2024-05-02T10:15:14-05:00 2023-12-31 202000257 Fiore Fedeli Snyder Carothers LLP 2013 Sandy Dr Ste 200 State College PA 16803 990 2023-01-01 160650108 STEUBEN RURAL ELECTRIC COOPERATIVE INC STEU 6077764161 9 WILSON AVENUE BATH NY 14810 Bryant Dillon General Manager 6077764161 2024-04-22 1 Bryant Dillon 999009999 1 JOSEPH P FEDELI CPA P00538622 8142378999 2024-04-22 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z Bryant Dillon 9 WILSON AVENUE BATH NY 14810 11304486 0 X WWW.STEUBENREC.COOP X 1941 NY The mission of Steuben Rural Electric Cooperative is to improve the quality of rural life by providing our members with low cost, reliable electricity and related services in a safe manner. 9 9 32 0 0 0 0 0 12224904 11133976 82461 70390 21041 100120 12328406 11304486 0 0 297548 545375 207893 0 0 0 0 10995935 10561994 11501376 11107369 827030 197117 40590511 43343667 21757324 24174604 18833187 19169063 The mission of Steuben Rural Electric Cooperative is to improve the quality of rural life by providing our members with low cost, reliable electricity and related services in a safe manner. 0 0 Providing reliable electricity and related services to our members in a safe manner. Steuben Rural Electric Cooperative, Inc. serves over 6,400 meters throughout four counties. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 44 0 1 32 1 0 0 0 0 0 0 0 11133976 147749 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X Bryant Dillon 6077764161 9 Wilson Ave Bath NY 14810 EDWARD BORKOWSKI DIRECTOR 2.70 X 9400 0 0 JAMES R MCCORMICK PRESIDENT 3.41 X X 7320 0 0 GERALD CHASE DIRECTOR 4.74 X 10400 0 0 GORDON FOSTER TREASURER 5.26 X X 10716 0 0 ROBERT V NICHOLS VICE PRESIDENT 5.39 X X 11480 0 0 RANDY STANKEY DIRECTOR 3.47 X 6760 0 0 JANICE HOAD SECRETARY 2.83 X X 7800 0 0 WILLIAM H MOSS III DIRECTOR 1.94 X 3860 0 0 WALTER LONGWELL DIRECTOR 1.18 X 6540 0 0 BRYANT DILLON GENERAL MANAGER 50.76 X 116475 0 42033 JOSHUA GAUSS OPERATIONS MANAGER 50.53 X 109789 0 37301 RICHARD PENDLE CHIEF LINEMAN 45.99 X 123168 0 28907 DOUGLAS HOSMER-SMITH FIRST CLASS LINEMAN 45.41 X 123752 0 0 TRENTON LABARR FIRST CLASS LINEMAN 45.24 X 106142 0 0 EVAN GREEN CHIEF LINEMAN 46.36 X 112564 0 10156 766166 0 118397 6 0 1 0 BNF POWERLINE CONSTRUCTION 361 BRUMBAUGH ROAD ROARING SPRING PA 16673 POWERLINE CONSTRUCTION 1792037 ASPLUNDH TREE EXPERT 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 VEGETATION MANAGEMENT 542851 STRAUSS TREE SERVICE 10646 COUNTY ROUTE 119 ADDISON NY 10646 VEGETATION MANAGEMENT 233232 3 ELECTRIC SERVICE REVENUE 221000 11133976 11133976 11133976 70390 70390 CAPITAL CREDITS - ASSOC. ORGS 900003 63335 63335 OTHER REVENUE 900099 19625 19625 GAIN ON SALE OF ASSETS 900099 17160 17160 100120 11304486 11234096 0 70390 X 545375 10235 77805 15416 739779 1401602 DISTRIBUTION EXP - MAIN 2425280 COST OF PURCHASED POWER 2341433 DISTRIBUTION EXP - OPER 1695580 SALES EXPENSE 577353 1277511 11107369 240207 523927 633583 1082007 2352324 2325224 491849 827216 115547 487025 56286517 21017309 34054707 35269208 1614691 2008695 1087603 820365 40590511 43343667 1763413 603854 844925 19733487 22333889 260424 391936 21757324 24174604 X 348955 356055 0 0 18484232 18813008 18833187 19169063 40590511 43343667 X 197117 138759 X X 0 1 X 1 0 50156 50156 4335840 1807076 2528764 50894534 19210233 31684301 1005987 1005987 35269208 OTHER POSTRETIREMENT BENEFITS 270715 ACCRUED INTEREST 41760 ACCRUED TAXES 3779 CONSUMER DEPOSITS 75682 391936 X 11281725 0 11281725 22761 22761 11304486 10539233 0 10539233 568136 568136 11107369 Part X, Line 2: The Cooperative is a not-for-profit, membership cooperative under section 501(c)(12) of the Internal Revenue Code and therefore, the Cooperative is exempt from federal income taxes. Pursuant to the New York Rural Electrification Law, the Cooperative is also exempt from state income taxes. Accordingly, no provision for such taxes has been made in the consolidated financial statements. Certain income earned from other unrelated products and services may require the Cooperative to pay federal and state income taxes. If this situation should arise, the necessary provisions for income tax liabilities are recorded in the Consolidated Financial Statements. No such tax liabilities existed at December 31, 2023 and 2022. The Cooperative is required to file informational returns with the Internal Revenue Service. The tax years from 2020 and later remain subject to examination by the taxing authorities. Part XI, Line 4b - Other Adjustments: EXPENSES NETTED AGAINST REV. ON F/S 22,761. Part XII, Line 4b - Other Adjustments: CURRENT YEAR RETIREMENT OF CAPITAL CREDITS 545,375. EXPENSES NETTED AGAINST REV. ON F/S 22,761. PART XII, LINE 4B The Cooperative had retirements of capital credits of $545,375 to its members in 2022. This amount is included in benefits paid to or for members as indicated on Schedule O. 1 X X 0 0 0 BRYANT DILLON GENERAL MANAGER 116475 0 0 0 0 0 28653 0 13380 0 158508 0 0 0 RICHARD PENDLE CHIEF LINEMAN 123168 0 0 0 0 0 21149 0 7758 0 152075 0 0 0 GLENN MOSS FAMILY MEMBER OF A CURRENT BOARD MEMBER 749 RENTAL OF LAND 0 Form 990, Part VI, Section A, line 6 Any person, firm, association, corporation or body politic or subdivision thereof may become a member in Steuben Rural Electric Cooperative, Inc. by A) Filing a written application for membership therein, B) Agreeing to purchase electric energy from the Cooperative, C) Agreeing to comply with and be bound by the articles of incorporation and bylaws of the Cooperative and any rules and regulations adopted by the board of directors, and D) Paying the membership fee. No member may hold more than one membership in the Cooperative, and no membership in the Cooperative shall be transferable. Form 990, Part VI, Section A, line 7a The Cooperative's Board of Directors appoints a nominating committee made up of Co-op members (none are on the board). The Nominating Committee meets at least once per year. Each Nominating Committee Member is responsible to attempt to present at least two candidates to run for seats up for election. Per the Bylaws, Candidates may also be nominated by petition. All Candidates are then voted on by the Members in attendance at the annual meeting and by any proxies received prior to or at the meeting. Form 990, Part VI, Section A, line 7b Board decisions are passed by a majority vote of Board Members. Any proposed Bylaw changes are voted on by the members at the next annual meeting of the members in accordance with the Cooperative Bylaws. Form 990, Part VI, Section B, line 11b All directors receive a draft copy of the completed Form 990 and are asked to provide changes/corrections which are documented in board meeting minutes. The final completed Form 990 is provided to the Cooperative's independent auditor for submission to the IRS. Form 990, Part VI, Section B, line 12c The Board of Directors reviews, discusses, and resolves conflicts on an ongoing basis. Form 990, Part VI, Section B, line 15 The Board of Directors meet to discuss proposed compensation increases. Recommendations are passed by a majority vote of the board. Form 990, Part VI, Section C, line 19 The Cooperative shall produce the documents upon receipt of a written request of the public. The Cooperative keeps a record of the written request. Form 990, Part IX, line 24e CONSUMER ACCOUNTS EXPENSE 537,997. ADMINISTRATIVE AND GENERAL 473,560. CUSTOMER SERVICES & INFORMATION 162,214. DIRECTOR'S EXPENSES 74,290. MEMBERSHIP DUES 26,847. DONATIONS 2,603. Form 990, Part XI, line 9: MEMBERSHIPS ISSUED 7,100. GAIN ON EARLY RETIREMENT OF CAPITAL CREDITS 131,659. FORM 990, PART XII, LINE 2C PROCESS HAS NOT CHANGED FROM PRIOR YEAR