2022-11-14T10:28:58-06:00 2021-12-31 FORVIS LLP PO BOX 3667 LITTLE ROCK AR 722033667 990 2021-01-01 740524729 BRAZOS ELECTRIC POWER COOPERATIVE INC % MS KHAKI BORDOVSKY BRAZ 2547506500 7616 BAGBY AVE WACO TX 76712 CLIFTON KARNEI EXECUTIVE VP AND GM 2547506500 2022-11-10 true CLIFTON KARNEI 000000000 AMBER SHERRILL P00748683 5013721040 2 2021 2022-09-23 18:48:47Z CLIFTON KARNEI 7616 BAGBY AVENUE WACO TX 76712 3817181032 false X WWW.BRAZOSELECTRIC.COM X 1941 TX TO PROVIDE VALUED SERVICE TO OUR MEMBERS AND CUSTOMERS BY GENERATING, PROCURING, AND TRANSMITTING RELIABLE POWER AT THE LOWEST COST. 16 16 409 0 0 0 0 0 1048952004 3809385031 13948494 7484563 372761 210960 1063273259 3817080554 0 0 84299807 0 44525334 40738161 0 0 0 934352740 3780250709 1063177881 3820988870 95378 -3908316 3165904422 5681362952 2233736730 4751856167 932167692 929506785 TO PROVIDE VALUED SERVICE TO OUR MEMBERS AND CUSTOMERS BY GENERATING, PROCURING, AND TRANSMITTING RELIABLE POWER AT THE LOWEST COST. false false BRAZOS ELECTRIC POWER COOPERATIVE WAS FORMED FOR THE PURPOSE OF FURNISHING DEPENDABLE AND ECONOMICAL WHOLESALE ELECTRIC POWER AND ENERGY FOR RURAL ELECTRIC DISTRIBUTION COOPERATIVES. BRAZOS SERVES SIXTEEN MEMBER COOPERATIVES. false false false false false false false false false true false false false true false false true false false false false false false false false false false false true false false false false false false false false false false false true true true false true 165 0 true 409 true false false false false false 3706190064 110890490 false true false X 16 16 false false false true true true false true true false false true true true true true true true true false AZ CA RI X MS KHAKI BORDOVSKY 2547506500 7616 BAGBY AVE WACO TX 76712 X CLIFTON KARNEI EXECUTIVE VP & GENERAL MANAGER 46.0 3.0 X 2077213 0 95284 KHAKI BORDOVSKY VP- SERVICES 42.0 3.0 X 1194916 0 40673 JOHNNY YORK VP- TRANSMISSION 44.0 0.0 X 952415 0 155387 JOSH CLEVENGER VP- POWER SUPPLY 46.0 0.0 X 381756 0 86431 KYLE MINNIX MANAGER COMMUNICATION 44.0 0.0 X 321109 0 70572 TRAVIS THRALL VP- GENERATION 45.0 0.0 X 292661 0 54912 SHARI HEINO CHIEF COMPLIANCE OFFICER 43.0 0.0 X 246375 0 49838 RODNEY LITTLE MANAGER NETWORK SERVICES 42.0 0.0 X 220369 0 58865 BRENT FOX MANAGER FISCAL SERVICES 51.0 0.0 X 210062 0 56241 CARL CURRY PLANT MANAGER 48.0 0.0 X 201811 0 55332 MICHAEL TAVAGLIONE II PLANT MANAGER 68.0 0.0 X 202272 0 50769 DENNIS MCWHORTER PRESIDENT 24.0 1.0 X X 39250 1500 0 AUDIE MORRIS SECRETARY - TREASURER 9.0 1.0 X X 39250 1500 0 LARRY BAYS VICE PRESIDENT 7.0 1.0 X X 37750 1500 0 GLENN JONES DIRECTOR 7.0 1.0 X 37750 1500 0 MONTE CARLISLE DIRECTOR 10.5 0.0 X 39250 0 0 KENNETH ALEXANDER DIRECTOR 6.0 3.0 X 38750 0 0 BILL RAGSDALE DIRECTOR 14.0 0.0 X 37750 0 0 HENRY BRADFORD DIRECTOR 5.0 1.0 X 34250 1500 0 RICK ICKERT DIRECTOR 6.0 1.0 X 33750 1500 0 WILLIAM ALLEN DIRECTOR 8.0 0.0 X 33750 0 0 STEVE JONES DIRECTOR 12.0 0.0 X 33750 0 0 BILLY JONES DIRECTOR 12.0 0.0 X 33750 0 0 ELAINE MARTIN DIRECTOR 9.0 0.0 X 22750 0 0 JIM PENNINGTON DIRECTOR 8.0 0.0 X 13500 0 0 BRANDON YOUNG DIRECTOR 4.0 0.0 X 0 0 0 JAMES LASATER DIRECTOR 6.0 0.0 X 0 0 0 DARRYL SCHRIVER DIRECTOR 30.0 0.0 X 0 0 0 6776209 9000 774304 189 true true false NORTON ROSE FULBRIGHT US LLP 1301 MCKINNEY SUITE 5100 HOUSTON TX 77010 LEGAL 10168421 INTEGRATED POWER COMPANY LLC PO BOX 1743 NORTH PLATTE NE 69103 CONSTRUCTION 10112614 KRAMER LEVIN NAFTALIS FRANKEL LL 1177 AVENUE OF THE AMERICAS NEW YORK NY 10036 LEGAL 8152411 BERKELEY RESEARCH GROUP LLC 810 SEVENTH AVENUE 41ST FLOOR NEW YORK NY 10019 CONSULTING 5998685 FTI CONSULTING 1166 AVENUE OF THE AMERICAS NEW YORK NY 10036 CONSULTING 5577814 87 0 ELECTRIC ENERGY REVENUE 221000 3804268267 3804268267 OTHER MEMBER REVENUES 221000 2882063 2882063 CAPITAL CREDITS 221000 306144 306144 TRANSMISSION EXPORT REVENUE 221000 142786 142786 SALE OF EXCESS NATURAL GAS 221000 1785771 1785771 3809385031 7366196 7366196 0 22384 22384 188576 0 188576 188576 188576 218845 100478 118367 118367 118367 0 0 0 0 0 0 0 0 0 . 0 0 0 0 0 3817080554 3809385031 0 7695523 0 0 0 0 4002463 0 25939869 3508397 5341060 1946372 0 35376958 220027 0 0 0 25039688 0 458627 1009390 0 3941814 1985256 0 144267 37307893 0 83100938 4132996 PURCHASE POWER 3120298928 FUEL EXPENSE 321715736 OPERATING EXPENSE 75758861 MAINTENANCE EXPENSE 44889715 24869615 3820988870 3857566 74604743 197390565 128053827 0 0 97537174 156082960 0 0 0 0 0 0 83075379 93972469 508967117 2940806240 3225070520 1061266413 2161819374 2163804107 0 0 0 0 0 0 0 0 113257247 124038606 3165904422 5681362952 172161501 2393200951 0 0 31895908 9307029 0 0 0 0 0 0 2029679321 2339254527 0 0 0 10093660 2233736730 4751856167 X 95 95 0 0 932167597 929506690 932167692 929506785 3165904422 5681362952 X -3908316 1247409 X false true X true false 179039543 179039543 124249676 42962116 81287560 2915174796 1013157306 1902017490 6606505 5146991 1459514 2163804107 0 DERIVATIVE FINANCIAL INSTRUMENTS 10093660 10093660 3815890696 1264100 1264100 3814626596 2453958 2453958 3817080554 3818551604 3818551604 2437266 2437266 3820988870 FORM 990, SCHEDULE D, PART X, LINE 2 MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. FORM 990, SCHEDULE D, PART XI, LINE 2D INCOME FROM EQUITY INVESTMENTS $1,264,100 FORM 990, SCHEDULE D, PART XI, LINE 4B EXPENSES NETTED WITH OTHER REVENUE IN AUDIT $2,437,266 ACES LLC K-1 INCOME $16,692 ---------------------------------------------------------- TOTAL $2,453,958 FORM 990, SCHEDULE D, PART XII, LINE 4B EXPENSES NETTED WITH OTHER REVENUE IN AUDIT $2,437,266 X X X X false true false CLIFTON KARNEI EXECUTIVE VP & GENERAL MANAGER 1801937 0 30408 0 244868 0 60627 0 34657 0 2172497 0 161279 0 KHAKI BORDOVSKY VP- SERVICES 1116125 0 72475 0 6316 0 13079 0 27594 0 1235589 0 0 0 JOHNNY YORK VP- TRANSMISSION 289593 0 67135 0 595687 0 127115 0 28272 0 1107802 0 0 0 JOSH CLEVENGER VP- POWER SUPPLY 310659 0 68104 0 2993 0 49956 0 36475 0 468187 0 0 0 TRAVIS THRALL VP- GENERATION 242467 0 44942 0 5252 0 27496 0 27416 0 347573 0 0 0 SHARI HEINO CHIEF COMPLIANCE OFFICER 206657 0 39048 0 670 0 24417 0 25421 0 296213 0 0 0 RODNEY LITTLE MANAGER NETWORK SERVICES 188657 0 15784 0 15928 0 27999 0 30866 0 279234 0 9143 0 BRENT FOX MANAGER FISCAL SERVICES 171802 0 20908 0 17352 0 25772 0 30469 0 266303 0 7783 0 KYLE MINNIX MANAGER COMMUNICATION 141676 0 20673 0 158760 0 44618 0 25954 0 391681 0 6867 0 MICHAEL TAVAGLIONE II PLANT MANAGER 190703 0 10847 0 722 0 21154 0 29615 0 253041 0 0 0 CARL CURRY PLANT MANAGER 166455 0 20344 0 15012 0 24843 0 30489 0 257143 0 7171 0 JIM PENNINGTON DIRECTOR 13500 0 0 0 0 0 0 0 0 0 13500 0 0 0 SCHEDULE J, PART I, LINE 4B THE FOLLOWING INDIVIDUALS' 457(F) SALARY VESTS ON THE FIRST OF JULY OF THE SECOND FOLLOWING YEAR AND THE AMOUNT IS PAID IN JULY. RODNEY LITTLE - $9,325 KYLE MINNIX - $7,259 BRENT FOX - $8,680 CARL CURRY - $7,707 FORM 990, PART VI, SECTION A, LINE 5 A FRAUDULENT CHECK IN THE AMOUNT OF $2,106,811 WAS PAID OUT OF THE GENERAL FUND ACCOUNT IN JUNE 2021. IN RESPONSE, THE ORGANIZATION ADDED POSITIVE PAY IDENTIFICATION FOR ADDITIONAL SECURITY. THE INSURANCE COMPANY AND ATTORNEYS ARE WORKING TO RECOVER THE LOSS. FORM 990, PART VI, SECTION A, LINE 6 BRAZOS ELECTRIC IS OWNED BY 16 MEMBER ELECTRIC DISTRIBUTION COOPERATIVES. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER ELECTS THEIR REPRESENTATIVE TO SERVE AS A DIRECTOR ON THE BRAZOS ELECTRIC POWER COOPERATIVE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY FORVIS. IT IS THEN REVIEWED BY THE MANAGER OF FISCAL SERVICES AND CONTROLLER; VICE PRESIDENT, SERVICES; AND THE EXECUTIVE VICE PRESIDENT AND GENERAL MANAGER BEFORE IT IS PRESENTED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO ITS SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS THE DIRECTORS FILL OUT A CONFLICT OF INTEREST CERTIFICATION AND DISCLOSURE FORM. ON A MONTHLY BASIS THE BOARD IS PROVIDED A SCHEDULE OF PAYMENTS MADE FOR SERVICES AND GOODS PROVIDED THE COOPERATIVE. IF A BUSINESS DECISION INVOLVES A CONFLICT WITH A MEMBER, THAT MEMBER IS REQUESTED TO SIT OUT OF THE MEETING WHILE A DISCUSSION AND VOTE IS HELD. FORM 990, PART VI, SECTION B, LINE 15A CEO PAY IS DETERMINED BY THE BRAZOS ELECTRIC BOARD ALONG WITH WAGE SURVEY INFORMATION THAT IS PROVIDED FOR CEO SALARIES. THE BOARD MEMBERS MEET TO DISCUSS IF AN INCREASE SHOULD BE GIVEN BASED ON PERFORMANCE AND TENURE IN THE POSITION. THE 16 MEMBER BOARD IS RESPONSIBLE FOR DECIDING ON THE PAY OF THE CEO. FORM 990, PART VI, SECTION B, LINE 15B VICE PRESIDENT'S PAY IS DETERMINED BASED ON TWO COMPONENTS. EACH VICE PRESIDENT'S JOB TITLE IS PLACED IN A SALARY GRADE BASED ON WAGE SURVEY STUDIES. INDIVIDUAL INCREASES ARE BASED ON PERFORMANCE, TENURE, AND POSITION WITHIN THE SALARY GRADE. THE CEO OF BRAZOS ELECTRIC IS RESPONSIBLE FOR EVALUATING INCREASES FOR VICE PRESIDENTS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART VIII, LINE 6A POLE RENTAL INCOME WHICH IS EXCLUDED FROM UNRELATED BUSINESS INCOME $188,576 FORM 990, PART XI, LINE 9 INCOME FROM EQUITY INVESTMENTS $1,264,101 ACES LLC K-1 INCOME ($16,692) -------------------------------------------------- TOTAL OTHER CHANGES IN NET ASSETS $1,247,409 BRAZOS SANDY CREEK ELECTRIC COOPERATIVE 7616 BAGBY AVE WACO TX 76712 870806881 GENERATE PWR TX 501(C)(12) BRAZOS ELECT true BRAZOS FUEL COMPANY INC PO BOX 2585 WACO TX 767022585 741787410 FUEL PRODUCTS TX BRAZOS ELECTRIC C CORPORATION 0 27 1.00000 true false false false false false false false false false false false true true false false false true false false BRAZOS SANDY CREEK ELECTRIC COOPERATIVE L 60000 FMV BRAZOS SANDY CREEK ELECTRIC COOPERATIVE M 92290714 FMV BRAZOS SANDY CREEK ELECTRIC COOPERATIVE Q 74140 FMV