TY 2021 Form 990

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)
(1) ALAN HUNNICUTT...................................................................... CHAIRMAN	10.00 .................	X	X		32,002	0	44
(2) CARLA HATHORN...................................................................... VICE CHAIRMAN	6.80 .................	X	X		33,050	0	41
(3) WINFRED PRIER...................................................................... SECRETARY/TREASURER	2.10 .................	X	X		30,811	0	0
(4) J NEFF BASORE...................................................................... DIRECTOR	7.40 .................	X			31,452	0	32
(5) DAVID GLASS...................................................................... DIRECTOR	7.60 .................	X			39,152	0	46
(6) KRISTY NOBLE-TESCH...................................................................... DIRECTOR	4.00 .................	X			37,502	0	41
(7) BOBBY G RAULSTON...................................................................... DIRECTOR	4.00 .................	X			33,652	0	25
(8) CHARLES R SHINN...................................................................... DIRECTOR	5.30 .................	X			34,202	0	50
(9) JOSEPH R SPIVEY...................................................................... DIRECTOR	8.90 .................	X			36,402	0	42
(10) ROBERT BOAZ...................................................................... PRESIDENT/CEO	54.00 .................		X		573,524	0	477,617
(11) CHAD ALLEN...................................................................... VP FINANCIAL SERVICES	45.00 .................		X		226,642	0	250,728
(12) JAMES SANDERS...................................................................... VP EXECUTIVE SERVICES	45.00 .................			X	439,088	0	5,500
(13) KEAN STEELY...................................................................... VP ENGINEERING & OPERATIONS	45.00 .................			X	289,269	0	204,418
(14) MICHAEL DODGE...................................................................... VP BENTONVILLE DISTRICT	45.00 .................			X	259,832	0	227,992
(15) CORY SMITH...................................................................... VP CORPORATE RELATIONS	45.00 .................			X	214,489	0	115,763
(16) JOHN WORLEY...................................................................... VP BENTON COUNTY LINE SERVICES	50.00 .................			X	214,043	0	355,226

(A) Name and business address	(B) Description of services	(C) Compensation
BARROWS EXCAVATION INC 49 CR 404 BERRYVILLE,AR72616	CONSTRUCTION SERVICES	5,535,227
CAPITAL ELECTRIC LINE BUILDERS INC 4400 NW MATTOX RD RIVERSIDE,MO64150	LINE CONSTRUCTION	5,487,651
ARKANSAS ELECTRIC COOPERATIVEINC PO BOX 190257 LITTLE ROCK,AR72219	LINE CONSTRUCTION, ROW CLEARING, & TRAIN	3,544,456
BLACK & MCDONALD 6001 FRONT STREET KANSAS CITY,MO64120	ENGINEERING	2,488,016
BBC ELECTRICAL SERVICES INC 5467 HWY 43 SOUTH JOPLIN,MO64804	LINE CONSTRUCTION	2,192,659
2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 25

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet

Attach to Form 990.
SchDMd Bullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public Inspection

Name of the organization

CARROLL ELECTRIC COOPERATIVE CORPORATION

Employer identification number

71-0027635

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 7/25/06, and not on a historic structure listed in the National Register ...	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.

If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included on Form 990, Part VIII, line 1 ......................... SchDMd Bullet

(ii)

Assets included in Form 990, Part X ............................... SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2021

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.

		(a) Current year	(b) Prior year	(c) Two years back	(d) Three years back	(e) Four years back

1a	Beginning of year balance ....
b	Contributions ...
c	Net investment earnings, gains, and losses
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Term endowment SchDMd Bullet

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) Unrelated organizations .................

3a(i)

(ii) Related organizations .................

3a(ii)

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....	6,848,544		6,848,544
b	Buildings ....	65,327,938	9,914,699	55,413,239
c	Leasehold improvements
d	Equipment ....	650,483,477	193,044,403	457,439,074
e	Other .....	99,795,722		99,795,722
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				619,496,579

Schedule D (Form 990) 2021

Page 3

Part VII

Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........
(2) Closely-held equity interests........
(3)Other
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

Part VIII

Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1)CAPITAL TERM CERTIFICATES	1,661,016	C
(2)PATRONAGE CAPITAL - AECC	54,290,359	C
(3)PATRONAGE CAPITAL - AECI	5,985,275	C
(4)PATRONAGE CAPITAL - CFC	1,041,354	C
(5)PATRONAGE CAPITAL - COBANK	894,715	C
(6)PATRONAGE CAPITAL - FEDERATED	1,240,309	C
(7)PATRONAGE CAPITAL - ARESIT	109,854	C
(8)MEMBERSHIPS & OTHER	3,420	C
(9)PATRONAGE CAPITAL - OTHER	395	C
(10)PATRONAGE CAPITAL - SEDC	37,247	C
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)	65,263,944

Part IX

Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	28,023,142
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2021

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......		1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d .....................		2e
3	Subtract line 2e from line 1..................		3
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................		4c
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......		5

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........		1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d....................		2e
3	Subtract line 2e from line 1...................		3
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ............	4b
c	Add lines 4a and 4b.....................		4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......		5

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
PART IX:	THE AMOUNT OF OTHER ASSETS ON FORM 990, PAGE 11, PART X, LINE 15 DOES NOT EQUAL OR EXCEED 5% OF THE TOTAL ASSETS ON FORM 990, PAGE 11, PART X, LINE 16, COLUMN B. CONSEQUENTLY, IN ACCORDANCE WITH IRS INSTRUCTIONS, SCHEDULE D, PART IX HAS BEEN LEFT BLANK.

Schedule D (Form 990) 2021

Additional Data

Software ID:
Software Version:

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2021

Open to Public
Inspection

Name of the organization
CARROLL ELECTRIC COOPERATIVE CORPORATION

Employer identification number
71-0027635

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(e) Amount of non-cash assistance	(f) Method of valuation (book, FMV, appraisal, other)	(g) Description of noncash assistance	(h) Purpose of grant or assistance
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) 2021

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1) SCHOLARSHIPS FOR POST-SECONDARY EDUCATION	25	12,500
(1)
(2)
(3)
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference	Explanation
PART II:	ALL GRANTS, SPONSORSHIPS, AND/OR DONATIONS ARE MADE TO NON-PROFIT AND CIVIC ORGANIZATIONS THAT ARE LOCATED IN THE COOPERATIVE'S SERVICE AREA, AND ARE INTENDED TO IMPROVE THE COMMUNITIES IN WHICH OUR MEMBERS RESIDE. EACH GRANT, SPONSORSHIP, AND/OR DONATION MADE DURING THE YEAR WAS BELOW THE REPORTING THRESHOLD OF SCHEDULE I, PART II.
PART III:	EACH HIGH SCHOOL IN THE COOPERATIVE'S SERVICE TERRITORY SELECTS ONE SCHOLARSHIP RECIPIENT THAT IS CHOSEN BY THE COUNSELOR OF EACH RESPECTIVE HIGH SCHOOL. UPON ENROLLMENT BY THE SCHOLARSHIP RECIPIENT, THE COOPERATIVE PAYS THE COLLEGE OR UNIVERSITY DIRECTLY.

Schedule I (Form 990) 2021

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
SchJMediumBullet

Attach to Form 990.
SchJMediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public Inspection

Name of the organization

CARROLL ELECTRIC COOPERATIVE CORPORATION

Employer identification number

71-0027635

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....

Yes

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....

Yes

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Yes

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2021

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1ROBERT BOAZ PRESIDENT/CEO	(i) (ii)	532,662 ------------- 0	15,602 ------------- 0	25,260 ------------- 0	453,851 ------------- 0	23,766 ------------- 0	1,051,141 ------------- 0	0 ------------- 0
2JOHN WORLEY VP BENTON COUNTY LINE SERVICES	(i) (ii)	199,244 ------------- 0	3,286 ------------- 0	11,513 ------------- 0	331,527 ------------- 0	23,699 ------------- 0	569,269 ------------- 0	0 ------------- 0
3KEAN STEELY VP ENGINEERING & OPERATIONS	(i) (ii)	274,473 ------------- 0	3,901 ------------- 0	10,895 ------------- 0	179,736 ------------- 0	24,682 ------------- 0	493,687 ------------- 0	0 ------------- 0
4MICHAEL DODGE VP BENTONVILLE DISTRICT	(i) (ii)	249,495 ------------- 0	3,729 ------------- 0	6,608 ------------- 0	204,804 ------------- 0	23,188 ------------- 0	487,824 ------------- 0	0 ------------- 0
5CHAD ALLEN VP FINANCIAL SERVICES	(i) (ii)	211,822 ------------- 0	3,381 ------------- 0	11,439 ------------- 0	227,422 ------------- 0	23,306 ------------- 0	477,370 ------------- 0	0 ------------- 0
6JAMES SANDERS VP EXECUTIVE SERVICES	(i) (ii)	74,332 ------------- 0	0 ------------- 0	364,756 ------------- 0	2,230 ------------- 0	3,270 ------------- 0	444,588 ------------- 0	0 ------------- 0
7CORY SMITH VP CORPORATE RELATIONS	(i) (ii)	199,982 ------------- 0	3,316 ------------- 0	11,191 ------------- 0	96,702 ------------- 0	19,061 ------------- 0	330,252 ------------- 0	0 ------------- 0

Schedule J (Form 990) 2021

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference	Explanation
PART II, COLUMNS B, C, & D:	THE FOLLOWING DISCLOSURES ARE AN INTEGRAL PART OF UNDERSTANDING COMPENSATION REPORTED IN SCHEDULE J. THESE ADDITIONAL DISCLOSURES FURTHER EXPLAIN BENEFITS PROVIDED BY THE COOPERATIVE TO ITS EMPLOYEES AND, IN GENERAL, AMOUNTS ACCRUED UNDER APPLICABLE PLANS. PLEASE NOTE, HOWEVER, WITH RESPECT TO CERTAIN RETIREMENT BENEFITS, THE AMOUNTS REPORTED PURSUANT TO FORM 990 INSTRUCTIONS ARE NOT REPRESENTATIVE OF THE ACTUAL COST/EXPENSE TO THE COOPERATIVE. THE AMOUNTS REPORTED ON SCHEDULE J ARE NOT ALL EXPENSE ITEMS TO THE COOPERATIVE IN THE FILING PERIOD, AND IF REPORTED ON A CASH OR ACCRUAL BASIS, THESE AMOUNTS WOULD VARY. THE AMOUNTS REPORTED IN SCHEDULE J, AS REQUIRED BY THE IRS, MEASURE THE VESTING OF BENEFITS PAYABLE AND NOT THE ACTUAL EXPENSE TO THE COOPERATIVE. IN EARLY YEARS OF EMPLOYMENT, VESTING IS LOW. IN LATER YEARS, AS EMPLOYEES APPROACH RETIREMENT, VESTING IS HIGH. WITH VERY LIMITED EXCEPTION, ALL RETIREMENT PLANS IN COLUMN C ARE THE SAME PLANS OFFERED TO ALL EMPLOYEES OF THE COOPERATIVE. THE ACTUAL COST AND/OR EXPENSE OF REPORTABLE COMPENSATION TO THE COOPERATIVE FOR THE FORM 990 FILING PERIOD IS DISPLAYED AS FOLLOWS: ROBERT BOAZ: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 573,524 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 202,399 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 23,766 JOHN WORLEY: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 214,043 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 79,635 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 23,699 KEAN STEELY: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 289,269 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 108,723 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 24,682 MICHAEL DODGE: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 259,832 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 98,617 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 23,188 CHAD ALLEN: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 226,642 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 83,962 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 23,306 JAMES SANDERS: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 439,088 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 25,751 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 3,270 CORY SMITH: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 214,489 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 69,432 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 19,061
PART I, LINE 1A:	TRAVEL FOR COMPANIONS - PURSUANT TO COOPERATIVE POLICY, THE PRESIDENT/CEO (R. BOAZ) RECEIVES THE TRAVEL FOR COMPANION BENEFIT AS APPROVED BY THE BOARD ON AN AS NEEDED BASIS. NO EXPENSES WERE PAID DURING THE YEAR. PART I, LINE 4B: QUALIFYING DIRECTORS PARTICIPATE IN A PLAN PURSUANT TO BOARD POLICY. BENEFITS VEST BASED ON CONDITIONS WITHIN THE POLICY AND BOARD APPROVAL AT THAT TIME. THE ACTUARIAL INCREASE/(DECREASE) OF BENEFITS POTENTIALLY PAYABLE UNDER THE PLAN ARE REPORTED ON FORM 990, PART VII, SECTION A, COLUMN F AND ARE SUMMARIZED AS FOLLOWS: DIRECTORS - $ 321 BECAUSE CERTAIN EMPLOYEES ARE PROHIBITED FROM FULLY PARTICIPATING IN CONVENTIONAL RETIREMENT PLANS, THE COOPERATIVE SPONSORS A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN WHERE: (1) PRIOR TO NORMAL RETIREMENT AGE, BENEFITS UNDER THE NQDC PLAN ACCRUE ANNUALLY AND ARE NOT VESTED/PAYABLE UNTIL NORMAL RETIREMENT AGE. SUCH BENEFITS ARE MEASURED BY THE ACTUARIAL INCREASE INCLUDED IN THE AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN C. FOR 2021 THE ACTURAIRAL INCREASE ASSOCIATED WITH PARTICIPATION IN THE NQDC PLAN FOR ROBERT BOAZ, PRESIDENT/CEO, IS $345,711. (2) POST NORMAL RETIREMENT AGE, BENEFITS ACCRUE, VEST AND ARE PAID IN THE SAME YEAR. SUCH PAYMENTS ARE INCLUDED IN THE AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN B(III). FOR 2021, THE VESTED BENEFITS PAID TO MR. JAMES SANDERS, VP EXECUTIVE SERVICES, ARE $363,398.

Return Reference

Explanation

PART II, COLUMNS B, C, & D:

THE FOLLOWING DISCLOSURES ARE AN INTEGRAL PART OF UNDERSTANDING COMPENSATION REPORTED IN SCHEDULE J. THESE ADDITIONAL DISCLOSURES FURTHER EXPLAIN BENEFITS PROVIDED BY THE COOPERATIVE TO ITS EMPLOYEES AND, IN GENERAL, AMOUNTS ACCRUED UNDER APPLICABLE PLANS. PLEASE NOTE, HOWEVER, WITH RESPECT TO CERTAIN RETIREMENT BENEFITS, THE AMOUNTS REPORTED PURSUANT TO FORM 990 INSTRUCTIONS ARE NOT REPRESENTATIVE OF THE ACTUAL COST/EXPENSE TO THE COOPERATIVE. THE AMOUNTS REPORTED ON SCHEDULE J ARE NOT ALL EXPENSE ITEMS TO THE COOPERATIVE IN THE FILING PERIOD, AND IF REPORTED ON A CASH OR ACCRUAL BASIS, THESE AMOUNTS WOULD VARY. THE AMOUNTS REPORTED IN SCHEDULE J, AS REQUIRED BY THE IRS, MEASURE THE VESTING OF BENEFITS PAYABLE AND NOT THE ACTUAL EXPENSE TO THE COOPERATIVE. IN EARLY YEARS OF EMPLOYMENT, VESTING IS LOW. IN LATER YEARS, AS EMPLOYEES APPROACH RETIREMENT, VESTING IS HIGH. WITH VERY LIMITED EXCEPTION, ALL RETIREMENT PLANS IN COLUMN C ARE THE SAME PLANS OFFERED TO ALL EMPLOYEES OF THE COOPERATIVE. THE ACTUAL COST AND/OR EXPENSE OF REPORTABLE COMPENSATION TO THE COOPERATIVE FOR THE FORM 990 FILING PERIOD IS DISPLAYED AS FOLLOWS: ROBERT BOAZ: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 573,524 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 202,399 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 23,766 JOHN WORLEY: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 214,043 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 79,635 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 23,699 KEAN STEELY: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 289,269 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 108,723 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 24,682 MICHAEL DODGE: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 259,832 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 98,617 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 23,188 CHAD ALLEN: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 226,642 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 83,962 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 23,306 JAMES SANDERS: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 439,088 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 25,751 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 3,270 CORY SMITH: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 214,489 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 69,432 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 19,061

PART I, LINE 1A:

TRAVEL FOR COMPANIONS - PURSUANT TO COOPERATIVE POLICY, THE PRESIDENT/CEO (R. BOAZ) RECEIVES THE TRAVEL FOR COMPANION BENEFIT AS APPROVED BY THE BOARD ON AN AS NEEDED BASIS. NO EXPENSES WERE PAID DURING THE YEAR. PART I, LINE 4B: QUALIFYING DIRECTORS PARTICIPATE IN A PLAN PURSUANT TO BOARD POLICY. BENEFITS VEST BASED ON CONDITIONS WITHIN THE POLICY AND BOARD APPROVAL AT THAT TIME. THE ACTUARIAL INCREASE/(DECREASE) OF BENEFITS POTENTIALLY PAYABLE UNDER THE PLAN ARE REPORTED ON FORM 990, PART VII, SECTION A, COLUMN F AND ARE SUMMARIZED AS FOLLOWS: DIRECTORS - $ 321 BECAUSE CERTAIN EMPLOYEES ARE PROHIBITED FROM FULLY PARTICIPATING IN CONVENTIONAL RETIREMENT PLANS, THE COOPERATIVE SPONSORS A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN WHERE: (1) PRIOR TO NORMAL RETIREMENT AGE, BENEFITS UNDER THE NQDC PLAN ACCRUE ANNUALLY AND ARE NOT VESTED/PAYABLE UNTIL NORMAL RETIREMENT AGE. SUCH BENEFITS ARE MEASURED BY THE ACTUARIAL INCREASE INCLUDED IN THE AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN C. FOR 2021 THE ACTURAIRAL INCREASE ASSOCIATED WITH PARTICIPATION IN THE NQDC PLAN FOR ROBERT BOAZ, PRESIDENT/CEO, IS $345,711. (2) POST NORMAL RETIREMENT AGE, BENEFITS ACCRUE, VEST AND ARE PAID IN THE SAME YEAR. SUCH PAYMENTS ARE INCLUDED IN THE AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN B(III). FOR 2021, THE VESTED BENEFITS PAID TO MR. JAMES SANDERS, VP EXECUTIVE SERVICES, ARE $363,398.

Schedule J (Form 990) 2021

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)

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 990-EZ or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.
MediumBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2021

Open to Public
Inspection

Name of the organization

CARROLL ELECTRIC COOPERATIVE CORPORATION

Employer identification number

71-0027635

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 1A	THE COOPERATIVE HAS 9 BOARD MEMBERS; ALL 9 ARE ALLOWED TO VOTE, HOWEVER THE BOARD CHAIRMAN VOTES ONLY IN THE CASE OF A TIE.
FORM 990, PART VI, SECTION A, LINE 2	BUSINESS RELATIONSHIP: ALAN HUNNICUTT (DIRECTOR) AND KRISTY NOBLE-TESCH (DIRECTOR) SHARE A BUSINESS RELATIONSHIP. ROBERT BOAZ (PRESIDENT/CEO) AND ALAN HUNNICUTT (DIRECTOR) BOTH SERVE ON THE BOARD OF ARKANSAS ELECTRIC COOPERATIVE CORPORATION AT THE REQUEST OF AND FOR THE BENEFIT OF THE COOPERATIVE. ROBERT BOAZ (PRESIDENT/CEO) AND CARLA HATHORN (DIRECTOR) BOTH SERVE ON THE BOARD OF ARKANSAS ELECTRIC COOPERATIVE, INC. AT THE REQUEST OF AND FOR THE BENEFIT OF THE COOPERATIVE.
FORM 990, PART VI, SECTION A, LINE 4	DURING THE YEAR, THE COOPERATIVE'S BYLAWS WERE AMENDED. THE FOLLOWING IS A SUMMARY OF THE CHANGES: ARTICLE I - MEMBERSHIP SECTION 2. MEMBERSHIP AGREEMENT, AMENDED PART (G) TO STATE BY BECOMING A MEMBER, THE MEMBER ACKNOWLEDGES AND AGREES: "TO ALLOW THE COOPERATIVE TO MANAGE AND CONTROL VEGETATION ALONG AND ADJACENT TO ITS RIGHT OF WAY IN A MANNER THAT FOSTERS PUBLIC SAFETY AND RELIABILITY OF SERVICE TO THE COOPERATIVE'S MEMBERS, AND CONSENTS TO THE COOPERATIVE MANAGING AND CONTROLLING SUCH VEGETATION, INCLUDING CUTTING MATURE TREES, WITHIN THE RIGHT OF WAY AND ON PROPERTY OWNED BY THE MEMBER ADJACENT TO THE RIGHT OF WAY, AND WAIVES ANY CLAIMS OR DEMANDS AGAINST THE COOPERATIVE FOR ANY ACTS OF THE COOPERATIVE IN MANAGING AND CONTROLLING SUCH VEGETATION." SECTION 4. RESOLUTION OF DISPUTES, WAS AMENDED TO STATE THAT "THE COOPERATIVE SHALL DETERMINE THE LOCATION OF THE ARBITRATION PROCEEDING. EACH PARTY AGREES TO PAY THEIR OWN ATTORNEYS' FEES AND COSTS AND EACH PARTY AGREES TO SHARE EQUALLY IN THE COST OF THE ARBITRATOR. EACH PARTY AGREES, TO THE FULLEST EXTENT ALLOWED BY LAW, THAT THE ARBITRATOR SHALL BE THE PERSON TO DECIDE ALL THRESHOLD ISSUES AND TO DECIDE ALL ISSUES OF ARBITRABILITY, SCOPE, VALIDITY, ENFORCEABILITY, UNCONSCIONABILITY, RETROACTIVITY, AND/OR APPLICABILITY. A JUDGMENT ON THE AWARD RENDERED BY THE ARBITRATOR SHALL BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF." SECTION 5. JOINT MEMBERSHIP, AMENDED PART (B) TO STATE "ANY MAIL BALLOT RETURNED SHALL CONSTITUTE THE FINAL VOTE OF A JOINT MEMBER, ANY PROXY VOTING SHALL BE DETERMINED BY PROVISIONS HEREIN, AND VOTING IN PERSON SHALL REQUIRE THE PARTIES OF A JOINT MEMBERSHIP TO AGREE TO ONE (1) VOTING DELEGATE, PROVIDED THAT IN ALL CASES JOINT MEMBERSHIPS EXERCISE ONLY ONE (1) VOTE." ARTICLE II - OFFICIAL BUSINESS OF THE MEMBERSHIP SECTION 1. WRITTEN NOTICE, WAS AMENDED TO STATE "EACH COOPEATIVE MEMBER ACTIVELY RECEIVING ELECTRIC SERVICE, AS OF THE DAY OF RECORD, SHALL HAVE NOTICE OF OFFICIAL BUSINESS MATTERS AS WELL AS AN OPPORTUNITY TO VOTE ON SUCH MATTERS. THE DAY OF RECORD SHALL BE NO MORE THAN 45 DAYS PRIOR TO THE DATE OF NOTICE IS MAILED. NOTICE OF THE OFFICIAL BUSINESS OF THE MEMBERSHIP SHALL CONFORM TO ARK. CODE ANN. 23-18-320(D)(1) AND (2) AND SHALL BE DEEMED TO BE DELIVERED WHEN DEPOSITED FOR MAILING TO THE ADDRESS AS IT APPEARS ON THE RECORDS OF THE COOPERATIVE." SECTION 2. QUORUM, WAS AMENDED TO STATE "NO LESS THAN FOUR PERCENT OF THE COOPERATIVE'S MEMBERSHIP ON THE DAY OR RECORD, CASTING A BALLOT OR EXERCISING A PROXY, SHALL CONSTITUTE A QUORUM FOR THE TRANSACTION OF OFFICIAL BUSINESS." SECTION 3. OFFICIAL BUSINESS, WAS AMENDED TO STATE THAT THE OFFICIAL BUSINESS OF THE MEMBERSHIP SHALL INCLUDE (A) AMENDMENTS, (B) THE ELECTION OF DIRECTORS, (C) OTHER PROPOSALS BY THE COOPERATIVE'S BOARD OF DIRECTORS, (D) MEMBER INITIATED PROPOSALS. SECTION 4. MEETINGS OF MEMBERS, WAS AMENDED TO STATE THAT THE SECRETARY SHALL INCLUDE WITH THE NOTICE OF ANY ANNUAL MEMBER MEETING, THE OFFICIAL BUSINESS MATTERS SUBMITTED FOR A MEMBERSHIP VOTE, A BALLOT AND/OR PROXY WITH THE RETURN POSTAGE TO THE COOPERATIVE'S PRINCIPAL BUSINESS OFFICE. IF MAIL BALLOTS ARE THE ONLY MANNER OF VOTING, THE MEETING'S LOCATION, DATE, AND TIME WILL BE CONSIDERED THE COOPERATIVE'S MAILING ADDRESS AND THE DEADLINE FOR THE FINAL RECEIPT OF BALLOTS. SECTION 5. VOTING, WAS AMENDED TO STATE THAT IF BALLOTS WILL BE CAST IN PERSON, A LOCATION(S) WHICH CAN REASONABLY ACCOMMODATE THE MEMBERSHIP AND VOTING PROCESS SHALL BE SECURED BY THE COOPERATIVE AND EACH MEMBER NOT IN PHYSICAL ATTENDANCE SHALL BE PERMITTED TO EXERCISE A VOTE BY PROXY. IF ANY MATTER PRESENTED TO THE MEMBERSHIP RESULTS IN A TIE VOTE, THE MATTER SHALL BE DECIDED BY THE BOARD OF DIRECTORS. SECTION 6. EXERCISING A PROXY, WAS AMENDED TO STATE "ALL MEMBERS SHALL RECEIVE NOTICE OF OFFICIAL BUSINESS MATTERS IN WHICH VOTING BY PROXY IS PERMITTED. EACH PROXY SHALL BE A PRE-NUMBERED WRITTEN INSTRUMENT PROVIDED TO ALL MEMBERS OF RECORD BY THE COOPERATIVE. ALL PROXIES SHALL BE ON THE EXACT FORM PREPARED BY THE COOPERATIVE AND SHALL ALLOW EACH MEMBER TO SUBSTITUTE A VOTING PROXY BY: DESIGNATING ANOTHER MEMBER OF THE COOPERATIVE BY THE MEMBER'S FULL NAME, MAILING ADDRESS, AND MEMBER NUMBER CORRESPONDING TO THE RECORDS OF THE COOPERATIVE; APPOINTING AN INDIVIDUAL DIRECTOR REPRESENTATIVE FROM THE BOARD OF DIRECTORS; OR ENABLING THE MAJORITY JUDGEMENT OF THE WHOLE BOARD OF DIRECTORS. NO PROXY MAY BE EXERCISED UNLESS THE SAME SHALL HAVE BEEN RECEIVED IN A SEALED ENVELOPE, WITH RETURN POSTAGE PAID BY THE COOPERATIVE AND ADDRESSED TO THE SECRETARY, ON OR BEFORE THE DEADLINE STATED ON THE PROXY. THE DEADLINE FOR RETURNING PROXIES SHALL NOT CONFLICT WITH THE NOTICE PROVISIONS OF ARK. CODE ANN. 23-18-320(D) AND SHALL AFFORD THE COOPERATIVE A REASONABLE OPPORTUNITY TO VALIDATE MEMBERSHIP CREDENTIALS OF THE PROXIES RECEIVED. IN THE EVENT A MEMBER EXERCISES TWO OR MORE PROXIES FOR THE SAME MEETING, THE MOST RECENTLY DATED PROXY SHALL REVOKE ALL OTHERS; IF SUCH PROXIES CARRY THE SAME DATE AND ARE HELD BY DIFFERENT PERSONS, NONE OF THEM SHALL BE VALID OR RECOGNIZED. THE PRESENCE OF A MEMBER IN PERSON AT A MEETING SHALL REVOKE ANY PROXY THERETOFORE EXECUTED BY SAID MEMBER FOR SUCH MEETING, AND HE OR SHE SHALL BE ENTITLED TO VOTE IN THE SAME MANNER AND WITH THE SAME EFFECT AS IF HE OR SHE HAD NOT EXECUTED A PROXY." ARTCLE III - BOARD MEMBERS SECTION 2. QUALIFICATIONS, WAS AMENDED TO STATE THAT TO BECOME OR REMAIN A DIRECTOR AN INDIVIDUAL MUST "AT THE TIME OF APPLICATION AND THEREAFTER: (A) HAVE THE LEGAL CAPACITY TO ENTER A BINDING CONTRACT AND HOLD CITIZENSHIP CREDENTIALS WHICH PROVIDE FOR EMPLOYMENT UNDER FEDERAL LAW; (B) MAINTAIN ALL MEMBERSHIP ACCOUNTS IN GOOD STANDING AND BONA FIDE PRIMARY RESIDENCY IN THE REPRESENTATIVE DISTRICT FOR AT LEAST 36 CONSECUTIVE MONTHS; (F) NOT BE A FORMER EMPLOYEE OR A CLOSE RELATIVE TO A FORMER EMPLOYEE TERMINATED FOR CAUSE; (G) NOT BE CONVICTED OF A FELONY WITHIN THE PAST 15 YEARS AND CONSENT TO A BACKGROUND CHECK; (H) NOT BE A PARTY TO PAST OR CURRENT LEGAL PROCEEDING MATERIALLY CONTRARY TO THE COOPERATIVE'S BEST INTERESTS; (I) IN ACCORDANCE WITH THE LEGAL DOCTRINE KNOWN AS THE BUSINESS JUDGEMENT RULE AND IN CONFORMANCE WITH ARK. CODE ANN. 23-18-321(A) "DISCHARGE THE DUTIES AS A DIRECTOR IN GOOD FAITH, WITH THE CARE AND ORDINARILY PRUDENT PERSON IN A LIKE POSITION WOULLD EXERCISE UNDER SIMILAR CIRCUMSTANCES, AND IN A MANNER HE OR SHE REASONABLY BELIEVES TO BE IN THE BEST INTERESTS OF THE CORPORATION"." SECTION 4. NOMINATIONS, WAS AMENDED TO STATE "(A) A NOMINATING COMMITTEE CONSISTING OF MEMBERS OF THE COOPERATIVE SHALL BE APPOINTED BY THE COOPERATIVE. EACH COMMITTEE MEMBER SHALL: I. AT THE TIME OF APPOINTMENT AND THEREAFTER, MAINTAIN ALL MEMBERSHIP ACCOUNTS IN GOOD STANDING INCLUDING MAINTAINING HIS OR HER BONA FIDE RESIDENCE WITH THE COOPERATIVE FOR AT LEAST 36 CONSECUTIVE MONTHS; II. NOT BE EMPLOYED BY OR SUBSTANTIALLY FINANCIALLY INTEREST IN A COMPETING ENTERPRISE OR AN ENTERPRISE SUBSTANTIALLY ENGAGED IN SELLING ELECTRIC ENERGY OR PRODUCTS WHICH GENERATE AND STORE ELECTRCITY, TO THE COOPERATIVE OR TO ITS MEMBERS." THE SECTION GOES ON TO DELETE THE PREVIOUS SECTIONS VI AND VII. PART (B) WAS AMENDED TO STATE THE COMMITTEE SHALL MEET NOT LESS THAN 75 DAYS NOR MORE THAN 90 DAYS BEFORE THE DATE OF THE MEETING OF THE MEMBERS. IT SHALL BE THE DUTY OF THE COMMITTEE TO: "II. PROTECT ANY PERSONAL INFORMATION DISCLOSED TO THE COMMITTEE; III. REVIEW ONLY THE APPLICATIONS WHICH MEET THE MINIMUM QUALIFICATIONS OF A DIRECTOR; IV. DISCUSS AND CONSIDER THE DEGREE TO WHICH THE CREDENTIALS EACH APPLICATION EXCEEDS BOTH THE MINIMUM QUALIFICATIONS AND OTHER APPLICATIONS; V. CONTEMPLATE THE VALUE OF THE COMMITTEE'S ENDORSEMENT TO THE MEMBERSHIP AS A WHOLE; VI. APPLY THE LEGAL DOCTRINE OF THE BUSINESS JUDGEMENT RULE BY DISCHARGING ALL DUTIES IN GOOD FAITH, WITH THE CARE AN ORDINARILY PRUDENT PERSON IN A LIKE POSITION WOULD EXERCISE UNDER SIMILAR CIRCUMSTANCES, AND IN A MANNER BELIEVED TO BE IN THE BEST INTEREST OF THE COOPERATIVE; VII. VOTE UPON THE NOMINATION(S) FOR EACH OPEN DIRECTOR DISTRICT; AND REPORT THE COMMITTEE'S NOMINATIONS TO THE COOPERATIVE FOR PLACEMENT ON THE BALLOT." PART (C) WAS AMENEDED TO STATE THAT "THE COOPERATIVE SHALL PROVIDE ANY APPLICANT NOT NOMINATED BY THE NOMINATING COMMITTEE AND WHO MEETS THE MINIMUM QUALIFICATIONS OF DIRECTORS AS DETERMINED BY THE THIRD-PARTY OFFICIAL THE OPPORTUNITY TO SUBMIT A NOMINATION BY PETITION. ANY SUCH PETITION MUST INCLUDE THE SIGNATURES OF AT LEAST ONE-HALF PERCENT OF THE TOTAL MEMBERSHIP OF THE COOPERATIVE AS SHOWN IN THE BOOKS AND RECORDS OF THE COOPERATIVE AS OF THE END OF THE PRECEDING CALENDAR YEAR." THE SECTION GOES ON TO STATE THAT THE PETITION "SHALL BE STAMPED BY THE COOPERATIVE ON EACH PAGE THE DATE AND TIME RECEIVED." A COMPLETE COPY OF THE BYLAWS IS LOCATED ON THE COOPERATIVE'S WEBSITE, WWW.CARROLLECC.COM/COOPERATIVE-MISSION.
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 DIRECTORS. ELECTIONS ARE DONE VIA UNITED STATES MAIL ON A ONE MEMBER ONE VOTE BASIS. MEMBERS COMPLETE AND RETURN WRITTEN BALLOTS IN A SEALED ENVELOPE ADDRESSED TO THE SECRETARY OF THE COOPERATIVE.
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. DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S ASSETS 4. AMENDMENT TO THE ARTICLES OF INCORPORATION
FORM 990, PART VI, SECTION A, LINE 8B	THE COOPERATIVE HAS NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. THEREFORE, AND PURSUANT TO FORM 990 INSTRUCTIONS, THE QUESTION HAS BEEN ANSWERED "NO".
FORM 990, PART VI, SECTION B, LINE 11B	MANAGEMENT AND PAID PREPARER REVIEW DRAFTS OF FORM 990 PRIOR TO E-FILING. BOARD REVIEWS ANNUAL FILINGS AT MONTHLY MEETINGS.
FORM 990, PART VI, SECTION B, LINE 12C	OFFICIALS MUST COMPLETE AND SIGN A CONFLICT OF INTEREST CERTIFICATION AND DISCLOSURE FORM ATTACHED TO THE CONFLICT OF INTEREST POLICY. EACH OFFICIAL IS RESPONSIBLE FOR ENSURING THAT THE FORM IS KEPT CURRENT AND MUST IMMEDIATELY SUBMIT AN UPDATED FORM TO THE APPROPRIATE ETHICS COMMITTEE IF THERE IS ANY MATERIAL CHANGE TO ANY OF THE INFORMATION CONTAINED IN THE FORM. PER THE POLICY DEFINITION, OFFICIAL MEANS A DIRECTOR, OFFICER, AN EMPLOYEE WHO IS RESPONSIBLE FOR THE PROCUREMENT OF GOODS AND SERVICES INCLUDING THE SELECTION, AWARD, OR ADMINISTRATION OF CONTRACTS DURING NORMAL OR EMERGENCY SITUATIONS, OR KEY EMPLOYEE AS DEFINED BY THE INTERNAL REVENUE SERVICE.
FORM 990, PART VI, SECTION B, LINE 15	THE BOARD OF DIRECTORS USE A COMPENSATION SURVEY AND COMPARE COMPENSATION REPORTED ON OTHER COOPERATIVES' IRS FORMS 990 WHEN DETERMINING THE COMPENSATION OF THE PRESIDENT/CEO. THE SURVEY SHOWS COMPARATIVE SALARIES FOR PRESIDENTS/CEOS FROM SIMILARLY SITUATED COOPERATIVES LOCATED IN ARKANSAS AND THE NATION. THE BOARD AND THE PRESIDENT/CEO USE A COMPENSATION SURVEY AND COMPARE COMPENSATION REPORTED ON OTHER COOPERATIVES' IRS FORMS 990 WHEN DETERMINING THE COMPENSATION OF THE COOPERATIVE'S OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER AND KEY EMPLOYEES, IF ANY. THE SURVEY INCLUDES SALARIES FROM SIMILARLY SITUATED COOPERATIVES THROUGHOUT ARKANSAS AND THE NATION.
FORM 990, PART VI, SECTION C, LINE 19	THE ARTICLES OF INCORPORATION AND THE BYLAWS OF THE COOPERATIVE ARE PROVIDED IN WRITTEN OR ELECTRONIC FORM UPON REQUEST. THE BYLAWS ARE AVAILABLE ON THE COOPERATIVE'S WEBSITE. THE ANNUAL FINANCIAL REPORT IS DISTRIBUTED TO ALL MEMBERS IMMEDIATELY PRIOR TO THE ANNUAL MEETING OF THE MEMBERS. ANY MEMBER, UPON REQUEST, IS PROVIDED A COMPLETE COPY OF THE COOPERATIVE'S AUDIT REPORT.
FORM 990, PART VIII, LINE 2B:	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.
FORM 990, PART IX:	THE ACCOUNTING RECORDS OF THE COOPERATIVE ARE MAINTAINED IN ACCORDANCE WITH THE RUS UNIFORM SYSTEM OF ACCOUNTS (USOA) PRESCRIBED FOR RUS ELECTRIC BORROWERS. THE USOA DOES NOT RECORD EXPENSES IN THE GENERAL EXPENSE CATEGORIES PROVIDED ON PART IX LINES 1-23. THE COOPERATIVE SEPARATELY REPORTS 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 ARE REPORTED ON LINE 24 UNDER THE EXPENSE CATEGORIES REQUIRED BY THE USOA.
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. THE FOLLOWING SCHEDULE RECONCILES AMOUNTS REPORTED ON LINES 5-7 TO TOTAL WAGES ACCRUED AND/OR PAID: TOTAL PER LINES 5-7 $18,856,081 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (308,225) PLUS: DIRECTOR RETIREMENT BENEFITS INCLUDED IN LINE 5 (321) LESS: OFFICER BENEFITS REPORTED ON LINE 5 (728,345) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 7,484,306 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 2,299,221 TOTAL WAGES ACCRUED AND/OR PAID: $27,602,717
FORM 990, PART IX, LINE 24:	ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 4,722,857 OFFICE SUPPLIES 1,580,148 OUTSIDE SERVICES 116,465 PENSION & BENEFITS 1,409,327 REGULATORY COMMISION 322,226 DUPLICATE CHARGES (CREDIT) (180,067) MISCELLANEOUS GENERAL 4,679,251 DIRECTORS 336,754 MAINTENANCE OF GENERAL PLANT 2,585,796 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $15,572,757 LESS: RECLASS OF DONATIONS TO PART IX, LINE 1 (17,910) LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (308,546) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (5,745,788) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (2,988,752) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 6,511,761
FORM 990, PART IX, LINE 4:	PURSUANT TO THE FORM 990 INSTRUCTIONS, THE AMOUNT OF PATRONAGE DIVIDENDS PAID TO THE MEMBERS (HEREINAFTER REFERRED TO AS "PATRONS") SHOULD BE REPORTED ON PART IX, LINE 4. THE PHRASE "PATRONAGE DIVIDENDS PAID" REFERS TO THE PROCESS, SUBSEQUENT TO YEAR-END, BY WHICH THE COOPERATIVE ALLOCATES PATRONAGE CAPITAL TO AND, THEREFORE, OPERATES AT COST WITH ITS PATRONS. THE COOPERATIVE'S TAX EXEMPT PURPOSE IS TO PROVIDE ELECTRICITY TO ITS PATRONS AND TO DO SO ON A COOPERATIVE BASIS. TAX LAW DEFINES "OPERATING ON A COOPERATIVE BASIS" AS SUBORDINATION OF CAPITAL, DEMOCRATIC CONTROL, AND OPERATION AT COST. THE COOPERATIVE OPERATES AT COST THROUGH THE ALLOCATION OF TRUE PATRONAGE DIVIDENDS (ALSO REFERRED TO AS ALLOCATIONS OF PATRONAGE CAPITAL) TO ITS PATRONS. PATRONAGE DIVIDENDS ARE CONSIDERED PAID IF THE ALLOCATION IS MADE (1) PURSUANT TO A PRE-EXISTING OBLIGATION, (2) FROM THE MARGINS PRODUCED FROM THE TRANSACTIONS DONE WITH OR FOR PATRONS, AND (3) IN A FAIR AND EQUITABLE MANNER ON THE BASIS OF PATRONAGE (I.E. PURCHASES). ADDITIONALLY, THE ALLOCATION OF PATRONAGE DIVIDENDS SHOULD BE MADE WITHIN A REASONABLE TIME PERIOD AFTER THE CLOSE OF THE COOPERATIVE'S YEAR-END OF DECEMBER 31. EACH ONE OF THESE REQUIREMENTS FOR A TRUE PATRONAGE DIVIDEND IS PROVIDED FOR IN THE NON-PROFIT OPERATION ARTICLE OF THE COOPERATIVE'S BYLAWS. THE AMOUNT REPORTED ON PART IX, LINE 4 REPRESENTS THE AMOUNT OF PATRONAGE CAPITAL THAT IS EITHER ALLOCATED OR TO BE ALLOCATED TO THE PATRONS RESULTING FROM THEIR PURCHASE OF ELECTRICITY FROM THE COOPERATIVE FOR THE 2021 CALENDAR YEAR. BECAUSE PATRONAGE DIVIDENDS ARE THE PROCESS BY WHICH THE COOPERATIVE OPERATES AT COST WITH ITS PATRONS AND THEREBY A KEY COMPONENT TO ACCOMPLISHING ITS EXEMPT PURPOSE, THE COOPERATIVE HAS REPORTED SUCH AMOUNTS AS AN EXPENSE FOR FORM 990 REPORTING. PATRONAGE DIVIDENDS ARE NOT AN EXPENSE FOR FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, HOWEVER.
FORM 990, PART IX, LINE 24E:	OTHER EXPENSES ARE COMPRISED OF THE FOLLOWING: CUSTOMER ACCOUNTS $ 1,534,761 CUSTOMER SERVICE AND INFORMATION 826,870 OTHER DEDUCTIONS 82,982 TOTAL OTHER EXPENSES PER FORM 7 $ 2,444,613 LESS: CUSTOMER ACCOUNTS LABOR AND BENEFITS (1,586,636) LESS: CUSTOMER SERVICE & INFORMATION LABOR AND BENEFITS (594,007) TOTAL OTHER EXPENSES PER FORM 990, PART IX $ 263,970
FORM 990, PART XI, LINE 9:	NET CHANGE IN MEMBERSHIPS 81,815. PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 6,442,703. PATRONAGE CAPITAL RETIRED - DECLARED -2,697,326. PATRONAGE CAPITAL RETIRED - DISCOUNT 9,782. UNCLAIMED PATRONAGE RETIREMENTS RETAINED PER STATE LAW 162,776. OTHER COMPREHENSIVE INCOME(LOSS) -1,319,724.
FORM 990, PART XII, LINE 2B:	AUDITED FINANCIAL STATEMENTS WERE PREPARED BY AN INDEPENDENT ACCOUNTANT FOR THE COOPERATIVE'S FINANCIAL STATEMENT AUDIT YEAR END OF FEBRUARY 28TH. THE TAX RETURN HAS BEEN AND CONTINUES TO BE PREPARED BASED ON A CALENDAR TAX YEAR END OF DECEMBER 31.
FORM 990, PART XII, LINE 2C:	THE BOARD AS A WHOLE IS RESPONSIBLE FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT AND SELECTING THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. PROCEDURAL CHANGES DID NOT OCCUR DURING THE YEAR.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2021

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: TO SERVE OUR MEMBERS WITH SAFE, RELIABLE, AND AFFORADABLE ELECTRICITY.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	9
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	9
5	Total number of individuals employed in calendar year 2021 (Part V, line 2a) ......	5	335
6	Total number of volunteers (estimate if necessary) .............	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	0
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	0

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	187,277,966	236,739,088
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	5,700,213	1,325,401
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	865,577	1,162,853
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	193,843,756	239,227,342
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	25,160	17,910
14	Benefits paid to or for members (Part IX, column (A), line 4).....	10,167,512	6,442,703
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	23,535,601	27,396,638
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	160,115,483	205,370,091
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	193,843,756	239,227,342
19	Revenue less expenses. Subtract line 18 from line 12.......	0	0
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	687,619,356	756,571,061
21	Total liabilities (Part X, line 26).............	423,980,356	490,252,035
22	Net assets or fund balances. Subtract line 21 from line 20.....	263,639,000	266,319,026

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	SALES OF ELECTRIC POWER TO MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 110,262 ACTIVE SERVICES AT YEAR END.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)...........	2,525,112	0	1,637,565

1a	Federated campaigns..	1a
b	Membership dues..	1b
c	Fundraising events..	1c
d	Related organizations	1d
e	Government grants (contributions)	1e

f	All other contributions, gifts, grants, and similar amounts not included above	1f

g	Noncash contributions included in lines 1a - 1f:$	1g

h Total. Add lines 1a-1f.......

		Business Code
2a	SALES OF ELECTRICITY	221000	227,233,424	227,233,424
b	PATRONAGE DIVIDENDS	221000	4,659,142	4,659,142
c	SERVICE FEES	221000	4,519,366	4,519,366
d	SURGE SUPPRESSOR REVENUE	221000	238,514	238,514
e	OTHER PROGRAM REVENUE	221000	88,642	88,642
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		236,739,088

3 Investment income (including dividends, interest, and othersimilar amounts) ......			674,817			674,817
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........
		(ii) Personal	(i) Real
6a	Gross rents		23,334	6a
b	Less: rental expenses		0	6b
c	Rental income or (loss)		23,334	6c
d	Net rental income or (loss).......			23,334			23,334
		(ii) Other	(i) Securities
7a	Gross amount from sales of assets other than inventory	1,242,540		7a
b	Less: cost or other basis and sales expenses	591,956		7b
c	Gain or (loss)	650,584		7c
d	Net gain or (loss).........			650,584	650,584
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
			8a
b	Less: direct expenses ...		8b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a
b	Less: direct expenses ...		9b
c	Net income or (loss) from gaming activities..
10a	Gross sales of inventory, less returns and allowances ..
			10a	112,451
b	Less: cost of goods sold ..		10b	96,195
c	Net income or (loss) from sales of inventory..			16,256	16,256
Business Code			Miscellaneous Revenue
11a	POLE ATTACHMENT INCOME		221000	1,123,263			1,123,263
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			1,123,263
12	Total revenue. See instructions.....			239,227,342	237,405,928	0	1,821,414

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	5,410
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........	12,500
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............
4	Benefits paid to or for members .......	6,442,703
5	Compensation of current officers, directors, trustees, and key employees ...........	1,837,057
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........
7	Other salaries and wages........	17,019,024
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	3,943,016
9	Other employee benefits .......	3,399,958
10	Payroll taxes ...........	1,197,583
11	Fees for services (non-employees):
a	Management ......
b	Legal .........
c	Accounting ...........
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)
12	Advertising and promotion ....
13	Office expenses .......
14	Information technology ......
15	Royalties ..
16	Occupancy ...........
17	Travel ............
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....
20	Interest ...........	11,786,983
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	21,433,364
23	Insurance ...
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	PURCHASED POWER	151,829,842
b	DISTRIBUTION EXPENSE	13,037,604
c	ADMIN & GENERAL EXPENSE	6,511,761
d	TRANSMISSION	506,567
e	All other expenses	263,970
25	Total functional expenses. Add lines 1 through 24e	239,227,342
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

1	Cash–non-interest-bearing ........			896,179	1	1,234,007
2	Savings and temporary cash investments .........				2	3,292,979
3	Pledges and grants receivable, net ......				3
4	Accounts receivable, net .............			17,085,004	4	16,014,877
5	Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
					5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
					6
7	Notes and loans receivable, net ...........				7
8	Inventories for sale or use ............			10,552,700	8	14,055,398
9	Prepaid expenses and deferred charges ......			2,620,183	9	1,293,114
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	822,455,681
b	Less: accumulated depreciation	10b	202,959,102	579,138,194	10c	619,496,579
11	Investments—publicly traded securities .				11
12	Investments—other securities. See Part IV, line 11 .....				12
13	Investments—program-related. See Part IV, line 11 ..			63,506,685	13	65,263,944
14	Intangible assets ...............				14
15	Other assets. See Part IV, line 11 ...........			13,820,411	15	35,920,163
16	Total assets. Add lines 1 through 15 (must equal line 33)...			687,619,356	16	756,571,061

17	Accounts payable and accrued expenses .....	19,058,123	17	14,954,150
18	Grants payable ...		18
19	Deferred revenue .........		19
20	Tax-exempt bond liabilities .........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D		21
22	Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
			22
23	Secured mortgages and notes payable to unrelated third parties ..	382,128,282	23	447,274,743
24	Unsecured notes and loans payable to unrelated third parties ..		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D	22,793,951	25	28,023,142
26	Total liabilities. Add lines 17 through 25..	423,980,356	26	490,252,035

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........		27
28	Net assets with donor restrictions ...........		28
	Organizations that do not follow FASB ASC 958, check here and complete lines 29 through 33.
29	Capital stock or trust principal, or current funds .....	2,090,745	29	2,172,560
30	Paid-in or capital surplus, or land, building or equipment fund ...	0	30	0
31	Retained earnings, endowment, accumulated income, or other funds	261,548,255	31	264,146,466
32	Total net assets or fund balances ...........	263,639,000	32	266,319,026
33	Total liabilities and net assets/fund balances ........	687,619,356	33	756,571,061