2025-10-15T16:37:01-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 410212180 DAKOTA ELECTRIC ASSOCIATION DAKO 8008743409 4300 220TH ST W FARMINGTON MN 550249583 RYAN HENTGES CEO 8008743409 2025-10-14 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-10-13 2024 2025-03-06 01:10:19Z RYAN HENTGES 4300 220TH ST W FARMINGTON MN 550249583 230139623 0 X WWW.DAKOTAELECTRIC.COM X 1937 MN ELECTRIC DISTRIBUTION COOP 12 12 218 0 1894 0 0 0 231356885 229683132 193148 298745 16272 16418 231566305 229998295 506410 580722 2537692 0 24517893 27709062 0 0 0 194006961 201366601 221568956 229656385 9997349 341910 407291057 421668479 208295930 227581679 198995127 194086800 WE ARE A MEMBER-OWNED, MEMBER-FOCUSED ELECTRIC DISTRIBUTION COOPERATIVE, STRIVING TO EXCEED OUR MEMBER'S ENERGY EXPECTATIONS IN A CHANGING WORLD. 0 0 PROVIDE ELECTRIC AND RELATED SERVICES AND PRODUCTS FOR APPROXIMATELY 117,000 MEMBERS/CUSTOMERS. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 88 0 1 218 1 1 1 0 0 0 0 0 0 222426279 7025203 0 0 0 X 12 12 0 0 1 0 1 1 1 1 0 0 0 1 1 1 1 1 0 1 1 0 X X CARLA HENKE 6514636222 4300 220TH STREET W FARMINGTON MN 55024 PAUL BAKKEN CHAIR 25.00 X X 46020 0 0 GERALD PITTMAN JR TREASURER/VICE CHAIR (BEG MAY) 16.00 X X 35400 0 0 TERRENCE DONNELLY SECRETARY 16.00 X X 35400 0 0 DAVID JONES DIRECTOR/TREASURER (BEG MAY) 20.00 X X 35400 0 0 KENNETH DANNER DIRECTOR 14.00 X 35400 0 0 JOHN JACK DEYOE DIRECTOR 22.00 X 35400 0 0 CYNTHIA FIELDS DIRECTOR 3.00 X 35400 0 0 JENNIFER HOEFT DIRECTOR 10.00 X 35400 0 0 BILL MIDDLECAMP DIRECTOR 16.00 X 29500 0 0 STACY MILLER DIRECTOR 10.00 X 35400 0 0 MARGARET SCHREINER DIRECTOR 19.00 X 35400 0 0 CLAY VAN DE BOGART VICE CHAIR/DIRECTOR (BEG MAY) 17.00 X 35400 0 0 RYAN HENTGES CEO 40.00 X 490774 0 86427 MICHAEL NELSON VP-INFORMATION SERVICES/CIO 40.00 X 278385 0 31513 COREY HINTZ VP-FINANCIAL SERVICES/CFO 40.00 X 284681 0 69528 JONATHON BEYER VP-ENERGY & MEMBER SERVICES 40.00 X 258780 0 63763 ADAM HEINEN VP-REGULATORY SERVICES 40.00 X 259878 0 65296 BETTY JO KIESOW VP-ENGINEERING SERVICES 40.00 X 286006 0 159861 TRINA SANDLIE VP-PEOPLE AND CULTURE 40.00 X 249367 0 17924 JEFFREY SCHOENECKER VP-UTILITY SERVICES 40.00 X 275717 0 61338 GRANT BAUMBERGER FACILITIES & TECH SERV MGR 40.00 X 184820 0 86333 JOHN BERGE GRID MODERNIZATION MANAGER 40.00 X 168928 0 51770 CARLA HENKE CORPORATE CONTROLLER 40.00 X 178806 0 93338 JOHN THURMES CONTROL CENTER MANAGER 40.00 X 191604 0 86354 NICOLAS DEVINE FINANCIAL SYSTEMS OPERATION MANAGER 40.00 X 159598 0 61204 3696864 0 934649 97 0 1 0 CARR'S TREE SERVICE 307 MINNESOTA 78 OTTERTAIL MN 56571 TREE TRIMMING 1799128 KUBRA AMERICA SOUTH EAST INC 5310 WESTPARK DR ATLANTA GA 30336 CUSTOMER BILLING 1141275 PREMIER LOCATING 10 2ND ST NE BUFFALO MN 55313 LOCATING 939453 ITINERIS PO BOX 680451 MARIETTA GA 30068 CUSTOMER BILLING SYSTEM CONSULTING/MAINT 750224 ANIXTER INC 4600 KANSAS AVE KANSAS CITY KS 66106 AGI CONSULTING 648166 25 SALE OF POWER 221000 229681238 229681238 VEHICLE REPAIR REVENUE 811000 1894 1894 229683132 134489 134489 164256 0 164256 164256 164256 157746 141328 16418 16418 229998295 229697656 1894 298745 580722 3310485 18187353 2736959 2012814 1461451 418950 57643 6752060 2005400 3261704 162128 306023 6121767 14511907 553306 COST OF PURCHASED POWER 160455525 PROPERTY & OTHER TAXES 3371343 EXTERNAL CONTRACT LABOR 2483058 BAD DEBT EXPENSE 469312 436475 229656385 142859 537712 24825375 30616506 15890374 13540652 1323680 1530377 391034832 165382896 217925505 225651936 3488347 3472837 134960623 137273141 8734294 9045318 407291057 421668479 39336315 44624829 47530 8555366 798746 798377 140534542 142626904 9100000 22700000 18478797 8276203 208295930 227581679 X 0 0 0 0 198995127 194086800 198995127 194086800 407291057 421668479 X 341910 -5250237 X X 0 1 X 1 0 0 1 X 5574511 5574511 9398174 5022225 4375949 369873870 160360671 209513199 6188277 6188277 225651936 GRE CAPITAL CREDITS 130067276 C NRUCFC CAPITAL CREDITS 3766960 C COBANK 1410782 C OTHER CAPITAL CREDITS 1821181 C COOPERATIVE MEMBERSHIPS 2600 C MN RURAL ELECTRIC TRUST 204342 C 137273141 AGI RECOVERY 532682 FINANCE LEASE OBLIGATION 787907 POST-RETIREMENT BENEFIT OBLIGATION 3269345 POWER COST OVER-RECOVERY 3664690 PROPERTY TAX PROGRAM RECOVERY 21579 8276203 X 228835887 141328 141328 228694559 1303736 1303736 229998295 227952977 -1162408 -1162408 229115385 541000 541000 229656385 PART IV, LINE 2B: THE MEMBERS OF THE COOPERATIVE CAN ELECT TO PAY AN ADDITIONAL SET AMOUNT ON THEIR ELECTRIC BILL EACH MONTH AS A CONTRIBUTION TO THE HELPING NEIGHBORS TRUST. THE FUNDS COLLECTED FROM THE MEMBERSHIP ARE HELD IN A COOPERATIVE ACCOUNT AND ARE PAID TO THE TRUST MONTHLY. THE TRUST USES THE FUNDS FOR CHARITABLE PURPOSES. FUNDS THAT EXIST AT THE END OF THE YEAR ARE A RESULT OF A TIMING DIFFERENCE FROM WHEN THE FUNDS ARE COLLECTED FROM THE COOPERATIVE MEMBERS, TO WHEN THEY ARE DISTRIBUTED TO THE HELPING NEIGHBORS TRUST. AT DECEMBER 31, 2024, THE COOPERATIVE HELD $1,893. THE COOPERATIVE ALSO COLLECTS FRANCHISE FEES FROM ITS MEMBERS AND DISTRIBUTES THESE FEES DIRECTLY TO THE CITY OF APPLE VALLEY. THE AMOUNT OF $137,131 THAT EXISTS AT DECEMBER 31, 2024 IS A RESULT OF A TIMING DIFFERENCE BETWEEN WHEN THE FUNDS ARE COLLECTED AND WHEN THEY ARE DISTRIBUTED TO THE CITY OF APPLE VALLEY. THE COOPERATIVE ALSO COLLECTS FRANCHISE FEES FROM ITS MEMBERS AND DISTRIBUTES THESE FEES DIRECTLY TO THE CITY OF BURNSVILLE. THE AMOUNT OF $439,072 THAT EXISTS AT DECEMBER 31, 2024 IS A RESULT OF A TIMING DIFFERENCE BETWEEN WHEN THE FUNDS ARE COLLECTED AND WHEN THEY ARE DISTRIBUTED TO THE CITY OF BURNSVILLE. THE COOPERATIVE ALSO COLLECTS FRANCHISE FEES FROM ITS MEMBERS AND DISTRIBUTES THESE FEES DIRECTLY TO THE CITY OF INVER GROVE HEIGHTS. THE AMOUNT OF $20,530 THAT EXISTS AT DECEMBER 31, 2024 IS A RESULT OF A TIMING DIFFERENCE BETWEEN WHEN THE FUNDS ARE COLLECTED AND WHEN THEY ARE DISTRIBUTED TO THE CITY OF INVER GROVE HEIGHTS. THE COOPERATIVE ALSO COLLECTS FRANCHISE FEES FROM ITS MEMBERS AND DISTRIBUTES THESE FEES DIRECTLY TO THE CITY OF EAGAN. THE AMOUNT OF $199,751 THAT EXISTS AT DECEMBER 31, 2024 IS A RESULT OF A TIMING DIFFERENCE BETWEEN WHEN THE FUNDS ARE COLLECTED AND WHEN THEY ARE DISTRIBUTED TO THE CITY OF EAGAN. PART X, LINE 2: DAKOTA ELECTRIC UNDERGOES AN ANNUAL ANALYSIS OF VARIOUS TAX POSITIONS, ASSESSING THE LIKELIHOOD OF THOSE POSITIONS BEING UPHELD UPON EXAMINATION WITH RELEVANT TAX AUTHORITIES, AS DEFINED BY ASC 740-10. THE UNRECOGNIZED TAX BENEFIT ACCRUAL WAS ZERO AS OF DECEMBER 31, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASSIFIED 141,328. PART XI, LINE 4B - OTHER ADJUSTMENTS: REIMBURSEMENTS RECLASSIFIED FROM EXPENSE 1,303,736. PART XII, LINE 2D - OTHER ADJUSTMENTS: REIMBURSEMENTS RECLASSIFIED FROM EXPENSE -1,303,736. COST OF GOODS SOLD RECLASSIFIED 141,328. PART XII, LINE 4B - OTHER ADJUSTMENTS: DCTC SCHOLARSHIPS 541,000. 1 DAKOTA COUNTY TECHNICAL COLLEGE FOUNDATION 1300 145TH STREET E ROSEMOUNT MN 55068 411488605 501(C)3 541000 0 SCHOLARSHIPS FOR EDUCATIONAL PURPOSES 1 0 PART I, LINE 2: THE COOPERATIVE RECEIVES VERIFICATION FROM THE DONEES OF THEIR TAX-EXEMPT STATUS. THERE IS A MINNESOTA STATUTE THAT A COOPERATIVE MAY, IN LIEU OF PAYING OR DELIVERING TO THE STATE THE UNCLAIMED PROPERTY SPECIFIED IN ITS REPORT OF UNCLAIMED PROPERTY, DISTRIBUTE THE UNCLAIMED PROPERTY TO A BUSINESS ENTITY OR ORGANIZATION THAT IS EXEMPT FROM TAXATION. AFTER 7 YEARS, DAKOTA ELECTRIC REMITS ITS MINNESOTA UNCLAIMED CAPITAL CREDITS TO DAKOTA COUNTY TECHNICAL COLLEGE (DCTC) FOUNDATION. THE COOPERATIVE THEN DIRECTS THE FOUNDATION TO PAY SPECIFIED AMOUNTS AS SCHOLARSHIPS AND DONATIONS TO QUALIFYING HIGHER EDUCATION INSTITUTIONS FOR EDUCATIONAL PURPOSES. THE EDUCATIONAL INSTITUTIONS DETERMINES WHICH STUDENTS WILL RECEIVE SCHOLARSHIPS. X X 1 1 X X X X 0 0 0 RYAN HENTGES CEO 478251 0 0 0 12523 0 49236 0 37191 0 577201 0 0 0 BETTY JO KIESOW VP-ENGINEERING SERVICES 258577 0 8250 0 19179 0 144723 0 15137 0 445866 0 0 0 COREY HINTZ VP-FINANCIAL SERVICES/CFO 256832 0 7750 0 20099 0 27348 0 42180 0 354209 0 0 0 JEFFREY SCHOENECKER VP-UTILITY SERVICES 249102 0 7500 0 19115 0 26271 0 35067 0 337055 0 0 0 ADAM HEINEN VP-REGULATORY SERVICES 233646 0 7500 0 18732 0 24855 0 40441 0 325174 0 0 0 JONATHON BEYER VP-ENERGY & MEMBER SERVICES 234302 0 7500 0 16978 0 24775 0 38987 0 322542 0 0 0 MICHAEL NELSON VP-INFORMATION SERVICES/CIO 248579 0 7500 0 22306 0 25463 0 6050 0 309898 0 0 0 JOHN THURMES CONTROL CENTER MANAGER 169878 0 17200 0 4526 0 71752 0 14602 0 277958 0 0 0 CARLA HENKE CORPORATE CONTROLLER 172455 0 2500 0 3851 0 77112 0 16226 0 272144 0 0 0 GRANT BAUMBERGER FACILITIES & TECH SERV MGR 179306 0 0 0 5514 0 71196 0 15137 0 271153 0 0 0 TRINA SANDLIE VP-PEOPLE AND CULTURE 227975 0 1875 0 19517 0 17142 0 782 0 267291 0 0 0 NICOLAS DEVINE FINANCIAL SYSTEMS OPERATION MANAGER 154648 0 2500 0 2450 0 17324 0 43880 0 220802 0 0 0 JOHN BERGE GRID MODERNIZATION MANAGER 164474 0 2125 0 2329 0 17371 0 34399 0 220698 0 0 0 PART I, LINE 1A THE ANNUAL HOLIDAY CASH GIFT TO EMPLOYEES WAS GROSSED-UP TO COVER APPLICABLE TAXES. THE WELLNESS REIMBURSEMENT PROGRAM INCLUDES THE REMIBURSEMENT OF HEALTH CLUB DUES AS ONE OF THE OPTIONS AVAILABLE TO ALL EMPLOYEES. SCHEDULE J, PART II, COLUMN C: THE ESTIMATED CURRENT YEAR INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN IS INCLUDED IN OTHER COMPENSATION FOR EMPLOYEES LISTED IN PART II OF SCHEDULE J. THESE AMOUNTS DO NOT REPRESENT ANY CURRENT YEAR CONTRIBUTIONS TO THE PLAN. THEY ARE ESTIMATES OF THE INCREASE IN THE ACTUARIAL VALUE OF THE PLANS PROVIDED BY THE NRECA. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE UPDATED TO MODIFY THE PROCESS FOR APPOINTING SUCCESSORS WHEN A DIRECTOR POSITION BECOMES VACANT. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS, ALL OF WHICH ARE IN THE SAME CLASS WITH THE SAME VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 7A THERE ARE FOUR DISTRICTS AND EACH DISTRICT HAS THREE BOARD MEMBERS. ALL MEMBERS VOTE ON ALL FOUR DISTRICTS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS HAVE THE POWER TO REMOVE ANY DIRECTOR OR OFFICER IF THEIR ACTIONS CAUSE SUBSTANTIAL HARM TO THE INTERESTS OF THE ORGANIZATION. MEMBERS ALSO HAVE THE RIGHT TO ALTER, AMEND, OR REPEAL THE BYLAWS IF APPROVED BY MAJORITY OF VOTES CAST. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE AN EXECUTIVE COMMITTEE WITH THE AUTHORITY TO ACT ON BEHALF OF THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS WAS PROVIDED A COPY OF THE FORM 990 FOR THEIR REVIEW AT A BOARD MEETING PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE COVERED UNDER THE CONFLICT OF INTEREST POLICY. A DIRECTOR WHO BELIEVES THAT HE/SHE MAY HAVE A CONFLICT OF INTEREST SHALL DISCLOSE THE POTENTIAL CONFLICT AND FURNISH ADEQUATE INFORMATION TO THE BOARD OF DIRECTORS CONCERNING THE CONFLICT WITHIN 30 DAYS OF THE ONSET OF THE POTENTIAL CONFLICT. THE BOARD OF DIRECTORS SHALL DETERMINE WHETHER A CONFLICT EXISTS AND THE TERMS, IF ANY, UNDER WHICH THE CONFLICT CAN BE RESOLVED. A DIRECTOR WHO BELIEVES THAT ANOTHER DIRECTOR MAY HAVE A CONFLICT OF INTEREST SHALL STATE THE BASIS OF THIS BELIEF TO THE BOARD OF DIRECTORS. THE BOARD MAY REQUEST SUCH DIRECTOR PROVIDE ADEQUATE INFORMATION TO ESTABLISH THAT NO CONFLICT EXISTS. SUCH DIRECTOR SHALL PROMPTLY PROVIDE THIS INFORMATION TO THE BOARD OF DIRECTORS, WHICH SHALL DETERMINE WHETHER A CONFLICT EXISTS AND THE TERMS, IF ANY, UNDER WHICH THE CONFLICT CAN BE RESOLVED. EACH BOARD MEMBER SIGNS A CERTIFICATION ANNUALLY BY JULY 1 TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. EVERY EMPLOYEE IS COVERED BY THE CODE OF ETHICS AND BUSINESS CONDUCT POLICY, AND ARE REQUIRED TO REPORT ANY POTENTIAL CONFLICT OF INTEREST. SENIOR MANAGEMENT, IN CONJUNCTION WITH HUMAN RESOURCES, SHALL INVESTIGATE ANY POTENTIAL CONFLICTS IN A TIMELY MANNER. GENERALLY, THE FINAL AUTHORITY FOR DETERMINING WHETHER OR NOT A VIOLATION OF THIS POLICY OCCURRED RESTS WITH THE CEO OR ASSIGNED DESIGNEE. IN THOSE INSTANCES WHERE THE CEO IS ALLEGED TO HAVE A CONFLICT, THE FINAL AUTHORITY SHALL BE THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS SERVES AS THE COMPENSATION COMMITTEE FOR THE CEO. THE BOARD OFTEN USES A SALARY SURVEY OR COMPARISON OF WAGES FROM OTHER COMPARABLY SIZED ELECTRIC COOPERATIVES. THE WAGE DATA MAY COME FROM 990S OF COOPERATIVES OF SIMILAR SIZE OR FROM THE NRECA COMPENSATION SURVEY. THE COMPENSATION APPROVAL PROCESS OF THE CEO TAKES PLACE ANNUALLY. THE COMPENSATION OF THE VICE PRESIDENT OF FINANCE/CFO IS DETERMINED BY THE CEO THROUGH A PERFORMANCE EVALUATION, AS WELL AS PERIODIC AREA MARKET SALARY COMPARISONS, ON AN ANNUAL BASIS. THE HUMAN RESOURCES DEPARTMENT USES COMPARISON WAGE DATA FROM SURVEYS FOR ALL POSITIONS TO DETERMINE APPROPRIATE MARKET COMPENSATION, BUT THE BOARD DOES NOT VOTE ON THE COMPENSATION OF OTHER POSITIONS. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC ON THE WEBSITE OR UPON REQUEST. FORM 990, PART XI, LINE 9: CAPITAL CREDITS RETIREMENT -6,279,474. GAIN ON CAPITAL CREDIT RETIREMENT 488,237. UNCLAIMED CAPITAL CREDITS DONATED 541,000. FORM 990, PART XII, LINE 2C: THE COOPERATIVE'S BOARD DELEGATES THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS TO PROVIDE OVERSIGHT OF THE FINANCIAL AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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 RESULTS IN A RECONCILING ITEM TO NET ASSETS IN PART XI ON PAGE 12 OF THE FORM 990 IN YEARS THAT HAVE ALLOCABLE PATRONAGE INCOME. THE ORGANIZATION DID NOT HAVE ALLOCABLE PATRONAGE INCOME IN 2024. THEREFORE, NO AMOUNT IS REPORTED ON PART IX, LINE 4. HELPING NEIGHBORS TRUST 4300 220TH STREET W FARMINGTON MN 55024 411837793 CHARITY - ENERGY ASSISTANCE MN 501(C)(3) LINE 7 DAKOTA ELECTRIC ASSOCIATION 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 NO TRANSACTION OVER 50000