2025-07-08T08:58:49-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 460156581 LAKE REGION ELECTRIC ASSOCIATION INC LAKE 6053453379 PO BOX 341 WEBSTER SD 572740341 JEREMY T LINDEMANN GENERAL MANAGER/CEO 6053453379 2025-06-30 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-06-30 2024 2025-03-06 01:10:19Z JEREMY T LINDEMANN PO BOX 341 WEBSTER SD 572740341 21896530 0 X HTTP://WWW.LAKEREGION.COOP X 1941 SD PROVIDE THE HIGHEST QUALITY SERVICES AND PRODUCTS WHILE MAINTAINING COMPETITIVE RATES. 7 7 24 0 0 0 0 0 19781628 21082668 113558 129493 -16953 -58637 19878233 21153524 13137 13848 1539064 1213142 2453461 2704385 0 0 0 15698336 17028716 19703998 20960091 174235 193433 49986705 53701411 30526025 33651499 19460680 20049912 TO PROVIDE THE HIGHEST QUALITY OF SERVICES AND PRODUCTS TO ITS MEMBERS WHILE MAINTAINING COMPETITIVE RATES. 0 0 PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 2,604 MEMBERS ALONG 1,654 MILES OF ELECTRIC LINE. 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 158 0 1 24 1 0 0 0 0 0 20813626 522503 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 0 1 0 0 X DONNA SATTLER 6053453379 PO BOX 341 WEBSTER SD 572740341 X KERMIT PEARSON PRESIDENT 10.00 X X 4500 0 0 RODNEY TOBIN VICE PRESIDENT 8.00 X X 9958 0 0 THOMAS LEE STEINER SECRETARY 8.00 X X 8100 0 0 ANDREA KILKER TREASURER 8.00 X X 6600 0 0 AMY KUECKER DIRECTOR 8.00 X 7200 0 0 MARK WISMER DIRECTOR 8.00 X 6600 0 0 CODY PASZEK DIRECTOR 8.00 X 8400 0 0 TIMOTHY MCINTYRE GENERAL MANAGER/CEO - LEFT 9/2024 40.00 X 149525 0 27818 JEREMY T LINDEMANN GENERAL MANAGER/CEO - JOINED 9/2024 40.00 X 47688 0 27534 JAMES GRIMES MANAGER OF OPERATIONS 40.00 X 113506 0 35757 BRETT KWASNIEWSKI MANAGER OF MEMBER SERVICES 40.00 X 109160 0 46432 DONNA SATTLER DIRECTOR OF FINANCE/OFFICE MANAGER 40.00 X 105986 0 101913 TIMOTHY GAIKOWSKI MANAGER OF TECHNOLOGY SERVICES 40.00 X 110724 0 59962 687947 0 299416 5 0 1 0 K&H ELECTRIC 243 S SAINT PAUL AVE LINTON ND 58552 UNDERGROUND CONSTRUCTION 536229 1 SALE OF POWER 221000 20046806 20046806 CAPITAL CREDITS 221000 1035862 1035862 21082668 107941 107941 21552 0 21552 21552 21552 684369 743006 -58637 -58637 21153524 21024031 0 129493 X 13848 1213142 296513 1753003 504973 149896 858122 1274750 COST OF POWER 14183191 DISTRIBUTION - OPERATIO 992043 DISTRIBUTION - MAINTENA 429810 TAXES 338880 -1048080 20960091 564403 1076303 1743139 1875385 670197 567291 1507976 1909805 216033 182875 47296431 12926238 32056263 34370193 149933 151849 11878761 12567710 1200000 1000000 49986705 53701411 1802516 1961218 1353106 1125185 27254294 30406303 116109 158793 30526025 33651499 X 0 0 0 0 19460680 20049912 19460680 20049912 49986705 53701411 X 193433 395799 X 0 1 X 1 0 28478 28478 1454752 581183 873569 44758126 12345055 32413071 1055075 1055075 34370193 EAST RIVER ELECTRIC POWER COOPERATIVE 11821402 C NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 300581 C FEDERATED RURAL ELECTRIC INSURANCE CORPORATION 109311 C RURAL ELECTRIC SUPPLY COOPERATIVE 193403 C COBANK 97613 C RURAL ELECTRIC ECONOMIC DEVELOPMENT INC 43000 C OTHER INVESTMENTS IN ASSOCIATED COMPANIES 2400 C 12567710 CUSTOMER DEPOSITS 33617 FINANCE LEASE LIABLITY 125176 158793 X 21153524 0 21153524 0 21153524 19746949 0 19746949 1213142 1213142 20960091 PART X, LINE 2: THE ASSOCIATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE AND IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. THE ASSOCIATION BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE ASSOCIATION WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES WERE INCURRED. PART XII, LINE 4B - OTHER ADJUSTMENTS: MARGIN ALLOCATIONS IN 2025 FOR 2024 1,213,142. 1 GLACIAL LAKES AREA DEVELOPMENT PO BOX 231 BRITTON SD 57274 870787080 501(C)(3) 10000 0 ASSIST LOCAL ORGANIZATIONS SUCH AS FOOD BANKS, KIDS BACKPACK MEALS, 4-H. 1 0 PART I, LINE 2: EACH YEAR THE COOPERATIVE PARTNERS WITH COBANK IN THEIR SHARING SUCCESS PROGRAM. THE COOPERATIVE PROVIDES A GRANT TO MAXIMIZE THE MATCHING GRANT OFFERED BY COBANK. THE GRANT GOES TO ONE OF TWO DEVELOPMENT ORGANIZATIONS IN THE AREA: GLACIAL LAKES AREA DEVELOPMENT OR WEBSTER AREA DEVELOPMENT (ALTERNATING YEARS). IT IS ULTIMATELY UP TO THE RECIPIENT TO DETERMINE HOW TO USE THE MONEY. THE COOP PROVIDES A LIST OF DESIGNATED CHARITIES THAT THEY'D LIKE TO SEE RECEIVE THE DONATIONS, SUCH AS FOOD BANKS, KIDS BACKPACK MEAL PROGRAMS, 4-H PROGRAMS, SD YOUTH PROGRAMS, SPECIAL OLYMPICS, ETC. A LETTER IS ALSO PROVIDED WITH THE PAYMENT TO THE DEVELOPMENT ORGANIZATION TO BE FORWARDED TO EACH END RECIPIENT ACKNOWLEDGING THE DONATION ON BEHALF OF A SHARED PARTNERSHIP BETWEEN LAKE REGION ELECTRIC AND COBANK. X X 0 0 0 DONNA SATTLER DIRECTOR OF FINANCE/OFFICE MANAGER 105986 0 0 0 0 0 70576 0 33809 0 210371 0 0 0 TIMOTHY MCINTYRE GENERAL MANAGER/CEO - LEFT 9/2024 149525 0 0 0 0 0 7452 0 23022 0 179999 0 0 0 TIMOTHY GAIKOWSKI MANAGER OF TECHNOLOGY SERVICES 110724 0 0 0 0 0 23959 0 38542 0 173225 0 0 0 BRETT KWASNIEWSKI MANAGER OF MEMBER SERVICES 109160 0 0 0 0 0 32551 0 16314 0 158025 0 0 0 JAMES GRIMES MANAGER OF OPERATIONS 113506 0 0 0 0 0 7649 0 30688 0 151843 0 0 0 SCHEDULE J, PART II, COLUMN C: COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR EACH PERSON REQUIRED TO BE REPORTED. ACTUAL EXPENSE OF THE COOPERATIVE MAY BE MORE OR LESS THAN THE CHANGE IN THE ACTUARIAL VALUE. CHANGE IN ACTUARIAL VALUE INCLUDED IN COLUMN C IS: - DONNA SATTLER $63,309 - TIMOTHY MCINTYRE $0 - TIMOTHY GAIKOWSKI $16,388 - BRETT KWASNIEWSKI $25,464 - JAMES GRIMES $0 ACTUAL EXPENSE OF THE COOPERATIVE IS: - DONNA SATTLER $26,477 - TIMOTHY MCINTYRE $0 - TIMOTHY GAIKOWSKI $27,320 - BRETT KWASNIEWSKI $25,886 - JAMES GRIMES $16,293 FORM 990, PART VI, SECTION A, LINE 6 ONE CLASS OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS HAVE THE RIGHT TO VOTE AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B REVISIONS OR RESOLUTIONS TO THE BY-LAWS REQUIRE APPROVAL BY THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE A COMMITTEE THAT CAN ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE GENERAL MANAGER/CEO REVIEWS THE 990 IN DETAIL. AFTER HIS REVIEW, THE 990 IS PROVIDED TO EACH BOARD MEMBER. THE 990 IS PRESENTED AT THE BOARD OF DIRECTORS MEETING HELD PRIOR TO ITS FILING IF SO REQUESTED BY ANY BOARD MEMBER. WHETHER PRESENTED IN A BOARD MEETING OR NOT, THE 990 IS NOT FILED UNTIL EACH BOARD MEMBER HAS BEEN GIVEN A COPY OF IT. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS ALL BOARD MEMBERS AND EMPLOYEES. IN REGARD TO BOARD MEMBERS: DIRECTORS SHALL MAKE FULL DISCLOSURE TO THE BOARD OF ANY FACTS WHICH MAY INDICATE A CONFLICT OF INTEREST. IF A CONFLICT OF INTEREST IS ESTABLISHED, THEN THE DIRECTOR MAY REMOVE HIMSELF/HERSELF FROM THE ROOM. THE BOARD WILL DETERMINE IF THERE IS VALUE THAT THE DIRECTOR BE INVOLVED DURING THE DISCUSSION PERIOD. AT ANY TIME DURING THE DISCUSSION PERIOD, THE BOARD MAY ASK THE DIRECTOR TO LEAVE THE ROOM, SO THE DISCUSSION MAY CONTINUE. IN REGARD TO EMPLOYEES: POSSIBLE CONFLICTS OF INTEREST SHOULD BE DISCUSSED WITH THE EMPLOYEE'S SUPERVISOR, WHO SHALL SEEK THE ADVICE OF THE GENERAL MANAGER/CEO, IF NECESSARY. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD USES NRECA COMPENSATION STUDY AND SDREA WAGE AND SALARY SURVEY TO SET THE GENERAL MANAGER/CEO'S COMPENSATION. GENERAL MANAGER/CEO USES NRECA COMPENSATION STUDY AND SDREA WAGE AND SALARY SURVEY TO SET EMPLOYEES' WAGES. THIS PROCESS IS UNDERTAKEN ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THESE FORMS ARE AVAILABLE FOR REVIEW AT THE ORGANIZATION'S HEADQUARTERS. FORM 990, PART VII: THE GENERAL MANAGER/CEO ACTS AS BOTH THE TOP MANAGEMENT OFFICIAL AND THE TOP FINANCIAL OFFICIAL OF THE COOPERATIVE. 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 ON THE AUDITED FINANCIAL STATEMENT. THEREFORE, LABOR, PENSION AND PAYROLL TAXES ARE SHOWN AS A REDUCTION TO OTHER EXPENSES ON LINE 24E. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -817,343. MARGIN ALLOCATIONS IN 2025 FOR 2024 1,213,142. 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 PATRONAGE CAPITAL ALLOCATED FOR THE YEAR, RATHER THAN PATRONAGE CAPITAL RETIRED. THIS IS CONSISTENT WITH THE BY-LAWS OF THE COOPERATIVE.