2025-10-30T08:52:57-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2024-01-01 420260720 FRANKLIN RURAL ELECTRIC COOPERATIVE FRAN 6414562557 PO BOX 437 HAMPTON IA 50441 GARRETT THOMPSON GENERAL MANAGER/CEO 6414562557 2025-10-29 1 0 KATHERINE LUTZKE CPA P01760889 5072802300 2025-10-29 2024 2025-03-06 01:10:19Z GARRETT THOMPSON PO BOX 437 HAMPTON IA 50441 9126772 0 X WWW.FRANKLINREC.COOP X 1936 IA TO PROVIDE RELIABLE AND AFFORDABLE ELECTRICITY TO OUR MEMBERS 7 7 18 0 8069 0 0 0 8288759 8501865 -16480 -76391 809692 674815 9081971 9100289 0 0 359295 689684 364669 369015 0 0 0 7766336 8041590 8490300 9100289 591671 0 22277035 23062346 12754943 13203442 9522092 9858904 TO PROVIDE RELIABLE AND AFFORDABLE ELECTRICITY TO OUR MEMBERS 0 0 THE SALE OF ENERGY AND RELATED SERVICES TO APPROXIMATELY 1,444 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 0 0 1 49 0 1 18 1 1 1 0 0 0 0 8578403 96406 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 1 X KAREN J RINGLEB 6414562557 PO BOX 437 HAMPTON IA 50441 GORDON GREIMANN PRESIDENT 2.10 0.00 X X 7800 0 0 JOHN SNYDER VICE PRESIDENT 0.30 0.00 X X 8800 0 0 DAVID KENINGER SECRETARY/TREASURER 1.60 0.00 X X 6500 0 0 DARWIN VAN HORN DIRECTOR 0.40 0.00 X 6400 0 0 DON GREIMANN DIRECTOR 2.20 0.00 X 7200 0 0 MATTHEW ROELFS DIRECTOR 1.60 0.00 X 7360 0 0 DALE SCHAEFER DIRECTOR 2.90 0.00 X 5120 0 0 GARRETT THOMPSON GENERAL MANAGER 40.00 0.00 X 129104 0 42491 KAREN RINGLEB OFFICE MANAGER/ACCOUNTANT 40.00 0.00 X 85544 0 62696 CHAD FOSTER MEMBER SERVICE 40.00 0.00 X 101953 0 34032 TOM DEMRO CREW CHIEF 40.00 0.00 X 102173 0 25973 COLE MARZEN CREW CHIEF 40.00 0.00 X 105140 0 19831 573094 0 185023 4 0 1 0 0 SALE OF POWER 221000 8501865 8501865 8501865 -76391 -76391 96406 26483 69923 61854 8069 CAPITAL CREDITS 221000 604892 604892 604892 9100289 9168611 8069 -76391 X 689684 369015 332002 574312 COST OF POWER 5121765 ADMIN & GENERAL EXP 608801 DISTR EXP - OPERATIONS 500012 DISTR EXP - MAINT 469870 434828 9100289 1257138 1001749 692136 438461 839344 922239 4295 6351 398816 329855 99895 250741 19948967 6902348 12556163 13046619 6425562 7062645 3686 3686 22277035 23062346 773106 746352 158831 158717 11731524 12210476 91482 87897 12754943 13203442 X 0 0 0 0 9522092 9858904 9522092 9858904 22277035 23062346 X 0 336812 X X 0 1 X 1 0 81365 81365 691665 317650 374015 1961352 1065615 895737 17214585 5519083 11695502 13046619 PATRONAGE CAPITAL - OTHER 4117645 C CORNBELT POWER COOP-PATR CAP 1032032 C NRUCFC - CAPITAL TERM CERTS 182147 C FEDERAL ECON DEVEL LOANS 848865 C OTHER INVESTMENTS 461163 C INVESTMENT IN SUBSIDIARY 420793 C 7062645 CONSUMER DEPOSITS 87897 87897 X PART X, LINE 2: THE COOPERATIVE HAS QUALIFIED AS A TAX-EXEMPT ORGANIZATION, UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE (IRC), AND ACCORDINGLY, INCOME TAXES HAVE NOT BEEN RECORDED IN THE ACCOMPANYING STATEMENTS. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2024 AND 2023. 0 0 0 GARRETT THOMPSON GENERAL MANAGER 129104 0 0 0 0 0 20011 0 22480 0 171595 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 1,444 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE, AND VOTING RIGHTS AT THE ANNUAL MEETING, WITH THE EXCEPTION OF MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A EACH OF THE THREE DISTRICTS ARE REPRESENTED BY ONE OR MORE BOARD MEMBERS WHICH MEMBER-OWNERS OF THE COOPERATIVE HAVE THE AUTHORITY TO ELECT AT THE ANNUAL MEETING. EACH YEAR DIRECTORS ARE ELECTED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE GOVERNING DOCUMENTS (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 IN FAVOR OF THE CHANGES. CHANGES TO THE BY-LAWS MAY BE MADE BY THE BOARD, BY A VOTE OF 75% OF THE DIRECTORS. 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 A COPY OF THE FORM 990, 990T AND THE STATE TAX RETURN ARE PRESENTED TO THE BOARD OF DIRECTORS AT THE MONTHLY BOARD MEETING PRIOR TO SUBMITTING THE REPORTS TO THE PROPER GOVERNMENT AGENCY. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST POLICY WILL BE SIGNED BY EACH DIRECTOR ANNUALLY OR WHEN A NEW DIRECTOR IS APPOINTED. THE BOARD PRESIDENT WILL ADDRESS ANY CONFLICTS OF INTEREST AND TAKE APPROPRIATE ACTION IF ANY DIRECTOR IS NOT COMPLYING WITH THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 A REVIEW OF ALL EMPLOYEES' COMPENSATION IN COMPARABLE COOPERATIVES OF SIMILAR SIZE AND LOCATION IS DISCUSSED BY THE BOARD OF DIRECTORS; THERE IS NO WRITTEN CONTRACT. THIS PROCESS WAS LAST CONDUCTED IN DECEMBER 2024. THIS PROCESS IS DOCUMENTED IN THE MINUTES AND IS PART OF THE BUDGET PROCESS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST TO THE MEMBERS, AUTHORIZED AGENTS, AND ATTORNEYS. 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. FORM 990, PART XI, LINE 9: CAPITAL CREDITS RETIRED -351,992. PATRONAGE DIVIDENDS ALLOCATED 689,684. CHANGE IN OTHER EQUITIES -880. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS ASSUME RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FRANKLIN REC SOLAR LLC 1558 HIGHWAY 65 PO BOX 437 HAMPTON IA 50441 371934755 SOLAR ENERGY IA -102868 109130 0 0 ENCOMPASS FREC LLC 1558 HIGHWAY 65 PO BOX 437 HAMPTON IA 50441 833851802 SOLAR ACTIVITY IA C 427972 1.00000 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 1 0 NO TRANSACTIONS GREATER THAN 50000