2024-11-15T17:09:35-06:00 2023-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2023-01-01 880089964 VALLEY ELECTRIC ASSOCIATION INC VALL 7757275312 PO BOX 237 PAHRUMP NV 89041 TERRI GEORGE CFO 7757275312 2024-11-13 1 0 WILLIAM M MILLER P00439459 8067473806 2024-11-11 X 2023 2024-10-15 13:58:12Z MARK STALLONS PO BOX 237 PAHRUMP NV 89041 117617089 0 X WWW.VEA.COOP X 1965 NV TO PROVIDE QUALITY AND RELIABLE ELECTRIC AND INTERNET SERVICE TO MEMBERS OF THE COOPERATIVE. 7 7 163 0 1249512 0 0 0 99092131 116881072 126903 380372 637834 348969 99856868 117610413 83448 159241 0 0 14811055 17378423 0 0 0 80835327 84734237 95729830 102271901 4127038 15338512 326082663 331754040 253718620 243949958 72364043 87804082 IMPROVING THE LIVES OF THE PEOPLE AND COMMUNITIES WE SERVE. 0 0 PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 24,867 ACTIVE SERVICES AT YEAR END. PRIOR TO THE MEMBERSHIP APPROVED BYLAW AMENDMENTS IN 2018, THE COOPERATIVE PROVIDED INTERNET/BROADBAND SERVICES TO ALL SUBSCRIBERS ON A NON-PATRONAGE AND UNRELATED BUSINESS INCOME BASIS. ONE OF THE MEMBERSHIP APPROVED BYLAW AMENDMENTS IS TO PROVIDE INTERNET/BROADBAND SERVICES TO MEMBERS ON A PATRONAGE, NONPROFIT BASIS. THEREFORE, THE COOPERATIVE HAS EXPANDED ITS EXEMPT PURPOSES TO INCLUDE THE PROVISION OF INTERNET/BROADBAND SERVICES TO MEMBERS ON A PATRONAGE BASIS. SUCH SERVICES CONTINUE TO BE PROVIDED TO NON-MEMBERS ON A NON-PATRONAGE BASIS. THERE WERE 11,189 ACTIVE SERVICES AT YEAR END. SOLPOWER AND SOLPOWER CAPITAL (SOLPOWER) ARE WHOLLY OWNED SUBSIDIARIES OF VEA; SOLPOWER WAS FORMED IN 2020 TO PROVIDE SOLAR POWER SERVICES TO MEMBERS OF VEA. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 1 1 1 0 0 1 50 0 163 1 1 1 0 0 0 0 103130574 15067487 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 0 1 1 1 0 X TERRI GEORGE CFO 7757275312 800 E HWY 372 PAHRUMP NV 89048 X MICHELLE CAIRD PRESIDENT 12.90 1.00 X X 22200 0 0 KATHLEEN KEYES VICE-PRESIDENT 13.50 1.00 X X 19400 0 0 TERRIE D'ANTONIO DIRECTOR (JAN-JUNE) 15.30 1.00 X 8500 0 0 PAUL HEALEY TREASURER (JAN-FEB) 2.50 X X 2500 0 0 FRANK JARVIS SECRETARY 10.00 X X 18000 0 0 BRUCE HOLDEN DIRECTOR 5.10 X 19000 0 0 MIKE COTTINGIM TREASURER 9.80 1.00 X X 18600 0 0 WILLIAM MCMAHAN DIRECTOR (JULY-DEC) 3.90 X 8300 0 0 MICHAEL KAUCKY DIRECTOR (APR-DEC) 9.20 1.00 X 13050 0 0 MARK STALLONS CEO 50.00 X 396221 0 126731 TERRI GEORGE CFO (FEB-DEC) 58.00 X 211759 0 59960 STEVE MORRISON CFO (JAN) 40.00 1.00 X 145083 0 7914 LOGAN GERNET VP OPES, ENGINEERING & POWER SUPPLY 48.00 X 248160 0 53144 GABRIEL DEGUZMAN DIR TRANSMISSION SERV & LOAD MGMT 40.00 X 217715 0 43540 JEDIDIAH FERGUSON DIR TRANSMISSION OPERATIONS 60.00 X 179496 0 60991 MATTHEW KING VP MEMBER AND MANAGED SERVICES 55.00 X 177019 0 51625 JACK VENEZIO DIR NETWORK ENGINEERING & TELECOM 45.00 X 171434 0 80049 AARON LYNN MGR LINE OPERATIONS 50.00 X 168579 0 162398 ROGER MAKI MGR FIELD AND PROJECT ENGINEERING 50.00 X 160463 0 44909 TONI POWELL DIR ENGINEERING 40.00 X 154894 0 29484 JUSTIN BOYER AREA FOREMAN 49.00 X 198349 0 92974 ERIK STUHAAN AREA FOREMAN 49.00 X 195241 0 57491 AARON FRITZ JOURNEYMAN LINEMAN 51.00 X 189828 0 53569 BENJAMIN VELOZ JOURNEYMAN LINEMAN 50.00 X 182518 0 66884 ERIK LEDFORD AREA FOREMAN 45.00 X 181517 0 48278 ANGELA EVANS FORMER CEO 0.00 X 336724 0 0 3644550 0 1039941 76 1 1 0 MDR CONSTRUCTION 621 EAST BAYLIS CHAPEL RD COLUMBIA MS 39429 FIBER CONSTRUCTION 5578543 PAR WESTERN LINE CONTRACTORS PO BOX 846045 DALLAS TX 75284 LINE CONSTRUCTION 1732667 CONEXON 2001 GRAND BLVD STE 700 KANSAS CITY MO 64108 CONSULTANT - FIBER PROJECT 1047415 TECHSERV CONSULTING AND TRAINING LTD 12078 TX-64 TYLER TX 75704 CONSULTANT - FIBER PROJECT 961637 ERVIN CABLE CONSTRUCTION LLC PO BOX 932157 ATLANTA GA 31193 CONSULTANT - FIBER PROJECT 949137 19 X SALES OF ELECTRICITY 221000 88782278 88782278 WHEELING & TRANSMISSION REVENUE 221000 15503491 15503491 BROADBAND REVENUE 517000 11181603 9932091 1249512 PATRONAGE DIVIDENDS 221000 1277960 1277960 SERVICE FEES 221000 135740 135740 116881072 304643 304643 96170 0 96170 96170 96170 75729 0 75729 75729 75729 4164 6676 -2512 -2512 POLE ATTACHMENT INCOME 221000 255311 255311 255311 117610413 115704777 1249512 656124 X 136241 23000 3081118 8371100 3068875 2032026 825304 10978794 10410942 PURCHASED POWER 38680201 TRANSMISSION EXPENSE 11200191 DISTRIBUTION EXPENSE 9522739 ADMINISTRATIVE & GENERA 2862688 1078682 102271901 11681858 6818374 4767856 5691478 2484515 3246714 5740503 5805452 59099593 48237263 387835695 139264424 230509413 248571271 8736522 9249992 3062403 4133496 326082663 331754040 16322955 10747501 228920205 223141352 8475460 10061105 253718620 243949958 X 153810 143660 0 0 72210233 87660422 72364043 87804082 326082663 331754040 X 15338512 101527 X X 0 1 X 0 0 5000 5000 0 5000 1 NEVADA ASSEMBLY DEMOCRATIC CAUCUS 6675 S TENAYA WAY UNIT 200 LAS VEGAS NV 89113 880205213 5000 PART I-A, LINE 1: CONTRIBUTIONS TO CANDIDATES RUNNING FOR STATE OFFICES WHO ARE SUPPORTERS OF ELECTRIC COOPERATIVES. 7383394 7383394 26335873 9366677 16969196 328135782 129897747 198238035 25980646 25980646 248571271 CONSUMER DEPOSITS 1082142 ACCUMULATED PROVISION FOR POST-RETIREMENT HEALTH BENEFITS 1678161 DEFERRED CREDITS 7129932 POWER COST ADJUSTMENT OVER COLLECTED 170870 10061105 X 117610413 0 117610413 0 117610413 102271901 0 102271901 0 102271901 PART X, LINE 2: THE ASSOCIATION FOLLOWS THE "UNCERTAIN TAX POSITIONS" PROVISIONS OF ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. THE PRIMARY TAX POSITION OF THE ASSOCIATION IS ITS FILING STATUS AS A TAX EXEMPT COOPERATIVE IN THE YEARS IT QUALIFIES FOR EXEMPTION. IN THE YEARS IT DOES NOT QUALIFY FOR EXEMPTION, THE PRIMARY TAX POSITION OF THE ASSOCIATION IS THE EXCLUSION FROM TAXABLE INCOME FOR THE AMOUNT OF PATRONAGE CAPITAL ALLOCATED TO THE PATRONS. THE ASSOCIATION HAS DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT ITS TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE AND THAT ALL TAX BENEFITS ARE LIKELY TO BE REALIZED UPON SETTLEMENT WITH FEDERAL TAXING AUTHORITIES. PART VIII: THE AMOUNT OF INVESTMENTS - PROGRAM RELATED ON FORM 990, PAGE 11, PART X, LINE 13 DOES NOT EQUAL OR EXCEED 5 PERCENT OF THE TOTAL ASSETS ON FORM 990, PAGE 11, PART X, LINE 16, COLUMN B. CONSEQUENTLY, IN ACCORDANCE WITH IRS INSTRUCTIONS, SCHEDULE D, PART VIII HAS BEEN LEFT BLANK. PART IX: THE AMOUNT OF OTHER ASSETS ON FORM 990, PAGE 11, PART X, LINE 15 DOES NOT EQUAL OR EXCEED 5 PERCENT 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. 1 SECONDARY EDUCATION SCHOLARSHIPS FOR COOPERATIVE MEMBERS AND/OR THEIR DEPENDENTS 22 23000 PART I, LINE 2: CONTINUING EDUCATION SCHOLARSHIPS WILL BE AWARDED ANNUALLY TO ASSIST QUALIFIED INDIVIDUALS IN FURTHERING THEIR EDUCATION. TO BE ELIGIBLE A CANDIDATE OR CANDIDATE'S PARENTS OR LEGAL GUARDIAN MUST BE AN ACTIVE MEMBER OF VALLEY ELECTRIC ASSOCIATION. APPLICANT MUST ENROLL OR BE ENROLLED AT AN ACCREDITED EDUCATIONAL OR TRAINING INSTITUTION. SCHOLARSHIPS WILL BE AWARDED BY THE VOLUNTEER SCHOLARSHIP COMMITTEE AND WILL BE BASED ON GRADE POINT AVERAGE, SCHOOL/COMMUNITY INVOLVEMENT, SUBMITTED 500 WORD ESSAY AND OTHER MISCELLANEOUS CRITERIA. FOR MORE INFORMATION REGARDING THE SCHOLARSHIPS VISIT WWW.VEA.COOP. PART III: 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. 1 X X X 0 0 0 MARK STALLONS CEO 377416 0 0 0 18805 0 99313 0 27418 0 522952 0 0 0 ANGELA EVANS FORMER CEO 336724 0 0 0 0 0 0 0 0 0 336724 0 0 0 AARON LYNN MGR LINE OPERATIONS 159830 0 0 0 8749 0 127122 0 35276 0 330977 0 0 0 LOGAN GERNET VP OPES, ENGINEERING & POWER SUPPLY 245780 0 0 0 2380 0 22850 0 30294 0 301304 0 0 0 JUSTIN BOYER AREA FOREMAN 196218 0 0 0 2131 0 57698 0 35276 0 291323 0 0 0 TERRI GEORGE CFO (FEB-DEC) 199046 0 0 0 12713 0 33542 0 26418 0 271719 0 0 0 GABRIEL DEGUZMAN DIR TRANSMISSION SERV & LOAD MGMT 216737 0 0 0 978 0 13246 0 30294 0 261255 0 0 0 ERIK STUHAAN AREA FOREMAN 192626 0 0 0 2615 0 31795 0 25696 0 252732 0 0 0 JACK VENEZIO DIR NETWORK ENGINEERING & TELECOM 154619 0 0 0 16815 0 44773 0 35276 0 251483 0 0 0 BENJAMIN VELOZ JOURNEYMAN LINEMAN 178148 0 0 0 4370 0 41188 0 25696 0 249402 0 0 0 AARON FRITZ JOURNEYMAN LINEMAN 188426 0 0 0 1402 0 18293 0 35276 0 243397 0 0 0 JEDIDIAH FERGUSON DIR TRANSMISSION OPERATIONS 172609 0 0 0 6887 0 30697 0 30294 0 240487 0 0 0 ERIK LEDFORD AREA FOREMAN 180948 0 0 0 569 0 16484 0 31794 0 229795 0 0 0 MATTHEW KING VP MEMBER AND MANAGED SERVICES 166862 0 0 0 10157 0 28002 0 23623 0 228644 0 0 0 ROGER MAKI MGR FIELD AND PROJECT ENGINEERING 152744 0 4000 0 3719 0 33557 0 11352 0 205372 0 0 0 TONI POWELL DIR ENGINEERING 142760 0 10000 0 2134 0 6763 0 22721 0 184378 0 0 0 STEVE MORRISON CFO (JAN) 10579 0 0 0 134504 0 350 0 7564 0 152997 0 0 0 PART II, COLUMN C: INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. MARK STALLONS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 96,813 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 99,313 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (96,813) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 144,606 EXPENSE TO THE COOPERATIVE $ 147,106 AARON LYNN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 124,622 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 127,122 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (124,622) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 69,477 EXPENSE TO THE COOPERATIVE $ 71,977 LOGAN GERNET: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 20,350 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 22,850 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (20,350) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 106,838 EXPENSE TO THE COOPERATIVE $ 109,338 JUSTIN BOYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 55,198 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 57,698 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (55,198) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 58,597 EXPENSE TO THE COOPERATIVE $ 61,097 TERRI GEORGE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,042 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 33,542 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,042) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 66,716 EXPENSE TO THE COOPERATIVE $ 69,216 GABRIEL DEGUZMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 2,736 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,510 TOTAL REPORTED IN COLUMN C $ 13,246 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (2,736) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 12,696 EXPENSE TO THE COOPERATIVE $ 23,206 ERIK STUHAAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 29,295 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 31,795 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (29,295) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 58,597 EXPENSE TO THE COOPERATIVE $ 61,097 JACK VENEZIO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,273 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 44,773 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (42,273) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 65,424 EXPENSE TO THE COOPERATIVE $ 67,924 BENJAMIN VELOZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 38,688 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 41,188 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (38,688) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 51,534 EXPENSE TO THE COOPERATIVE $ 54,034 AARON FRITZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,793 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 18,293 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (15,793) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 51,534 EXPENSE TO THE COOPERATIVE $ 54,034 JEDIDIAH FERGUSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 28,197 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 30,697 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (28,197) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 74,494 EXPENSE TO THE COOPERATIVE $ 76,994 ERIK LEDFORD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 4,177 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,307 TOTAL REPORTED IN COLUMN C $ 16,484 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (4,177) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,793 EXPENSE TO THE COOPERATIVE $ 28,100 MATTHEW KING: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 25,502 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 28,002 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (25,502) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 70,857 EXPENSE TO THE COOPERATIVE $ 73,357 ROGER MAKI: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,057 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 33,557 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,057) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 65,998 EXPENSE TO THE COOPERATIVE $ 68,498 TONI POWELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 2,583 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,180 TOTAL REPORTED IN COLUMN C $ 6,763 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (2,583) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 5,167 EXPENSE TO THE COOPERATIVE $ 9,347 STEVE MORRISON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ (0) EMPLOYER CONTRIBUTION TO 401(K) PLAN 350 TOTAL REPORTED IN COLUMN C $ 350 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 10,130 EXPENSE TO THE COOPERATIVE $ 10,480 ZACH KING FAMILY RELATIONSHIP - KEY EMPLOYEE (M. KING) 1000 SCHOLARSHIP POST-SECONDARY EDUCATION FORM 990, PART IV, LINE 27: CONTINUING EDUCATION SCHOLARSHIPS ARE AWARDED ANNUALLY TO ASSIST QUALIFIED INDIVIDUALS IN FURTHERING THEIR EDUCATION. TO BE ELIGIBLE A CANDIDATE OR CANDIDATE'S PARENTS OR LEGAL GUARDIAN MUST BE AN ACTIVE MEMBER OF VALLEY ELECTRIC ASSOCIATION. APPLICANT MUST ENROLL OR BE ENROLLED AT AN ACCREDITED EDUCATIONAL OR TRAINING INSTITUTION. SCHOLARSHIPS WILL BE AWARDED BY THE VOLUNTEER SCHOLARSHIP COMMITTEE AND WILL BE BASED ON GRADE POINT AVERAGE, SCHOOL/COMMUNITY INVOLVEMENT, SUBMITTED 500 WORD ESSAY AND OTHER MISCELLANEOUS CRITERIA. DURING THE YEAR, KEY EMPLOYEE MATTHEW KING'S SON, ZACH KING, RECEIVED A SCHOLARSHIP. 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 ON A ONE MEMBER ONE VOTE BASIS. 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. AMENDMENT TO THE ARTICLES OF INCORPORATION 5. AMENDMENT TO THE BYLAWS 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 PROVIDED A COPY OF THE FORM 990 TO THE BOARD FOR DISCUSSION AND REVIEW SUBSEQUENT TO FILING. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS AND OFFICERS ARE REQUIRED TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE COOPERATIVE'S CONFLICT OF INTEREST POLICY. THE CONFLICT OF INTEREST POLICY IS EXPLAINED TO ALL NEW DIRECTORS COMING ON THE BOARD. DIRECTORS AND OFFICERS ARE REQUIRED TO DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY TO THE FULL BOARD OF DIRECTORS AS SOON AS POSSIBLE. BOARD MINUTES ARE NOTED WHEN A DIRECTOR HAS A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS USE A COMPENSATION SURVEY AND AN INDEPENDENT CONSULTANT WHEN DETERMINING THE COMPENSATION OF THE CEO. THE SURVEY SHOWS COMPARATIVE SALARIES FOR CEO'S FROM COOPERATIVES LOCATED IN NEVADA AND THE NATION. THE BOARD AND CEO USE A COMPENSATION SURVEY AND AN INDEPENDENT CONSULTANT WHEN DETERMINING THE COMPENSATION OF THE COOPERATIVE'S OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER AND KEY EMPLOYEES. THE SURVEY INCLUDES SALARIES FROM SIMILAR COOPERATIVES THROUGHOUT NEVADA AND THE NATION. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE PROVIDES A SUMMARIZED COPY OF THE AUDITED FINANCIAL STATEMENTS TO MEMBERS OF THE COOPERATIVE AT THE ANNUAL MEETING. THE COOPERATIVE'S BYLAWS, ARTICLES OF INCORPORATION, ANNUAL REPORT, AND AUDITED FINANCIAL STATEMENTS FOR MOST RECENT YEAR ARE ALSO AVAILABLE ON THE COOPERATIVE'S WEBSITE. THE COOPERATIVE WILL PROVIDE A COMPLETE COPY OF THE CONFLICT OF INTEREST POLICY OR GOVERNING DOCUMENTS TO ANY MEMBER WHO REQUESTS A COPY. FORM 990, PARTS VI & VII: THE COOPERATIVE ANNUALLY PROVIDES EACH DIRECTOR WHO SERVED ON THE BOARD DURING THE YEAR A QUESTIONNAIRE. THE COMPLETED QUESTIONNAIRES 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". IF THE COOPERATIVE WAS UNABLE TO OBTAIN A COMPLETED QUESTIONNAIRE, THE COOPERATIVE RELIED UPON THE COMPLETED INFORMATION FOR THE PRIOR YEAR. THE COOPERATIVE WAS UNABLE TO OBTAIN A QUESTIONNAIRE FROM DIRECTORS TERRIE D'ANTONIO AND PAUL HEALEY AS WELL AS EMPLOYEE OFFICER STEVE MORRISON; THEREFORE, THEIR PRIOR QUESTIONNAIRES WERE RELIED UPON WHILE PREPARING THE RETURN. THERE WERE NO KNOWN CHANGES FROM 2022 TO 2023. 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 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 THE 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. IN ADDITION TO THE ABOVE PENSION PLANS, THE COOPERATIVE ALSO PROVIDES POST-RETIREMENT HEALTH INSURANCE BENEFITS THROUGH AN UNFUNDED WELFARE BENEFIT PLAN. THE VALUE OF THESE BENEFITS HAS NOT BEEN ESTIMATED. FORM 990, PART VIII, LINE 2: PATRONAGE DIVIDENDS 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: ALTHOUGH THE ASSOCIATION IS NO LONGER A RURAL UTILITIES SERVICE (RUS) BORROWER, ITS ACCOUNTING RECORDS 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 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 $ 11,452,218 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (129,550) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (247,749) LESS: KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (472,996) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 3,424,915 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING & OTHER ACCOUNTS 2,036,121 TOTAL WAGES ACCRUED AND/OR PAID $16,062,959 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 6,145,530 OFFICE SUPPLIES 47,880 OUTSIDE SERVICES 534,446 INJURIES & DAMAGES 81,127 EMPLOYEE PENSION & BENEFITS 53,103 MEETINGS 297,940 MISCELLANEOUS GENERAL EXP 1,038,885 DIRECTORS 176,576 DUES 118,197 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 8,493,684 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (129,550) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (3,381,433) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (2,120,013) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 2,862,688 FORM 990, PART IX, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CUSTOMER ACCOUNTS $ 872,766 CUSTOMER SERVICE & SALES 190,451 OTHER DEDUCTIONS 15,465 TOTAL OTHER EXPENSES PER FORM 990, LINE 24E $ 1,078,682 FORM 990, PART XI, LINE 9: PATRONAGE CAPITAL RETIRED - TOTAL -153,586. PATRONAGE CAPITAL RETIRED - DISCOUNT 80,020. DONATED CAPITAL 113. NET CHANGE IN MEMBERSHIPS -10,150. OTHER EQUITY ADJUSTMENTS 9,940. OTHER COMPREHENSIVE INCOME ADJUSTMENT FOR POST-RETIREMENT BENEFITS 175,190. TRANSFER OF MARGINS 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. VALLEY ELECTRIC TRANSMISSION ASSOCIATION LLC 800 E HIGHWAY 372 PAHRUMP NV 89041 274844226 TRANSMISSION OF ELECTRICITY. NV 9266562 53336052 VALLEY ELECTRIC ASSOCIATION INC VALLEY ELECTRIC ENERGY SERVICES LLC 800 E HIGHWAY 372 PAHRUMP NV 89041 471001205 INACTIVE NV 0 0 VALLEY ELECTRIC ASSOCIATION INC VALLEY ELECTRIC UTILITY SERVICES LLC 800 E HIGHWAY 372 PAHRUMP NV 89041 471012241 INACTIVE NV 0 0 VALLEY ELECTRIC ASSOCIATION INC VALLEY COMMUNICATIONS ASSOCIATION LLC 800 E HIGHWAY 372 PAHRUMP NV 89041 474018997 TO PROVIDE BROADBAND SERVICES NV 11181603 13606750 VALLEY ELECTRIC ASSOCIATION INC SOLPOWER 800 E HIGHWAY 372 PAHRUMP NV 89041 SOLAR POWER SERVICES NV 1913371 4013329 VALLEY ELECTRIC ASSOCIATION INC VALLEY ELECTRIC CHARITABLE FOUNDATION 800 E HIGHWAY 372 PAHRUMP NV 89041 263157116 TO PROVIDE SCHOLARSHIPS AND GRANTS TO MEMBERS OF THE COOPERATIVE'S AREA. NV 501(C)(3) LINE 7 VALLEY ELECTRIC ASSOCIATION INC 1 VEA PAC PO BOX 237 PAHRUMP NV 89041 274721243 LOBBYING AT STATE AND FEDERAL LEVELS FOR RURAL ELECTRIC COOPERATIVES. NV 527 VALLEY ELECTRIC ASSOCIATION INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 VALLEY ELECTRIC CHARITABLE FOUNDATION N N/A - LESS THAN $50,000 VALLEY ELECTRIC CHARITABLE FOUNDATION O N/A - LESS THAN $50,000