2025-09-22T07:51:33-05:00 2024-12-31 450310328 BRADY MARTZ & ASSOCIATES PC PO BOX 1297 BISMARCK ND 585021297 990 2024-01-01 450217628 CAPITAL ELECTRIC COOPERATIVE INC CAPI 7012231513 PO BOX 730 BISMARCK ND 585020730 DEON VILHAUER PRESIDENT 7012231513 2025-09-17 1 0 LANCE RAMBOUSEK P01212867 7012231717 2025-09-17 2024 2025-03-06 01:10:19Z PAUL FITTERER PO BOX 730 BISMARCK ND 585020730 47455347 0 X CAPITALELEC.COM X 1945 ND CAPITAL ELECTRIC COOPERATIVE SERVES OUR COMMUNITY AND MEMBER-OWNERS AS THEIR TRUSTED ENERGY PROVIDER AND PARTNER. 9 9 43 0 0 0 0 0 43244534 44827992 10819 187645 3059675 2438722 46315028 47454359 0 0 3096235 3433260 1444277 1659298 0 0 0 41774516 42361801 46315028 47454359 0 0 150150055 158236502 91798200 98068326 58351855 60168176 CAPITAL ELECTRIC COOPERATIVE IS COMMITTED TO PROVIDING SAFE, RELIABLE AND EFFICIENT ELECTRIC POWER AT A REASONABLE COST TO ALL MEMBER OWNERS. 0 0 WE ARE AN ELECTRICAL DISTRIBUTION COOPERATIVE SUPPLYING ELECTRIC POWER TO OUR MEMBER CONSUMERS. 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 0 0 0 1 75 0 43 1 0 0 0 0 0 44884422 2569907 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 0 X LUKE STEEN 7012231513 PO BOX 730 BISMARCK ND 585020730 X DEON VILHAUER PRESIDENT 3.00 X X 17850 0 0 KYLE TSCHOSIK SECRETARY-TREASURER 5.00 X X 11850 0 0 DAVID CHARLES VICE PRESIDENT 5.00 X X 7475 0 0 KAYLA PULVERMACHER DIRECTOR 5.00 X 8430 0 0 DWIGHT WRANGHAM DIRECTOR 6.00 X 8025 0 0 REX HOLLENBECK DIRECTOR (THROUGH JUNE 2024) 5.00 X 3225 0 0 SARA VOLLMER DIRECTOR 6.00 X 11475 0 0 LYNDON ANDERSON ASSISTANT SECRETARY/TREASURER 4.00 X 13275 0 0 BRET WEILAND DIRECTOR 6.00 X 8900 0 0 GREG DEHNE DIRECTOR (STARTED JUNE 2024) 5.00 X 4625 0 0 PAUL FITTERER GENERAL MANAGER 46.00 X 231165 0 137612 LUKE STEEN BUSINESS MANAGER 46.00 X 160629 0 52029 MATT HAGEN LEAD LINEWORKER 40.00 X 121598 0 43993 GREGORY OWEN ENGINEERING MANAGER 40.00 X 138823 0 35070 JESSE GOEHRING LEAD LINEWORKER 40.00 X 129989 0 16580 JOSHUA SCHAFFNER MANAGER OF ENERGY SERVICES 40.00 X 124948 0 35049 STEVEN KUBALL LEAD LINEWORKER 40.00 X 130386 0 46413 1132668 0 366746 21 0 1 0 VETSCH INDEPENDENT POWER INC 8100 WILLOW RD N MANDAN ND 58554 LINE CONSTRUCTION 811245 FISCHER CONTRACTING 5105 TANDEM DR BISMARCK ND 58501 LINE CONSTRUCTION 751512 GIESER UTILITY CONTRACTING INC 28337 214TH AVE NE WING ND 584949611 LINE CONSTRUCTION 704079 VERIZON PO BOX 16810 NEWARK NJ 071016810 METERING 385456 CAPITAL CITY CONSTRUCTION 1501 E CALGARY AVE BISMARCK ND 58503 BUILDING CONSTRUCTION 349850 8 OPERATING REVENUE/PATRONAGE 221000 44827992 44827992 44827992 131185 131185 57448 988 56460 56460 56460 POWER SUPPLY CAPITAL CREDITS 221000 2430178 2430178 MISCELLANEOUS REVENUE 221000 8544 8544 2438722 47454359 47258170 0 196189 X 3433260 644620 1014678 2599270 4428219 PURCHASED POWER EXPENSE 28510364 ADMIN, GENERAL, & CUSTO 4113060 DISTRIBUTION EXPENSE - 3645411 SALES, TAX AND OTHER EX 724775 -1659298 47454359 2881782 1959677 4125986 6512234 4178622 5768917 315666 362095 162240627 48412542 110323732 113828085 450543 502426 27873724 29303068 150150055 158236502 2476181 3516325 676000 676000 80545166 92811870 8100853 1064131 91798200 98068326 X 44105228 45584310 0 0 14246627 14583866 58351855 60168176 150150055 158236502 X 0 1816321 X X 0 1 X 1 0 152128 152128 14443762 1074767 13368995 144977217 47337775 97639442 2667520 2667520 113828085 INVESTMENTS IN ASSOCIATED COMPANIES 29303068 C 29303068 OTHER LIABILITIES 690916 CUSTOMER PREPAYMENTS/DEPOSITS 373215 1064131 X 47454359 0 47454359 0 47454359 44021099 0 44021099 3433260 3433260 47454359 PART X, LINE 2: THE COOPERTIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE SERVICE CODE. THE COOPERATIVES FILES FEDERAL FORM 990T FOR ITS UNRELATED BUSINESS TAXABLE INCOME (UBIT). THE COOPERATIVE'S POLICY IS TO EVALUATE THE LIKELIHOOD THAT ITS UNCERTAIN TAX POSITIONS WILL PREVAIL UPON EXAMINATION BASED ON THE EXTENT TO WHICH THOSE POSITIONS HAVE SUBSTANTIAL SUPPORT WITHIN THE INTERNAL REVENUE CODE AND REGULATIONS, REVENUE RULINGS, COURT DECISIONS, AND OTHER EVIDENCE. IT IS THE OPINION OF MANAGEMENT THAT THE COOPERATIVE HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE FEDERAL INCOME TAX RETURNS OF THE COOPERATIVE ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. ALL REQUIRED FILINGS ARE CURRENT. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL CREDITS ALLOCATED FOR CURRENT YEAR 3,433,260. 0 0 0 PAUL FITTERER GENERAL MANAGER 228750 0 0 0 2415 0 120409 0 19765 0 371339 0 0 0 LUKE STEEN BUSINESS MANAGER 159827 0 0 0 802 0 34826 0 19033 0 214488 0 0 0 STEVEN KUBALL LEAD LINEWORKER 129852 0 0 0 534 0 46212 0 1404 0 178002 0 0 0 GREGORY OWEN ENGINEERING MANAGER 138289 0 0 0 534 0 17867 0 18767 0 175457 0 0 0 MATT HAGEN LEAD LINEWORKER 121258 0 0 0 340 0 26790 0 18414 0 166802 0 0 0 JOSHUA SCHAFFNER MANAGER OF ENERGY SERVICES 124351 0 0 0 597 0 34848 0 1521 0 161317 0 0 0 PART II INCLUDED IN COLUMN 'C', DEFERRED COMPENSATION, IS THE ESTIMATED CURRENT YEAR INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THESE AMOUNTS DO NOT REPRESENT ANY CURRENT YEAR CONTRIBUTIONS TO THE PLAN, THEY ARE ESTIMATES OF THE INCREASE IN ACTUARIAL VALUE IN THE PLANS RECEIVED FROM NRECA. THE CURRENT YEAR EXPENSE AND THE INCREASE IN ACTUARIAL VALUE FOR EACH EMPLOYEE IS REFLECTED IN THE SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F. FORM 990, PART IV, LINE 12A CAPITAL ELECTRIC RECEIVES AN ANNUAL AUDIT BY AN INDEPENDENT ACCOUNTING FIRM (BRADY MARTZ & ASSOCIATES) THAT COVERS AN AUDIT YEAR OF JANUARY THROUGH DECEMBER. FORM 990, PART VI, SECTION A, LINE 6 CAPITAL ELECTRIC IS A COOPERATIVE OWNED BY ITS MEMBERS, WHICH ALL HAVE THE SAME VOTING RIGHT. FORM 990, PART VI, SECTION A, LINE 7A THE COOPERATIVE MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS APPROVE SIGNIFICANT DECISIONS SUCH AS BYLAW CHANGES; HAVE THE ABILITY TO REINSTATE EXPELLED BOARD MEMBERS; CALL SPECIAL MEETINGS; REMOVE A DIRECTOR; AS WELL AS HAVE FINAL VOTE WHETHER THE COOPERATIVE SHOULD SELL, LEASE, OR DISPOSE OF A SUBSTANTIAL AMOUNT OF THE COOPERATIVE'S PROPERTY. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE IRS FORM 990 AND ALL REQUIRED SCHEDULES ARE DISSEMINATED TO AND REVIEWED BY EACH BOARD MEMBER. FORM 990, PART VI, SECTION B, LINE 12C CAPITAL ELECTRIC MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY BY HAVING EACH DIRECTOR, KEY EMPLOYEE, AND HIGHLY COMPENSATED EMPLOYEE COMPLETE AN ANNUAL QUESTIONNAIRE (AS PROVIDED BY NRECA) THAT INVOLVES CONFLICT OF INTEREST QUESTIONS. FORM 990, PART VI, SECTION B, LINE 15 COMPARABILITY DATA IS USED BY THE BOARD OF DIRECTORS TO DELIBERATE IN AN EXECUTIVE SESSION AND MAKE DECISIONS REGARDING COMPENSATION. THIS PROCESS IS DONE ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 UPON BECOMING A MEMBER, A PERSON/ORGANIZATION RECEIVES A COPY OF CAPITAL ELECTRIC'S BYLAWS. EACH YEAR, IN JUNE, AN ANNUAL MEETING IS HELD FOR ALL MEMBERS. SUMMARIZED FINANCIALS ARE INCLUDED IN THE ANNUAL MEETING BOOKLET (MAILED TO EACH MEMBER PRIOR TO THE ANNUAL MEETING) AND THE AUDITED FINANCIAL STATEMENT INFORMATION IS PRESENTED BY THE INDEPENDENT AUDITOR AT THE MEETING. OTHERWISE, GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS CAN BE REVIEWED WITH A MEMBER UPON REQUEST. FORM 990, PART VII, SECTION A, COLUMN F INCLUDED IN COLUMN F, ESTIMATED AMOUNT OF OTHER COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THE ESTIMATED INCREASE FOR ALL INDIVIDUALS LISTED ON THE TABLE IS AS FOLLOWS: PAUL FITTERER - $110,759 LUKE STEEN - $27,957 MATT HAGEN - $22,199 GREGORY OWEN - $11,969 JESSE GOEHRING - $12,010 JOSHUA SCHAFFNER - $29,849 STEVEN KUBALL - $41,617 THIS AMOUNT IS AN ESTIMATE OF THE INCREASE OF THE VALUE OF THE PLAN AND IS NOT A CURRENT YEAR EXPENSE OF THE COOPERATIVE, THEREFORE THESE AMOUNTS HAVE NOT BEEN CARRIED OVER TO COMPENSATION OF CURRENT OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES ON THE STATEMENT OF FUNCTIONAL EXPENSE FOR THE APPLICABLE INDIVIDUALS. THE ACTUAL EXPENSE INCURRED FOR ALL INDIVIDUALS LISTED ON THE TABLE WHO PARTICIPATE IN THE DEFINED BENEFIT PLAN IS AS FOLLOWS: PAUL FITTERER - $59,689 LUKE STEEN - $42,690 MATT HAGEN - $22,691 GREGORY OWEN - $27,709 JESSE GOEHRING - $22,691 JOSHUA SCHAFFNER - $30,777 STEVEN KUBALL - $22,691 FORM 990, PART IX, LINE 4 THE COOPERATIVE 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 BYLAWS OF THE COOPERATIVE. FORM 990, PART IX, LINE 24E THE LABOR AND PENSION REPORTED ON LINES 5 & 8 ARE ALREADY INCLUDED IN DISTRIBUTION EXPENSE, ADMINISTRATIVE & GENERAL EXPENSE, AND CUSTOMER EXPENSE. THEREFORE, THESE AMOUNTS ARE BEING SUBTRACTED OUT AS AN OTHER DEDUCTION (ALLOCATED COSTS) ON LINE 24E IN THE AMOUNT OF $1,659,298. FORM 990, PART XI, LINE 9: RETIRED CAPITAL CREDITS GAIN 258,461. CAPITAL CREDITS RETIRED -1,787,898. CAPITAL CREDITS - REISSUED -87,502. NET MARGIN ALLOCATED 3,433,260. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.