-
TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
Attach to Form 990 or 990-EZ.OMB No. 1545-0047
2010
Open to Public
Inspection
Inspection
Name of the organization
SOCORRO ELECTRIC COOPERATIVE INC
Employer identification number
85-0084968
85-0084968
| Identifier | Return Reference | Explanation |
|---|---|---|
| Form 990, Part VI, Section A, line 4 | THE FOLLOWING BYLAW CHANGES WERE MADE DURING THE 2010 TAX YEAR. FOR INFORMATIONAL PURPOSES ONLY, THESE BYLAW CHANGES WERE ALSO REPORTED ON THE 2009 FORM 990. ARTICLE III, SECTION 6, QUORUM AT ALL MEETINGS, WAS AMENDED TO READ 'THREE PER CENTUM OF THE TOTAL MEMBERSHIP SHALL CONSTITUTE A QUORUM'. ARTICLE III, SECTION 12, ACTION BY MEMBERS AT DISTRICT MEETINGS, WAS AMENDED TO ALLOW REVIEW OF ANY RESOLUTION SUBMITTED AND ADOPTED BY MEMBERS AT A DISTRICT MEETING TO BE REVIEWED AT THE NEXT SUCCEEDING ANNUAL MEMBERS' MEETING, OR SPECIAL MEETING OF MEMBERS, IF THE RESOLUTION SO PROVIDES. ARTICLE V, SECTION 1 (GENERAL POWERS) AND SECTION 2 (ELECTION AND TENURE OF OFFICE), WAS AMENDED TO REDUCE THE NUMBER OF BOARD TRUSTEES FROM ELEVEN TO FIVE TRUSTEES AND RESTRICTS ANY BOARD TRUSTEE FROM SERVING FOR MORE THAN TWO CONSECUTIVE TERMS. ARTICLE V, SECTION 7, COMPENSATION, WAS AMENDED TO RESTRICT EXPENSES INCURRED BY THE TRUSTEES, ON BEHALF OF A TRUSTEE, TO NOT EXCEED $10,000 PER YEAR, WITH THE EXCEPTION OF THE PRESIDENT OF THE BOARD OF TRUSTEES, FOR WHICH THE LIMIT IS $15,000 PER YEAR. ARTICLE V, SECTION 8, DIVISION INTO DISTRICTS, WAS AMENDED TO RE-ALIGN THE FIVE VOTING DISTRICTS OF THE COOPERATIVE BASED UPON, AS MUCH AS POSSIBLE, EQUAL MEMBER POPULATION. MEMBERS OF EACH DISTRICT SHALL ELECT ONE TRUSTEE. ARTICLE VI, SECTION 1, REGULAR MEETINGS, WAS AMENDED TO REQUIRE ONE REGULAR MEETING OF THE BOARD OF TRUSTEES. THE MONTHLY MEETING WOULD BE OPEN TO MEMBER/OWNERS AND REPRESENTATIVES OF THE PRESS WITH TIMELY NOTICE OF THE MEETING ADVERTISED IN MONTHLY BILL MAILINGS AND LOCAL NEWSPAPERS. A SECTION OF THE MEETING AGENDA SHALL BE RESERVED FOR MEMBER PARTICIPATION DURING WHICH MEMBER/OWNERS MAY ADDRESS THE BOARD WITHOUT PRIOR APPROVAL OF THE BOARD. ARTICLE VI, SECTION 5, WAS ADDED TO NOTE THE COOPERATIVE VOLUNTARILY AGREES TO ABIDE BY THE OPEN MEETINGS ACT AND INSPECTION OF PUBLIC RECORDS ACT. ARTICLE VIII, SECTION 2, WAS AMENDED TO REQUIRE THE COOPERATIVE TO NOTIFY MEMBERS OF THEIR PATRONAGE CAPITAL (CAPITAL CREDITS) ANNUALLY. ARTICLE VIII, SECTION 8, DONATIONS, WAS ADDED, RESTRICTING THE COOPERATIVE FROM DONATING TO ANY ADULT OR CIVIC ORGANIZATION. | |
| Form 990, Part VI, Section A, line 6 | THE COOPERATIVE WAS FORMED BY THE MEMBERS TO PROVIDE ELECTRIC SERVICE AT COST ON A COOPERATIVE BASIS. | |
| Form 990, Part VI, Section A, line 7a | THE MEMBERS OF THE COOPERATIVE VOTE ON THE BOARD OF TRUSTEES AND DO SO ON A VOTING DISTRICT BY VOTING DISTRICT BASIS. EACH MEMBER WITHIN THE VOTING DISTRICT IS ENTITLED TO ONE VOTE DURING ELECTIONS REGARDLESS OF THE VALUE OR QUANTITY OF COOPERATIVE SERVICES USED. | |
| Form 990, Part VI, Section A, line 7b | THE FOLLOWING ACTS REQUIRE APPROVAL OF THE MEMBERS OF THE COOPERATIVE. 1. DISSOLUTION/LIQUIDATION OF THE COOPERATIVE. 2. MERGER OR CONSOLIDATION OF THE COOPERATIVE WITH ANOTHER ORGANIZATION. 3. THE DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S ASSETS. 4. AMENDMENTS TO THE BY-LAWS AND ARTICLES OF INCORPORATION. | |
| Form 990, Part VI, Section B, line 11 | THE FORM 990 WAS REVIEWED AND DISCUSSED BY THE BOARD AT THE FIRST BOARD MEETING OCCURRING SUBSEQUENT TO THE DATE THE FORM 990 WAS FILED. | |
| Form 990, Part VI, Section B, line 12c | OFFICERS ARE REQUIRED TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE COOPERATIVE'S CONFLICT OF INTEREST POLICY. OFFICERS ARE REQUIRED TO DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY TO THE THE FULL BOARD OF TRUSTEES AS SOON AS POSSIBLE. ADDITIONALLY, THE BY-LAWS DISQUALIFY A TRUSTEE FROM SERVING ON THE BOARD, INCLUDING BUT NOT LIMITED TO, IF HE/SHE (1) IS EMPLOYED BY OR INVESTS IN A COMPETING BUSINESS, (2) IS AN ELECTED PUBLIC OFFICIAL AND (3) HAS A FAMILY RELATIONSHIP WITH ANOTHER TRUSTEE/OFFICER OR EMPLOYEE OF THE COOPERATIVE. | |
| Form 990, Part VI, Section C, line 19 | THE COOPERATIVE POSTS THE COOPERATIVE'S BY-LAWS AND SUMMARIZED COPIES OF CURRENT AND PRIOR YEARS' AUDITED FINANCIAL STATEMENTS ON THE COOPERATIVE'S WEBSITE. PURSUANT TO THE AMENDMENT TO ARTICLE VI, SECTION 5 AS ADOPTED BY THE MEMBERS IN APRIL 2010, THE COOPERATIVE VOLUNTARILY AGREES TO ABIDE BY THE REQUIREMENTS OF THE OPEN MEETING ACT AND THE INSPECTION OF PUBLIC RECORDS ACT. | |
| INDEPENDENT TRUSTEE | Form 990, Part VI, Line 1b | LEROY ANAYA PER IRS FORM 990 INSTRUCTIONS IS NOT AN INDEPENDENT TRUSTEE BECAUSE HE IS ON THE BOARD OF TRI-STATE G&T ASSOCIATION, INC, A TAXABLE COOPERATIVE. THE COOPERATIVE PURCHASES ITS ELECTRIC ENERGY FROM TRI-STATE AND THE COOPERATIVE IS A MEMBER OF TRI-STATE. AS SUCH, MR. ANAYA IS THE COOPERATIVE'S REPRESENTATIVE ON TRI-STATE'S BOARD. MR. ANAYA HAS NO OWNERSHIP INTEREST IN TRI-STATE AND RECEIVES NO DIRECT OR INDIRECT BENEFIT FROM THE COOPERATIVE DOING BUSINESS WITH TRI-STATE. |
| EXECUTIVE SESSION MINUTES | Form 990, Part VI, Line 8b | FROM TIME TO TIME THE ENTIRE BOARD WILL GO INTO EXECUTIVE SESSION FOR DISCUSSING ITEMS OF A SENSITIVE AND CONFIDENTIAL NATURE. WHEN THIS OCCURS MANAGEMENT AND OTHERS IN ATTENDANCE ARE REMOVED FROM THE MEETING ROOM. MINUTES OF SUCH SESSIONS ARE TYPICALLY TAKEN. ACTIONS TAKEN BY THE BOARD AFTER EXECUTIVE SESSIONS ARE ADJOURNED ARE FULLY DOCUMENTED IN THE WRITTEN MINUTES. |
| TO PROVIDE DETAIL REGARDING OFFICER'S OTHER COMPENSATION | Form 990, Part VII, Column F | IN ORDER TO PROVIDE RETIREMENT BENEFITS TO ITS EMPLOYEES, THE COOPERATIVE HAS ESTABLISHED A DEFINED CONTRIBUTION PLAN UNDER SECTION 401(K) OF THE INTERNAL REVENUE CODE. AS PART OF THE PLAN DOCUMENT, THE COOPERATIVE PROVIDES A MATCHING CONTRIBUTION UP TO 11% OF A PARTICIPATING EMPLOYEE'S SALARY. ADDITIONALLY, THE COOPERATIVE PARTICIPATES IN A MULTI-EMPLOYER DEFINED BENEFIT PLAN. CONTRIBUTIONS TO THIS PLAN ARE BASED ON 7% OF A PARTICIPATING EMPLOYEE'S SALARY BUT MAY NOT EXCEED THE FULL FUNDING LIMITATION OF SUCH PLAN. EMPLOYER CONTRIBUTIONS FOR BOTH PLANS ARE AVAILABLE TO PARTICIPATING EMPLOYEES, INCLUDING OFFICERS, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLANS. THE COOPERATIVE ALSO PROVIDES HEALTH, DENTAL, VISION AND LIFE INSURANCE TO ALL EMPLOYEES, INCLUDING OFFICERS, THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR THE OFFICER IS COMPRISED OF THE ACTUARIAL INCREASE IN THE DEFINED BENEFIT PLAN FOR THE OFFICER, THE TOTAL AMOUNT CONTRIBUTED TO THE 401(K) PENSION PLAN AND THE INSURANCE PREMIUMS PAID FOR THE BENEFIT OF THE OFFICER. IN ADDITION TO THE ABOVE PENSION PLANS, THE COOPERATIVE ALSO PROVIDES POST-RETIREMENT HEALTH INSURANCE BENEFITS THROUGH AN UNFUNDED WELFARE BENEFIT PLAN. THE PER PERSON VALUE OF THESE BENEFITS HAS NOT BEEN ESTIMATED. |
| GENERAL MANAGER RESPONSIBILITIES | Form 990, Part VII, Section A | THE BOARD OF TRUSTEES CONSIDERS THE GENERAL MANAGER TO BE BOTH THE TOP MANAGEMENT OFFICIAL AND THE TOP FINANCIAL OFFICIAL. THEREFORE, ONLY THE GENERAL MANAGER IS LISTED AS AN EMPLOYEE OFFICER. |
| PATRONAGE DIVIDENDS | Form 990, Part VIII, Line 2 | PATRONAGE DIVIDENDS RESULT FROM THE PURCHASE OF WHOLESALE POWER FROM A GENERATION & TRANSMISSION COOPERATIVE. PATRONAGE DIVIDENDS ALSO RESULT FROM THE PAYMENT OF INTEREST FROM COOPERATIVE BANKS AND THE PURCHASE OF SUPPLIES AND SERVICES FROM OTHER COOPERATIVE ORGANIZATIONS. THE EXPENSES ASSOCIATED WITH PURCHASES FROM AND PAYMENTS TO SUCH COOPERATIVE ORGANIZATIONS ARE A DIRECT COMPONENT OF COST OF THE ELECTRIC SERVICE PROVIDED BY THE COOPERATIVE TO ITS MEMBERS. |
| ACCOUNTING SYSTEM | Form 990, Part IX | THE ACCOUNTING RECORDS OF THE COOPERATIVE ARE MAINTAINED IN ACCORDANCE WITH THE UNIFORM SYSTEM OF ACCOUNTS AS PRESCRIBED BY THE FEDERAL ENERGY REGULATORY COMMISSION FOR CLASS A AND B ELECTRIC UTILITIES MODIFIED FOR ELECTRIC BORROWERS OF THE RURAL UTILITIES SERVICE(RUS). THE UNIFORM SYSTEM OF ACCOUNTING DOES NOT RECORD EXPENSES IN THE GENERAL EXPENSE CATEGORIES PROVIDED ON PART IX LINES 1 - 23. THE COOPERATIVE WILL BREAK OUT SALARIES AND WAGES, EMPLOYEE BENEFITS AND PAYROLL TAXES THAT ARE ALLOCATED IN ACCORDANCE WITH THEIR ACCOUNTING SYSTEM, BUT OTHER EXPENSES THAT ARE DESCRIBED IN LINES 1 - 23 WILL BE REPORTED ON LINE 24 UNDER THE EXPENSE CATEGORIES REQUIRED BY THE UNIFORM SYSTEM OF ACCOUNTS. |
| RECONCILIATION OF WAGES PER RETURN TO FORM W-3 | Form 990, Part IX, Lines 5-7 | SALARIES AND WAGES ARE ALLOCATED TO ASSET, LIABILITY, AND EXPENSE ACCOUNTS BASED ON THE ACCOUNTING SYSTEM DESCRIBED ABOVE. IN AN EFFORT TO EXPLAIN WHY THE AMOUNTS REPORTED ON LINES 5-7 DO NOT AGREE TO THE W-3 THE FOLLOWING RECONCILIATION IS PROVIDED. TOTAL PER LINES 5-7 $1,609,459 LESS DIRECTORS FEES REPORTED ON 1099-MISC (145,977) LESS OFFICERS BENEFITS REPORTED ON LINE 5 (42,939) PLUS SALARIES AND WAGES ALLOCATED TO ASSET ACCOUNTS 579,853 RECONCILIATION TO W-3 $2,000,396 |
| BREAKDOWN OF EXPENSES INCLUDED IN ADMINISTRATIVE AND GENERAL | Form 990, Part IX, Line 24 | THE FOLLOWING IS A BREAKDOWN OF THE EXPENSES REPORTED AS ADMINISTRATIVE AND GENERAL EXPENSE ON FORM 990, PART IX, LINE 24. MISCELLANEOUS GENERAL EXPENSE $296,620 OFFICE SUPPLIES AND EXPENSE 77,808 OUTSIDE SERVICES EMPLOYED 222,289 ASSOCIATION DUES 113,479 DIRECTOR EXPENSES 75,353 MAINTENANCE OF GENERAL PLANT 179,536 TOTAL ADMINISTRATIVE AND GENERAL EXPENSE PER 990 $965,085 |
| TO PROVIDE DETAIL REGARDING OTHER EXPENSES | Form 990, Part IX, Line 24f | THE FOLLOWING IS A BREAKDOWN OF THE EXPENSES REPORTED AS OTHER EXPENSES ON FORM 990, PART IX, LINE 24F. SALES EXPENSE $30,646 OTHER DEDUCTIONS 94,789 TRANSMISSION EXPENSE 965 TOTAL OTHER EXPENSES PER FORM 990 LINE 24F $126,400 |
| Changes in Net Assets or Fund Balances: | Form 990, Part XI, line 5: | OTHER COMPREHENSIVE INCOME- NET UNREALIZED GAINS ON INVESTMENTS 31,384. RETIREMENTS OF PATRONAGE CAPITAL -289,022. OTHER COMPREHENSIVE INCOME-PROVISION FOR PENSION AND BENEFITS 3,912. DEBT SERVICE COST OVERBILLING ADJUSTMENT -1,331,317. Total to Form 990, Part XI, Line 5: -1,585,043. |
| INDEPENDENT AUDIT AND AUDIT COMMITTEE | Form 990, Part XII, Lines 2B and 2C | AUDITED FINANCIAL STATEMENTS WERE PREPARED BY AN INDEPENDENT ACCOUNTANT FOR THE TWELVE MONTHS ENDED MARCH 31ST. THE TAX RETURN HAS BEEN AND CONTINUES TO BE PREPARED BASED ON A CALENDAR YEAR END OF DECEMBER 31. THE BOARD AS A WHOLE IS RESPONSIBLE FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT AND SELECTING THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2010
Additional Data
| Software ID: | |
| Software Version: |