2025-09-15T15:39:13-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2024-01-01 421259366 IOWA LAKES ELECTRIC COOPERATIVE IOWA 7123627870 702 SOUTH 1ST STREET ESTHERVILLE IA 513342522 RYAN CRAIG PRESIDENT/CEO 7123627870 2025-09-02 1 1 KATHERINE LUTZKE CPA P01760889 5072802300 2025-09-02 2024 2025-03-06 01:10:19Z RYAN CRAIG 702 SOUTH 1ST STREET ESTHERVILLE IA 513342522 75299860 0 X WWW.ILEC.COOP X 1986 IA TO PROVIDE ELECTRIC UTILITY SERVICES TO MEMBERS OF THE COOPERATIVE. 14 14 66 0 31580 74423 0 0 67353873 69130162 560188 635965 5912360 4978404 73826421 74744531 0 0 2688548 3529582 1062706 1313962 0 0 0 64116466 66126551 67867720 70970095 5958701 3774436 179052148 182894180 54267243 52829509 124784905 130064671 TO PROVIDE ELECTRIC UTILITY SERVICES TO MEMBERS OF THE COOPERATIVE. 0 0 RURAL ELECTRIC COOPERATIVE - SALES OF ELECTRICITY TO MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 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 1 1 0 1 54 0 66 1 1 1 0 0 0 0 75027410 1886898 0 0 0 X 14 14 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X SHELLY TREDWAY 7123627870 702 SOUTH 1ST STREET ESTHERVILLE IA 513342522 DANIEL WINTERHOF CHAIR 6.00 0.00 X X 14250 0 0 CHAD BOYSEN VICE CHAIR 4.00 0.00 X X 10900 0 0 TRENT WILL SECRETARY 6.00 0.00 X X 10650 0 0 CRYSTAL PLUTH TREASURER 5.00 0.00 X X 11900 0 0 BRUCE AMUNDSON DIRECTOR 4.00 0.00 X 6800 0 0 BEN ASHLAND DIRECTOR 5.00 0.00 X 10150 0 0 JERRY BECK DIRECTOR 4.00 0.00 X 6800 0 0 CRAIG DEIM DIRECTOR 5.00 0.00 X 8900 0 0 DAVID FRIEDRICH DIRECTOR 5.00 0.00 X 12150 0 0 NICK KERNS DIRECTOR 5.00 0.00 X 8400 0 0 ALAN MADDEN DIRECTOR 7.00 0.00 X 9750 0 0 GARY ROUSE DIRECTOR 4.00 0.00 X 9000 0 0 MARK TUTTLE DIRECTOR 7.00 0.00 X 11150 0 0 ROGER WILLIAMSON DIRECTOR 5.00 0.00 X 8800 0 0 NEAL HELDT DIRECTOR 7.00 0.00 X 5000 0 0 RYAN CRAIG PRESIDENT/CEO 55.00 0.00 X 268448 0 47024 SHELLY TREDWAY VP OF FINANCE/CFO 48.00 0.00 X 182055 0 122950 AARON RUSCHY VP OF OPERATIONS & ENGINEERING 48.00 0.00 X 197972 0 98685 JENNIFER SIEVERT VP OF CUSTOMER & CORP RELATIONS 48.00 0.00 X 183152 0 69076 JEREMY NELSON MANAGER OF ENGINEERING 48.00 0.00 X 125308 0 37651 JED SKOGERBOE MANAGER OF BUSINESS AND COMMUNITY DEVELOPMENT 48.00 0.00 X 119049 0 50155 BRIAN SCOTT SUPERINTENDENT OF FIELD OPERATIONS 48.00 0.00 X 128386 0 66246 KRISTIN HANSON MANAGER OF HR 48.00 0.00 X 120908 0 46075 ALDEN ZEITZ MANAGER OF RENEWABLE ENERGY SERVICES 48.00 0.00 X 128223 0 65546 1598101 0 603408 28 0 1 0 LOOSBROCK DIGGING SERVICE 221 W 4TH ST LISMORE MN 56155 URD TRENCHING 478229 OSMOSE UTILITIES SERVICE PO BOX 117284 ATLANTA GA 30368 POLE TREATING 260719 HENNINGSEN CONSTRUCTION 1407 SW 7TH ST ATLANTIC IA 50022 SERVICE CENTER REMODEL 230550 KW ELECTRIC PO BOX 967 CEDAR FALLS IA 50613 ELECTRICAL SERVICES 228519 JACOBSEN TREE EXPERTS PO BOX 70 TEA SD 57064 TREE TRIMMING 185695 8 SALE OF POWER 221000 64744981 64744981 SALE OF POWER - WIND GENERATION 221000 4385181 4385181 69130162 528740 528740 95853 32900 100 21428 95753 11472 107225 107225 469727 533801 -64074 -64074 CAPITAL CREDITS 221000 5025080 5025080 EARNINGS REPORTED ON SCHEDULE K-1 900003 31580 31580 MISCELLANEOUS 221000 1633 1633 -15815 -15815 5042478 74744531 74156875 31580 556076 3529582 1313962 1504697 8024231 COST OF POWER 45772493 DIST EXP - OPERATION 3713154 DIST EXP - MAINTENANCE 2149470 CONSUMER ACCOUNT EXPENS 1859659 3102847 70970095 -608066 -381696 7710260 6266326 6981514 7591922 4243912 4407752 495363 792345 203076780 101176202 102939175 101900578 813213 814187 56476777 61502766 179052148 182894180 7442539 6770698 37173862 37636432 9650842 8422379 54267243 52829509 X 0 0 0 0 124784905 130064671 124784905 130064671 179052148 182894180 X 3774436 1505330 X 0 1 X 1 1 1 367283 367283 11087805 5233789 5854016 11156984 6879109 4277875 180464708 89063304 91401404 101900578 PATRONAGE CAPITAL CREDITS 47030447 C CFC-CAPITAL TERM CERTS 1434530 C ECONOMIC DVPMNT LOANS 8727609 C BROKERAGE HOUSE INV 58812 F ILDC NOTES RECEIVABLE 550000 C OTHER PROGRAM RELATED 609063 C RLF NOTES RECEIVABLE 100000 C HOMESTEAD BOND FUNDS 1660043 F HOMESTEAD BOND FUNDS - ARO 1332262 F 61502766 CONSUMER DEPOSITS 214592 ACCUM PROV FOR PENSION & BENEFITS 1804203 DEFERRED CREDITS 4549316 OTHER 1854268 8422379 X PART X, LINE 2: IOWA LAKES ELECTRIC COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE, THUS THERE IS NO PROVISION FOR INCOME TAXES AT DECEMBER 31, 2024 AND 2023. EXEMPT COOPERATIVES WHICH RECEIVE GROSS INCOME FROM BUSINESS ACTIVITIES WHICH ARE REGULARLY CARRIED ON AND WHICH ARE NOT SUBSTANTIALLY RELATED TO THE COOPERATIVE'S EXEMPT PURPOSE ARE REQUIRED TO PAY TAX ON THIS INCOME. THERE WAS NO INCOME TAX EXPENSE OR BENEFIT FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023. THE COOPERATIVE HAS EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2024 AND 2023. X 1 1 X X X 0 0 0 RYAN CRAIG PRESIDENT/CEO 253387 0 0 0 15061 0 15367 0 31657 0 315472 0 0 0 SHELLY TREDWAY VP OF FINANCE/CFO 172239 0 3249 0 6567 0 106657 0 16293 0 305005 0 0 0 AARON RUSCHY VP OF OPERATIONS & ENGINEERING 189097 0 3249 0 5626 0 67131 0 31554 0 296657 0 0 0 JENNIFER SIEVERT VP OF CUSTOMER & CORP RELATIONS 173281 0 3249 0 6622 0 44233 0 24843 0 252228 0 0 0 BRIAN SCOTT SUPERINTENDENT OF FIELD OPERATIONS 124988 0 2166 0 1232 0 37077 0 29169 0 194632 0 0 0 ALDEN ZEITZ MANAGER OF RENEWABLE ENERGY SERVICES 125019 0 1624 0 1580 0 43053 0 22493 0 193769 0 0 0 JED SKOGERBOE MANAGER OF BUSINESS AND COMMUNITY DE 116517 0 1083 0 1449 0 45498 0 4657 0 169204 0 0 0 KRISTIN HANSON MANAGER OF HR 116704 0 3411 0 793 0 28031 0 18044 0 166983 0 0 0 JEREMY NELSON MANAGER OF ENGINEERING 125104 0 0 0 204 0 9416 0 28235 0 162959 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 CORPORATE BY-LAWS REQUIRE THAT EVERY PERSON, PARTNERSHIP, ASSOCIATION, FIRM, PUBLIC OR PRIVATE CORPORATIONS, OR GOVERNMENT AGENCY WHICH CUSTOMARILY USES THE SERVICES PROVIDED BY THE COOPERATIVE BECOME A MEMBER AND SIGN A MEMBERSHIP APPLICATION. THE MEMBERSHIP REPRESENTS YOUR INVESTMENT IN A UTILITY OWNED AND OPERATED BY ITS MEMBER-OWNERS. FORM 990, PART VI, SECTION A, LINE 7A AS STATED IN THE ARTICLES OF INCORPORATION, NO MEMBER SHALL OWN MORE THAN ONE MEMBERSHIP AND EACH MEMBER SHALL BE ENTITLED TO ONE VOTE AND NO MORE UPON EACH MATTER SUBMITTED TO A VOTE AT A MEETING OF MEMBERSHIP. VOTING BY PROXY AND CUMULATIVE VOTING SHALL NOT BE PERMITTED. IF TWO OR MORE PERSONS HOLD ONE MEMBERSHIP CERTIFICATE IN PARTNERSHIP, JOINT TENACY, OR OTHERWISE, THE VOTE OF SUCH MEMBERSHIP MAY BE CAST BY ANY ONE OF SUCH PERSONS, OR AS OTHERWISE DIRECTED BY THE BOARD OF DIRECTORS. A MEMBER ABSENT FROM ANY MEETING MAY SUBMIT A MAIL VOTE ON ANY MOTION, RESOLUTION, OR AMENDMENT BY DELIVERING SUCH BALLOT TO THE COOPERATIVE'S HEADQUARTERS OR DEPOSITING SUCH BALLOT IN THE UNITED STATES MAIL OR WITH ANOTHER DELIVERY SERIVCE, ADDRESSED TO THE HEADQUARTERS OF THE COOPERATIVE. AT ALL MEETING OF THE MEMBERS AT WHICH A QUORUM IS PRESENT, ALL QUESTIONS SHALL BE DECIDED BY A VOTE OF A MAJORITY OF THE MEMBERS PRESENT IN PERSON OR REPRESENTED BY MAIL VOTE EXCEPT AS OTHERWISE PROVIDED BY LAW. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE GOVERNING DOCUMENTS (BY-LAWS AND ARTICLES OF INCORPORATION) MUST BE APPROVED BY THE MEMBER-OWNERS AFTER THEY HAVE BEEN APPROVED BY THE BOARD OF DIRECTORS. APPROVAL OCCURS WHEN AT LEAST 50% OF THE MEMBER-OWNERS VOTE TO APPROVE. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD REVIEWS THE 990 AND THE 990T AT THE AUGUST BOARD MEETING. AFTER THE BOARD HAS REVIEWED THE TAX RETURN, CLA IS NOTIFIED AND THEY FILE THE RETURN ELECTRONICALLY. FORM 990, PART VI, SECTION B, LINE 12C IF AN EMPLOYEE BELIEVES HE OR SHE IS INVOLVED IN A POTENTIAL CONFLICT OF INTEREST, THE EMPLOYEE MUST DISCUSS IT WITH HIS OR HER SUPERVISOR AND REPORT IT TO THE HUMAN RESOURCE MANAGER OR PRESIDENT/CEO. THE HUMAN RESOURCE MANAGER SHALL FILE A REPORT WITH THE BOARD OF DIRECTORS OF ANY REPORTED CONFLICT OR POTENTIAL CONFLICT, WHICH SHALL INCLUDE A STATEMENT AS TO THE RESOLUTION OF SUCH CONFLICT. IF THE POTENTIAL CONFLICT INVOLVES A MEMBER OF THE BOARD OF DIRECTORS, SUCH MEMBER SHALL ABSTAIN FROM PARTICIPATING IN THE RESOLUTION OF SUCH CONFLICT BY THE BOARD OR ANY SPECIAL COMMITTEE TO WHICH THE BOARD OF DIRECTORS MAY REFER SUCH MATTER. DISCLOSED CONFLICTS OF INTEREST OR POTENTIAL CONFLICTS OF INTEREST WILL NOT BE CONSIDERED TO VIOLATE THE CONFLICTS POLICY IF, AND ONLY IF, THE BOARD OF DIRECTORS, LESS ANY BOARD MEMBER WHO MAY HAVE A CONFLICT OF INTEREST WITH REGARD TO THE MATTER UNDER CONSIDERATION OR A SPECIAL INDEPENDENT COMMITTEE OF THE BOARD TO WHOM REVIEW OF SUCH CONFLICT HAS BEEN REFERRED, HAS DETERMINED THAT THE ACTIVITY WHICH GIVES RISE TO THE DISCLOSED CONFLICT OF INTEREST OR POTENTIAL CONFLICT OF INTEREST IS NONE-THE-LESS IN THE BEST INTEREST OF THE COOPERATIVE AND IS FAIR TO THE COOPERATIVE. FORM 990, PART VI, SECTION B, LINE 15 ALL POSITIONS ARE ASSIGNED AN APPROPRIATE BOARD OF DIRECTORS APPROVED SALARY AND WAGE RANGE. POSITION DESCRIPTIONS ARE COMPARED TO THOSE OF THE NRECA NATIONAL COMPENSATION SURVEY TO IDENTIFY WITH THE ONE MOST LIKE THE DESCRIPTION OF THIS ORGANIZATION. TRADES AND CRAFTS/CLERICAL AND OTHER NON-SUPERVISORY SCALES WILL INCLUDE SEVERAL INCREMENTAL STEPS BELOW THE MINIMUM LEVEL TO BE USED DURING APPRENTICESHIP TRAINING. MANAGEMENT, WITH SUPPORT OF NRECA'S WAGE SURVEY AND OTHER APPROPRIATE LABOR MARKET INFORMATION, WILL PERIODICALLY SUBMIT TO THE BOARD OF DIRECTORS FOR THEIR CONSIDERATION AND APPROVAL, ANY PROPOSED REVISIONS TO WAGE SCALES. THE PRESIDENT/CEO IS DELEGATED THE AUTHORITY TO APPROVE ADJUSTMENTS TO POSITION EMPLOYEES ON AN APPROPRIATE STEP OF THE APPLICABLE WAGE SCALE EFFECTIVE JULY 1ST OF EACH CALENDAR YEAR, WITH A REPORT OF HIS PROPOSED ACTION GIVEN AT THE REGULAR JUNE BOARD MEETING. ANY ADJUSTMENTS BEYOND THE MAXIMUM LEVEL OF APPROVED SCALE WILL BE RESTRICTED TO EXCEPTIONAL PERFORMANCE AND TENURE AND REQUIRE BOARD OF DIRECTORS APPROVAL. THE BOARD OF DIRECTORS WILL EVALUATE THE PERFORMANCE OF THE PRESIDENT/CEO EACH CALENDAR YEAR. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE THROUGH THEIR WEBSITE. FINANCIAL STATEMENT INFORMATION IS INCLUDED IN THE COOPERATIVE'S ANNUAL REPORT. FORM 990, PART XI, LINE 9: PATRONAGE DIVIDENDS ALLOCATED 3,529,582. CAPITAL CREDITS RETIRED -2,090,447. ACCUMULATED OTHER COMPREHENSIVE MARGINS 50,986. BOOK TO TAX DIFFERENCE K-1'S 15,209. FORM 990, PART IX, LINE 4: THE IRS INSTRUCTIONS STATE THAT PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS SHOULD BE REPORTED ON LINE 4. THE ORGANIZATION HAS INTERPRETED PATRONAGE DIVIDENDS PAID TO MEAN PATRONAGE DIVIDENDS ALLOCATED OR TO BE ALLOCATED FOR THE CURRENT YEAR. SINCE THIS ALLOCATION IS NOT AN EXPENSE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP), THIS HAS RESULTED IN A RECONCILING ITEM TO NET ASSETS IN PART XI ON PAGE 12 OF THE FORM 990 AND IN PART XII ON SCHEDULE D. IOWA LAKES DEVELOPMENT CORP 702 SOUTH 1ST STREET ESTHERVILLE IA 51334 421333785 REAL ESTATE DEVELOPMENT IA IOWA LAKES ELECTRIC COOPERATIVE C -15814 1232942 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 NO TRANSACTIONS GREATER THAN 50000