Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: G & T Wholesale Electricity

  total $491,296,534 · related or exempt $491,296,534 · unrelated business $0 · excluded $0

• 2b · Program service revenue: SO2 Allowances

  total $12 · related or exempt $12 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $4,168,342 · related or exempt $0 · unrelated business $0 · excluded $4,168,342

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6a · Gross rents

  real property $11,940 · personal property $0

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $11,940 · personal property $0

• 6d · Net rental income or loss

  total $11,940 · related or exempt $11,940 · unrelated business $0 · excluded $0

• 7a · Gross sales of assets other than inventory

  securities $0 · other assets -$1,014,891

• 7b · Less cost or other basis and sales expenses

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $0 · other assets -$1,014,891

• 7d · Net gain or loss

  total -$1,014,891 · related or exempt -$1,014,891 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $19,136,682

• 5 · Compensation of officers, directors and key employees

  total $4,695,329

• 7 · Other salaries and wages

  total $48,877,438

• 8 · Pension plan contributions

  total $10,875,588

• 9 · Other employee benefits

  total $10,521,611

• 10 · Payroll taxes

  total $3,851,180

• 11b · Fees: legal

  total $497,823

• 11c · Fees: accounting

  total $354,988

• 11d · Fees: lobbying

  total $104,508

• 11g · Fees: other

  total $8,960,180

• 14 · Information technology

  total $6,072,479

• 16 · Occupancy

  total $2,351,337

• 17 · Travel

  total $1,369,563

• 19 · Conferences, conventions and meetings

  total $677,750

• 20 · Interest

  total $38,433,184

• 22 · Depreciation, depletion and amortization

  total $65,584,950

• 23 · Insurance

  total $4,857,604

• 24a · Other expenses: Distribution

  total $1,047,798

• 24b · Other expenses: Production

  total $236,251,072

• 24c · Other expenses: Transmission

  total $14,209,666

• 24d · Other expenses: Taxes

  total $10,045,421

• 24e · All other expenses

  total $535,182

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $25,849,057 · end of year $38,283,573

• 2 · Savings and temporary cash investments

  beginning of year $28,963 · end of year $1,796

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $44,966,977 · end of year $41,474,242

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $46,477,827 · end of year $75,258,289

• 9 · Prepaid expenses and deferred charges

  beginning of year $30,429,770 · end of year $46,535,381

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

  $2,261,679,146

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

  $957,470,766

• 10c · Land, buildings and equipment, net

  beginning of year $1,291,518,623 · end of year $1,304,208,380

• 12 · Investments: other securities

  beginning of year $4,127,288 · end of year $6,460,038

• 13 · Investments: program-related

  beginning of year $16,058,762 · end of year $15,416,949

• 14 · Intangible assets

  beginning of year $27,568,071 · end of year $22,607,169

• 15 · Other assets

  beginning of year $40,938,520 · end of year $35,057,905

• 17 · Accounts payable and accrued expenses

  beginning of year $112,567,296 · end of year $129,728,687

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $1,003,444,889 · end of year $939,826,544

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $54,518,953 · end of year $138,742,423

• 29 · Capital stock, trust principal or current funds

  beginning of year $620 · end of year $640

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

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $357,432,100 · end of year $377,005,428

The filer's explanations (Part III)

Schedule J, Part I, Line 1a

Dairyland Power Cooperative offers reimbursements to employees under a Wellness Program Plan. The Wellness Program Plan includes up to $150 towards each component for the calendar year for the cost of membership to the local YMCA or other selected Fitness Centers/Memberships, the cost of approved Weight Loss Program and the cost of an approved smoking cessation program. For 2023, the value of the Fitness Center Reimbursement was included in the reportable compensation for the following Key Employees and Highest Compensation Employees: Brent Ridge, April Wehling, Benjamin Porath, Amanda Hoefling, John Young, Jeremy Browning, Nathanial Melby, Kathleen Galioto, Brian Treadway and Elizabeth Ressie. Dairyland Power Cooperative also reimburses members of the Executive Team for costs incurred for executive physicals not covered by insurance. For 2023, the grossed-up value of the executive physical reimbursement was included in the reportable compensation for the following Key Employees: Brent Ridge, April Wehling, Benjamin Porath, Jeremy Browning, and Brad Smalldridge.

Schedule J, Part I, Line 3

CEO, Brent Ridge's compensation is established by review of his employment contract and information provided by the Manager of Total Rewards to the Board's Governance Committee. This information included data from surveys of other Generation and Transmission Cooperatives. The compensation recommendation of the Board's Governance Committee was presented to the full Board for vote as part of an executive session (only Board Members, outside legal counsel and Board recording secretary).

Schedule J, Part I, Line 4

A pension True-Up Program was established for Brent Ridge, President and CEO; Philip Moilien, Executive Vice President and Chief Financial Officer; Benjamin Porath, Executive Vice President and Chief Operating Officer; and Amanda Hoefling, Executive Vice President and Chief Administrative Officer. This program was the result of calculations performed by outside consultants to establish an equitable amount of compensation due to maximum employer contribution limits to a defined benefit pension program. For 2023 Mr. Porath received quarterly payments totaling $21,209; and Ms. Hoefling received quarterly payments totaling $7,631. Mr. Moilien retired July 2023 and received $138,456.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• Genoa FuelTech Inc

  C · Investment Holding Corp · WI · 100% owned

• Charge EV LLC

  C · Electric vehicle infrastructure initiatives · WI · 12.2% owned