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Nonprofiteer
← TODD WADENA ELECTRIC CO-OPERATIVE

Form 990 for tax year 2022

Filed by TODD WADENA ELECTRIC CO-OPERATIVE.

Totals

Total revenue
$22,509,338
Total expenses
$22,592,159
Contributions and grants received
$0
Grants paid
$23,906
Program service revenue
$22,028,170
Investment income
$69,277
Other revenue
$411,891
Total assets, end of year
$62,043,419
Total liabilities, end of year
$36,678,073
Net assets or fund balances, end of year
$25,365,346
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SALE OF ELECTRICITY

    total $22,028,170 · related or exempt $22,028,170

  • 3 · Investment income

    total $69,277 · excluded $69,277

  • 10a · Gross sales of inventory

    $15,456

  • 10b · Cost of goods sold

    $13,866

  • 10c · Net income from sales of inventory

    total $1,590 · unrelated business $1,590

  • 11a · Other revenue: CAPITAL CREDITS

    total $389,396 · related or exempt $389,396

  • 11b · Other revenue: INCOME FROM STAR ENERGY

    total $20,905 · unrelated business $20,905

  • 11e · Other revenue, total

    $410,301

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $9,506

  • 2 · Grants to domestic individuals

    total $14,400

  • 4 · Benefits paid to or for members

    total $1,032,854

  • 5 · Compensation of officers, directors and key employees

    total $592,116

  • 20 · Interest

    total $964,836

  • 22 · Depreciation, depletion and amortization

    total $1,906,217

  • 24a · Other expenses: COST OF POWER

    total $13,219,573

  • 24b · Other expenses: DISTRIBUTION

    total $2,486,160

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $1,133,170

  • 24d · Other expenses: CUSTOMER SERVICE & INFO

    total $681,767

  • 24e · All other expenses

    total $551,560

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $498,549 · end of year $726,702

  • 2 · Savings and temporary cash investments

    beginning of year $2,039,620 · end of year $2,147,790

  • 4 · Accounts receivable

    beginning of year $2,036,544 · end of year $2,175,484

  • 8 · Inventories for sale or use

    beginning of year $806,617 · end of year $1,187,474

  • 9 · Prepaid expenses and deferred charges

    beginning of year $281,720 · end of year $180,445

  • 10a · Land, buildings and equipment: cost or other basis

    $68,823,957

  • 10b · Land, buildings and equipment: accumulated depreciation

    $23,667,899

  • 10c · Land, buildings and equipment, net

    beginning of year $43,141,019 · end of year $45,156,058

  • 12 · Investments: other securities

    beginning of year $588,393 · end of year $692,177

  • 13 · Investments: program-related

    beginning of year $9,975,189 · end of year $9,771,126

  • 15 · Other assets

    beginning of year $5,463 · end of year $6,163

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,450,829 · end of year $3,663,344

  • 19 · Deferred revenue

    beginning of year $1,000,000 · end of year $600,000

  • 21 · Escrow or custodial account liability

    beginning of year $2,025 · end of year $1,985

  • 23 · Secured mortgages and notes payable

    beginning of year $28,478,660 · end of year $31,436,770

  • 25 · Other liabilities

    beginning of year $1,074,674 · end of year $975,974

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $1,895,738 · end of year $2,035,698

  • 31 · Retained earnings, endowment or other funds

    beginning of year $23,471,188 · end of year $23,329,648

Mission and programs · 2022

Mission

TODD-WADENA ELECTRIC COOPERATIVE'S VISION IS TO BE OF GREAT VALUE TO OUR MEMBERS. OUR MISSION IS TO RESPONSIBLY PROVIDE UTILITY SERVICES TO OUR MEMBERS. OUR VALUES ARE MEMBERS, SAFETY, COMMUNICATION, EMPLOYEES, SERVICE, AND EQUITY SHARING.

Activities or mission (Part I)

TO PROVIDE RELIABLE, SAFE AND AFFORDABLE ELECTRICITY TO OUR MEMBERS.

  • TODD-WADENA ELECTRIC COOPERATIVE'S ENHANCED SERVICES FOR ITS 7,503 MEMBERS INCLUDE ENERGY CONSERVATION AND EFFICIENCY GRANTS, REBATES, FREE CONSULTATIONS, AN ENERGY ANALYSIS SERVICE AND STAND ALONE GENERATORS. WE ALSO OFFER A RENEWABLE WIND ENERGY OPTION, SAFETY EDUCATION, A LOAN PROGRAM, MULTIPLE PAYMENT OPTIONS, A MONTHLY NEWSLETTER AND AN INTERACTIVE WEBSITE.ABOUT $9,505 WAS DONATED TO VARIOUS COMMUNITY GROUPS AND ORGANIZATIONS, INCLUDING SCHOOLS, COMMUNITY ACTION, FIRE DEPARTMENTS, CITY FESTIVALS, AND THE LIKE. IN ADDITION, TODD-WADENA'S MEMBERS CONTINUED TO CONTRIBUTE 100% OF THE FUNDING OF ITS 'OPERATION ROUND UP' PROGRAM, A 501(C)(3) PROGRAM THAT FUNDS PROJECTS UNDERTAKEN BY LOCAL COMMUNITY ORGANIZATIONS. OVERSEEN BY AN INDEPENDENT BOARD OF DIRECTORS, RECIPIENT ORGANIZATIONS INCLUDE FOOD SHELVES, SCHOOL GROUPS, CIVIC GROUPS, SENIOR CENTERS, HISTORICAL SOCIETIES, FIRE AND RESCUE DEPARTMENTS AND THE LIKE. IN 2022, $26,000 WAS DISTRIBUTED TO 14 LOCAL SERVICE GROUPS THROUGH THIS PROGRAM.TODD-WADENA CONTINUES TO BE AN AVID SUPPORTER OF LOCAL YOUTH. IN 2022 TWEC UNDERWROTE $5,600 IN SUPPORT OF YOUTH SUCH AS SPONSORING 4H TSHIRTS, AND $2,800 FOR SUPPORTING A YOUTH REPRESENTATIVE ON THE NRECA YOUTH TOUR TO WASHINGTON DC, WHERE THEY MET LEGISLATORS AND LEARNED ABOUT GOVERNMENT AND THE COOPERATIVE BUSINESS MODEL. IN 2022 TODD-WADENA SUPPORTED EDUCATION THROUGH UNCASHED CAPITAL CREDITS CHECKS PAYING OUT $6,000.TODD-WADENA SUPPORTS THE COMMUNITIES THEY SERVE THROUGH THEIR COMMITMENT TO COMMUNITY PROGRAMS. THERE WAS $10,450 IN SPONSORSHIPS AND EMPLOYEE TIME PROVIDED.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Miles Kuschel

    BOARD CHAIR

    Total calculated
    $17,250
    From this org
    $17,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Tom Brichacek

    VICE CHAIR

    Total calculated
    $13,375
    From this org
    $13,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Dale Adams

    TREASURER

    Total calculated
    $12,475
    From this org
    $12,475
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Kristine Spadgenske

    DIRECTOR

    Total calculated
    $13,525
    From this org
    $13,525
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Marie Katterhagen

    SECRETARY

    Total calculated
    $13,075
    From this org
    $13,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Gene Kern

    DIRECTOR

    Total calculated
    $12,325
    From this org
    $12,325
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Michael Thorson

    DIRECTOR

    Total calculated
    $11,725
    From this org
    $11,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Dan Carlisle

    PRESIDENT/CEO

    Total calculated
    $300,130
    From this org
    $228,690
    From related orgs
    $0
    Other
    $71,440
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $218,814
    Bonus
    $0
    Other
    $9,876
    Deferred
    $43,273
    Nontaxable benefits
    $29,046
    Filer's total
    $301,009

  • Lisa Graba-Meech

    FINANCE MANAGER/CFO

    Total calculated
    $243,972
    From this org
    $141,470
    From related orgs
    $0
    Other
    $102,502
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $140,540
    Bonus
    $0
    Other
    $930
    Deferred
    $69,312
    Nontaxable benefits
    $33,777
    Filer's total
    $244,559

  • Todd Miller

    OPERATIONS MANAGER

    Total calculated
    $314,506
    From this org
    $177,091
    From related orgs
    $0
    Other
    $137,415
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,938
    Bonus
    $0
    Other
    $40,153
    Deferred
    $112,244
    Nontaxable benefits
    $25,588
    Filer's total
    $314,923

  • Jon Grenier

    CREW CHIEF

    Total calculated
    $199,917
    From this org
    $139,761
    From related orgs
    $0
    Other
    $60,156
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $138,961
    Bonus
    $0
    Other
    $800
    Deferred
    $33,215
    Nontaxable benefits
    $27,357
    Filer's total
    $200,333

  • Jason Orlando

    CREW CHIEF

    Total calculated
    $189,908
    From this org
    $122,978
    From related orgs
    $0
    Other
    $66,930
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $122,766
    Bonus
    $0
    Other
    $212
    Deferred
    $34,339
    Nontaxable benefits
    $33,007
    Filer's total
    $190,324

  • Jamie Line

    CREW CHIEF

    Total calculated
    $158,185
    From this org
    $118,479
    From related orgs
    $0
    Other
    $39,706
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $118,186
    Bonus
    $0
    Other
    $293
    Deferred
    $26,286
    Nontaxable benefits
    $13,836
    Filer's total
    $158,601

  • Allison Frederickson

    MEMBER SERVICE MANAGER

    Total calculated
    $167,493
    From this org
    $132,494
    From related orgs
    $0
    Other
    $34,999
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $132,001
    Bonus
    $0
    Other
    $493
    Deferred
    $17,841
    Nontaxable benefits
    $17,688
    Filer's total
    $168,023

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
TRAVEL FOR THE SPOUSE OF THE CEO IS ALLOWED FOR TWO MEETINGS DURING THE YEAR. THE AMOUNT PAID FOR THE TRAVEL IS INCLUDED IN THE CEO'S W-2. THE BOARD OF DIRECTORS BELIEVES IT IS GOOD PRACTICE FOR SPOUSES TO ATTEND MEETINGS TO GAIN KNOWLEDGE REGARDING THE COOPERATIVE. ALL OTHER SPOUSES MUST PAY THEIR OWN WAY. SOCIAL CLUB DUES ARE REIMBURSED FOR STAFF WHO ATTEND APPROVED ORGANIZATIONS. CLUBS SUCH AS ROTARY AND LIONS PROVIDE SUPPORT FOR COMMUNITIES WHICH IS ONE OF THE CORE VALUES OF A COOPERATIVE. RECEIPTS MUST BE TURNED IN FOR SOCIAL CLUB DUES AND EXPENSES.
PART I, LINE 4A
SEVERANCE PAYMENT: TODD MILLER - $35,585
PART II, COLUMN (C):
INCLUDED IN COLUMN (C), DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THE ESTIMATED INCREASE FOR LISA GRABA-MEECH, DAN CARLISLE, JON GRENIER, JAMIE LINE, JASON ORLANDO, ALLISON FREDERICKSON, AND TODD MILLER, WAS $64,863, $25,367, $29,779, $23,133, $31,046, $7,084 AND $108,112, RESPECTIVELY. THIS AMOUNT IS AN ESTIMATE IN THE INCREASE OF THE VALUE OF THE PLAN AND IS NOT A CURRENT YEAR EXPENSE OF THE COOPERATIVE. THE CURRENT YEAR EXPENSE FOR THIS DEFINED BENEFIT PLAN WAS $28,079 FOR LISA GRABA-MEECH, $14,952 FOR DAN CARLISLE, $19,897 FOR JON GRENIER, $19,897 FOR JAMIE LINE, $19,897 FOR JASON ORLANDO, $8,972 FOR ALLISON FREDERICKSON AND $19,905 FOR TODD MILLER.
PART II, OFFICER COMPENSATION:
THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE ONE VALUE FOR PARTICIPANTS WITH AN EMPLOYMENT DATE BEFORE 12/31/10 AND ANOTHER VALUE FOR THOSE WITH AN INITIAL EMPLOYMENT DATE AFTER 12/31/10. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH YEARS OF SERVICE AND YEARS TO RETIREMENT. IN OTHER WORDS, THE CLOSER TO RETIREMENT A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • TODD-WADENA ELECTRIC COMMUNITY TRUST

    501(C)(3) · PROVIDES A FUNDING SOURCE FOR OTHER NON-PROFIT ORGANIZATIONS · MN · controlled entity

    Directly controlled by TODD-WADENA ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2022
Filed
31 October 2023
IRS schema version
2022v5.0
Source object
202333109349300048

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