2025-06-19T17:14:47-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 460205275 WHETSTONE VALLEY ELECTRIC COOPERATIVE WHET 6054325331 PO BOX 512 MILBANK SD 57252 DAVID K PAGE GENERAL MANAGER 6054325331 2025-06-19 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-06-19 2024 2025-03-06 01:10:19Z DAVID K PAGE PO BOX 512 MILBANK SD 57252 14100790 0 X WWW.WHETSTONE.COOP X 1940 SD TO PROVIDE ELECTRICITY TO RURAL ELECTRIC COOPERATIVE MEMBERS. 9 9 25 0 -5744 14647 0 0 11442111 12468550 40848 49026 48207 49156 11531166 12566732 0 0 841103 923249 2417825 2607491 0 0 0 8166593 8986836 11425521 12517576 105645 49156 42802909 44583627 28463591 29806617 14339318 14777010 X TO ENHANCE THE QUALITY OF LIFE IN OUR COMMUNITY BY PROVIDING THE HIGHEST LEVEL OF SERVICE, QUALITY AND VALUE IN ELECTRICITY, DISTRIBUTION AND SERVICES. 0 1 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 2,730 MEMBERS AND MAINTAINED 1,467 MILES OF LINE. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 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 1 107 0 1 25 1 1 1 0 0 0 0 13595543 575990 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X DAVID K PAGE 6054325331 PO BOX 512 MILBANK SD 572520512 JOEL ADLER PRESIDENT 7.70 0.00 X X 14961 0 0 SCOTT NIEDERT VICE PRESIDENT 2.60 0.00 X X 6286 0 0 MATT CAMERON SECRETARY 6.60 0.00 X X 11639 0 0 KRISTA ATYEO-GORTMAKER TREASURER 4.90 0.00 X X 11514 0 0 DAVID BEHRNS DIRECTOR 3.90 0.00 X 6199 0 0 TOM BERENS DIRECTOR 6.00 0.00 X 10931 0 0 WAYNE JARMAN DIRECTOR (BEG MAR) 3.60 0.00 X 5626 0 0 PAUL NELSON DIRECTOR 1.80 0.00 X 6141 0 0 DARREN STRASSER DIRECTOR (END MAR) 1.50 0.00 X 696 0 0 BILL TOSTENSON DIRECTOR 5.60 0.00 X 9426 0 0 DAVID PAGE GENERAL MANAGER 45.00 0.00 X 163827 0 128694 MARK WEBER MEMBER SERVICES MANAGER 40.00 0.00 X 111159 0 46266 JON CHRISTENSEN OPERATIONS MANAGER 40.00 0.00 X 114249 0 59241 BRIDGET ANDERSON OFFICE MANAGER 40.00 0.00 X 113297 0 16918 585951 0 251119 4 0 1 0 ENGELSTAD ELECTRIC PO BOX 934 WATERTOWN SD 57201 BORING, TRENCHING, PLOWING 327025 LARSON DIGGING 601 LINCOLN AVE NW HURON SD 57350 BORING, TRENCHING, PLOWING 180830 2 SALE OF POWER 221000 11858621 11858621 G&T CAPITAL CREDITS 221000 485903 485903 OTHER CAPITAL CREDITS & DIVIDENDS 221000 90802 90802 33224 33224 12468550 49026 49026 1583214 1534058 49156 54900 -5744 12566732 12523450 -5744 49026 923249 333022 1788393 335880 150196 925614 1236078 FEDERAL INCOME TAX 3197 COST OF PURCHASED POWER 6198897 DISTRIBUTION - OPERATIO 583291 DISTRIBUTION - MAINTENA 553655 -513896 12517576 849352 107329 1100694 1374440 284440 214068 1425978 1684305 993558 1003250 43793573 11966101 29799707 31827472 486121 88333 7863059 8284430 42802909 44583627 1065222 1115467 26760797 28434975 637572 256175 28463591 29806617 X 0 0 0 0 14339318 14777010 14339318 14777010 42802909 44583627 X 49156 388536 X 0 0 0 20531 20531 1522368 546074 976294 41089971 11420027 29669944 1160703 1160703 31827472 BASIN MEMBERSHIP 100 C ER MEMBERSHIP 100 C TOUCHSTONE ENERGY 2500 C CFC MEMBERSHIP/INVESTMENTS 73460 C NISC MEMBERSHIP 100 C NRTC MEMBERSHIP 1000 C ITC - PATRONAGE 10279 C NISC PATRONAGE 47757 C RESCO STOCK 278168 C FEDERATED STOCK 108467 C COBANK INVESTMENT 71690 C CFC PATRONAGE 40050 C NRTC PATRONAGE 13284 C EAST RIVER PATRONAGE CAPITAL 7637475 C 8284430 708 CONSUMER DEPOSITS 168485 OTHER DEFERRED CREDITS 86982 256175 X X 0 0 0 DAVID PAGE GENERAL MANAGER 158787 0 0 0 5040 0 92091 0 36603 0 292521 0 0 0 JON CHRISTENSEN OPERATIONS MANAGER 113706 0 0 0 543 0 27618 0 31623 0 173490 0 0 0 MARK WEBER MEMBER SERVICES MANAGER 107805 0 0 0 3354 0 12881 0 33385 0 157425 0 0 0 SCHEDULE J, PART II, COLUMN (C) THE AMOUNT REPORTED ON SCHEDULE J, PART II, COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR DAVID PAGE AND JONATHAN CHRISTENSEN OF $86,993 AND $23,981, RESPECTIVELY. THE ACTUAL CONTRIBUTION BY THE COOPERATIVE INTO THE DEFINED BENEFIT PLAN FOR DAVID AND JONATHAN WAS $44,076 AND $31,451, RESPECTIVELY. FORM 990, PART III, LINE 3 THE MEDICAL MONITORING BUSINESS WAS SOLD ON SEPTEMBER 1, 2024. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS ONE CLASS OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS, ALL MEMBERS ARE OF THE SAME CLASS AND EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE COOPERATIVE MAY NOT SELL, LEASE OR OTHERWISE DISPOSE OF OR ENCUMBER ALL OR ANY SUBSTANTIAL PORTION OF ITS PROPERTY WITHOUT AT LEAST A TWO-THIRDS VOTE OF ALL MEMBERS OF THE COOPERATIVE. ALSO CHANGES TO BYLAWS MUST BE APPROVED BY VOTE OF THE MEMBERS. ALL MEMBERS ARE OF THE SAME CLASS AND EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE MANAGER AND STAFF GO OVER THE FORM 990 WITH THE DIRECTORS AT ONE OF THE BOARD MEETINGS PRIOR TO FILING THE 990. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND EMPLOYEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY. BOARD MEMBERS REPORT TO THE BOARD PRESIDENT, GENERAL MANAGER OR THE ATTORNEY TO DETERMINE WHETHER A CONFLICT EXISTS, WHILE EMPLOYEES REPORT TO THEIR DEPARTMENT MANAGERS, THE GENERAL MANAGER OR THE BOARD PRESIDENT. THE GENERAL MANAGER, DEPARTMENT MANAGERS AND THE BOARD OF DIRECTORS ARE RESPONSIBLE FOR ADMINISTERING THE POLICY. IF A CONFLICT EXISTS, THE DIRECTOR REMOVES HIMSELF/HERSELF FROM THE ROOM. THE BOARD WILL DETERMINE IF THERE IS VALUE IN THE DIRECTOR BEING INVOLVED IN THE DISCUSSION PRIOR TO THE VOTE. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD REVIEWS THE GENERAL MANAGERS PERFORMANCE, MEETS WITH THE GENERAL MANAGER TO GO OVER THE PERFORMANCE REVIEW, AND DETERMINES HIS SALARY BASED ON PERFORMANCE AND COMPARABILITY DATA. A SIMILAR PROCESS APPLIES TO ALL EMPLOYEES. THE PROCESS IS UNDERTAKEN ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -534,713. ALLOCATION OF 2024 PATRONAGE TO MEMBERS IN 2025 923,249. FORM 990, PART XII, LINE 2B: THE ORGANIZATIONS FINANCIAL STATEMENTS WERE AUDITED BY AN INDEPENDENT ACCOUNTANT FOR THE FISCAL YEAR ENDING APRIL 30, 2025. FORM 990, PART VII, COLUMN F, OTHER COMPENSATION: INCLUDED IN OTHER COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR PARTICIPATING EMPLOYEES REQUIRED TO BE REPORTED ON FORM 990, PART VII. THE CURRENT YEAR INCREASE OR DECREASE DOES NOT REPRESENT CURRENT YEAR CONTRIBUTIONS TO THE PLAN. RATHER, IT IS AN ESTIMATE OF THE INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE PLAN AS CALCULATED BY THE PLAN ADMINISTRATOR. FORM 990, PART IX, LINE 24E STATEMENT OF FUNCTIONAL EXPENSES: THE LABOR, PENSION AND PAYROLL TAXES REPORTED ON LINES 5-10 ARE INCLUDED IN DISTRIBUTION EXPENSE, ADMINISTRATIVE & GENERAL EXPENSE AND CUSTOMER EXPENSE. THEREFORE, LABOR, PENSION AND PAYROLL TAXES ARE SHOWN AS A REDUCTION TO OTHER EXPENSES ON LINE 24E. FORM 990, PART VII: DAVID PAGE, GENERAL MANAGER, IS THE TOP MANAGEMENT OFFICIAL AND THE TOP FINANCIAL OFFICIAL OF THE COOPERATIVE. FORM 990, PART IX, LINE 4, BENEFITS PAID TO OR FOR MEMBERS: THE COOPERATIVE HAS INTERPRETED THE INSTRUCTIONS TO PART IX, LINE 4, TO MEAN PARTONAGE CAPITAL ALLOCATED FOR THE YEAR, RATHER THAN PATRONAGE CAPITAL RETIRED. THIS IS CONSISTENT WITH THE BY-LAWS OF THE COOPERATIVE.