2026-08-05T16:24:23-05:00 2025-12-31 992923038 BRADY MARTZ PLLC PO BOX 14296 GRAND FORKS ND 582084296 990 2025-01-01 450454206 DAKOTA VALLEY ELECTRIC COOPERATIVE DAKO 7014932281 7296 HIGHWAY 281 EDGELEY ND 584339503 MARK KINZLER GENERAL MANAGER 7014932281 2026-07-27 1 MATT LAUGHLIN P00014168 7017754685 2026-07-27 2025 2025-03-06 01:10:19Z MARK KINZLER 7296 HWY 281 EDGELEY ND 584339503 63706664 0 X WWW.DAKOTAVALLEY.COM X 2000 ND DELIVER ELECTRIC ENERGY TO RURAL MEMBERS. 9 9 46 0 0 0 0 0 60440308 59974682 563664 562855 4400 3142385 61008372 63679922 0 37985 5928382 5806895 5997250 5957653 0 0 0 50282740 51770687 62208372 63573220 -1200000 106702 179717023 196309695 96176728 107795291 83540295 88514404 X DAKOTA VALLEY ELECTRIC COOPERATIVE WILL DELIVER DEPENDABLE ELECTRIC POWER AND ENERGY AT FAIR AND REASONABLE PRICES; DAKOTA VALLEY ELECTRIC COOPERATIVE WILL DELIVER AN EXTENDED RANGE OF CONVENIENT CUSTOMER SUPPORT SERVICES, COMPLIMENTARY TO OUR CORE ELECTRIC AND ENERGY BUSINESS; AND DAKOTA VALLEY ELECTRIC COOPERATIVE WILL PROVIDE TECHNICAL ASSISTANCE, FINANCIAL TOOLS AND HUMAN RESOURCES THAT FOSTER COMMUNITY DEVELOPMENT. 0 0 THE COOPERATIVE DELIVERS ELECTRIC ENERGY TO ITS MEMBERS IN RURAL AREAS. DURING 2025, THE COOPERATIVE HAD 4,209 MEMBERS AND 7,117 SERVICE LOCATIONS. THE SYSTEM CURRENTLY HAS 4,593.92 MILES OF LINE. 0 0 0 0 0 0 0 1 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 1 1 0 1 215 0 1 46 1 0 0 0 0 0 59974682 1966550 0 0 0 X 9 9 1 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X MARK KINZLER 7014932281 7296 HIGHWAY 281 EDGELEY ND 584339503 X KIM RASMUSSEN PRESIDENT 6.00 0.50 X X 20400 0 0 PATRICIA GEHLHAR VICE PRESIDENT 5.00 0.50 X X 15600 0 0 CONNIE BITZ SECRETARY 3.00 0.50 X X 16800 0 0 BRUCE BOSSE TREASURER 2.00 0.50 X X 9600 0 0 JEREMY NITSCHKE DIRECTOR 2.00 0.50 X 12000 0 0 PAUL DIMMER DIRECTOR 2.00 0.50 X 14400 0 0 NEIL OLERUD DIRECTOR 4.00 0.50 X 11600 0 0 DAVID PAULSON DIRECTOR 2.50 0.50 X 15600 0 0 MATT HERMAN DIRECTOR (JOINED 06/2025) 2.00 0.25 X 5600 0 0 ARDEN FUHER DIRECTOR (LEFT 06/2025) 4.00 0.25 X 6400 0 0 MARK KINZLER GENERAL MANAGER 40.00 0.50 X 289041 0 130378 KRISTIN SYVERSON BUSINESS MANAGER/CFO 40.00 0.75 X 164799 0 4875 BRANDON GIESLER MANAGER OF ENGINEERING/IT 40.00 X 142505 0 54220 BRADLEY LUNNEBORG OPERATIONS MANGER 40.00 X 155130 0 30949 JON COLEMAN FOREMAN 40.00 X 153437 0 17198 CORY IVERSON FOREMAN 40.00 X 142026 0 39841 SAMUAL SCHMIDT FOREMAN 40.00 X 139156 0 20784 1314094 0 298245 20 0 1 0 K&H ELECTRIC PO BOX 656 LINTON ND 58552 REPLACE UG CABLE 911171 LEGACY POWER LINE PO BOX 469 WADENA MN 56482 REPAIR OH LINES 315185 MB CUSTOM 8175 COUNTY ROAD 33 EDGELEY ND 58433 GENERAL CONTRACTOR 155829 ACE UTILITY SERVICES LLC 228 2ND ST LAMOURE ND 58458 CABLE LOCATES 128833 HERZOG ROOFING INC PO BOX 245 DETROIT LAKES MN 56502 BUILDING CONTRACTOR - ROOFING 126000 5 SALE OF POWER 221000 59974682 59974682 59974682 424230 23880 400350 160913 22288 138625 138625 138625 4630 4454 176 176 CAPITAL CREDITS 900099 3032957 3032957 OTHER REVENUE 531390 106702 106702 ECONOMIC DEVELOPMENT LOAN FEES 531390 2550 2550 3142209 63679922 63140947 0 538975 X 37985 5806895 715526 4045251 856160 340716 2831805 4016688 COST OF POWER 45078183 DISTRIBUTION EXPENSE 2721134 ADMINISTRATIVE AND GENE 1820573 TAXES 506302 -5203998 63573220 635397 10565410 1634890 7493704 5215872 1693170 1593932 4938690 3906351 1203711 1318260 154966986 39358382 110251790 115608604 1252356 1373634 52036035 54917895 212170 174847 179717023 196309695 6389728 6830231 6493203 6694500 1713 1728 80017179 93551532 2500000 774905 717300 96176728 107795291 X 0 0 65486783 69698737 18053512 18815667 83540295 88514404 179717023 196309695 X 106702 4867407 X X 0 1 X 1 1 1 0 1 X 185744 185744 4300422 1407463 2892959 147451889 37950919 109500970 3028931 3028931 115608604 CENTRAL POWER ELECTRIC COOPERATIVE, INC. 47875399 C LONG TERM SPECIAL FUNDS 5200000 C NRUFC - CTC 302687 C NRUFC - PATRONAGE 254872 C BASIN ELECTRIC COOPERATIVE, INC. - MEMBERSHIPS 50 C NRUCFC - MEMBERSHIP 1000 C RURAL ELECTRIC SUPPLY COOPERATIVE 272111 C NATIONAL INFORMATION SOLUTIONS COOPERATIVE 92628 C NRTC 14 C MEMBERSHIPS 350 C PATRONAGE CAPITAL CREDITS 287293 C FEDERATED RURAL ELECTRIC INSURANCE CORPORATION 254583 C COMMUNITY DEVELOPMENT SHARES 4800 C COBANK 56615 C RURAL DEVELOPMENT LOAN 316484 C ERC LOAN -991 C 54917895 CONSUMER DEPOSITS 608400 ECONOMIC DEVELOPMENT RESERVE 108900 717300 X PART IV, LINE 2B: MEMBERS OF THE COOPERATIVE CAN ELECT TO ROUND UP THEIR MONTHLY ELECTRIC BILLS TO THE NEXT DOLLAR. THESE FUNDS COLLECTED FROM THE MEMBERSHIP ARE HELD IN A COOPERATIVE ACCOUNT UNTIL THEY ARE RELEASED TO DAKOTA VALLEY ELECTRIC OPERATION ROUND UP, INC (ORU). FUNDS HELD BY THE COOPERATIVE AT YEAR-END ARE THE RESULT OF A TIMING DIFFERENCE IN THE RECEIPT OF THE FUNDS AND THE RELEASE OF THEM TO ORU. THESE FUNDS ARE REPORTED ON FORM 990, PART X, LINE 21. PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE (IRC). THE COOPERATIVE IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. THE COOPERATIVE FILES AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS TO REPORT ITS UNRELATED BUSINESS TAXABLE INCOME (UBTI). NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED AT DECEMBER 31, 2025 AND 2024. THE COOPERATIVE HAS EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2025 AND 2024. X X 0 0 0 MARK KINZLER GENERAL MANAGER 282283 0 150 0 6608 0 96023 0 39544 0 424608 0 0 0 BRANDON GIESLER MANAGER OF ENGINEERING/IT 141882 0 150 0 473 0 30739 0 26974 0 200218 0 0 0 BRADLEY LUNNEBORG OPERATIONS MANGER 151566 0 325 0 3239 0 4639 0 29320 0 189089 0 0 0 CORY IVERSON FOREMAN 141525 0 150 0 351 0 13320 0 29206 0 184552 0 0 0 JON COLEMAN FOREMAN 151610 0 150 0 1677 0 3774 0 15950 0 173161 0 0 0 KRISTIN SYVERSON BUSINESS MANAGER/CFO 164133 0 150 0 516 0 3901 0 4095 0 172795 0 0 0 SAMUAL SCHMIDT FOREMAN 138791 0 150 0 215 0 9802 0 13355 0 162313 0 0 0 FORM 990, SCHEDULE J, PART II, COLUMN C: COMPENSATION OF OFFICERS, DIRECTORS, KEY EMPLOYEES, HIGHEST COMPENSATED EMPLOYEES: INCLUDED IN OTHER DEFERRED COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASED IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. 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 RECEIVED FROM THE NRECA. THE CURRENT YEAR EXPENSE AND THE INCREASE IN ACTUARIAL VALUE FOR EACH EMPLOYEE ARE REFLECTED IN THE SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F. FORM 990, PART VI, SECTION A, LINE 2 ALL BOARD MEMBERS AND OFFICERS HAVE A BUSINESS RELATIONSHIP WITH EACH OTHER AS EACH BOARD MEMBER AND OFFICER ALSO SERVED ON THE BOARD OF DAKOTA VALLEY SERVICES CORPORATION, THE WHOLLY OWNED SUBSIDIARY. FORM 990, PART VI, SECTION A, LINE 6 THERE IS ONLY ONE CLASS OF MEMBERS. THEY ALL HAVE THE SAME RIGHTS, WHICH ENTITLES THEM TO ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS. THERE ARE NINE SEPARATE DISTRICTS, AND EACH DISTRICT CAN VOTE IN ONE PERSON TO THE BOARD. THE DIRECTOR MUST LIVE IN THE DISTRICT IN WHICH HE/SHE IS SERVING. FORM 990, PART VI, SECTION A, LINE 7B THERE ARE SEVERAL MAJOR DECISIONS THAT REQUIRE MEMBER APPROVAL. THEY INCLUDE DECISIONS TO CHANGE THE BYLAWS, ELECT DIRECTORS, DECISIONS TO MERGE OR CONSOLIDATE, AND THE DECISION TO SELL, LEASE, TRANSFER OR OTHERWISE DISPOSE OF THE PHYSICAL PLANT IN EXCESS OF 5% OF THE COOPERATIVE'S VALUE. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B COPIES OF THE FORM 990 WILL BE PROVIDED TO THE BOARD MEMBERS AT A BOARD MEETING. THE 990 WILL BE REVIEWED AND APPROVED FOR FILING AT THE BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C THE EMPLOYEE CONFLICT OF INTEREST POLICY IS ADMINISTERED AND ENFORCED BY THE MANAGER. THE MANAGER WOULD RESTRICT EMPLOYEE INVOLVEMENT IN ANY COOPERATIVE ACTIVITY FOR WHICH THE EMPLOYEE HAS A CONFLICT OF INTEREST. DIRECTORS ARE COVERED BY THE BOARD CONFLICT OF INTEREST POLICY; THE CHAIRMAN OR VICE-CHAIRMAN REVIEWS THE RESPONSES IN ORDER TO DETERMINE WHETHER ISSUES NEED TO BE ADDRESSED BY THE FULL BOARD. THE BOARD WILL DETERMINE RESTRICTIONS ON A CASE BY CASE BASIS. FORM 990, PART VI, SECTION B, LINE 15A THE GOVERNING BOARD REVIEWS AND APPROVES THE GENERAL MANAGER'S COMPENSATION USING A STATE WIDE COMPENSATION SURVEY. THE PROCESS IS DOCUMENTED IN THE BOARD MINUTES. THE BUSINESS MANAGER'S COMPENSATION IS REVIEWED BY MANAGEMENT USING COMPARABILITY DATA AS WELL. FORM 990, PART VI, SECTION C, LINE 19 THE BYLAWS AND ARTICLES OF INCORPORATION ARE MAILED TO NEW MEMBERS. ANY CHANGES THAT ARE MADE TO THE BYLAWS ARE MAILED TO MEMEBRS PRIOR TO APPROVAL BY THE MEMBERS. YEAR END ANNUAL FINANCIAL STATEMENTS ARE PROVIDED TO ALL MEMBERS. THE CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BYLAWS CAN ALSO BE FOUND ON DAKOTA VALLEY ELECTRIC COOPERATIVE'S WEBSITE. FORM 990, PART VII, SECTION A, COLUMN (F): COMPENSATION OF OFFICERS: INCLUDED IN PART VII, SECTION A, COLUMN "F", ESTIMATED AMOUNT OF OTHER COMPENSATION IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. FOR THE FOLLOWING INDIVIDUALS LISTED, THE ESTIMATED INCREASE IS: MARK KINZLER: $87,210 KRISTIN SYVERSON: $3,005 BRANDON GIESLER: $26,238 CORY IVERSON: $9,541 SAMUAL SCHMIDT: $6,039 THIS AMOUNT IS AN ESTIMATE IN THE INCREASE OF THE VALUE OF THE PLAN AND IS NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. CURRENT YEAR CONTRIBUTIONS INTO THE DEFINED BENEFIT PLAN BY DAKOTA VALLEY ELECTRIC COOPERATIVE WERE: MARK KINZLER: $73,573 KRISTIN SYVERSON: $6,765 BRANDON GIESLER: $37,406 CORY IVERSON: $33,657 SAMUAL SCHMIDT: $31,165 FORM 990, PART IX, STATEMENT OF FUNCTIONAL EXPENSES, 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 IX, STATEMENT OF FUNCTIONAL EXPENSES, LINE 24D: THE LABOR, PENSION, AND PAYROLL TAXES REPORTED ON LINES 5-10 ARE ALREADY INCLUDED IN DISTRIBUTION EXPENSE, ADMINISTRATIVE & GENERAL EXPENSE AND CUSTOMER EXPENSE. THEREFORE, THESE AMOUNTS ARE BEING SUBTRACTED OUT AS AN OTHER DEDUCTION ON LINE 24D IN THE AMOUNT OF $(5,957,653). FORM 990, PART XI, LINE 9: EARNINGS FROM SUBSIDIARY 121,281. RETIREMENT OF CAPITAL CREDITS -1,060,769. ALLOCATED CAPITAL CREDITS 5,806,895. FORM 990, PART XII, LINE 2C THE COOPERATIVE'S BOARD OF DIRECTORS ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF ITS INDEPENDENT ACCOUNTANT. DAKOTA VALLEY ELECTRIC OPERATION ROUND UP INC 14051 HIGHWAY 13 MILNOR ND 58060 753002458 ACCUMULATE AND DISBURSE FUNDS FOR CHARITABLE PURPOSES ND 501(C)(3) LINE 7 DAKOTA VALLEY ELECTRIC COOPERATIVE INC 1 DAKOTA VALLEY SERVICES CORPORATION 7296 HIGHWAY 281 EDGELEY ND 58433 450414071 ELECTRICAL AND PLUMBING SERVICES ND DAKOTA VALLEY ELECTRIC COOPERATIVE INC C 334431 1546510 1.00000 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 1 1 0 DAKOTA VALLEY SERVICES CORPORATION H 51896 CASH PAID DAKOTA VALLEY SERVICES CORPORATION N 54075 COSTS ALLOCATED DAKOTA VALLEY SERVICES CORPORATION O 552950 COSTS ALLOCATED DAKOTA VALLEY SERVICES CORPORATION Q 1044981 CASH PAID