2026-09-02T12:42:41-05:00 2025-12-31 410746749 CLIFTONLARSONALLEN LLP 2689 COMMERCE DRIVE NW SUITE 201 ROCHESTER MN 55901 990 2025-01-01 410558515 STEELE-WASECA COOPERATIVE ELECTRIC STEE 5074517340 2411 WEST BRIDGE STREET PO BOX 485 OWATONNA MN 55060 KELLY HOVEL GENERAL MANAGER 5074517340 2026-09-01 1 KATHERINE LUTZKE CPA P01760889 5072802300 2026-09-01 2025 KELLY HOVEL 2411 WEST BRIDGE STREET PO BOX 485 OWATONNA MN 55060 50968351 0 X WWW.SWCE.COOP X 1936 MN COOPERATIVE ELECTRIC UTILITY 9 9 32 0 37793 0 0 0 43353270 47388181 599630 465217 1078482 3114538 45031382 50967936 0 0 3208055 5700835 910345 971471 0 0 0 40912982 44295630 45031382 50967936 0 0 111468613 123264557 59790228 67300910 51678385 55963647 THE MISSION OF STEELE-WASECA COOPERATIVE ELECTRIC IS TO PROVIDE COMPETITIVE, RELIABLE QUALITY SERVICE TO OUR MEMBERSHIP. 0 0 SALE OF ELECTRICITY TO MEMBERS. 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 168 0 32 1 1 1 0 0 0 0 49292139 1301093 0 0 0 X 9 9 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 1 0 X JON P STELTER 5074517340 2411 WEST BRIDGE STREET PO BOX 485 OWATONNA MN 55060 RODNEY D KRELL PRESIDENT 8.00 X X 35465 0 0 PATRICK J DUCHENE VICE-PRES 8.00 X X 29905 0 0 SCOTT J CARLSON ACTING SEC/TREAS 8.00 X X 33605 0 0 RONALD D SOMMERS SEC/TREAS 8.00 X X 34250 0 0 JOHN R BEAL DIRECTOR 8.00 X 31495 0 0 NEIL R SCHLAAK DIRECTOR 8.00 X 32380 0 0 GERALDINE G LIENKE DIRECTOR 8.00 X 19877 0 0 DENNIS C RINGHOFER DIRECTOR 8.00 X 32055 0 0 GARY W WILSON DIRECTOR 8.00 X 21662 0 0 WESTON L WILSON DIRECTOR 8.00 X 14630 0 0 ANTON H SEYKORA DIRECTOR 8.00 X 15230 0 0 SYDNEY R BRIGGS GENERAL MANAGER 40.00 X 259650 0 89722 JON P STELTER FINANCE MANAGER 46.00 X 162064 0 159481 STEVE E NORDAHL SYSTEM TECHNICIAN 40.00 X 149444 0 69581 KEVIN A KJERSTEN LINE FOREMAN 45.00 X 140610 0 66507 DAN H MEIER OPERATIONS MANAGER 40.00 X 169275 0 89328 ADAM W DAVIS LINE FOREMAN 45.00 X 141253 0 54538 MATTHEW J ROHMAN LINE SUPERVISOR 45.00 X 140443 0 80782 1463293 0 609939 18 0 1 0 MIDWEST DIVERSIFIED UTILITIES LLC 1385 NW 36TH STREET OWATONNA MN 55060 UNDERGROUND LINE CONTRACTOR 939208 CARR'S TREE SERVICE INC PO BOX 250 OTTERTAIL MN 56571 TREE CLEARING 710937 NATIONAL INFORMATION SOLUTIONS COOP (NIS 3131 TECHNOLOGY DR NW MANDAN ND 58554 SOFTWARE PROVIDER 373825 POWER SYSTEM ENGINEERING INC 1532 W BROADWAY SUITE 100 MADISON WI 53713 ENGINEERING SERVICES 350660 EXO GROUP LLC 1735 HUGHES LANDING BLVD FL 3B THE WOODLANDS TX 77380 POLE TESTING 124941 6 SALE OF POWER 221000 47388181 47388181 47388181 465632 465632 415 -415 -415 -415 CAPITAL CREDITS 990009 3076745 3076745 ELECTRIC WIRING 221000 37793 37793 3114538 50967936 50464926 37793 465217 X 5700835 971471 1533879 4040031 COST OF POWER 32120753 DISTRIBUTION EXPENSE - 2039684 DISTRIBUTION EXPENSE - 1661421 ADMIN AND GENERAL EXPEN 1300380 1599482 50967936 5500430 6989722 5521523 6389092 613642 855096 2111690 2284785 606328 283518 115278692 40888852 70224972 74389840 26868691 31987214 21337 85290 111468613 123264557 6749942 8285145 41784083 47459048 11256203 11556717 59790228 67300910 X 0 0 0 0 51678385 55963647 51678385 55963647 111468613 123264557 X 0 4285262 X 0 1 X 1 0 648075 648075 3460866 1779426 1681440 4073670 2056912 2016758 107096081 37052514 70043567 74389840 CAPITAL CREDITS - GRE & CFC 21487621 C CAPITAL TERM CERTIFICATES - CFC 506943 C OTHER INVESTMENTS IN ASSOC ORGANIZATIONS 1112808 C OTHER INVESTMENTS 4879842 C OTHER INVESTMENTS - CFC MTN 4000000 C 31987214 DEFERRED CREDITS 6000416 ACCUM PROVISION FOR PENSION & BENEF 5556301 11556717 X 50926874 0 50926874 41062 41062 50967936 45226039 0 45226039 5741897 5741897 50967936 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 HAD NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2025 AND 2024. PART XI, LINE 4B - OTHER ADJUSTMENTS: WIRING EXPENSE 41,062. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE DIVIDENDS ALLOCATED 5,700,835. WIRING EXPENSE 41,062. X X 0 0 0 SYDNEY R BRIGGS GENERAL MANAGER 259650 0 0 0 0 0 66324 0 23398 0 349372 0 0 0 JON P STELTER FINANCE MANAGER 162064 0 0 0 0 0 123808 0 35673 0 321545 0 0 0 DAN H MEIER OPERATIONS MANAGER 169275 0 0 0 0 0 67299 0 22029 0 258603 0 0 0 MATTHEW J ROHMAN LINE SUPERVISOR 140443 0 0 0 0 0 45422 0 35360 0 221225 0 0 0 STEVE E NORDAHL SYSTEM TECHNICIAN 149444 0 0 0 0 0 47840 0 21741 0 219025 0 0 0 KEVIN A KJERSTEN LINE FOREMAN 140610 0 0 0 0 0 31449 0 35058 0 207117 0 0 0 ADAM W DAVIS LINE FOREMAN 141253 0 0 0 0 0 19547 0 34991 0 195791 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE COMPANY IS A MEMBER OWNED COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 7A AT THE ANNUAL MEETING 3 DIRECTORS ARE ELECTED ANNUALLY TO 3 YEAR TERMS. ALL MEMBERS CAN VOTE BY MAIL IN BALLOT ADMINISTERED BY A THIRD PARTY AND RESULTS ARE ANNOUNCED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD AND MANAGEMENT REVIEW FORM 990 BEFORE FILING WITH THE IRS FORM 990, PART VI, SECTION B, LINE 12C CORPORATE COUNCIL REVIEWS THE CONFLICT OF INTEREST POLICY AT THE ORGANIZATIONAL MEETING WITH THE ENTIRE BOARD OF DIRECTORS. ALL DIRECTORS, OFFICERS, AND EMPLOYEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY. ANY POTENTIAL CONFLICTS THAT ARISE ARE REVIEWED BY THE BOARD OF DIRECTORS, GENERAL MANAGER, AND LEGAL COUNSEL. IF CONFLICTS ARE DETERMINED TO EXIST, THE VIOLATION MAY RESULT IN A DISCIPLINARY HEARING WITH THE GENERAL MANAGER, AND POSSIBLE EXPULSION. THE ORGANIZATION DOCUMENTS ANY PROCEEDINGS DURING THE HEARING PROCESS. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, SECTION B, LINE 15A: THE BOARD OF DIRECTORS AS THE GOVERNING BODY & CORPORATE COUNCIL CONDUCT A PERFORMANCE AND COMPENSATION REVIEW OF THE GM. COMPENSATION WAS SET BY THE BOARD OF DIRECTORS BASED ON A PERFORMANCE REVIEW AND NATIONAL COMPENSATION SURVEYS. COMPENSATION FIGURES WERE PROVIDED TO THE FINANCE DEPARTMENT. FORM 990, PART VI, SECTION B, LINE 15B: COMPENSATION WAS SET BY THE GM BASED ON A NATIONAL COMPENSATION SURVEY. A VERBAL REVIEW WAS PROVIDED TO THE BOARD OF DIRECTORS AS THE GOVERNING BODY. COMPENSATION FIGURES WERE PROVIDED TO THE FINANCE DIVISION. THE PROCESSES DESCRIBED HERE WERE LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. 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 12 OF THE FORM 990 AND IN PART XII ON SCHEDULE D. FORM 990, PART XI, LINE 9: PATRONAGE DIVIDENDS ALLOCATED 5,700,835. CAPITAL CREDITS RETIRED -2,202,650. ESTATE SETTLEMENTS -92,381. NET GAIN ON AVAILABLE FOR SALE SECURITIES 399,183. OTHER EQUITY ADJUSTMENTS 480,275.