2021-04-06T08:28:17-05:00 2020-12-31 161117932 BUFFAMANTE WHIPPLE BUTTAFARO PC 201 WEST THIRD STREET SUITE 300 JAMESTOWN NY 14701 990 2020-01-01 231179011 VALLEY RURAL ELECTRIC COOPERATIVE INC ANCIENT AND HONORABLE WORKERS VALL 8146432650 PO BOX 477 HUNTINGDON PA 166520477 RICH BAUER PRESIDENT & CEO 8146432650 2021-04-06 1 RICH BAUER 999009999 JAMES C ALEXANDER CPA P01384001 7163721620 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z RICH BAUER PO BOX 477 HUNTINGDON PA 166520477 38550513 0 X WWW.VALLEYREC.COM X 1938 PA DISTRIBUTION OF ELECTRICITY TO MEMBERS/OWNERS IN RURAL AREAS OF PA ON A COOPERATIVE BASIS. 9 9 66 0 0 0 0 0 0 0 462537 51914 19269972 21261433 19732509 21313347 33000 30000 1433229 2201282 686642 714203 0 0 0 15851518 16025323 18004389 18970808 1728120 2342539 92652066 93863837 49625817 48157046 43026249 45706791 DISTRIBUTION OF ELECTRICITY TO MEMBERS/OWNERS IN RURAL AREAS OF PA ON A COOPERATIVE BASIS. 0 0 18970808 DISTRIBUTION OF ELECTRICITY TO MEMBERS/OWNERS IN RURAL AREAS OF PA ON A COOPERATIVE BASIS. 18970808 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 24 0 1 66 1 0 0 0 0 0 0 0 36847337 498603 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 PAMELA DEVORE 8146432650 PO BOX 477 HUNTINGDON PA 166520477 LEROY BARNES DIRECTOR 2.70 X 10570 0 0 RANDALL HUNTSMAN DIRECTOR 2.30 X 12820 0 0 GREG HENRY DIRECTOR 2.40 X 12320 0 0 LINDA MCMATH DIRECTOR 2.00 X 11070 0 0 JOANNE WHITSEL DIRECTOR 2.60 X 10820 0 0 JAMES STAUFFER CHAIRMAN 4.40 X X 12270 0 0 KEVIN STATES VICE CHAIRMAN 1.90 X X 10570 0 0 CINDY BIGELOW SECRETARY 1.40 X X 10820 0 0 ROBERT HOLMES TREASURER 3.00 X X 11070 0 0 PAM DEVORE MANAGER OF HR AND FINANCIA 40.00 X 158091 0 59845 RICH BAUER CEO/PRESIDENT 40.00 X 301523 0 92514 TODD ROSS MANAGER OF OPERATIONS 40.00 X 140581 0 55292 BENJAMIN GORMAN MANAGER OF BUSINESS ADMIN 40.00 X 139821 0 55157 MICHAEL WILLIAMS CREW LEADER 40.00 X 110198 0 43573 RANDY BOONIE DISTRICT MANAGER 40.00 X 117654 0 51560 MICHAEL LANSBERRY JR DISTRICT MANAGER 40.00 X 115586 0 53348 1185784 0 411289 18 0 1 0 PENN LINE SERVICES INC PO BOX 280 INDIANA PA 15701 RIGHT OF WAY MAINTENANCE 1738078 B&L TREE SERVICE 924 SIDES ROAD MANNS CHOICE PA 15550 RIGHT OF WAY MAINTENANCE 772151 AYERS LINE CONSTRUCTION 411 RIDGE ROAD WILLIAMSBURG PA 16693 LINE CONSTRUCTION 177201 OSMOSE UTILITY SERVICES PO BOX 117284 ATLANTA GA 30368 POLE INSPECTIONS 176524 4 51914 51914 852309 0 852309 852309 852309 36207974 17237166 18970808 18970808 PAT CAP FROM ASSOC ORGS 221000 1437849 1437849 OTHER INCOME 221000 467 467 1438316 21313347 18970808 0 2342539 30000 2201282 714203 1772163 4174374 DISTRIBUTION MAINTENANC 3997570 ADMINISTRATION AND GEN 3377876 DISTRIBUTION OPERATIONS 1386513 CONSUMER ACCOUNTS 854768 462059 18970808 481050 744052 3571793 2993181 442500 553369 3278421 3016397 119571929 44291759 74591993 75280170 10286309 11276668 92652066 93863837 4946479 4474170 2248370 2009037 40014895 39230457 2416073 2443382 49625817 48157046 X 0 0 14290682 17215105 28735567 28491686 43026249 45706791 92652066 93863837 X 2342539 338003 X X 0 1 X 1 0 639069 639069 118591464 44291759 74299705 341396 341396 75280170 INVESTMENTS IN ASSOCIATED ORGANIZATIONS 11222365 C TEMPORARY INVESTMENT - COMMERCIAL PAPER 54303 C 11276668 ACCUMULATED POST RETIREMENT BENEFIT OBLIGATION 1843382 ACCUMULATED PROVISIONS FOR STORMS 600000 2443382 X 38550513 17237166 17237166 21313347 0 21313347 34006692 17237166 17237166 16769526 2201282 2201282 18970808 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM TAXES ON INCOME PURSUANT TO SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. CONSEQUENTLY, THE FINANCIAL STATEMENTS REFLECT NO PROVISION FOR TAXES ON INCOME. INCOME TAX RETURNS THAT REMAIN OPEN FOR EXAMINATION BY TAXING AUTHORITIES INCLUDE 2017 AND LATER YEARS. PART XI, LINE 2D - OTHER ADJUSTMENTS: POWER COST 17,237,166. PART XII, LINE 2D - OTHER ADJUSTMENTS: POWER COST 17,237,166. PART XII, LINE 4B - OTHER ADJUSTMENTS: CURRENT YEAR MARGINS TO BE ALLOCATED TO MEMBERS 2,201,282. PART XII, LINE 4B THE IRS REQUIRES THE ALLOCATION OF CURRENT YEAR MARGINS TO BE REPORTED ON THE STATEMENT OF FUNCTIONAL EXPENSES LINE 4 AS BENEFITS PAID TO OR FOR MEMBERS. UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ALLOCATIONS OF CAPITAL CREDITS ARE NOT SHOWN AS EXPENSES ON THE COOPERATIVE'S STATEMENT OF ACTIVITIES BUT RATHER ARE ALLOCATED TO MEMBERS THROUGH EQUITY. THEREFORE, THE RECONCILIATION ABOVE IS NECESSARY TO SHOW THE DIFFERENCES BETWEEN THE IRS FORM 990 AND THE AUDITED FINANCIAL STATEMENTS. 0 ASSISTANCE TO FAMILIES WITH SEVERE HEALTH CONDITIONS. 3 30000 PART I, LINE 2: EVERY YEAR VALLEY RURAL ELECTRIC COOPERATIVE, INC. HAS A CHARITY GOLF TOURNAMENT TO HELP FAMILIES WITH SEVERE HEALTH CONDITIONS. DUE TO THE PANDEMIC, THE GOLF TOURNAMENT DID NOT TAKE PLACE. HOWEVER, THE BOARD ELECTED TO STILL PROVIDE GRANTS. THE COOPERATIVE'S HEALTH AND WELLNESS COMMITTEE ACCEPTS NOMINATIONS FOR FAMILIES IN NEED AND IN JANUARY THE COMMITTEE HOLDS A MEETING TO REVIEW THE NOMINATIONS AND SELECTS, THROUGH A VOTING PROCESS, THE FAMILIES THAT WILL BENEFIT FROM THE TOURNAMENT. SELECTIONS ARE BASED ON NEED AND SEVERITY OF CONDITION. USUALLY TWO TO THREE FAMILIES ARE SELECTED. PROCEEDS, LESS EXPENSES, GOES DIRECTLY TO THE FAMILIES TO HELP WITH MEDICAL BILLS AND ANY OTHER NEEDS. FORM 990, SCHEDULE I, PAGE 2, PART III THE MEMBERS OF THE COMMITTEE ARE INDEPENDENT OF THE FAMILIES UNDER CONSIDERATION FOR THE GRANTS. X X 0 0 0 RICH BAUER CEO/PRESIDENT 267500 0 18850 0 15173 0 68507 0 24007 0 394037 0 0 0 PAM DEVORE MANAGER OF HR AND FINANCIA 146570 0 8350 0 3171 0 36760 0 23085 0 217936 0 0 0 TODD ROSS MANAGER OF OPERATIONS 131698 0 6350 0 2533 0 33061 0 22231 0 195873 0 0 0 BENJAMIN GORMAN MANAGER OF BUSINESS ADMIN 130953 0 6350 0 2518 0 32867 0 22290 0 194978 0 0 0 RANDY BOONIE DISTRICT MANAGER 116804 0 850 0 0 0 29444 0 22116 0 169214 0 0 0 MICHAEL LANSBERRY JR DISTRICT MANAGER 111000 0 850 0 3736 0 27959 0 25389 0 168934 0 0 0 MICHAEL WILLIAMS CREW LEADER 109348 0 850 0 0 0 22951 0 20622 0 153771 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 LINE 6 EXPLANATION - MEMBERS OF RURAL ELECTRIC COOPERATIVE ARE CONSUMERS OF ELECTRICITY FORM 990, PART VI, SECTION A, LINE 7A LINE 7A EXPLANATION - GOVERNING BODY IS ELECTED BY MEMBERS BY BALLOT VOTE FORM 990, PART VI, SECTION A, LINE 7B LINE 7B EXPLANATION - A DECISION BY THE GOVERNING BOARD TO DISSOLVE OR DIVERT SUBSTANTIALLY ALL OF THE COOPERATIVE'S PROPERTY AND/OR ASSETS REQUIRES THE AUTHORIZATION BY THE AFFIRMATIVE VOTE OF TWO-THIRDS OF ALL MEMBERS OF THE COOPERATIVE. AS STATED IN THE BY-LAWS, MEMBERS CAN ALSO REMOVE A BOARD MEMBER BY MAJORITY VOTE, SUBJECT TO A QUORUM BEING PRESENT. FORM 990, PART VI, SECTION B, LINE 11B LINE 11A EXPLANATION - FORM 990 PROVIDED TO BOARD MEMBERS VIA ELECTRONIC OR PAPER FORMAT BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH DIRECTOR, OFFICER AND KEY EMPLOYEE SHALL COMPLETE A CONFLICT OF INTEREST DISCLOSURE FORM. ANNUALLY, IT SHALL BE THE RESPONSIBILITY OF THE BYLAW AND POLICY COMMITTEE, WITH ASSISTANCE FROM THE COOPERATIVE ATTORNEY, TO REVIEW ALL FORMS AND REPORT ANY CONFLICTS/POTENTIAL CONFLICTS TO THE BOARD OF DIRECTORS. IT SHALL BE THE RESPONSIBILITY OF THE BOARD OF DIRECTORS TO DETERMINE WHAT, IF ANY, ACTION IS REQUIRED AS A RESULT OF A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 AN OUTSIDE CONSULTANT FROM NRECA PROVIDES THE BENCHMARKS FOR THE DIFFERENT TIERS OF EMPLOYEES. THESE FIGURES ARE PROVIDED TO THE BOARD. THE BOARD THEN REVIEWS THE BENCHMARKS. THE BOARD APPROVES THE CEO/PRESIDENT'S SALARY, WHILE THE CEO/PRESIDENT APPROVES THE DEPARTMENT DIRECTORS' SALARIES BASED ON THE BENCHMARKS AND THE BUDGET APPROVED BY THE BOARD. THESE BENCHMARKS ARE UPDATED EVERY FEW YEARS. FORM 990, PART VI, SECTION C, LINE 18 COPY AVAILABLE AT MAIN OFFICE FORM 990, PART VI, SECTION C, LINE 19 COPY AVAILABLE AT MAIN OFFICE FORM 990, PART XI, LINE 9: MEMBERSHIP FEES CANCELLED -5,410. GAIN ON RETIREMENT OF CAPITAL CREDITS 82,848. RETIREMENT OF CAPITAL CREDITS -2,415,871. CURRENT YEAR MARGINS TO BE ALLOCATED TO MEMBERS 2,201,282. AMORTIZATION OF NET ACTUARIAL GAIN -29,292. GAIN FROM DISCOUNTING GENERAL RETIREMENT 504,446. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT UNDERGONE ANY CHANGES FROM THE PRIOR YEAR.