2020-12-16T10:08:50-06:00 2019-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2019-01-01 850098061 JEMEZ MOUNTAINS ELECTRIC COOPERATIVE INC JEME 5057532105 PO BOX 128 ESPANOLA NM 87532 ERNESTO GONZALES GENERAL MANAGER 5057532105 2020-12-14 1 WILLIAM M MILLER P00439459 8067473806 2020-11-12 X 65.182.80.152 2020-12-14 12:39:37 CS P 954CA8D01CFBC3DD23DC63FC91DC923EB9CBFAF9 587A88673713A033F58E04FDF6801CBB1F7DD2F2 2019 2021-04-22 16:20:28Z X ERNESTO GONZALES PO BOX 128 ESPANOLA NM 87532 54864302 0 X WWW.JEMEZCOOP.ORG X 1943 NM TO PROVIDE RELIABLE AND AFFORDABLE POWER THROUGHOUT SERVICE AREAS ON A COOPERATIVE BASIS. 10 10 134 0 0 0 0 0 53528820 54301607 477041 282285 241639 177070 54247500 54760962 1678 1200 2403268 2342691 7437241 7474016 0 0 0 44405313 44943055 54247500 54760962 0 0 122035740 124544113 59877281 60041983 62158459 64502130 PROVIDE RELIABLE AND AFFORDABLE POWER THROUGHOUT OUR SERVICE AREAS, PROVIDE INNOVATIVE AND COST EFFECTIVE SOLUTIONS TO SATISFY ELECTRIC ENERGY NEEDS OF ALL OUR MEMBERS AND CONSUMERS, AND TO WORK TOGETHER TO ENSURE THE POSITIVE WELFARE AND DEVELOPMENT OF OUR COMMUNITIES. 0 0 SALE OF ELECTRIC ENERGY TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 31,157 ACTIVE SERVICES AT YEAR END. 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 151 0 134 1 0 0 0 0 0 48750349 5388071 0 0 0 X 10 10 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 0 1 0 0 X ERNESTO GONZALES GENERAL MANAGER 5057532105 19365 SR 84/285 HERNANDEZ NM 87537 X BOYD GROVES ENGINEER DIRECTOR 45.00 X 123848 0 17371 ALFONSO MARTINEZ JOURNEYMAN LINEMAN 49.00 X 110252 0 18550 NATHAN DURAN DISTRICT MANAGER 45.00 X 108038 0 18004 ANDREW CHAVEZ INTERIM GM (JUN-OCT) 40.00 X 104460 0 18139 RANDY VIGIL LINE SUPERINTENDENT 45.00 X 103983 0 18124 CHRISTOPHER CROWTHER JOURNEYMAN LINEMAN 45.00 X 100942 0 17035 DONNA MONTOYA TRUJILLO GENERAL MANAGER (JAN-MAY) 40.00 X 59855 0 6258 ERNESTO GONZALES GENERAL MANAGER 40.00 X 27565 0 7947 NICK NARANJO SAFETY OFFICER 2.00 1.00 X X 16512 0 0 JOHN TAPIA TRUSTEE 2.00 1.00 X 14534 0 0 LEO MARQUEZ PRESIDENT 7.10 1.00 X X 13177 0 0 HAROLD TRUJILLO VICE PRESIDENT 5.70 1.00 X X 12504 0 0 JOHNNY JARAMILLO TREASURER 3.80 1.00 X X 9298 0 0 LUCAS CORDOVA JR TRUSTEE 10.00 1.00 X 7855 0 0 DENNIS TRUJILLO TRUSTEE 2.00 1.00 X 6184 0 0 VICTOR SALAZAR TRUSTEE (JAN-JUN) 4.80 1.00 X 5290 0 0 DOLORES MCCOY TRUSTEE 4.10 1.00 X 5199 0 0 DAVID SALAZAR TRUSTEE (JAN-NOV) 2.00 1.00 X 3595 0 0 STANLEY CRAWFORD TRUSTEE 10.00 1.00 X 1439 0 0 GEORGE RIVERA TRUSTEE (JUL-OCT) 2.00 1.00 X 1393 0 0 BRUCE DURAN TRUSTEE 0.70 1.00 X 0 0 0 835923 0 121428 6 0 0 0 BRADBURY STAMM CONTRUCTION 7110 2ND ST NW ALBUQUERQUE NM 87107 CONSTRUCTION CONTRACTOR 4362315 ELITE POWER & RECOVERY 2121 OSUNA RD NE ALBUQUERQUE NM 87113 CONSTRUCTION CONTRACTOR 339920 SEDC INC 100 ASHFORD CENTER NORTH SUITE 500 ATLANTA GA 30338 SOFTWARE & BILLING 331722 ASPLUNDH TREE EXPERT PO BOX 827464 PHILADELPHIA PA 19182 TREE TRIMMING 326116 FAMILY TREE SERVICE 1720 EDISON AVENUE ALAMOSA CO 81101 TREE TRIMMING 290433 11 X SALES OF ELECTRICITY 221000 52619418 52619418 PATRONAGE DIVIDENDS 221000 1318838 1318838 WHEELING 221000 241756 241756 SERVICE FEES 221000 121595 121595 54301607 367100 367100 331 0 331 331 331 18525 103340 -84815 -84815 -84815 POLE ATTACHMENT INCOME 221000 176739 176739 176739 54760962 54301607 0 459355 X 1200 2342691 321204 5319064 309223 695494 829031 2110016 3739376 PURCHASED POWER 32717249 ADMIN & GENERAL EXPENSE 3363706 DISTRIBUTION EXPENSE 1981941 CONSUMER EXPENSE 519481 511286 54760962 16418746 14268698 543959 547326 4991307 5003498 26387 29134 2332571 2194854 599885 892197 132511022 60506106 68336743 72004916 20584405 21861185 8201737 7742305 122035740 124544113 4931094 4937096 53698250 53981405 1247937 1123482 59877281 60041983 X 112440 113420 0 0 62046019 64388710 62158459 64502130 122035740 124544113 X 0 2343671 X X 0 1 X 1 0 0 0 29076 244488 273564 390729 5149447 3276199 2263977 118939754 57229907 61709847 7757528 7757528 72004916 PATRONAGE CAPITAL-TSG&T 20910439 C PATRONAGE CAPITAL-COBANK 293940 C PATRONAGE CAPITAL-CFC 254327 C PATRONAGE CAPITAL-NMRECA 22900 C PATRONAGE CAPITAL-SEDC 231452 C PATRONAGE CAPITAL-WUESC 119269 C MEMBER CAPITAL SECURITIES-CFC 28858 C 21861185 REGULATORY ASSETS - PREPAID EASEMENTS 853717 REGULATORY ASSETS - POWER SUPPLIER 3917073 ACCRUED UNBILLED REVENUE 2971515 7742305 CONSUMER DEPOSITS 211080 DEFERRED CREDITS 513790 ACCRUED OPERATING TAXES 290784 OTHER ACCRUED LIABILITIES 107828 1123482 X 54754798 0 54754798 6164 6164 54760962 52412107 0 52412107 2348855 2348855 54760962 PART X, LINE 2: EFFECTIVE JANUARY 1, 2009, THE COOPERATIVE ADOPTED FASB ACCOUNTING STANDARDS CODIFICATIONS (ASC) 740-10, RELATING TO ACCOUNTING FOR UNCERTAIN TAX POSITIONS. AS OF DECEMBER 31, 2019 AND 2018, THE COOPERATIVE DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS. THE COOPERATIVE FILES AN EXEMPT ORGANIZATION TAX RETURN IN THE U.S. FEDERAL JURISDICTION AND IS NO LONGER SUBJECT TO EXAMINATION BY TAXING AUTHORITIES BEFORE 2009. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION OF NON-OPERATING EXPENSES TO PART IX 6,164. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 2,342,691. RECLASSIFICATION OF NON-OPERATING EXPENSES TO PART IX 6,164. PART XII, LINE 4B: FOR THE AUDITED FINANCIAL STATEMENTS, THE AMOUNT OF PATRONAGE DIVIDENDS PAID OR ALLOCATED TO THE MEMBERS IS REPORTED AS AN INCREASE IN EQUITY AND NOT AS AN EXPENSE. THEREFORE, NET INCOME PER THE AUDITED FINANCIAL STATEMENTS IS REPORTED GROSS OF THE AMOUNT OF PATRONAGE DIVIDENDS THAT ARE EITHER ALLOCATED OR TO BE ALLOCATED AT THE TIME THE AUDITED FINANCIAL STATEMENTS ARE PREPARED. HOWEVER, BECAUSE THE ALLOCATION OF PATRONAGE DIVIDENDS IS ONE ASPECT OF HOW THE COOPERATIVE FULFILLS ITS TAX EXEMPT PURPOSE OF OPERATING ON A COOPERATIVE BASIS, THE AMOUNT OF PATRONAGE DIVIDENDS ALLOCATED TO THE PATRONS IS REPORTED ON FORM 990, PART IX, LINE 4 AS "BENEFITS PAID TO MEMBERS". PATRONAGE DIVIDENDS ARE ALLOCATED ON A PATRONAGE BASIS AND DONE SO PURSUANT TO A PRE-EXISTING OBLIGATION AS PROVIDED FOR IN THE "NON-PROFIT OPERATION" ARTICLE OF THE COOPERATIVE'S BYLAWS. FORM 990, PAGE 1, SECTION B - AMENDED RETURN DUE TO THE COVID-19 PANDEMIC AND A CHANGE IN STAFFING, THE COOPERATIVE USED REASONABLE ESTIMATES TO REPORT OTHER COMPENSATION ON THE AS FILED 2019 FORM 990. SUBSEQUENT TO FILING, THE COOPERATIVE REVIEWED ADDITIONAL PAYROLL DATA AND ACTUAL AMOUNTS WERE ABLE TO BE ATTAINED. THE COOPERATIVE AMENDED ESTIMATED AMOUNTS OF OTHER COMPENSATION ON FORM 990, PART VII, COLUMN (F) FOR EMPLOYEE OFFICERS AND HIGHLY COMPENSATED EMPLOYEES. THIS RESULTED IN AN AMENDED FORM 990, AND THE CHANGES AMENDED TWO SPECIFIC AREAS AS FOLLOWS: 1) FORM 990, PART VII, SECTION A - CORRECTED ESTIMATED COMPENSATION IN COLUMN (F); 2) FORM 990, PART IX - THE CHANGE IN OTHER COMPENSATION CHANGED THE EXPENSES REPORTED ON LINES 5-9 BY ALLOCATING THE APPLICABLE EMPLOYEE OFFICER BENEFITS FROM LINES 7-9 TO LINE 5. 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 TRUSTEES ON A DISTRICT BASIS AT THE RESPECTIVE DISTRICT MEETINGS. THE MEMBERS ALSO VOTE ON THE ONE "AT LARGE" TRUSTEE ON A COOPERATIVE WIDE BASIS AS PART OF THE ANNUAL MEETING. 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. 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 REVIEWS THE FORM 990, THEN PROVIDES A COPY TO THE BOARD OF TRUSTEES FOR DISCUSSION AND REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS ARE REQUIRED TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE COOPERATIVE'S CONFLICT OF INTEREST POLICY. OFFICERS ARE REQUIRED TO DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY TO THE FULL BOARD OF TRUSTEES AS SOON AS POSSIBLE. ADDITIONALLY, THE BYLAWS DISQUALIFY A TRUSTEE FROM SERVING ON THE BOARD, INCLUDING BUT NOT LIMITED TO, IF HE/SHE (1) IS EMPLOYED BY OR INVESTS IN A COMPETING BUSINESS, (2) IS AN ELECTED PUBLIC OFFICIAL AND (3) HAS A FAMILY RELATIONSHIP WITH ANOTHER TRUSTEE/OFFICER OR EMPLOYEE OF THE COOPERATIVE. FORM 990, PART VI, SECTION B, LINE 15A WHEN DETERMINING THE COMPENSATION OF THE GENERAL MANAGER, THE BOARD OF TRUSTEES UTILIZE A COMPENSATION SURVEY TO OBTAIN COMPENSATION DATA FOR GENERAL MANAGERS OF OTHER ELECTRIC COOPERATIVES LOCATED IN THE COOPERATIVE'S GEOGRAPHIC REGION. ADJUSTMENTS TO COMPENSATION ARE DELIBERATED AND APPROVED BY THE BOARD OF TRUSTEES. OTHER THAN THE GENERAL MANAGER, THE COOPERATIVE DID NOT HAVE ANY EMPLOYEES MEETING THE DEFINITION OF OFFICER OR KEY EMPLOYEE. THEREFORE, AND PURSUANT TO FORM 990 INSTRUCTIONS, LINE 15B HAS BEEN ANSWERED "NO". FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE PROVIDES A SUMMARIZED COPY OF THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE COOPERATIVE AT THE ANNUAL MEETING. ADDDITIONALLY, THE ARTICLES OF INCORPORATION, BYLAWS, BOARD POLICIES (INCLUDING THE CONFLICT OF INTEREST POLICY), AND THE MOST RECENT COMPLETED SET OF AUDITED FINANCIAL STATEMENTS ARE LOCATED ON THE COOPERATIVE'S WEBSITE AT WWW.JEMEZCOOP.ORG. FORM 990, PART VI AND VII: THE COOPERATIVE ANNUALLY PROVIDES EACH TRUSTEE WHO SERVED ON THE BOARD DURING THE YEAR A QUESTIONNAIRE AND TIME LOG. THE COMPLETED QUESTIONNAIRES AND TIME LOGS ARE USED TO COMPLETE THE APPLICABLE QUESTIONS ON THE FORM 990 PERTAINING TO BUSINESS RELATIONSHIPS AMONG TRUSTEES, OFFICER 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 AND/OR TIME LOG, THE COOPERATIVE RELIED UPON THE COMPLETED INFORMATION FOR 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. THE COOPERATIVE CONTRIBUTES BASED ON A PERCENTAGE OF THE PARTICIPATING EMPLOYEE'S SALARY AS DETERMINED UNDER THE PLAN DOCUMENT. EMPLOYER CONTRIBUTIONS ARE AVAILABLE TO PARTICIPATING EMPLOYEES, INCLUDING OFFICERS AND HIGHLY COMPENSATED EMPLOYEES, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLAN. THE COOPERATIVE ALSO PROVIDES HEALTH, DENTAL, AND LIFE INSURANCE TO ELIGIGLE EMPLOYEES THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR OFFICERS AND HIGHLY COMPENSATED EMPLOYEES ARE COMPRISED OF THE CONTRIBUTIONS TO THE 401(K) DEFERRED CONTRIBUTION PLAN AND THE INSURANCE PREMIUMS PAID 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: THE ACCOUNTING RECORDS OF THE COOPERATIVE ARE MAINTAINED ON THE ACCRUAL BASIS USING THE RURAL UTILITIES SERVICE'S (RUS) PRESCRIBED UNIFORM SYSTEM OF ACCOUNTS (USOA). 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 ITS 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 THE TOTAL WAGES ACCRUED AND/OR PAID: TOTAL PER LINES 5-7 $ 5,640,268 LESS: TRUSTEE FEES REPORTED ON FORMS 1099-MISC (96,980) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (32,344) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 891,361 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 513,313 TOTAL WAGES ACCRUED AND/OR PAID $ 6,915,618 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL $ 1,841,044 OFFICE SUPPLIES 56,319 OUTSIDE SERVICES 451,684 INJURIES & DAMAGES 323,073 INFORMATION TECHNOLOGY 29,476 DUPLICATE CHARGES (CREDIT) (77,878) MISCELLANEOUS GENERAL 1,079,058 TRUSTEES 139,825 TRAININGS & MEETINGS 148,578 RATE RIDER 991,494 MAINTENANCE OF GENERAL PLANT 198,677 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 5,181,350 LESS: RECLASS OF TRUSTEE FEES TO PART IX, LINE 5 (96,980) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (1,285,407) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (435,257) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 3,363,706 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 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 BYLAWS. THE AMOUNT REPORTED ON PART IX, LINE 4 REPRESENTS THE AMOUNT OF PATRONAGE CAPITAL THAT IS TO BE ALLOCATED TO THE PATRONS RESULTING FROM THEIR PURCHASE OF ELECTRICITY FROM THE COOPERATIVE FOR THE 2019 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 XI, LINE 9: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 2,342,691. NET CHANGE IN MEMBERSHIPS 980. FORM 990, PART XII, LINE 2C: APPOINTED MEMBERS OF THE BOARD OF TRUSTEES SERVE ON THE FINANCE AND AUDIT COMMITTEE. THIS COMMITTEE IS RESPONSIBLE FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT AND FOR RECOMMENDING THE INDEPENDENT FINANCIAL STATEMENT AUDITOR TO THE FULL BOARD OF TRUSTEES. PROCEDURES REMAINED UNCHANGED DURING THE YEAR. JEMEZ MOUNTAINS ELECTRIC FOUNDATION PO BOX 128 ESPANOLA NM 87532 237022094 PROVIDE SCHOLARSHIPS TO STUDENTS NM 501(C)(3) PF JEMEZ MOUNTAINS ELECTRIC COOPERATIVE INC 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 JEMEZ MOUNTAINS ELECTRIC FOUNDATION B N/A - LESS THAN $50,000 JEMEZ MOUNTAINS ELECTRIC FOUNDATION N N/A - LESS THAN $50,000 JEMEZ MOUNTAINS ELECTRIC FOUNDATION O N/A - LESS THAN $50,000 JEMEZ MOUNTAINS ELECTRIC FOUNDATION Q N/A - LESS THAN $50,000