2025-11-03T10:04:28-06:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 421378565 MIDLAND POWER COOPERATIVE MIDL 5153864111 2005 S STORY STREET PO BOX 368 BOONE IA 50036 WILLIAM MCKIM CEO 5153864111 2025-10-31 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-10-31 2024 2025-03-06 01:10:19Z WILLIAM MCKIM 2005 S STORY STREET PO BOX 368 BOONE IA 50036 60618093 0 X WWW.MIDLANDPOWER.COOP X 1991 IA SALE OF ELECTRICITY TO MEMBERS IN CENTRAL IOWA. 12 12 54 0 -2781 0 0 0 58003376 57988315 -501678 2057397 -91820 20873 57409878 60066585 19353 8126 2100000 2550000 4609482 4614958 0 0 0 47426014 47200083 54154849 54373167 3255029 5693418 162700513 169295526 81658735 81130817 81041778 88164709 TO SAFELY PROVIDE RELIABLE, AFFORDABLE, AND RESPONSIBLE ELECTRIC SERVICE WHILE ENHANCING THE COMMUNITIES WE SERVE. 0 0 MIDLAND POWER IS A RURAL ELECTRIC COOPERATIVE THAT PROVIDES ELECTRICITY TO ITS MEMBERS. 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 1 0 0 0 0 0 0 0 0 0 1 119 0 1 54 1 0 0 0 0 0 0 0 54008508 4008757 0 0 0 X 12 12 0 1 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X JILL GANNON 5153864111 2005 S STORY STREET PO BOX 368 BOONE IA 50036 MIKE COLEMAN PRESIDENT 8.70 X X 18196 0 0 RICK THOMPSON VICE PRESIDENT 2.90 X X 6647 0 0 KIMBERLEY RINKER TREASURER 4.50 X X 9142 0 0 RANDY CHRISTENSEN SECRETARY 3.50 X X 5821 0 0 JOEL SKOW ASSIST SECRETARY/TREASURER 6.40 X X 11978 0 0 JAMES BYRIEL DIRECTOR 5.40 X 11060 0 0 WILLIAM HARLEEN DIRECTOR 3.10 X 5522 0 0 PAUL HEINEMAN DIRECTOR 3.10 X 6069 0 0 TOM INGEBRITSON DIRECTOR (UNTIL 08/24) 5.10 X 6842 0 0 FRANCIS BUCKEL DIRECTOR (BEG 08/24) 3.00 X 3656 0 0 DOUG ROBEY DIRECTOR 3.00 X 4832 0 0 PAUL SKARTVEDT DIRECTOR (BEG 07/24) 1.30 X 3780 0 0 JAMES VIEKANDT DIRECTOR 1.70 X 7030 0 0 WILLIAM MCKIM CEO 50.50 X 218722 0 96231 DAN KYLE VP OF OPERATIONS 42.00 X 141799 0 79180 JILL GANNON VP OF ADMINISTRATION 41.90 X 136886 0 43629 SCOTT BENZ LINE FOREMAN 57.50 X 150962 0 47142 JUSTIN SCHMIDT LINE FOREMAN 49.90 X 142836 0 43316 BRIAN KILLEEN LINE SUPERINTENDENT 41.50 X 130372 0 38978 BARRY MUNSON LINE FOREMAN 48.10 X 134030 0 26415 LUCAS SHIPLEY LINEMAN 48.10 X 122339 0 43120 1278521 0 418011 29 0 1 0 HENKEL CONSTRUCTION COMPANY 208 EAST STATE STREET MASON CITY IA 50401 BUILDER FOR WAREHOUSE 1121330 INTEGRITY CONTRACTING 17827 COUNTY RD 2 SHEVLIN MN 56676 POWERLINE CONTRACTOR 847290 FRIEST TREE EXPERTS LLC 629 S MINNESOTA AVE SUITE 104 SIOUX FALLS SD 57104 VEGETATION CONTROL 749998 HIGHLINE CONSTRUCTION 16124 OLD LAKE RD PAYNESVILLE MN 56362 POWERLINE CONTRACTOR 717217 ENOVUS 2005 S STORY STREET BOONE IA 50036 MANAGEMENT COMPANY 505407 8 SALE OF POWER 221000 52906986 52906986 CAPITAL CREDITS 900099 4222376 4222376 MANAGEMENT FEE INCOME 900099 858953 858953 57988315 244284 244284 1813113 0 1813113 1813113 1813113 572381 551508 20873 23654 -2781 60066585 58011969 -2781 2057397 8126 2550000 779035 112532 1955589 630220 765583 371999 858953 288223 25700 533318 219633 78380 219018 124358 2201374 5040402 37998 COST OF POWER 34983078 DIST EXP - MAINTENANCE 1922851 DIST EXP - OPERATIONS 427264 ADMIN & GENERAL 239533 54373167 2743030 3516590 709488 109479 5509833 6002965 151671 0 2880274 3050152 426695 485715 173605306 54649488 114845376 118955818 35384525 37134205 31019 29581 18602 11021 162700513 169295526 4968445 5182938 374355 514348 75198414 74532432 442881 0 674640 901099 81658735 81130817 X 0 0 0 0 81041778 88164709 81041778 88164709 162700513 169295526 X 5693418 1429513 X 0 1 X 1 0 555526 555526 20769670 5046674 15722996 146401011 49602814 96798197 5879099 5879099 118955818 INVESTMENTS - ASSOCIATED ORG. 30527192 C ECONOMIC DEVELOP LOANS 5586822 C SPECIAL FUNDS REVOLVING LOANS 997720 C OTHER PROGRAM INVESTMENTS 22471 C 37134205 ACCRUED POST-RETIREMENT BENEFITS 416654 CONSUMER DEPOSITS 484445 901099 X 59207632 0 59207632 858953 858953 60066585 50964214 0 50964214 3408953 3408953 54373167 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. THE COOPERATIVE WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. PART XI, LINE 4B - OTHER ADJUSTMENTS: MANAGEMENT FEE INCOME 858,953. PART XII, LINE 4B - OTHER ADJUSTMENTS: ALLOCATION OF 2024 MARGINS TO MEMBERS IN 2025 2,550,000. MANAGEMENT FEE EXPENSE 858,953. X X 0 0 0 WILLIAM MCKIM CEO 205521 0 0 0 13201 0 76195 0 21807 0 316724 0 0 0 DAN KYLE VP OF OPERATIONS 135394 0 0 0 6405 0 55127 0 25336 0 222262 0 0 0 SCOTT BENZ LINE FOREMAN 149615 0 1347 0 0 0 16838 0 31345 0 199145 0 0 0 JUSTIN SCHMIDT LINE FOREMAN 142297 0 539 0 0 0 16583 0 27773 0 187192 0 0 0 JILL GANNON VP OF ADMINISTRATION 135531 0 0 0 1355 0 14905 0 30033 0 181824 0 0 0 BRIAN KILLEEN LINE SUPERINTENDENT 129796 0 0 0 576 0 13801 0 26426 0 170599 0 0 0 LUCAS SHIPLEY LINEMAN 121848 0 491 0 0 0 15255 0 28815 0 166409 0 0 0 BARRY MUNSON LINE FOREMAN 132719 0 1311 0 0 0 16545 0 10882 0 161457 0 0 0 SCHEDULE J, PART II, COLUMN C PER IRS INSTRUCTIONS, THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN IS INCLUDED IN SCHEDULE J, PART II, COLUMN C FOR EMPLOYEES WHO PARTICIPATE IN THE PLAN. THIS IS NOT REFLECTIVE OF ACTUAL CONTRIBUTIONS MADE TO THE PLAN DURING THE YEAR. CALEB MCKIM FAMILY MEMBER OF CEO 113617 EMPLOYMENT COMPENSATION 0 FORM 990, PART VI, SECTION A, LINE 3 ENOVUS MANAGEMENT COOPERATIVE LEASES EMPLOYEES FROM MIDLAND POWER COOPERATIVE (MPC) AND PROVIDES MANAGERIAL, FINANCIAL, REGULATORY, SAFETY, ENGINEERING MANAGEMENT, COMMUNICATIONS, IT, AND HUMAN RESOURCES SERVICES BACK TO MIDLAND POWER COOPERATIVE AND AN UNRELATED TAX-EXEMPT ELECTRIC COOPERATIVE WITH THE SAME OVERRIDING EXEMPT PURPOSE AS MPC. THE SERVICE AGREEMENT IS A COST-BASED SERVICES AGREEMENT AND EMPLOYEES PERFORMING SERVICES FOR ENOVUS MANAGEMENT COOPERATIVE TRACK THEIR TIME IN ORDER TO PROVIDE FOR ACCURATE BILLING BETWEEN MPC AND THE UNRELATED COOPERATIVE. BILL MCKIM, CEO, IS PART OF THIS AGREEMENT AND IS THE ONLY EMPLOYEE WHO IS REQUIRED TO BE REPORTED ON PART VII. MR. MCKIM'S HOURS AND COMPENSATION AS REPORTED ON PART VII REPRESENT THE TOTAL HOURS WORKED AND FULL COMPENSATION AND BENEFITS. MR. MCKIM PROVIDES CEO SERVICES TO MPC. OF THE AMOUNT REPORTED ON PART VII FOR MR. MCKIM, COMPENSATION AND BENEFITS RELATED TO WORK AT MPC WERE $218,722 AND $96,231 RESPECTIVELY, WITH THE REMAINDER ATTRIBUTABLE TO THE PORTION OF THE MANAGEMENT AGREEMENT THROUGH ENOVUS FOR THE UNRELATED TAX-EXEMPT ELECTRIC COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 6 ALL ELECTRIC CUSTOMERS OF THE COOPERATIVE ARE VOTING MEMBERS OF THE COOPERATIVE. EACH MEMBER HAS ONE VOTE AT THE COOPERATIVE'S ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED TO THREE YEAR TERMS BY THE MEMBERS OF THE COOPERATIVE AT THE COOPERATIVE'S ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B ANY MERGERS OR AMENDMENTS TO THE ARTICLES OF INCORPORATION ARE SUBJECT TO APPROVAL BY THE COOPERATIVE'S MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B AN INDEPENDENT ACCOUNTNG FIRM PREPARES AND REVIEWS THE 990. THE 990 IS THEN REVIEWED BY THE ORGANIZATION'S OFFICERS AND ACCOUNTING PERSONNEL. ANY QUESTIONS OR CONCERNS ARE ADDRESSED AND CORRECTIONS MADE. THE 990 RETURN IS PRESENTED TO THE BOARD OF DIRECTORS AND APPROVED BY THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS AND EMPLOYEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY. EACH DIRECTOR COMPLETES A DISCLOSURE/CERTIFICATION FORM WHICH ARE REVIEWED BY THE EXECUTIVE ASSISTANT, CEO, AND THE AUDITING FIRM. OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE OF ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. IN THE EVENT A BOARD MEMBER IS FOUND TO HAVE A CONFLICT OF INTEREST, THE BOARD MEMBER WOULD BE ASKED TO RECUSE HIM/HERSELF FROM THE DISCUSSION AND VOTING ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 MIDLAND POWER COOPERATIVE'S BOARD OF DIRECTORS PERFORM AN ANNUAL REVIEW OF THE CEO USING NRECA SURVEY DATA TO DETERMINE THE RATE OF PAY. THE CEO USES THE SAME NRECA DATA THE BOARD USES IN DETERMINING THE SALARIES OF THE KEY EMPLOYEES AND HOURLY EMPLOYEES THAT ARE NON-UNION. A COMPENSATION REVIEW IS DONE ANNUALLY BY THE CEO AND MANAGEMENT STAFF. FORM 990, PART VI, SECTION C, LINE 19 ANNUAL REPORTS ARE DISTRIBUTED AT THE ANNUAL MEETING THAT CONTAIN THE FINANCIAL STATEMENTS. THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ALLOCATION OF 2024 MARGINS TO MEMBERS IN 2025 2,550,000. RETIREMENT OF CAPITAL CREDITS -1,164,284. CHANGES IN OTHER EQUITIES 43,797.