| Return Reference | Explanation |
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| FORM 990, PART VI, SECTION A, LINE 4 | DURING THE YEAR, THE COOPERATIVE'S CODE OF REGULATIONS WAS AMENDED. THE FOLLOWING IS A SUMMARY OF THE CHANGES: THE INTRODUCTION OF THE CODE OF REGULATIONS WAS AMENDED TO STATE "THE AIM OF SOUTH CENTRAL POWER COMPANY (HEREINAFTER CALLED THE "COOPERATIVE") IS TO MAKE AVAILABLE TO ITS MEMBERS (A) ELECTRIC ENERGY AT THE LOWEST COST CONSISTENT WITH SOUND ECONOMY AND GOOD MANAGEMENT, AND (B) OTHER PRODUCTS AND SERVICES THAT MAY BE BENEFICIAL TO MEMBERS. THE PROVISION OF ELECTRIC ENERGY AND OTHER PRODUCTS AND SERVICES MADE AVAILABLE BY THE COOPERATIVE TO ITS MEMBERS ARE HEREINAFTER CALLED THE "COOPERATIVE SERVICES." THE INTRODUCTION WAS FURTHER AMENDED TO STATE "ANY PERSON, FIRM, PARTNERSHIP, POLITICAL SUBDIVISION, GOVERNMENTAL AGENCY OR INSTRUMENTALITY, LIMITED LIABILITY COMPANY, ASSOCIATION, CORPORATION OR BODY POLITIC SHALL BECOME A MEMBER IN THE COOPERATIVE BY ACCEPTING ELECTRIC OR OTHER MONTHLY RECURRING SERVICE FROM THE COOPERATIVE AS EVIDENCED BY PAYMENT OF AN INVOICE FOR SUCH SERVICE UNLESS SUCH PERSON, FIRM, PARTNERSHIP, POLITICAL SUBDIVISION, GOVERNMENTAL AGENCY OR INSTRUMENTALITY, LIMITED LIABILITY COMPANY, ASSOCIATION, CORPORATION OR BODY POLITIC SPECIFICALLY DECLINES MEMBERSHIP." ARTICLE I - MEMBERS SECTION 1. MEMBERS, QUALIFICATIONS AND OBLIGATIONS, WAS AMENDED TO PERMIT THE COOPERATIVE TO USE ELECTRIC EASEMENTS FOR BROADBAND SERVICE WITHOUT OBTAINING A SEPARATE EASEMENT, WHICH IS PERMITTED BY OHIO LAW. SECTION (B) STATES "PROVIDE THE COOPERATIVE WITHOUT CHARGE SUCH EASEMENTS AND RIGHTS OF WAY IN THE COOPERATIVE'S STANDARD FORM IN REASONABLY MUTUAL AGREED LOCATIONS AS NECESSARY OR CONVENIENT FOR THE COOPERATIVE TO PROVIDE COOPERATIVE SERVICES TO SUCH MEMBER OR OTHER MEMBERS OR PATRONS OF THE COOPERATIVE..." SECTION (C) WAS REMOVED FROM THE BYLAWS DUE TO THE LANGUAGE NO LONGER BEING APPLICABLE TO THE COOPERATIVE. SECTION 2. PURCHASE OF ELECTRIC ENERGY AND OTHER PRODUCTS AND SERVICES, WAS AMENDED TO CLARIFY THAT MEMBERS ARE NOT OBLIGATED TO PURCHASE NON-ELECTRIC SERVICES OFFERED BY THE COOPERATIVE, STATING "EACH MEMBER MAY, AS SOON AS ONE OR MORE NON-ELECTRIC COOPERATIVE SERVICES ARE AVAILABLE, PURCHASE FROM THE COOPERATIVE THE SPECIFIC NON-ELECTRIC COOPERATIVE SERVICE WHICH THE MEMBER ELECTS TO PURCHASE. EACH MEMBER SHALL ALSO PAY ALL OBLIGATIONS WHICH MAY FROM TIME TO TIME BECOME DUE AND PAYABLE BY SUCH MEMBER TO THE COOPERATIVE AS AND WHEN THE SAME SHALL BECOME DUE AND PAYABLE." THE SECTION GOES ON TO ADD NOTWITHSTANDING ANY LANGUAGE IN THIS CODE OF REGULATIONS TO THE CONTRARY, EACH MEMBER AGREES THAT ANY CLAIM, DEMAND, CAUSE OF ACTION, ACTION OR SUIT FOR ANY LOSSES OR DAMAGES ARISING FROM OR RELATED TO THE RECEIPT OF COOPERATIVE SERVICES FROM A SUBSIDIARY OF THE COOPERATIVE MAY ONLY BE ASSERTED OR BROUGHT AGAINST THAT SUBSIDIARY, AND NOT THE COOPERATIVE, AND EACH MEMBER AGREES TO RELEASE AND HOLD HARMLESS THE COOPERATIVE AND ALL OTHER SUBSIDIARIES OF THE COOPERATIVE FROM ANY SUCH CLAIM, DEMAND, CAUSE OF ACTION, ACTION OR SUIT AND ANY AND ALL LOSSES OR DAMAGES ARISING FROM OR RELATED THERETO. A CLAIM, DEMAND, CAUSE OF ACTION, ACTION OR SUIT FOR ANY LOSSES OR DAMAGES ARISING FROM OR RELATED TO THE RECEIPT OF COOPERATIVE SERVICES MAY BE BROUGHT AGAINST THE COOPERATIVE ONLY IF THE COOPERATIVE WAS THE PROVIDER OF SUCH COOPERATIVE SERVICES TO SUCH MEMBER." SECTION 8 ADDED THE TITLE "FURNISHING SERVICE TO NON-MEMBERS". ARTICLE III - TRUSTEES SECTION 2. QUALIFICATIONS AND TENURE, WAS AMENDED TO ADD THE QUALIFICATION REQUIREMENT THAT A MEMBER MUST RECEIVE ELECTRIC SERVICE IN ORDER TO BE ELIGIBLE TO BECOME AND REMAIN A TRUSTEE, STATING "(A) DOES NOT TAKE ELECTRIC ENERGY FROM THE COOPERATIVE." ARTICLE VIII - NON-PROFIT OPERATION AMENDED THE TITLE TO CLARIFY "NON-PROFIT FINANCIAL OPERATIONS" SECTION 2. AMENDED THE TITLE TO STATE "PATRONAGE CAPITAL IN CONNECTION WITH FURNISHING ELECTRIC ENERGY AND OTHER UTILITY TYPE SERVICES ("PATRONAGE SERVICES"). THE SECTION IS AMENDED TO PROVIDE THE BOARD WITH THE AUTHORITY TO DETERMINE WHICH NON-ELECTRIC COOPERATIVE SERVICES ARE TO BE PROVIDED ON A PATRONAGE OR NON-PATRONAGE BASIS, STATING "FOR PURPOSES OF THIS ARTICLE VIII ONLY, "PATRONAGE SERVICES" SHALL MEAN (A) THE PROVISION OF ELECTRIC ENERGY AND (B) THE PROVISION OF OTHER UTILITY TYPE GOODS AND SERVICES TO THE EXTENT THE PROVISION OF SUCH GOODS AND SERVICES QUALIFIES AN ORGANIZATION FOR EXEMPTION FROM FEDERAL INCOME TAXATION UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE AND FOR WHICH THE COOPERATIVE HAS A PRE-EXISTING LEGAL OBLIGATION TO PROVIDE ON A PATRONAGE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. SUCH PRE-EXISTING LEGAL OBLIGATION SHALL BE PROVIDED FOR BY BOARD POLICIES, BOARD RESOLUTIONS, AN AFFIRMATIVE VOTE OF THE MEMBERS, OR OTHER CONTRACTUAL AUTHORITY (COLLECTIVELY, "BINDING AUTHORITY"). AT THE BOARD'S DISCRETION, THIS BINDING AUTHORITY MAY BE FOR MEMBERS ONLY OR BOTH MEMBERS AND NON-MEMBERS ALIKE. ALSO AT THE BOARD'S DISCRETION, THE BINDING AUTHORITY MAY INCLUDE THE SALE OR PROVISION OF A GOOD OR SERVICE QUALIFYING AS A PATRONAGE SERVICE AND PROVIDED BY A SUBSIDIARY TREATED AS A DISREGARDED ENTITY FOR FEDERAL INCOME TAX PURPOSES." AN ADDITIONAL AMENDMENT WAS MADE TO PROVIDE THE BOARD WITH THE AUTHORITY TO DETERMINE THE USE OF MARGINS FROM NON-ELECTRIC COOPERATIVE SERVICES THAT ARE NOT PROVIDED ON A PATRONAGE BASIS TO OFFSET LOSSES INCURRED DURING THE CURRENT OR ANY PRIOR FISCAL YEAR AND FOR OTHER USES SET FORTH IN THE PROPOSED AMENDMENT, STATING "ALL OTHER AMOUNTS RECEIVED OTHER THAN FROM THE FURNISHING OF PATRONAGE SERVICES BY THE COOPERATIVE FROM ITS OPERATIONS IN EXCESS OF COSTS AND EXPENSES SHALL, INSOFAR AS PERMITTED BY LAW, BE (A) USED TO OFFSET ANY LOSSES INCURRED DURING THE CURRENT OR ANY PRIOR FISCAL YEAR AS DETERMINED BY THE BOARD OF TRUSTEES, (B) USED BY THE COOPERATIVE TO ESTABLISH UNALLOCATED RESERVES AND RETAINED CAPITAL NOT CURRENTLY DISTRIBUTABLE TO THE PATRONS EXCEPT UPON DISSOLUTION OF THE COOPERATIVE, AND (C) TO THE EXTENT NOT NEEDED FOR THAT PURPOSE, ALLOCATED TO ITS PATRONS ON A PATRONAGE BASIS." A COMPLETE COPY OF THE CODE OF REGULATIONS CAN BE FOUND ON THE COOPERATIVE'S WEBSITE: HTTPS://WWW.SOUTHCENTRALPOWER.COM. |
| 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. PURSUANT TO THE CODE OF REGULATIONS, ANY PERSON, FIRM, PARTNERSHIP, POLITICAL SUBDIVISION, GOVERNMENTAL AGENCY OR INSTRUMENTALITY, LIMITED LIABILITY COMPANY, ASSOCIATION, CORPORTION OR BODY POLITIC SHALL BECOME A MEMBER OF THE COOPERATIVE BY ACCEPTING ELECTRIC OR MONTHLY RECURRING SERVICE FROM THE COOPERATIVE AS EVIDENCED BY PAYMENT OF AN INVOICE FOR SUCH SERVICE UNLESS THEY SPECIFICALLY DECLINE MEMBERSHIP. EACH MEMBER AGREES TO (A) COMPLY AND BE BOUND BY THE ARTICLES OF INCORPORATION AND THE CODE OF REGULATIONS, AND (B) PROVIDE THE COOPERATIVE WITHOUT CHARGE SUCH EASEMENTS AND RIGHTS OF WAY THAT ALLOW FOR THE DISTRIBUTION OF ELECTRIC ENERGY TO SERVICE SUCH MEMBER OR OTHER MEMBERS OR PATRONS OF THE COOPERATIVE. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE MEMBERS OF THE COOPERATIVE VOTE ON THE BOARD OF DIRECTORS. ELECTIONS ARE DONE ON A ONE MEMBER ONE VOTE BASIS. ADDITIONALLY, THE SECRETARY OF THE BOARD PREPARES A BALLOT FOR ELECTING TRUSTEES, WHICH IS THEN MAILED AT LEAST THIRTY (30) DAYS PRIOR TO THE ANNUAL MEETING OF MEMBERS. THE MEMBER VOTES, SIGNS AND RETURNS THE BALLOT. A BALLOT CERTIFICATION COMMITTEE APPOINTED BY THE BOARD OF TRUSTEES TABULATES THE VOTES AND DETERMINES THE SUCCESSFUL CANDIDATES. THE RESULTS ARE ANNOUNCED AT THE ANNUAL MEETING OF MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7B | IN ADDITION TO BOARD OF TRUSTEE ELECTIONS, THE FOLLOWING ACTS ALSO REQUIRE APPROVAL OF THE MEMBERS OF THE COOPERATIVE: 1. AMENDMENT TO THE ARTICLES OF INCORPORATION 2. AMENDMENT TO CODE OF REGULATIONS 3. DISSOLUTION/LIQUIDATION OF THE COOPERATIVE 4. MERGER OR CONSOLIDATION OF THE COOPERATIVE WITH ANOTHER ORGANIZATION 5. DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S ASSETS |
| FORM 990, PART VI, SECTION B, LINE 11B | MANAGEMENT PRESENTED A COPY OF THE FORM 990 TO THE BOARD FOR DISCUSSION AND REVIEW PRIOR TO FILING. THE DISCUSSION AND REVIEW WAS PERFORMED AT THE BOARD MEETING IMMEDIATELY BEFORE FILING THE FORM 990. |
| FORM 990, PART VI, SECTION B, LINE 12C | EACH YEAR A QUESTIONNAIRE IS GIVEN TO EACH OFFICER, TRUSTEE AND KEY EMPLOYEE ASKING THEM TO CONFIRM THAT THEY HAVE ACCESS TO AND HAVE READ THE COOPERATIVE'S POLICY REGARDING CONFLICTS OR INTEREST. IF THERE ARE EXCEPTIONS TO THE POLICY, THEY ARE TO DISCLOSE IT AT THAT TIME. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE COOPERATIVE RETAINS AN INDEPENDENT CONSULTANT AND MAKES USE OF THE ANNUAL NATIONAL COMPENSATION SURVEY OF RURAL ELECTRIC DISTRIBUTION SYSTEMS FOR NRECA (NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION) TO DETERMINE PAY GRADES AND PAY RANGES. BASED UPON THE RECOMMENDATION OF THE CONSULTANT AND SURVEY RESULTS, THE COOPERATIVE CREATES AN ANNUAL WAGES AND SALARY PLAN THAT IS SUBMITTED TO THE BOARD OF TRUSTEES FOR REVIEW AND APPROVAL. EACH EMPLOYEE IS EVALUATED ANNUALLY BY THE SUPERVISOR AND COMPENSATED WITHIN THE WAGE AND SALARY PLAN BASED UPON PERFORMANCE. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE COOPERATIVE WILL PROVIDE A COMPLETE COPY OF ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS TO ANY MEMBER WHO REQUESTS A COPY OF ANY SUCH DOCUMENT. ANNUALLY, THE COOPERATIVE PROVIDES A COPY OF THE AUDITED BALANCE SHEET AND INCOME STATEMENT TO THE MEMBERS OF THE COOPERATIVE WITH THE ANNUAL REPORT. THE ANNUAL REPORT AND CODE OF REGULATIONS CAN ALSO BE FOUND ON THE COOPERATIVE'S WEBSITE. |
| FORM 990, PARTS VI & VII: | THE COOPERATIVE PROVIDED EACH DIRECTOR, OFFICER AND KEY EMPLOYEE, WHO SERVED IN THESE ROLES DURING THE YEAR, A QUESTIONNAIRE. THE COMPLETED QUESTIONNAIRES AND TIME LOGS ARE USED TO COMPLETE THE APPLICABLE QUESTIONS ON THE FORM 990 PERTAINING TO BUSINESS RELATIONSHIPS AMONG DIRECTORS, OFFICERS, AND KEY EMPLOYEES, AS WELL AS TO DETERMINE IF THERE ARE ANY TRANSACTIONS WHICH MUST BE REPORTED IN DETAIL ON SCHEDULE L - "TRANSACTIONS WITH INTERESTED PERSONS". FOR THE 2023 CALENDAR YEAR, ALL DIRECTORS, OFFICERS AND KEY EMPLOYEES REQUIRED TO COMPLETE A QUESTIONNAIRE DID SO WITH THE EXCEPTION OF ONE. FOR THIS ONE INDIVIDUAL, THE COOPERATIVE RELIED UPON A COMPLETED QUESTIONNAIRE FROM THE PRIOR YEAR. |
| 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. EMPLOYER CONTRIBUTIONS TO THE PLAN ARE MADE PURSUANT TO THE PLAN DOCUMENT. ADDITIONALLY, THE COOPERATIVE PARTICIPATES IN A MULTI-EMPLOYER DEFINED BENEFIT PLAN. CONTRIBUTIONS TO THIS PLAN ARE BASED ON THE FULL FUNDING LIMITATION OF SUCH PLAN. EMPLOYER CONTRIBUTIONS FOR BOTH PLANS ARE AVAILABLE TO PARTICIPATING EMPLOYEES, INCLUDING OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLANS. THE COOPERATIVE ALSO PROVIDES HEALTH, DENTAL, VISION AND LIFE INSURANCE TO ALL ELIGIBLE EMPLOYEES THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR THE OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES IS COMPRISED OF ACTUARIAL INCREASE IN THE DEFINED BENEFIT PLAN, THE TOTAL AMOUNT CONTRIBUTED BY THE COOPERATIVE TO THE DEFINED CONTRIBUTION PLAN AND INSURANCE PAID ON BEHALF OF AND FOR THEIR BENEFIT. |
| 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. |
| 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 CALENDAR TAX 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 CODE OF REGULATIONS. 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 2023 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, 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 $ 18,616,304 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (332,966) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (426,375) LESS: KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (413,245) PLUS: SALARIES AND WAGES ALLOCATED TO NONOPERATING MARGIN 553,912 PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 7,166,594 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 2,109,326 TOTAL WAGES ACCRUED AND/OR PAID $ 27,273,550 |
| FORM 990, PART IX, LINE 24: | ADMINISTRATIVE & GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS & OTHER $ 12,517,415 OFFICE SUPPLIES 2,598,334 OUTSIDE SERVICES 886,014 INSURANCES AND DAMAGES 93,692 DUES AND SUBSCRIPTIONS 916,479 TRUSTEES 195,204 TRAINING FEES 286,561 LEGAL EXPENSES & OTHER CONSULTANTS 1,065,763 MAINTENANCE OF GENERAL PLANT 2,771,083 MISCELLANEOUS GENERAL 403,378 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 21,733,923 LESS: RECLASS OF DONATIONS TO PART IX, LINE 1 (17,350) LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (332,966) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (8,824,968) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (4,450,484) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 8,108,155 |
| FORM 990, PART IX, LINE 24E: | OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CONSUMER EXPENSES $ 5,036,758 INTERCONNECT EXPENSES 54,399 SECURITY EXPENSES 1,244,881 SURGE EXPENSES 143,495 TRANSMISSION 1,287,269 PROVISION FOR DEFERRED UBIT EXPENSE (BENEFIT) (106,967) TOTAL OTHER EXPENSES PER FORM 990, PART IX $ 7,659,835 |
| FORM 990, PART IX, LINE 1: | 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. |
| FORM 990, PART IX: | THE ACCOUNTING RECORDS OF THE COOPERATIVE ARE MAINTAINED IN ACCORDANCE WITH THE UNIFORM SYSTEM OF ACCOUNTS (USOA) AS PRESCRIBED FOR ELECTRIC BORROWERS OF THE RURAL UTILITIES SERVICE (RUS). 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 X, LINES 4 & 15: | THE COOPERATIVE PREVIOUSLY INCLUDED ACCRUED UNBILLED UTILITY REVENUE AS A COMPONENT OF "ACCOUNTS RECEIVABLE" ON LINE 4 OF PART X. HOWEVER, FOR THE 2023 CALENDAR YEAR, THE COOPERATIVE BEGAN REPORTING THESE AMOUNTS AS "OTHER ASSETS" ON LINE 15. TO INCREASE CONSISTENCY, ACCRUED UNBILLED UTILITY REVENUE IN THE AMOUNT OF $23,802,082 FOR THE 2022 CALENDAR YEAR HAS BEEN RECLASSED FROM LINE 4 TO LINE 15. |
| FORM 990, PART XI, LINE 9: | PATRONAGE CAPITAL ASSIGNABLE 15,852,835. PATRONAGE CAPITAL RETIRED - TOTAL -10,807,252. PATRONAGE CAPITAL RETIRED - UNCLAIMED & RE-ISSUED 39,345. |
| FORM 990, PART XII, LINE 2C: | THE BOARD OF DIRECTORS AS A WHOLE IS RESPONSIBLE FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT AND SELECTING THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. |
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