027633 1320026659 0 Asset Retirement Obligations 3717626 Other Non Current Liabilities 1624306 APBO-ASC 715 (FAS 106) 3688323 Deferred Compensation Benefits 2357162 Lease Liab - Operating Leases 159295 Obligations Under Capital Leases - Noncurrent 9101964 Notes Payable to Associated Companies - Coop Prepayments 1462772 Notes Payable - Cobank 115000000 Other Regulatory Liabilities - Current 1800000 Other Regulatory Liabilities - NonCurrent 10000000 Other Deferred Credits 10600350 Other Deferred Credits- ISFSI 2209447 161721245 485754764 0 0 0 0 0 485754764 0 0 0 485754764 480951186 0 0 0 0 0 480951186 0 0 0 480951186 Schedule D, Part II, Line 9 Dairyland Power has granted a conservation easement to Mississippi Valley Conservancy, Inc. It consists of 110 acres with the purpose of preserving the property in perpetuity in its predominantly natural, scenic, and open space condition, and to prevent any use of the property that will adversely impact or interfere with its Conservation Values. This acreage is a portion of Dairyland Land Fixed Asset # FA010217 which is held on the balance sheet. The balance of this property is used to support operations related to Dairyland's John P. Madgett generation station. Schedule D, Part VI, Line 1b Dairyland Power Cooperative is under the jurisdiction of the Rural Utilities Service, which requires Dairyland's accounting records to be maintained, with minor modifications, in accordance with the Uniform System of Accounts for Public Utilities as prescribed by the Federal Energy Regulatory Commission (F.E.R.C.). Because of this, we do not have our expenses grouped by function as shown on the Form 990. Our Accumulated Depreciation is grouped into just one account. For purposes of the Form 990, we cannot break out Buildings and Equipment and the associated depreciation. Schedule D, Part VI, Line 1d Dairyland Power Cooperative is under the jurisdiction of the Rural Utilities Service, which requires Dairyland's accounting records to be maintained, with minor modifications, in accordance with the Uniform System of Accounts for Public Utilities as prescribed by the Federal Energy Regulatory Commission (F.E.R.C.). Because of this, we do not have our expenses grouped by function as shown on the Form 990. Our Accumulated Depreciation is grouped into just one account. For purposes of the Form 990, we cannot break out Buildings and Equipment and the associated depreciation. Schedule D, Part X, Line 1 As of December 31, 2024, the Cooperative had various revenue deferrals reflected as regulatory liabilities. The revenue deferrals pertained to favorable results from market credits through transactions with the Mid-Continent Independent System Operator (MISO) in addition to favorable results due to market conditions. In 2023, the Board of Directors approved the creation of a regulatory liability revenue deferral plan in the amount of $15,965,000 of 2023 revenue and plans to recognize $5,965,000 in 2024, with the remaining $10,000,000 to be recognized in 2026 and 2027. As of December 31, 2024, $11.8M remained in the deferral plan. Schedule D, Part XII, Line 4b As a result of complying with the 2011 requirements of reporting dividends paid by Section 501(c)12 organizations on Line 4 of Form 990 Part IX, Dairyland Power Cooperative has interpreted this to mean capital credits allocated during the tax year. Because the allocation amount is not a functional expense on Dairyland's audited financial statements, an adjustment of the allocated amount of $20,947,744 was required to reflect the correct audited gross margin for Dairyland of $25,751,320. X X 1 1 X X X X 0 1 1 Brent Ridge President and Chief Executive Officer 1056870 0 0 0 17020 0 64108 0 50206 0 1188204 0 0 0 April Wehling Executive Vice President and Chief Financial Officer 338684 0 949 0 2553 0 61551 0 34732 0 438469 0 0 0 William L Berg Former President and CEO 0 0 0 0 144706 0 0 0 0 0 144706 0 0 0 Benjamin L Porath Executive Vice President and Chief Operating Officer 382101 0 23294 0 2856 0 93413 0 35600 0 537264 0 0 0 Amanda Hoefling Executive Vice President and Chief Administrative Officer 374250 0 10018 0 3805 0 91543 0 43411 0 523027 0 0 0 John P Carr Vice President Strategic Growth (retired Q1 2025) 310885 0 0 0 12168 0 126110 0 41541 0 490704 0 0 0 Joyce Peppin Executive Vice President and General Counsel 329875 0 102 0 1560 0 64864 0 39721 0 436122 0 0 0 Nathaniel Melby Vice President and Chief Information Officer 268911 0 1000 0 4106 0 40497 0 45576 0 360090 0 0 0 John B Young Vice President and Chief Risk Officer 272643 0 2800 0 6019 0 258593 0 37061 0 577116 0 0 0 Jeremy Browning Vice President Generation 305913 0 1000 0 6488 0 60347 0 36834 0 410582 0 0 0 Kevin Nordt Executive Vice President and Chief Strategy Officer 320364 0 0 0 4962 0 3147 0 41555 0 370028 0 0 0 Jason Herbert Vice President External Affairs 212003 0 8500 0 71354 0 0 0 38326 0 330183 0 0 0 Greg Flege Vice President Transmission 230221 0 2000 0 2099 0 54220 0 40934 0 329474 0 0 0 Kathleen Galioto Vice President and Deputy General Counsel 238347 0 0 0 2024 0 42126 0 17465 0 299962 0 0 0 Ron Franz Sr. Dir Resource and Energy Planning 197416 0 6000 0 2909 0 67540 0 43724 0 317589 0 0 0 Matt Lewis Dir Business Development and PMO 227336 0 0 0 5119 0 39250 0 39211 0 310916 0 0 0 Elizabeth Ressie Sr. Dir Safety and Human Resources 219871 0 2000 0 1882 0 33701 0 40346 0 297800 0 0 0 Andy Black Dir Organizational Effectiveness 179452 0 35000 0 79434 0 0 0 26963 0 320849 0 0 0 Ken Schlimgen Mgr Mkt Opr Trading & Wholesale Power (retired Q1 2025) 190566 0 5000 0 8608 0 89851 0 4998 0 299023 0 0 0 Schedule J, Part I, Line 1a Schedule J, Part I, Line 1a - Dairyland Power Cooperative offers reimbursements to employees under a Wellness Program Plan, The Wellness Program Plan includes up to $200 towards each component for the calendar year for the cost of membership to the local YMCA or other selected Fitness Centers/Memberships and Weight Loss Program. Also included in the Wellness Program Plan is $150 annually toward an approved smoking cessation program. For 2024, the value of the Fitness Center Reimbursement was included in reportable compensation for the following Key Employees and Highest Compensation Employees: April Wehling, Benjamin Porath, Amanda Hoefling, Nathaniel Melby, John Young and Elizabeth Ressie. Dairyland Power Cooperative also reimburses members of the Executive Team for costs incurred for executive physicals not covered by insurance. For 2024, the grossed-up value of the executive physical reimbursement was included in the reportable compensation for the following Key Employees: Brent Ridge, April Wehling, Nathaniel Melby, and Kevin Nordt. Schedule J, Part I, Line 3 CEO, Brent Ridge's compensation is established by review of his employment contract and information provided by the Manager of Total Rewards to the Board's Governance Committee. This information included data from surveys of other Generation and Transmission Cooperatives. The compensation recommendation of the Board's Governance Committee was presented to the full Board for vote as part of an executive session (only Board Members, outside legal counsel and Board recording secretary). Schedule J, Part I, Line 4 Schedule J, Part I, Line 4 - A pension True-Up Program was established for Brent Ridge, President and Chief Executive Officer; April Wehling, Executive Vice President and Chief Financial Officer; Benjamin Porath, Executive Vice President and Chief Operating Officer, Amanda Hoefling, Executive Vice President and Chief Administrative Officer; Joyce Peppin, Executive Vice President and General Counsel; and Kevin Nordt, Executive Vice President and Chief Strategy Officer. This program was the result of calculations performed by outside consultants to establish an equitable amount of compensation due to maximum employer contribution limits to a defined benefit pension program. For 2024, Ms. Wehling received quarterly payments totaling $949.16; Mr. Porath received quarterly payments totaling $22,293.99; Ms. Hoefling received quarterly payments totaling $10,017.71; Ms. Peppin received quarterly payments totaling $101.88; and Mr. Nordt received quarterly payments totaling $2,466.10. Form 990, Part IV, Line 12a The consolidated financial statements include the accounts of Dairyland Power Cooperative and Dairyland's wholly owned subsidiary, Genoa FuelTech, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. Form 990, Part VI, Section A, Line 1a Members of the Board of Directors of Dairyland serve annual terms that run from the annual meeting of members in June of the year of election to the annual meeting in June of the following year. All average hours worked per week were based on a separate questionnaire, specific to the Form 990 filing, that was completed by all directors, officers, key employees and highly compensated employees. Form 990, Part VI, Section A, Line 6 Dairyland Power Cooperative provides wholesale electric service and other services to five classes of members (A, C, D, E and Special Services.) Form 990, Part VI, Section A, Line 7a Member control of Dairyland is vested in its Board of Directors, consisting of representatives from each of the 24 Class A member distribution cooperatives. Each director is nominated by his or her member cooperative, and then elected by Dairyland's membership at Dairyland's annual meeting in June to serve a one-year term. Form 990, Part VI, Section A, Line 7b Pursuant to Dairyland's Bylaws, the Board of Directors is charged with directing the management of the Cooperative. The Bylaws provide for the Dairyland President & CEO to be advised by a technical advisory committee consisting of the managers of the member distribution cooperatives. Member approval is required for amendments to the Articles of Incorporation or Bylaws for merger or consolidation, or for sale of more than 10% of the Cooperative's property. Form 990, Part VI, Section A, Line 9 A top five compensated employee (Ken Schlimgen - retired Q1 2025) and a former key employee (John Carr - retired Q1 2025) no longer have Dairyland Power Cooperative email addresses. They can be reached by mail at these addresses: John Carr S1296 Hohfield Rd Chaseburg, WI 54621 Ken Schlimgen N3290 Russlan Coulee Rd La Crosse, WI 54601 The following lists all directors for whom there is no Dairyland email address: Michael Baker - mbaker@barronelectric.com, Clarence Boettcher - cmboettcher@centurytel.net, Sandra Davidson - sdavidson@srec.net, Ed Gullickson - wooddoor@amerytel.net, Bernadine Hornby - bhornby@vernonelectric.org, Jim Hager - jhharmony51@gmail.com, Robert Hess - robert.hess@tds.net, Dennis Frame - sunburtm@gmail.com, Tracy Lauritzen - tlauritzen@peoplesenergy.coop, Larry Hall - larryh@scecnet.net Form 990, Part VI, Section B, Line 11b Prior to filing the Form 990, approval of the draft return was obtained at the August 2025 meeting of the Board of Directors' Audit & Risk Management Committee. The Committee then presented its report on the return to the full Board at its August 2025 meeting. A copy of the draft return was provided to each board member. Following approval by the Board, the Form 990 was finalized and filed. Form 990, Part VI, Section B, Line 12c During June of each year, each Director on the newly-elected Board is given a copy of Dairyland's Board Policy B109 Conflict of Interest and a disclosure report to be completed in accordance with Policy B109. The completion of a similar disclosure report is required of all Dairyland employees during June of each year. Each Director's completed report disclosing a potential conflict of interest or containing unique responses is reviewed by the Chair of the Audit & Risk Management Committee ("Committee") and presented to the full Committee in executive session. Questions involving disclosure reports are reviewed by Dairyland's legal counsel. Each Director's report disclosing a potential conflict of interest is reviewed by the President & CEO and Dairyland legal counsel. The disclosure report(s) of the President & CEO and any Director(s) containing any potential conflict of interest or unique responses are reviewed by the Chair of the Audit & Risk Management Committee and the Chair of the Board of Directors, and as appropriate, by the General Counsel, legal counsel, and the full Committee in executive session. Form 990, Part VI, Section B, Line 15 Pursuant to written policies and guidelines adopted by the Board, the President and CEO's 2024 salary determination was conducted in 2024 by all three of the processes for determining compensation - review and approval by independent person, comparability data, and contemporaneous substantiation of the deliberation and decision. The President and CEO received a compensation increase in July 2024. This increase was a result of reviews conducted by the Board's Governance Committee, with assistance from the Manager of Total Rewards, who participated in compensation surveys of other Generation and Transmission Cooperatives and received a compensation survey conducted by an outside compensation consultant. Results of the surveys and individual board members' review of the CEO's performance were presented to the Governance Committee, who then presented to the full Board for vote as part of an executive session (only Board Members, outside legal counsel, and Board recording secretary). Minutes of the Committee and Board meetings document those processes. For Executive Staff/Key Employees, the Manager of Total Rewards conducts an annual salary increase percentages survey of similar Generation and Transmission Cooperatives utilizing an outside compensation consultant. The results of the survey, along with current and previous salary information, are presented to the President and CEO. Based on the information provided, the President and CEO determines the applicable compensation for each of the Executive Staff. They include Executive Vice President and Chief Financial Officer, Executive Vice President and Chief Operating Officer, Executive Vice President and Chief Administrative Officer, Executive Vice President & General Counsel, and Executive Vice President & Chief Strategy Officer. The Executive Vice Presidents in turn determine the applicable compensation for respective Key Employees. They include Vice President Strategic Growth, Vice President & Deputy General Counsel, Vice President Generation, Vice President and Chief Information Officer, Vice President External Affairs, Vice President Transmission, and Vice President & Chief Risk Officer. For the tax year covered by this return, this was done in March 2024. The Executive Staff/Key employees did receive compensation increases in April 2024. Form 990, Part VI, Section B, Line 16a Weston 4, near Wausau, in central Wisconsin, is a 595-megawatt electric generator that uses clean coal technologies. Weston 4 began operating on June 30, 2008. Wisconsin Public Services owns 70% and Dairyland Power Cooperative owns 30%. It is not operated as a joint venture or similar arrangement. Form 990, Part VI, Section C, Line 19 Dairyland Power Cooperative makes its governing documents, conflict of interest policy, and financial statements available upon request to the public. Form 990, Part VII, Section A, Line 1a Members of the Board of Directors of Dairyland serve annual terms that run from the annual meeting of members in June of the year of election to the annual meeting in June of the following year. All average hours worked per week were based on a separate questionnaire, specific to the Form 990 filing, that was completed by all directors, officers, key employees and highly compensated employees. Form 990, Part VIII, Line 3 Included in the $2,684,992 is an investment loss, including fund expenses, on nuclear decommissioning funds of $104,723 recorded as decommissioning liabilities of $104,723. Form 990, Part X, Line 15 Dairyland Power Cooperative's accounting policies and the consolidated financial statements conform to accounting principles generally accepted in the United States of America applicable to electric cooperatives. During 2020, the Cooperative established a regulatory asset related to the unrecovered plant balances upon closure of the Genoa #3 generating station that occurred in 2021. Amounts are being recovered in rates through 2029. The December 31, 2023, balance associated with unrecovered plant balance was $18,142,903. The expected following year's portion of these regulatory assets is included in prepaid expenses and other current assets at December 31, 2024. In addition, Part X Line 15 includes $11,800,000 in segregated cash related to the regulatory liability revenue deferral plan that was established by the Board of Directors and approved by the Rural Utility Service. Additional information related to this plan is discussed in Schedule D, Part XIII. Form 990, Part XI, Line 9 Other change in net assets or fund balances is a result of: patronage capital retired of -$5,389,156, accumulated other comprehensive gain of $80,678, and allocation of capital credits for 2024 of $20,947,744. Genoa FuelTech Inc 3200 East Avenue South La Crosse WI 54601 391828821 Investment Holding Corp WI N/A C 1 0 Charge EV LLC 3200 East Avenue South La Crosse WI 54601 854238708 Electric vehicle infrastructure initiatives WI N/A C 0.122 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Due date extension request has been filed and approved.