2026-09-01T16:18:25-05:00 2025-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2025-01-01 410411772 MILLE LACS ENERGY COOPERATIVE MILL 2189272191 23483 US HIGHWAY 169 AITKIN MN 56431 ANTHONY LENZ CEO 2189272191 2026-08-31 1 KATHERINE LUTZKE CPA P01760889 5072802300 2026-08-31 2025 ANTHONY LENZ 23483 US HIGHWAY 169 AITKIN MN 56431 37552671 0 X WWW.MLECMN.NET X 1939 MN PROVIDES ELECTRIC DISTRIBUTION SERVICE TO 13,742 MEMBERS OF THE COOPERATIVE. 7 7 52 0 122410 40141 0 0 31824962 33853448 458653 1102229 61985 2267085 32345600 37222762 0 0 2171324 3793540 5738527 584547 0 0 0 23722434 31329178 31632285 35707265 713315 1515497 107520331 110138495 70339443 68463853 37180888 41674642 IT IS OUR MISSION TO RESPONSIBLY PROVIDE RELIABLE, COMPETITEVELY PRICED ENERGY, SERVICES AND PRODUCTS TO MEET THE NEEDS OF OUR MEMBERS AND CUSTOMERS. 0 0 PROVIDED ELECTRIC DISTRIBUTION SERVICE TO 13,742 MEMBERS OF THE COOPERATIVE AND BUILD/MAINTAIN 2,031 MILES OF LINE IN 2025. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 0 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 0 0 1 176 0 1 52 1 1 1 0 0 0 0 35024783 2533729 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X MARK VOSACEK 2189272191 23483 US HIGHWAY 169 AITKIN MN 56431 HAROLD HARMS PRESIDENT 4.80 0.00 X X 18320 0 0 MICHAEL REEM VICE PRESIDENT 6.30 0.00 X X 15855 0 0 AILEEN DEMENGE SECRETARY/TREASURER 4.50 0.00 X X 14920 0 0 BRUCE ROBINSON ASSIST SECRETARY/TREASURER 6.50 0.00 X X 16290 0 0 MARK ANDERSON DIRECTOR 4.00 0.00 X 14710 0 0 CAROL PUNDT DIRECTOR 4.80 0.00 X 14575 0 0 PATRICK MURPHY DIRECTOR 5.10 0.00 X 18065 0 0 SARAH CRON CEO 40.00 0.00 X 259431 0 54479 MARK VOSACEK ACCOUNTING & FINANCE MGR 40.00 0.00 X 119204 0 38698 CALVIN SEGUIN LINEMAN 48.00 0.00 X 154551 0 39772 CORY BRIX OPERATIONS MANAGER 40.00 0.00 X 142872 0 28743 TANNER CLASEN LINEMAN 45.90 0.00 X 136634 0 28410 MARY WARD HR MANAGER 40.00 0.00 X 139041 0 29373 JAY EIDE LINEMAN 45.40 0.00 X 145920 0 17782 1210388 0 237257 20 0 1 0 ELITE UNDERGROUND INC 10719 TAMARACK LAKE RD BRAINERD MN 56401 CONSTRUCTION OF FIBER OPTIC MAIN LINE AN 1663653 COMMERCIAL PARTNERS TITLE DIVISION 200 SOUTH 6TH ST SUITE 1300 MINNEAPOLIS MN 55402 DISBURSEMENT OF HEADQUARTER CONSTRUCTION 749455 LAKE STATES CONSTRUCTION LLC 25172 COMMCIAL DRIVE GRAND RAPIDS MN 55744 CONSTRUCTION OF ELECTRIC LINES 660599 RIGGS TREE SERVICE LLC PO BOX 453225 GROVE OK 74345 RIGHT OF WAY TREE AND VEGETATION CLEARIN 557489 COOPERATIVE NETWORK SERVICES LLC 14 MAIN STREET SW BOX J MENAHGA MN 56464 BROADBAND ENGINEERING 420654 9 ELECTRIC SALES 221000 33541898 33541898 OTHER SALES 221000 311550 311550 33853448 443140 443140 988998 329909 659089 659089 659089 CAPITAL CREDITS 523000 2140168 2140168 FIBER & SATELLITE 517000 82523 89823 -7300 GENERATORS 900099 33882 32587 1295 10512 10512 2267085 37222762 35993616 122410 1106736 3793540 584547 1735545 2932508 COST OF POWER 19301854 DISTRB - MAINT 2897529 ADMINISTRATIVE AND GENE 1694727 DISTRB - OPS 1382850 1384165 35707265 1222314 7855 4395392 3641778 4408809 3582269 0 1843603 1490174 426388 180945 117588363 35231220 77522887 82357143 16087119 17829007 1613819 1049324 107520331 110138495 5643108 6805827 1721785 1148778 6657 6834 61646736 59460303 1321157 1042111 70339443 68463853 X 0 0 0 0 37180888 41674642 37180888 41674642 107520331 110138495 X 1515497 2978257 X 0 1 X 1 0 0 1 X 252244 252244 16952158 688537 16263621 14463744 3816704 10647040 85920217 30725979 55194238 82357143 CAPITAL CREDITS TO OTHER ORGANIZATIONS 16198530 C MEMBERSHIP FEES 1125 C CFC CAPITAL CERTIFICATES 950897 C MN RURAL ELECTRIC TRUST 62634 C ECONOMIC DEVELPMENT PROJECTS 605821 C COOPERATIVE RESPONSE CENTER 10000 C 17829007 UNCLAIMED PROPERTY 266773 CUSTOMER ENERGY PREPAYMENTS 198145 CUSTOMER DEPOSITS 295809 INSTALLATION COSTS ON METERS 276978 OPERATING LEASE 4406 1042111 X 37222762 0 37222762 0 37222762 31913725 0 31913725 3793540 3793540 35707265 PART IV, LINE 2B: THE MEMBERS OF THE COOPERATIVE CAN ELECT TO ROUND UP THEIR MONTHLY ELECTRIC BILL TO THE NEXT DOLLAR. THESE FUNDS COLLECTED FROM THE MEMBERSHIP ARE HELD IN A COOPERATIVE ACCOUNT UNTIL THEY ARE RELEASED TO THE MILLE LACS ENERGY COMMUNITY TRUST. THESE FUNDS ARE TRANSFERRED DIRECTLY TO THE MILLE LACS ENERGY COMMUNITY TRUST ON A MONTHLY BASIS. FUNDS THAT EXIST AT THE END OF YEAR ARE A RESULT OF A TIMING DIFFERENCE IN THE RECEIPT OF THE FUNDS AND THE RELEASE OF THEM TO THE MILLE LACS ENERGY PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE (IRC). ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED AT DECEMBER 31, 2025 AND 2024. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2025 AND 2024. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE DIVIDENDS ALLOCATED 3,793,540. X X X X 0 0 0 SARAH CRON CEO 231542 0 24011 0 3878 0 29053 0 25426 0 313910 0 0 0 CALVIN SEGUIN LINEMAN 152324 0 0 0 2227 0 17514 0 22258 0 194323 0 0 0 CORY BRIX OPERATIONS MANAGER 142872 0 0 0 0 0 15791 0 12952 0 171615 0 0 0 MARY WARD HR MANAGER 139041 0 0 0 0 0 15590 0 13783 0 168414 0 0 0 TANNER CLASEN LINEMAN 136634 0 0 0 0 0 15254 0 13156 0 165044 0 0 0 JAY EIDE LINEMAN 145920 0 0 0 0 0 15903 0 1879 0 163702 0 0 0 MARK VOSACEK ACCOUNTING & FINANCE MGR 119204 0 0 0 0 0 13860 0 24838 0 157902 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS CAN APPOINT AN EXECUTIVE COMMITTEE CONSISTING OF AT LEAST THREE DIRECTORS, ONE OF WHICH MUST BE THE PRESIDENT. THE COMMITTEE WILL ONLY HAVE THE POWERS AND DUTIES AS THE BOARD OF DIRECTORS MAYDELEGATE. OTHER COMMITTEES THAT ARE ABLE TO MAKE DECISIONS ON BEHALF OF THE BOARD OF DIRECTORS AS LONG AS IT DOES NOT CHANGE A POLICY ARE AS FOLLOWS: INVESTMENT COMMITTEE AND SAFETY COMMITTEE. THE CEO SERVES ON THESE COMMITTEES AND HAS THE ABILITY TO OVERRIDE DECISIONS. FORM 990, PART VI, SECTION A, LINE 6 THERE IS ONLY ONE CLASS OF MEMBERS. A MEMBER IS ANY PERSON OR ENTITY THAT TAKES DELIVERY OF ELECTRIC ENERGY FROM THE COOPERATIVE. EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS HAVE THE RIGHT TO VOTE ON THE REMOVAL OF ANY DIRECTOR OR OFFICER. DURING THE MEETING OF THE REMOVAL, THE MEMBERS MAY ALSO VOTE TO FILL THE POSITION. THE GOVERNING BOARD HAS THE AUTHORIZATION TO FILL OTHER VACANCIES UNTIL THE NEXT ANNUAL MEETING. THE MEMBERS VOTE ON NEW BOARD MEMBERS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B AMENDMENTS OF THE ARTICLES OF INCORPORATION AND BYLAWS, AS WELL AS THE SALE OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S PROPERTY, REQUIRE A TWO-THIRDS VOTE TO BE AMENDED. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT COPY OF THE 990 WAS PROVIDED TO EACH BOARD MEMBER. THE FORM 990 WAS ALSO REVIEWED BY THE FINANCE MANAGER WITH THE BOARD AT A BOARD MEETING PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY BY ALL EMPLOYEES AND BOARD MEMBERS. THE CEO AND BOARD PRESIDENT REVIEW THE ANNUAL DISCLOSURES OR POTENTIAL CONFLICTS AND DETERMINES IF ONE EXISTS. THE INDIVIDUAL WITH THE POTENTIAL CONFLICT IS REQUESTED TO RECUSE THEMSELVES FROM VOTING ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15A ANNUALLY, THE WAGE AND SALARY PLAN USED FOR ALL OF THE NON-UNION EMPLOYEES, INCLUDING THE MANAGEMENT TEAM, IS BASED ON SURVEY DATA PROVIDED BY NRECA FOR SIMILAR POSITIONS OF OTHER RURAL ELECTRIC COOPERATIVES IN THE U.S., AS WELL AS AN OUTSIDE CONSULTANT. THE PROCESS USED HAS BEEN APPROVED BY THE BOARD AND IS DOCUMENTED IN THE BOARD MINUTES. THE CEO USES COMPARABILITY DATA USING THE NRECA SURVEY AND INDEPENDENT CONSULTANT FOR THE COMPENSATION OF OTHER OFFICERS. THERE ARE NO KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 MILLE LACS ENERGY COOPERATIVE PUBLISHES ITS ARTICLES OF INCORPORATION ON ITS WEBSITE AND SENT TO ANY MEMBERS WHO REQUEST A PAPER COPY. THE ANNUAL REPORT, WHICH CONTAINS FINANCIAL STATEMENTS, IS ALSO SENT TO THE MEMBERSHIP, GIVEN OUT AT THE ANNUAL MEETING, IS AVAILABLE IN THE LOBBY, AND POSTED ON OUR WEBSITE. THE BYLAWS ARE AVAILABLE ON THE WEBSITE AND BY REQUEST. THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIALS ARE ALSO AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: PATRONAGE DIVIDENDS ALLOCATED 3,793,540. RETIREMENT OF CAPITAL CREDITS -822,432. OTHER CHANGES TO EQUITY 7,149. 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 13 OF THE FORM 990 AND IN PART XII ON SCHEDULE D. MILLE LACS ENERGY COMMUNITY TRUST 23483 US HIGHWAY 169 AITKIN MN 56431 411902846 COMMUNITY TRUST MN 501(C)(3) LINE 7 MILLE LACS ENERGY COOPERATIVE 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0