2026-08-06T10:47:52-05:00 2025-12-31 992923038 BRADY MARTZ PLLC PO BOX 14296 GRAND FORKS ND 582084296 990 2025-01-01 410419129 MINNESOTA VALLEY COOPERATIVE LIGHT & POWER ASSOCIATION MINN 3202692163 PO BOX 248 MONTEVIDEO MN 562650248 PATRICK C CARRUTH GENERAL MANAGER 3202692163 2026-07-29 1 MATT LAUGHLIN P00014168 7017754685 2026-07-23 2025 2025-03-06 01:10:19Z PATRICK C CARRUTH PO BOX 248 MONTEVIDEO MN 562650248 30060364 0 X WWW.MNVALLEYREC.COM X 1938 MN TO PROVIDE ELECTRICAL ENERGY SERVICES TO RURAL CUSTOMERS 7 6 33 0 446900 75320 0 0 23513160 26991688 1044334 750429 1458868 1396435 26016362 29138552 40 53 2705424 3361018 1065917 1215523 0 0 0 21572035 24715231 25343416 29291825 672946 -153273 101109680 106148192 65817111 69460462 35292569 36687730 MINNESOTA VALLEY COOPERATIVE LIGHT AND POWER ASSOCIATION IS A PROACTIVE COOPERATIVE THAT CONTINUES TO PROVIDE VALUE TO OUR MEMBERS. 0 0 PURCHASE AND DISTRIBUTION OF ELECTRICAL POWER TO APPROXIMATELY 5,325 RURAL CUSTOMERS 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 1 12 0 1 33 1 1 1 0 0 0 0 26991787 2877779 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 1 0 0 1 1 1 0 X THE ORGANIZATION 3202692163 PO BOX 248 MONTEVIDEO MN 562650248 MARK PETERSON SECRETARY 8.00 X 19200 0 0 TIMOTHY VELDE DIRECTOR 8.00 X 18960 0 0 GARY GROOTHUIS TREASURER 8.00 X 18720 0 0 DONALD FERNHOLZ VICE PRESIDENT 8.00 X 18914 0 0 DARRYL BURSACK DIRECTOR 8.00 X 18760 0 0 STEVE NORMAN PRESIDENT 8.00 X 17340 0 0 WAYNE PELTIER DIRECTOR 8.00 X 18520 0 0 PATRICK CARRUTH GENERAL MANAGER 40.00 X 551452 0 278402 JILL ROTHSCHADL OFFICE MANAGER 40.00 X 184187 0 61939 TODD BOLKEMA ENGINEERING AND OPERATIONS MANAGER 40.00 X 201088 0 57807 SCOTT KUBESH MEMBER SERVICES MANAGER 40.00 X 166685 0 131101 KENT SMITH FOREMAN 40.00 X 129404 0 65386 TYLER DEZEEUW LINEMAN 40.00 X 129039 0 8459 ANTHONY BEDNAREK LINEMAN 40.00 X 129468 0 13950 1621737 0 617044 20 0 1 0 KARIAN PETERSON POWERLINE PO BOX 345 MONTEVIDEO MN 56265 POWERLINE CONTRACTING 2341950 MINNESOTA VALLEY TREE SERVICE 501 S 1ST MONTEVIDEO MN 56265 RIGHT OF WAY TREE CLEANING 1336455 POWER SYSTEMS ENGINEERING INC 1532 W BROADWAY MADISON WI 53713 ENGINEERING CONSULTING 295853 NELSON OYEN TORVIK PLLP 221 N 1ST ST MONTEVIDEO MN 56265 LEGAL SERVICES 165269 NISC PO BOX 1147 MANDAN ND 58554 COMPUTER SOFTWARE AND SERVICES 148197 5 ELECTRIC SALES 221000 26991688 26991688 26991688 697824 697824 52605 0 52605 52605 52605 1018805 921812 96993 96993 CAPITAL CREDITS 900099 947214 947214 MANAGEMENT FEE FROM SUBSIDIARY 900099 300000 300000 GRANITE FALLS ENERGY, LLC K-1 900099 52228 49907 2321 1299442 29138552 27938902 446900 752750 X 53 3361018 1215523 1836037 2964434 COST OF POWER 12925152 DISTRIBUTION/MAINTENANC 2228200 DISTRIBUTION/OPERATIONS 2218975 GENERAL AND ADMIN 1078767 1463666 29291825 642228 1333522 831503 714816 3077280 2971518 6600091 4942549 329313 319620 114643863 37316301 71659611 77327562 5125090 5414935 12645069 12931242 179732 172703 19763 19725 101109680 106148192 1682497 1585797 283606 267207 58952719 64340875 3300000 1200000 1598289 2066583 65817111 69460462 X 0 0 0 0 35292569 36687730 35292569 36687730 101109680 106148192 X -153273 268 1548166 X 0 1 X 1 0 392753 392753 7029642 3349355 3680287 102624145 33966946 68657199 4597323 4597323 77327562 4839248 C INVESTMENT IN OTHER INVESTMENTS 575687 C 5414935 INVESTMENT IN ASSOCIATED COMPANIES 12931242 C 12931242 ACCRUED SALES TAX -2644 ACCRUED VACATION 327064 CONSUMER DEPOSITS 58500 OTHER ACCRUALS 433110 OTHER LIABILITIES 971270 SICK LEAVE 279283 2066583 X PART X, LINE 2: THE ASSOCIATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. THE SUBSIDIARY, MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY, OPERATES AS A CORPORATION AND FILES ANNUALLY ON FEDERAL FORM 1120 AND AS SUCH IS TREATED AS A CORPORATION FOR INCOME TAX PURPOSES. THE ASSOCATION'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 ASSOCIATION HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE FEDERAL INCOME TAX RETURNS OF THE COMPANY ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. ALL REQUIRED FILINGS ARE CURRENT. X X X 0 0 0 PATRICK CARRUTH GENERAL MANAGER 545426 0 0 0 6026 0 253572 0 28845 0 833869 0 0 0 SCOTT KUBESH MEMBER SERVICES MANAGER 164462 0 0 0 2223 0 106271 0 26670 0 299626 0 0 0 TODD BOLKEMA ENGINEERING AND OPERATIONS MANAGER 200159 0 0 0 929 0 32978 0 27465 0 261531 0 0 0 JILL ROTHSCHADL OFFICE MANAGER 183623 0 0 0 564 0 37110 0 27651 0 248948 0 0 0 KENT SMITH FOREMAN 128470 0 0 0 934 0 40556 0 26125 0 196085 0 0 0 SCHEDULE J, PART II, COLUMN C INCLUDED IN SCHEDULE J, PART II, COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE COOPERATIVE'S DEFINED BENEFIT PENSION PLANS. BELOW IS INFORMATION ON EACH OF THE PLANS. THE COOPERATIVE PARTICIPATES IN THE NRECA RETIREMENT SECURITY PLAN, A MULTI EMPLOYER PLAN. FOR THE FOLLOWING EMPLOYEES, THE ESTIMATED INCREASE IS AS FOLLOWS: PATRICK CARRUTH: $123,361 TODD BOLKEMA: $31,572 ANTHONY BEDNAREK: $10,599 KENT SMITH: $36,922 JILL ROTHSCHADL: $31,273 SCOTT KUBESH: $101,119 TYLER DEZEEUW: $5,110 THESE ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. CURRENT YEAR EXPENSE IS THE CONTRIBUTIONS TO THE DEFINED BENEFIT PLAN. CONTRIBUTIONS WERE AS FOLLOWS: PATRICK CARRUTH: $101,710 TODD BOLKEMA: $58,120 ANTHONY BEDNAREK: $26,850 KENT SMITH: $29,136 JILL ROTHSCHADL: $55,214 SCOTT KUBESH: $47,949 TYLER DEZEEUW: $26,850 ADDITIONALLY, THE COOPERATIVE SPONSORS AN EXECUTIVE BENEFIT RESTORATION PLAN, WHICH IS A SINGLE EMPLOYER DEFINED BENEFIT PLAN. PATRCK CARRUTH IS THE ONLY PARTICIPANT IN THE PLAN. THE ESTIMATED ACTUARIAL INCREASE IS $117,139. CURRENT YEAR EXPENSE OF $121,426 IS RECOGNIZED BASED ON GAAP STANDARDS. BASIN ELECTRIC POWER ENTITY FOR WHICH WAYNE PELTIER, CURRENT DIRECTOR, WAS SERVING AS A DIRECTOR 11165727 PURCHASE OF POWER 0 FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE IS A MEMBER OWNED COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER OF THE COOPERATIVE HAS ONE VOTE IN ELECTIONS OF THE BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B EACH MEMBER OF THE COOPERATIVE IS ALLOWED ONE VOTE FOR BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B THE GENERAL MANAGER REVIEWS THE 990 FOR ACCURACY AND THEN THE FORM 990 IS REVIEWED AND APPROVED FOR FILING AT A MEETING OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 EMPLOYEE COMPENSATION IS DETERMINED BY THE GENERAL MANAGER. THE BOARD APPROVES THE GENERAL MANAGER'S SALARY. COMPENSATION IS COMPARED TO THE NATIONAL AVERAGES BY NRECA'S COMPENSATE WAGE AND SALARY PLAN. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S FORM 990 PUBLIC INSPECTION COPY IS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 BY-LAWS AND ARTICLES OF INCORPORATION ARE SENT OUT TO EACH NEW COOPERATIVE MEMBER. THE ORGANIZATION'S ANNUAL REPORT IS AVAILABLE AT ITS WEBSITE. FORM 990, PART IX, LINE 4 AS REQUIRED BY FORM 990 INSTRUCTIONS, FORM 990, PART IX, LINE 4 (BENEFITS PAID TO OR FOR MEMBERS) INCLUDES PATRONAGE DIVIDENDS PAID. THIS AMOUNT IS AN EXPENSE FOR PURPOSES OF FORM 990, BUT IS NOT RECOGNIZED AS AN EXPENSE UNDER G.A.A.P. REPORTING REQUIREMENTS, WHICH ARE USED FOR BOOK INCOME. THE RESULT IS A BOOK TO TAX DIFFERENCE WHICH IS DISCLOSED ON PART XI. IN REFERENCE TO PART IX, LINE 4, THE COOPERATIVE HAS INTERPRETED "PATRONAGE DIVIDENDS PAID" AS CAPITAL CREDITS ALLOCATED TO MEMBERS UNDER THE PREEXISTING OBLIGATIONS PURSUANT TO THE BYLAWS OF THE COOPERATIVE. FORM 990, PART XI, LINE 9: ALLOCATED CAPITAL CREDITS 3,361,018. RETIRED CAPITAL CREDITS -1,924,400. BOOK TO TAX - TAXABLE SUBSIDIARY 205,185. BOOK TO TAX - GRANITE FALLS ENERGY -52,175. DEFINED BENEFIT PLAN-PRIOR SVC COST -43,671. NET GAIN/LOSS OF AVAILABLE FOR SALE SECURITIES 2,209. MINNESOTA VALLEY TREE SERVICE 603 13TH STREET GRANITE FALLS MN 56241 411958100 TREE TRIMMING AND CLEARING MN MINNESOTA VALLEY COOPERATIVE LIGHT & POWER HOLDING COMPANY KARIANPETERSON POWER LINE PO BOX 345 MONTEVIDEO MN 56265 411979829 POWER LINE CONSTRUCTION MN MINNESOTA VALLEY COOPERATIVE LIGHT & POWER HOLDING COMPANY MINNESOTA VALLEY COOPERATIVE LIGHT & POWER ASSOCIATION TRUST PO BOX 248 MONTEVIDEO MN 56265 416394489 ACCUMULATE AND DISBURSE FUNDS FOR CHARITABLE PURPOSES MN 501(C)(3) LINE 7 0 MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY 501 S FIRST STREET MONTEVIDEO MN 56265 264222869 MANAGEMENT OF COMPANIES MN MINNESOTA VALLEY COOPERATIVE LIGHT & POWER ASSOCIATION C 6779715 5875487 1.00000 1 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 0 1 0 MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY L 300000 CASH RECEIVED MINNESOTA VALLEY TREE SERVICE M 1336455 CASH PAID KARIANPETERSON POWER LINE M 2341950 CASH PAID MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY F 551704 CASH RECEIVED PART I: MINNESOTA VALLEY TREE SERVICE AND KARIAN PERTERSON ARE DISREGARDED ENTITIES OF MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY WHICH IS A C CORPORATION. ACCORDINGLY, THE ASSETS AND INCOME OF THE DISREGARDED ENTITIES ARE INCLUDED ON THE TAX RETURN OF MINNESOTA VALLEY LIGHT & POWER HOLDING COMPANY. AS NONE OF THE ASSETS OR INCOME OF THE DISREGARDED ENTITIES ARE INCLUDED ON THE TAX RETURN OF MINNESOTA VALLEY LIGHT & POWER ASSOCIATION, THERE ARE NO INCOME OR ASSETS TO REPORT PER THE IRS INSTRUCTIONS.