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Nonprofiteer
← TODD WADENA ELECTRIC CO-OPERATIVE

Form 990 for tax year 2023

Filed by TODD WADENA ELECTRIC CO-OPERATIVE.

Totals

Total revenue
$23,052,133
Total expenses
$23,017,414
Contributions and grants received
$0
Grants paid
$24,009
Program service revenue
$22,025,688
Investment income
$91,697
Other revenue
$934,748
Total assets, end of year
$63,637,493
Total liabilities, end of year
$37,944,701
Net assets or fund balances, end of year
$25,692,792
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 $22,025,688 · related or exempt $22,025,688

  • 3 · Investment income

    total $91,697 · excluded $91,697

  • 10a · Gross sales of inventory

    $25,427

  • 10b · Cost of goods sold

    $20,029

  • 10c · Net income from sales of inventory

    total $5,398 · unrelated business $5,398

  • 11a · Other revenue: CAPITAL CREDITS

    total $889,056 · related or exempt $889,056

  • 11b · Other revenue: INCOME FROM STAR ENERGY

    total $40,294 · unrelated business $40,294

  • 11e · Other revenue, total

    $929,350

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,047

  • 2 · Grants to domestic individuals

    total $13,962

  • 4 · Benefits paid to or for members

    total $1,405,828

  • 5 · Compensation of officers, directors and key employees

    total $649,304

  • 20 · Interest

    total $1,037,194

  • 22 · Depreciation, depletion and amortization

    total $2,024,838

  • 24a · Other expenses: COST OF POWER

    total $12,915,840

  • 24b · Other expenses: DISTRIBUTION

    total $2,414,792

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $1,241,754

  • 24d · Other expenses: CUSTOMER SERVICE & INFO

    total $688,046

  • 24e · All other expenses

    total $615,809

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $726,702 · end of year $90,866

  • 2 · Savings and temporary cash investments

    beginning of year $2,147,790 · end of year $1,183,978

  • 4 · Accounts receivable

    beginning of year $2,175,484 · end of year $2,115,783

  • 8 · Inventories for sale or use

    beginning of year $1,187,474 · end of year $3,093,503

  • 9 · Prepaid expenses and deferred charges

    beginning of year $180,445 · end of year $169,457

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

    $71,179,941

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

    $25,228,688

  • 10c · Land, buildings and equipment, net

    beginning of year $45,156,058 · end of year $45,951,253

  • 12 · Investments: other securities

    beginning of year $692,177 · end of year $761,433

  • 13 · Investments: program-related

    beginning of year $9,771,126 · end of year $10,265,758

  • 15 · Other assets

    beginning of year $6,163 · end of year $5,462

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,663,344 · end of year $3,453,964

  • 19 · Deferred revenue

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

  • 21 · Escrow or custodial account liability

    beginning of year $1,985 · end of year $1,964

  • 23 · Secured mortgages and notes payable

    beginning of year $31,436,770 · end of year $32,807,765

  • 25 · Other liabilities

    beginning of year $975,974 · end of year $1,081,008

  • 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 $2,035,698 · end of year $2,167,766

  • 31 · Retained earnings, endowment or other funds

    beginning of year $23,329,648 · end of year $23,525,026

Mission and programs · 2023

Mission

SEE SCHEDULE O

Activities or mission (Part I)

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

  • TODD-WADENA ELECTRIC COOPERATIVE'S ENHANCED SERVICES FOR ITS 7,585 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 $10,050 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 2023, $35,600 WAS DISTRIBUTED TO 20 LOCAL SERVICE GROUPS THROUGH THIS PROGRAM.TODD-WADENA CONTINUES TO BE AN AVID SUPPORTER OF LOCAL YOUTH. IN 2023 TWEC UNDERWROTE $4,030 IN SUPPORT OF YOUTH SUCH AS SPONSORING 4H TSHIRTS, AND $3,930 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 2023 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 $10,490 IN SPONSORSHIPS AND EMPLOYEE TIME PROVIDED.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Miles Kuschel

    BOARD CHAIR

    Total calculated
    $18,360
    From this org
    $18,360
    From related orgs
    $0
    Other
    $0
    Hours/week
    14

  • Tom Brichacek

    VICE CHAIR

    Total calculated
    $13,225
    From this org
    $13,225
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Dale Adams

    TREASURER

    Total calculated
    $13,975
    From this org
    $13,975
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Kristine Spadgenske

    DIRECTOR

    Total calculated
    $13,075
    From this org
    $13,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Marie Katterhagen

    SECRETARY

    Total calculated
    $12,475
    From this org
    $12,475
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Gene Kern

    DIRECTOR

    Total calculated
    $12,775
    From this org
    $12,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • 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
    $326,548
    From this org
    $241,791
    From related orgs
    $0
    Other
    $84,757
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $234,202
    Bonus
    $0
    Other
    $7,589
    Deferred
    $55,540
    Nontaxable benefits
    $30,213
    Filer's total
    $327,544

  • Lisa Graba-Meech

    FINANCE MANAGER/CFO

    Total calculated
    $240,078
    From this org
    $150,533
    From related orgs
    $0
    Other
    $89,545
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $148,894
    Bonus
    $0
    Other
    $1,639
    Deferred
    $55,517
    Nontaxable benefits
    $34,672
    Filer's total
    $240,722

  • Tyler Fisher

    OPERATIONS MANAGER

    Total calculated
    $179,790
    From this org
    $134,493
    From related orgs
    $0
    Other
    $45,297
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $132,571
    Bonus
    $0
    Other
    $1,922
    Deferred
    $13,993
    Nontaxable benefits
    $31,740
    Filer's total
    $180,226

  • Jon Grenier

    CREW CHIEF

    Total calculated
    $171,605
    From this org
    $120,618
    From related orgs
    $0
    Other
    $50,987
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $120,126
    Bonus
    $0
    Other
    $492
    Deferred
    $22,996
    Nontaxable benefits
    $28,448
    Filer's total
    $172,062

  • Jason Orlando

    CREW CHIEF

    Total calculated
    $174,025
    From this org
    $117,636
    From related orgs
    $0
    Other
    $56,389
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $117,276
    Bonus
    $0
    Other
    $360
    Deferred
    $22,361
    Nontaxable benefits
    $34,485
    Filer's total
    $174,482

  • Jamie Line

    CREW CHIEF

    Total calculated
    $153,519
    From this org
    $125,079
    From related orgs
    $0
    Other
    $28,440
    Hours/week
    42.4

    Schedule J breakdown matched by us

    Base
    $124,789
    Bonus
    $0
    Other
    $290
    Deferred
    $14,663
    Nontaxable benefits
    $14,234
    Filer's total
    $153,976

  • Allison Frederickson

    MEMBER SERVICE MANAGER

    Total calculated
    $180,652
    From this org
    $140,376
    From related orgs
    $0
    Other
    $40,276
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $139,282
    Bonus
    $0
    Other
    $1,094
    Deferred
    $15,009
    Nontaxable benefits
    $25,856
    Filer's total
    $181,241

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
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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 4B
457(B) CONTRIBUTIONS: DAN CARLISLE - $20,555 457(B) EARNINGS: DAN CARLISLE - $4,338
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 INCREASES WERE: LISA GRABA-MEECH: $50,846 DAN CARLISLE - $21,003 JON GRENIER - $19,639 JAMIE LINE - $11,358 JASON ORLANDO - $19,053 ALLISON FREDERICKSON - $3,637 TYLER FISHER - $2,981 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: LISA GRABA-MEECH - $36,260 DAN CARLISLE - $21,017 JON GRENIER - $25,702 JAMIE LINE - $25,702 JASON ORLANDO - $25,702 ALLISON FREDERICKSON - $12,412 TYLER FISHER - $9,189
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
2023
Filed
4 November 2024
IRS schema version
2023v5.1
Source object
202423199349305652

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