2026-08-13T13:59:12-05:00 2025-09-30 390859910 BAKER TILLY ADVISORY GROUP LP 225 S 6TH ST 1100 MINNEAPOLIS MN 55402 990 2024-10-01 411358662 DISTRICT ENERGY ST PAUL INC DIST 6512978955 305 ST PETER STREET ST PAUL MN 55102 ANDREW KASID EXECUTIVE VICE PRESIDENT, CFO 6512978955 2026-08-12 1 1 KAREN GRIES P00078514 6128764500 2026-08-12 2024 2025-03-06 01:10:19Z LUKE GAALSWYK 305 ST PETER STREET ST PAUL MN 55102 68770837 0 X WWW.DISTRICTENERGY.COM X 1979 MN TO DEVELOP, CONSTRUCT, & OPERATE A DISTRICT HEATING SYSTEM FOR ST. PAUL, MINNESOTA THAT BENEFITS ITS CUSTOMERS, COMMUNITY AND THE ENVIRONMENT. 8 7 109 8 0 0 6061745 3423692 58732534 53570810 2329166 1359349 -122090 -111480 67001355 58242371 25000 25000 0 0 14538752 14598495 0 0 0 43377169 41093453 57940921 55716948 9060434 2525423 175428818 185308442 164819301 174780636 10609517 10527806 X TO BE THE PREFERRED PROVIDER OF COMMUNITY ENERGY SERVICES THAT BENEFIT OUR CUSTOMERS, THE COMMUNITY AND THE ENVIRONMENT. 0 0 37971684 25000 42295134 DISTRICT ENERGY SERVICES:DISTRICT ENERGY ST. PAUL IS A NON-PROFIT UTILITY PROVIDING ENERGY SERVICES TO DOWNTOWN SAINT PAUL, MN FOR OVER 40 YEARS. THE CORE HEATING NETWORK SERVES OVER 200 BUILDINGS IN THE CENTRAL BUSINESS DISTRICT AND ACROSS THE RIVER TO A SECONDARY AREA OF COMMERCIAL, LIGHT INDUSTRIAL, AND RESIDENTIAL DEVELOPMENT. THE COOLING NETWORK SERVES MORE THAN 120 BUILDINGS IN THE CENTRAL BUSINESS DISTRICT. THE CUSTOMER BASE INCLUDES THE STATE OF MINNESOTA CAPITOL COMPLEX, CITY AND COUNTY OWNED BUILDINGS, HIGHER EDUCATION, HOSPITALS, FORTUNE 500 COMPANIES, RESIDENTIAL APARTMENTS, CONDOS, AND TOWNHOMES, AS WELL AS HOTELS, ENTERTAINMENT, AND SPORTS VENUES. DISTRICT ENERGY ST. PAUL IS THE LARGEST HOT WATER DISTRICT ENERGY SYSTEM IN THE UNITED STATES AND IS RECOGNIZED GLOBALLY AS A LEADER IN INTEGRATED AND DYNAMIC ENERGY SERVICES. TO INCREASE EFFICIENCY, RELIABILITY, AND IMPROVE THE ENVIRONMENTAL PROFILE OF THE SYSTEM, THE UTILITY HAS INCORPORATED THERMAL STORAGE, SOLAR THERMAL, AND BIOMASS-FIRED COMBINED HEAT AND POWER. THE WORK ON THE SYSTEM THIS YEAR INCLUDED SEVERAL DISTRIBUTION PROJECTS THAT SUPPORTED GROWTH OF THE HEATING AND COOLING SYSTEMS, CAPITAL MAINTENANCE PROJECTS TO MAINTAIN HIGH RELIABLY OF SERVICES AND CONSTRUCTION OF A NEW THERMAL PLANT TO INCORPORATED ADDITIONAL THERMAL STORAGE. AS THE BROADER TRANSFORMATION OF THE ENERGY SYSTEM CONTINUES, DISTRICT ENERGY REMAINS COMMITTED TO ADAPTING AND DEVISING CREATIVE SOLUTIONS THAT EFFECTIVELY SERVE CUSTOMERS, PARTNERSHIPS, AND THE SAINT PAUL COMMUNITY. DISTRICT ENERGY MAINTAINS THE VALUE OF IN-PERSON CUSTOMER ENGAGEMENT AND THIS YEAR THE COMPANY HOSTED ENGAGEMENT OPPORTUNITIES, SEMINARS, AND TRAININGS TO ENCOURAGE CUSTOMERS TO PLAY AN ACTIVE ROLE IN THEIR USE OF DISTRICT ENERGY. IN ADDITION, DISTRICT ENERGY CONTINUED TO HELP CUSTOMERS WITH THEIR ENERGY MONITORING VIA THE CUSTOMER PORTAL. TRAINING OPPORTUNITIES WERE OFFERED TO EXISTING CUSTOMERS WITH THE GOAL OF GETTING THEM DIRECTLY INVOLVED WITH THEIR ENERGY USAGE AND OPPORTUNITIES FOR IMPROVED EFFICIENCIES. AS THE COMPANY CONTINUES TO GROW, IT REMAINS DEDICATED TO PRIORITIZING THE CUSTOMERS' NEEDS FOR RELIABILITY, EFFICIENCY, AND COST-EFFECTIVENESS. 10674902 11275676 OPERATIONS & MANAGEMENT SERVICES:DE SERVICES LLC IS RESPONSIBLE FOR THE OPERATIONS AND MANAGEMENT OF MULTIPLE ENERGY SYSTEMS AND OPERATIONS IN SAINT PAUL, MN, INCLUDING ENERGY PARK UTILITY COMPANY, DISTRICT ENERGY ST. PAUL, ST. PAUL COGENERATION, AND ENVIRONMENTAL WOOD SUPPLY. THESE LAST THREE ENTITIES WORK TOGETHER TO HELP USE LOCAL TREE WASTE (BIOMASS) TO GENERATE HEAT AND ELECTRICITY FOR A LOW-CARBON ENERGY SOLUTION FOR LOCAL CUSTOMERS. THE TEAM WORKS WITH CITIES, COUNTIES, PRIVATE LANDOWNERS, AND BUSINESSES WHO NEED HELP DEALING WITH STORM-DAMAGED, DISEASED, INFESTED AND OTHER COMPROMISED TREES. THE TEAM CONTINUES TO SUPPORT EFFORTS OF THE MINNESOTA POLLUTION CONTROL AGENCY THROUGH BIOMASS STAKEHOLDERS WORKGROUP MEETINGS. THE COMPANY CONTINUES TO MANAGE A LARGE QUANTITY OF WOOD FOR THE METROPOLITAN REGION DUE TO THE REMOVAL OF TREES HARMED BY THE EMERALD ASH BORER. 48646586 1 1 0 1 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 43 0 1 109 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 7 0 1 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 X ANDREW KASID 6512978955 305 ST PETER STREET ST PAUL MN 55102 X LUKE GAALSWYL PRESIDENT & CEO 12.30 35.70 X X 139575 404893 24610 KENNETH SMITH PRESIDENT & CEO 35.90 5.60 X X 688245 265739 69635 ANDREW KASID EVP & CFO 28.20 22.30 X 270045 339212 64819 MICHAEL AUGER SVP GEN COUNSEL/DEV OFFICER/CORP SECRETARY 26.70 20.10 X 245894 291912 61186 MICHAEL BURNS SVP CHIEF SYSTEMS OPERATIONS OFFICER 10.90 32.80 X 107786 448227 72000 MICHAEL AHERN SVP, CHIEF DEVELOPMENT OFFICER 11.60 35.70 X 109310 460864 61959 KATHERINE VERHASSELT SVP CHIEF PEOPLE & COMMUNICATIONS OFF. 24.90 23.40 X 167534 245205 29397 PAMELA SARNE SVP, ACCOUNTING 22.60 28.30 X 149443 289964 44214 STEPHEN RAMBECK VP BUSINESS DEVELOPMENT & COMMERCIAL STRATEGY 34.10 9.90 X 177788 51350 14565 CHRISTOPHER PETERSON DIRECTOR, REGIONAL OPERATIONS 40.80 2.90 X 183560 12894 52980 THOMAS THOMALLA VP, INFORMATION SYSTEMS 25.80 18.40 X 129234 92308 52020 NICHOLAS OELKE SR ELECTRICAL ENGINEER 6.40 36.20 X 28702 161164 55001 HEIDI CONRAD CHAIR & DIRECTOR 1.00 1.00 X X 0 15500 0 BEVERLY JONES HEYDINGER DIRECTOR 1.00 X 0 0 0 DARREN TOBOLT DIRECTOR 1.00 X 0 0 0 ERIC KRAUSE DIRECTOR 1.00 X 0 0 0 HEIDE KEMPF-SCHWARZE DIRECTOR 1.00 X 0 0 0 KELLY LANGE TREASURER & DIRECTOR 1.00 X X 0 0 0 KEN PETERSON VICE-CHAIR & DIRECTOR 1.00 X 0 0 0 PATRICIA WOLF DIRECTOR 1.00 X 0 0 0 TONY POOLE DIRECTOR 1.00 X 0 0 0 2397116 3079232 602386 59 0 1 0 PACIFIC TANK & CONSTRUCTION 31551 AVENIDA LOS CERRITOS SAN JUAN CAPISTRANO CA 92675 DESIGN AND CONSTRUCTION 2537529 NOVA-FROST 7264 DICKMAN TR INNER GROVE HEIGHTS MN 55076 CONSTRUCTION/REPAIR SERVICES 1799230 PIONEER POWER INC 2500 VENTURA DRIVE WOODBURY MN 55125 CONSTRUCTION/REPAIR SERVICES 695638 EGAN COMPANIES INC 11611 BUSINESS PARK BLVD N CHAMPLI CHAMPLIN MN 55316 CONSTRUCTION/REPAIR SERVICES 662221 COLLINS ELECTRICAL CONSTRUCTIONS INC 278 STATE STREET ST PAUL MN 55107 CONSTRUCTION/REPAIR SERVICES 286956 14 3423692 3423692 ENERGY SERVICES 221000 42295134 42295134 MANAGEMENT SERVICES 221000 11275676 11275676 53570810 1125893 1125893 249468 360948 -111480 -111480 -111480 10384665 16309 10167518 0 217147 16309 233456 233456 58242371 53570810 0 1247869 25000 25000 1728389 1728389 9770028 7568779 2201249 660770 441143 219627 1718925 1217347 501578 720383 480942 239441 140642 140642 227935 227935 22000 22000 136151 136151 121008 121008 137160 137160 1231823 1231823 214230 214230 25404 25404 15383 15383 44493 44493 6252265 6252265 6436525 6436525 FUEL AND ENERGY 18593072 18593072 PLANT MAINTENANCE & OTH 7077266 7077266 DISTRIBUTION EXPENSE 418096 418096 55716948 48646586 7070362 0 11951956 12080948 19413739 20148785 6132502 4303360 4362792 4181261 842288 1299332 446779 211535 242321192 144375031 93764724 97946161 25260844 34483866 13253194 10653194 175428818 185308442 10226854 10233130 71328565 64831066 80186295 96018562 1679232 1715193 1398355 1982685 164819301 174780636 X 10609517 10527806 10609517 10527806 175428818 185308442 X 2525423 -7134 -2600000 X X 0 1 X 1 0 X X 1 CITY OF ST PAUL MN 416005521 6 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 X SCHEDULE A, SECTION E, LINE 1C: DISTRICT ENERGY ST. PAUL, INC. WAS ORGANIZED TO DEVELOP, CONSTRUCT, AND OPERATE A HOT WATER DISTRICT HEATING SYSTEM, AS WELL AS A DISTRICT COOLING SYSTEM, TO SERVE THE CENTRAL BUSINESS DISTRICT AND ADJACENT AREAS OF THE CITY OF SAINT PAUL, MINNESOTA. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 22572 0 0 22572 0 PART II-B, LINE 1: DISTRICT ENERGY'S LOBBYING ACTIVITY CONSISTS OF EDUCATING FEDERAL AND STATE LEGISLATORS AND MUNICIPAL SUBDIVISIONS OF THE STATE OF MINNESOTA ABOUT DISTRICT ENERGY: WHO WE ARE, WHAT WE DO, AND HOW LEGISLATIVE ACTIVITIES MAY AFFECT OUR CUSTOMERS. 2179341 2179341 85746725 10049515 75697210 136530439 134325516 2204923 17864687 17864687 97946161 INVESTMENT IN AFFILIATE 10653194 C 10653194 ASSET RETIREMENT OBLIGATION 673457 DUE TO EVER-GREEN ENERGY, INC. 1309228 1982685 X 44316683 -7134 416713 409579 43907104 14335267 14335267 58242371 42815932 416713 416713 42399219 13317729 13317729 55716948 PART X, LINE 2: DISTRICT ENERGY IS A NONPROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND MINNESOTA STATUTE 317 AND, ACCORDINGLY, IS GENERALLY EXEMPT FROM INCOME TAXES. ACCORDINGLY, THE COMPANY IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES EXCEPT TO THE EXTENT IT DERIVES INCOME FROM CERTAIN ACTIVITIES NOT SUBSTANTIALLY RELATED TO ITS TAX-EXEMPT PURPOSES (UNRELATED TRADE OR BUSINESS ACTIVITIES). THE COMPANY FOLLOWS THE ACCOUNTING POLICY THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. THE POLICY PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. THE COMPANY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. IN THE EVENT OF ANY FUTURE TAX ASSESSMENTS, THE COMPANY HAS ELECTED TO RECORD THE INCOME TAXES AND ANY RELATED INTEREST AND PENALTIES AS GENERAL AND ADMINISTRATIVE EXPENSE IN THE STATEMENTS OF OPERATIONS AND CHANGES IN NET DEFICIT. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT RENTAL EXPENSES 360,948. RENTAL ACTIVITY ELIMINATION 55,765. PART XI, LINE 4B - OTHER ADJUSTMENTS: DISREGARDED ENTITY REVENUE 14,335,267. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT RENTAL EXPENSES 360,948. RENTAL ACTIVITY ELIMINATION 55,765. PART XII, LINE 4B - OTHER ADJUSTMENTS: DISREGARDED ENTITY REVENUE 13,317,729. 1 ST PAUL DOWNTOWN ALLIANCE 428 MINNESOTA STREET SUITE 500 SAINT PAUL MN 55101 824187263 501(C)(3) 25000 0 INVESTMENT IN DOWNTOWN ST. PAUL 1 0 PART I, LINE 2: LUKE GAAKSWYK, DISTRICT ENERGY ST. PAUL'S CEO AND PRESIDENT, IS VICE CHAIR OF THE SAINT PAUL DOWNTOWN ALLIANCE BOARD AND DISTRICT ENERGY REGULARLY MONITORS THE USE OF THE GRANT FUNDING. 0 0 0 0 0 0 0 0 0 LUKE GAALSWYL PRESIDENT & CEO 93324 270722 46251 134171 0 0 6256 18148 53 153 145884 423194 0 0 KENNETH SMITH PRESIDENT & CEO 450294 70397 237951 37200 0 158142 36222 5663 23998 3752 748465 275154 0 0 ANDREW KASID EVP & CFO 184255 145914 85790 67938 0 125360 20689 16384 15484 12262 306218 367858 0 0 MICHAEL AUGER SVP GEN COUNSEL/DEV OFFICER/CORP SECRETARY 167670 125901 78224 58738 0 107273 12279 9220 22667 17020 280840 318152 0 0 MICHAEL BURNS SVP CHIEF SYSTEMS OPERATIONS OFFICER 73054 219185 34732 104208 0 124834 7974 23923 10025 30078 125785 502228 0 0 MICHAEL AHERN SVP, CHIEF DEVELOPMENT OFFICER 73570 226163 35740 109867 0 124834 5459 16781 9749 29970 124518 507615 0 0 KATHERINE VERHASSELT SVP CHIEF PEOPLE & COMMUNICATIONS OFF. 116697 109655 50837 47769 0 87781 7924 7446 7232 6795 182690 259446 0 0 PAMELA SARNE SVP, ACCOUNTING 102487 128172 46956 58724 0 103068 7501 9381 12144 15188 169088 314533 0 0 STEPHEN RAMBECK VP BUSINESS DEVELOPMENT & COMMERCIAL STRATEGY 158294 45719 19494 5631 0 0 11064 3195 237 69 189089 54614 0 0 CHRISTOPHER PETERSON DIRECTOR, REGIONAL OPERATIONS 165854 11650 17706 1244 0 0 12551 882 36951 2596 233062 16372 0 0 THOMAS THOMALLA VP, INFORMATION SYSTEMS 96410 68863 32824 23445 0 0 7333 5238 23012 16437 159579 113983 0 0 NICHOLAS OELKE SR ELECTRICAL ENGINEER 25709 144357 2993 16807 0 0 1907 10710 6407 35977 37016 207851 0 0 PART I, LINE 3 THE ORGANIZATION'S OFFICERS ARE COMPENSATED FROM ITS RELATED ORGANIZATION, EVER-GREEN ENERGY, INC. THE COMPENSATION REPORTED ON FORM 990 PART VII, COLUMN (D), REPORTABLE COMPENSATION FROM THE ORGANIZATION, IS THE AMOUNT PAID BY DISTRICT ENERGY ST PAUL, INC TO EVER-GREEN ENERGY, INC. THE FOLLOWING WERE USED BY EVER-GREEN ENERGY, INC. TO DETERMINE THE COMPENSATION OF THE PRESIDENT: 1. COMPENSATION COMMITTEE 2. INDEPENDENT COMPENSATION CONSULTANT 3. COMPENSATION SURVEY/STUDY 4. APPROVAL BY THE BOARD AND COMPENSATION COMMITTEE A PORT AUTHORITY OF THE CITY OF SAINT PAUL 416665524 79308GAA5 2017-11-21 7395760 SEE PART VI 0 0 0 B PORT AUTHORITY OF THE CITY OF SAINT PAUL 416005524 79308GAB3 2017-11-22 5996385 SEE PART VI 0 0 0 C HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL MINNESOTA 521440935 85236DAQ1 2017-12-28 37535368 SEE PART VI 0 0 0 D HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL MINNESOTA 521440935 85236DBJ6 2017-12-28 7432234 SEE PART VI 0 0 0 A 7395760 673298 3750000 147915 2583091 241456 2019 1 0 1 1 B 5996385 558041 119928 5118294 200122 2019 0 0 1 1 C 515000 37535368 3570717 33449068 515583 2017 1 0 1 1 D 1920000 7432234 7380208 52026 2017 1 0 1 1 A 0 0 0 0 1 0 1 B 0 0 0 0 1 0 1 C 0 0 0 0 1 0 1 D 0 0 0 0 1 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 SCHEDULE K, PART I, DESCRIPTION OF PURPOSE OF BOND ISSUES: BONDS WERE ISSUED TO REFUND PRIOR BOND ISSUES. 2013A (501(C)(3)). BONDS WERE ISSUED TO REFUND PRIOR BOND ISSUES. 2013B (AMT). BONDS WERE ISSUED TO REFUND PRIOR BOND ISSUES. 2013C (501(C)(3)) AND OTHER PRIOR DEBT. SCHEDULE K, PART III, LINES 4-6: BOND ISSUES - CUSIP# 79303MAX7, 79303MBA6, 79303MBB4, 79303MBC2: DISTRICT ENERGY FUNDS SYSTEM EXPANSIONS THROUGH THE ISSUANCE OF 501(C)(3) TAX EXEMPT BONDS, EXEMPT FACILITY TAX EXEMPT BONDS, AND TAXABLE BONDS. FOR A PORTION OF THE DISTRIBUTION SYSTEM FUNDING, DISTRICT ENERGY ISSUES EXEMPT FACILITY, PRIVATE ACTIVITY TAX EXEMPT BONDS WHICH ARE USED IN PART TO FUND NON-GOVERNMENTAL USES. THESE PROJECT COSTS ARE ELIGIBLE FOR THE EXEMPT FACILITY, TAX EXEMPT BONDING AS PROVIDED IN IRC SECTION 142. A PORT AUTHORITY OF THE CITY OF SAINT PAUL 416005524 79308GAM9 2021-03-09 11130366 SEE PART VI 0 0 0 B PORT AUTHORITY OF THE CITY OF SAINT PAUL 416005524 79308GAN7 2021-03-09 4998705 SEE PART VI 0 0 0 C PORT AUTHORITY OF THE CITY OF SAINT PAUL 416005524 79308GAP2 2023-09-29 4867700 SEE PART VI 0 0 0 D PORT AUTHORITY OF THE CITY OF SAINT PAUL 416005524 79308GAQ0 2023-09-29 4923200 SEE PART VI 0 0 0 A 800000 11130366 923497 5095577 222607 4854087 34598 2024 1 1 1 1 B 4998705 487651 99974 4395033 16047 2023 0 0 1 1 C 4867700 489545 79854 816414 17500 3464387 0 0 1 1 D 4923200 489545 80964 1309043 17700 3025948 0 0 1 1 A 0 0 0 0 1 0 1 B 0 0 0 0 1 0 1 C 0 0 0 0 1 0 1 D 0 0 0 0 1 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 0 0 0 0 0 0 0 1 D 0 0 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 A PORT AUTHORITY OF THE CITY OF SAINT PAUL 416005524 79308GBC0 2024-11-05 16739425 SEE PART VI 0 0 0 A 16739425 1673943 289637 2507911 774591 11493343 0 0 1 1 A 0 0 0 0 1 0 1 A 0 0 0 0 0 0 0 0 1 A 1 FORM 990, PART VI, SECTION A, LINE 3 A RELATED ORGANIZATION, EVER-GREEN ENERGY, INC. PROVIDES MANAGEMENT SERVICES AND STAFF TO DISTRICT ENERGY ST. PAUL, INC. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED AS FOLLOWS: THREE MEMBERS ARE ELECTED BY CUSTOMERS OF DISTRICT ENERGY ST. PAUL, INC., THREE MEMBERS ARE APPOINTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF ST. PAUL, TWO MEMBERS ARE ELECTED BY THE OTHER SIX BOARD MEMBERS AND THE EX OFFICIO MEMBER IS THE DISTRICT ENERGY CEO. CUSTOMERS ARE DEFINED AS PERSONS EXECUTING A HOT WATER DELIVERY AGREEMENT AND/OR CHILLED WATER SERVICE AGREEMENT. FORM 990, PART VI, SECTION A, LINE 7B A RATE CHANGE IMPLEMENTED BY THE ORGANIZATION REQUIRES APPROVAL FROM THE CITY OF ST. PAUL. A CHANGE TO THE UNIFORM PROVISIONS REQUIRES APPROVAL OF THE ORGANIZATION'S CUSTOMERS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED BY AN OFFICER OF THE ORGANIZATION AND PROVIDED TO ALL BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE POLICY COVERS OFFICERS, DIRECTORS, AND OTHER KEY PERSONNEL. COVERED PERSONS AND THEIR IMMEDIATE FAMILY MEMBERS ARE REQUIRED TO DISCLOSE ANNUALLY INTERESTS THAT COULD GIVE RISE TO CONFLICTS, WHETHER FINANCIAL OR FIDUCIARY IN NATURE, ON FORMS PROVIDED BY EVER-GREEN ENERGY, INC. ANY MATTER OF QUESTION OR INTERPRETATION THAT ARISES RELATING TO CONFLICTS OF INTEREST SHOULD BE REFERRED TO THE OFFICE OF GENERAL COUNSEL WHO SHALL KEEP THE BOARD CHAIR AND PRESIDENT/CEO INFORMED. THE BOARD CHAIR SHALL REFER THE MATTER TO THE BOARD OF DIRECTORS FOR DECISION WHERE APPROPRIATE. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S OFFICERS ARE COMPENSATED FROM A RELATED ORGANIZATION, EVER-GREEN ENERGY, INC. EXECUTIVE COMPENSATION IS ESTABLISHED BY REVIEW OF COMPARABILITY DATA AND CONSIDERATION OF OTHER APPROPRIATE FACTORS SUCH AS THE AVAILABILITY OF SIMILAR SERVICES IN THE SAME GEOGRAPHIC AREA. THE BASIS FOR SUCH DECISIONS IS DOCUMENTED AT THE TIME THE DECISION IS MADE. ALL OFFICERS OF THE COMPANY UNDERWENT THIS PROCESS IN 2025. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART VII, SECTION A: THE OFFICERS/KEY EMPLOYEES/HIGHEST PAID EMPLOYEES OF DISTRICT ENERGY ST PAUL, INC. ALSO SERVED AS OFFICERS/KEY EMPLOYEES/HIGHEST PAID EMPLOYEES OF RELATED ORGANIZATIONS. THEIR AVERAGE HOURS PER WEEK AND COMPENSATION FROM EACH ORGANIZATION WERE AS FOLLOWS: HOURS/WEEK SALARY/BENEFITS KENNETH SMITH, FORMER PRESIDENT DISTRICT ENERGY ST PAUL, INC 35.90 HOURS/WK 748,465 /YR EVER-GREEN ENERGY, INC 5.60 HOURS/WK 275,153 /YR TOTAL 41.50 HOURS/WK 1,023,618 /YR ANDREW KASID, EXECUTIVE VICE PRESIDENT, CFO DISTRICT ENERGY ST PAUL, INC 28.20 HOURS/WK 306,218 /YR EVER-GREEN ENERGY, INC 19.60 HOURS/WK 367,858 /YR TOTAL 50.50 HOURS/WK 674,076 /YR MICHAEL AHERN, SENIOR VICE PRESIDENT DISTRICT ENERGY ST PAUL, INC 11.60 HOURS/WK 124,518 /YR EVER-GREEN ENERGY, INC 35.70 HOURS/WK 507,616 /YR TOTAL 47.30 HOURS/WK 632,134 /YR MICHAEL BURNS, SENIOR VICE PRESIDENT DISTRICT ENERGY ST PAUL, INC 10.90 HOURS/WK 125,785 /YR EVER-GREEN ENERGY, INC 32.80 HOURS/WK 502,228 /YR TOTAL 43.70 HOURS/WK 628,013 /YR MICHAEL AUGER, VP GENERAL COUNSEL DISTRICT ENERGY ST PAUL, INC 26.70 HOURS/WK 280,840 /YR EVER-GREEN ENERGY, INC 20.10 HOURS/WK 318,151 /YR TOTAL 46.30 HOURS/WK 598,991 /YR LUKE GAALSWYK, PRESIDENT, EVER-GREENE ENERGY DISTRICT ENERGY ST PAUL, INC 12.30 HOURS/WK 145,884 /YR EVER-GREEN ENERGY, INC 35.70 HOURS/WK 423,193 /YR TOTAL 48.00 HOURS/WK 569,077 /YR PAMELA SARNE, VICE PRESIDENT ACCOUNTING DISTRICT ENERGY ST PAUL, INC 22.60 HOURS/WK 169,089 /YR EVER-GREEN ENERGY, INC 28.30 HOURS/WK 314,532 /YR TOTAL 50.90 HOURS/WK 483,621 /YR KATHERINE VERHASSELT, VICE PRESIDENT OF HUMAN RESOURCES DISTRICT ENERGY ST PAUL, INC 24.90 HOURS/WK 182,689 /YR EVER-GREEN ENERGY, INC 23.40 HOURS/WK 259,445 /YR TOTAL 48.30 HOURS/WK 442,135 /YR STEPHEN RAMBECK, DIRECTOR OF BUSINESS DEVELOPMENT DISTRICT ENERGY ST PAUL, INC 34.10 HOURS/WK 189,089 /YR EVER-GREEN ENERGY, INC 9.90 HOURS/WK 54,614 /YR TOTAL 44.00 HOURS/WK 243,703 /YR CHRISTOPHER PETERSON, DIRECTOR OF PRODUCTION DISTRICT ENERGY ST PAUL, INC 40.80 HOURS/WK 233,063 /YR EVER-GREEN ENERGY, INC 2.90 HOURS/WK 16,371 /YR TOTAL 43.70 HOURS/WK 249,434 /YR NICK OELKE, SR ELECTRICAL ENGINEER DISTRICT ENERGY ST PAUL, INC 6.40 HOURS/WK 37,017 /YR EVER-GREEN ENERGY, INC 36.20 HOURS/WK 207,851 /YR TOTAL 42.60 HOURS/WK 244,869 /YR HEIDI CONRAD, CHAIR & OFFICER DISTRICT ENERGY ST PAUL, INC 1.00 HOURS/WK 0.00 /YR EVER-GREEN ENERGY, INC 1.00 HOURS/WK 15,500 /YR TOTAL 2.00 HOURS/WK 15,500 /YR FORM 990, PART XI, LINE 9: RETURN OF INVESTMENTS IN AFFILIATES -2,600,000. FORM 990, PART XII, LINE 2C: THE SELECTION AND OVERSIGHT PROCESS FOR THE AUDIT OF THE FINANCIAL STATEMENTS HAVE NOT CHANGED FROM PRIOR YEAR. DE SERVICES LLC 305 ST PETER STREET ST PAUL MN 55102 474769233 MANAGEMENT OF DISTRICT ENERGY SYSTEMS MN 14923102 15953548 DISTRICT ENERGY ST PAUL INC ENVIRONMENTAL WOOD SUPPLY LLC 305 ST PETER STREET ST PAUL MN 55102 411985749 SECURES BIOMASS FUEL SUPPLY MN 5670131 7332685 DISTRICT ENERGY ST PAUL INC ST PAUL COGENERATION LLC 305 ST PETER STREET ST PAUL MN 55102 411985700 PROVIDES RENEWABLE ENERGY MN 17546202 14310733 DISTRICT ENERGY ST PAUL INC DE ENERGY PARK LLC 305 ST PETER STREET ST PAUL MN 55102 873148965 MANAGEMENT OF DISTRICT ENERGY SYSTEMS MN 3262964 10961398 DISTRICT ENERGY ST PAUL INC CITY OF ST PAUL MINNESOTA 15 WEST KELLOGG BOULEVARD ST PAUL MN 55102 416005521 GOVERNMENT MN LINE 6 N/A 0 501(C)(3) 0 EVER-GREEN ENERGY INC 305 ST PETER STREET ST PAUL MN 55102 411938761 CONSULTING & MANAGEMENT SERVICES MN DE SERVICES LLC C 17310558 26436957 1.00000 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 EVER-GREEN ENERGY INC J 249468 FAIR MARKET VALUE EVER-GREEN ENERGY INC O 14913266 BOOK COST/VALUE EVER-GREEN ENERGY INC Q 74462 COST EVER-GREEN ENERGY INC P 881976 COST