2025-11-13T15:20:11-06:00 2024-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-01-01 880089964 VALLEY ELECTRIC ASSOCIATION INC VALL 7757275312 PO BOX 237 PAHRUMP NV 89041 TERRI GEORGE CFO 7757275312 2025-11-12 1 0 WILLIAM M MILLER P00439459 8067473806 2025-11-12 X 2024 2025-03-06 01:10:19Z ROBBY HAMLIN PO BOX 237 PAHRUMP NV 89041 102095850 0 X WWW.VEA.COOP X 1965 NV TO PROVIDE QUALITY AND RELIABLE ELECTRIC AND INTERNET SERVICE TO MEMBERS OF THE COOPERATIVE. 7 7 165 0 1121940 0 0 0 116881072 101372599 380372 450868 348969 189471 117610413 102012938 159241 169205 0 5406850 17378423 18639379 0 0 0 84734237 77823536 102271901 102038970 15338512 -26032 331754040 352803144 243949958 262162606 87804082 90640538 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 25,236 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 11,092 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 1 1 1 0 0 0 0 1 0 0 0 0 0 1 1 1 0 0 1 44 0 165 1 1 1 0 0 0 0 97604622 7269845 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 14.30 1.00 X X 24800 0 0 KATHLEEN KEYES VICE-PRESIDENT 13.80 1.00 X X 20600 0 0 FRANK JARVIS SECRETARY 10.00 X X 20400 0 0 BRUCE HOLDEN DIRECTOR 4.30 X 21200 0 0 MIKE COTTINGIM TREASURER 12.00 1.00 X X 21800 0 0 WILLIAM MCMAHAN DIRECTOR 11.90 X 21700 0 0 MICHAEL KAUCKY DIRECTOR 10.00 1.00 X 20400 0 0 MARK STALLONS CEO 50.00 X 414462 0 128227 ROBBY HAMLIN CEO (DEC) 50.00 X 32885 0 2105 TERRI GEORGE CFO 50.00 X 257316 0 82154 FREDERICK WOLFF CFO (OCT-DEC) 60.00 X 66462 0 5135 LOGAN GERNET VP OPS, ENGINEERING & POWER SUPPLY 48.00 X 272736 0 54600 MATHEW KING VP MEMBER AND MANAGED SERVICES 50.00 X 200304 0 56886 GABRIEL DEGUZMAN DIR TRANSMISSION SERV & LOAD MNGMT 50.00 X 227834 0 58501 JEDIDIAH FERGUSON DIR TRANSMISSION OPERATIONS 55.00 X 199412 0 64669 TONI POWELL DIR ENGINEERING 40.00 X 185409 0 59876 JACK VENEZIO DIR NETWORK ENGINEERING & TELECOMMUNICATIONS 45.00 X 185676 0 96436 AARON LYNN MGR LINE OPERATIONS 50.00 X 174070 0 182334 AMY CARLSON DIR CORPORATE AFFAIRS AND COMMUNITY RELATIONS 66.00 X 161984 0 52905 JESSICA RENNEKER DIR HUMAN RESOURCES AND SAFETY 50.00 X 160076 0 52223 ROBERT BALL AREA FOREMAN 51.00 X 215890 0 43171 ERIK STUHAAN AREA FOREMAN 50.00 X 212179 0 61117 DILLON LEIPER AREA FOREMAN 49.00 X 202003 0 34980 LUIS MEZA AREA FOREMAN 48.00 X 195310 0 74840 KEVIN HARRINGTON JOURNEYMAN LINEMAN 51.00 X 190011 0 38645 3704919 0 1148804 83 0 1 0 ERVIN CABLE CONSTRUCTION LLC PO BOX 932157 ATLANTA GA 31193 FIBER CONSTRUCTION 7065057 MDR CONSTRUCTION 621 EAST BAYLIS CHAPEL RD COLUMBIA MS 39429 FIBER CONSTRUCTION 3477386 CONEXON 2001 GRAND BLVD STE 700 KANSAS CITY MO 64108 CONSULTANT - FIBER PROJECT 1998364 3-D CONSTRUCTION LLC PO BOX 2390 PAHRUMP NV 89041 DIRT WORK 830875 SUMMIT LINE CONSTRUCTION INC 441 W POWER LINE RD HEBER CITY UT 84032 CONSTRUCTION - ELECTRIC LINE 647607 17 X SALES OF ELECTRICITY 221000 81701472 81701472 BROADBAND REVENUE 517000 10425663 9303723 1121940 WHEELING & TRANSMISSION REVENUE 221000 8126746 8126746 PATRONAGE DIVIDENDS 221000 1003185 1003185 SERVICE FEES 221000 115533 115533 101372599 432138 432138 89070 0 89070 89070 89070 82340 63610 18730 18730 18730 6750 19302 -12552 -12552 POLE ATTACHMENT INCOME 221000 112953 112953 112953 102012938 100256837 1121940 634161 X 140955 28250 5406850 3585577 8805301 3237483 2132361 878657 10882129 10945714 PURCHASED POWER 33838561 TRANSMISSION EXPENSE 9276944 DISTRIBUTION EXPENSE 8569046 ADMINISTRATIVE & GENERA 2828568 1482574 102038970 6818374 7063950 5691478 4218806 3246714 3308689 5805452 6658808 48237263 45869048 421384961 149198973 248571271 272185988 364940 9249992 9560897 4133496 3572018 331754040 352803144 10747501 10153674 223141352 229758144 10061105 22250788 243949958 262162606 X 143660 0 0 0 87660422 90640538 87804082 90640538 331754040 352803144 X -26032 2862488 X X 0 1 X 0 0 44000 44000 0 44000 1 ASSEMBLY REPUBLICAN CAUCUS 1894 E WILLIAM STREET STE 4 471 CARSON CITY NV 89701 854307920 5500 CAMPAIGN TO ELECT ROCHELLE NGUYEN PO BOX 26025 LAS VEGAS NV 89126 832881476 1000 CARRIE BUCK FOR STATE SENATE 5 PO BOX 751271 LAS VEGAS NV 89136 844339633 1500 COMMITTEE TO ELECT DALLAS HARRIS 8020 S RAINBOW BLVD STE 100 271 LAS VEGAS NV 89139 832730935 2500 COMMITTEE TO ELECT HOWARD WATTS 1701 S 14TH STREET LAS VEGAS NV 89104 824683201 2500 COMMITTEE TO ELECT JILL DICKMAN 1344 DISC DRIVE 201 SPARKS NV 89436 471479372 1500 COMMITTEE TO ELECT MAX E CARTER II 181 CLAYTON ST LAS VEGAS NV 89110 873618834 1500 COMMITTEE TO ELECT NICOLE CANNIZZARO 361 SOUBRETTE CT LAS VEGAS NV 89145 474860402 3000 COMMITTEE TO ELECT PK O'NEILL 1216 SONOMA ST CARSON CITY NV 89701 845135274 3500 COMMITTEE TO ELECT SANDRA JAUREGUI 7582 LAS VEGAS BLVD S 118 LAS VEGAS NV 89123 475675506 2000 COMMITTEE TO ELECT STEVEN YEAGER 10120 W FLAMINGO RD SUITE 4162 LAS VEGAS NV 89147 464680743 2500 COMMITTEE TO ELECT DANIELLE MONROE-MORENO 5575 SIMMONS 154 NORTH LAS VEGAS NV 89031 473050235 2500 FRIENDS OF GREGORY T HAFEN II 5250 HAFEN RANCH RD PAHRUMP NV 89061 832852831 3000 FRIENDS OF TOBY YUREK 815 SAN GABRIEL AVENUE HENDERSON NV 89002 873948107 1000 NEVADA SENATE DEMOCRATS 2320 PASEO DEL PRADO STE B-107 LAS VEGAS NV 89102 880316606 4500 DELONG FOR NEVADA 59 DAMONTE RANCH PARKWAY SUITE B54 RENO NV 89521 874580366 1000 SENATE REPUBLICAN LEADERSHIP CONFERENCE PO BOX 377 WELLINGTON NV 89444 880468043 5000 PART I-A, LINE 1: CONTRIBUTIONS TO CANDIDATES RUNNING FOR STATE OFFICES WHO ARE SUPPORTERS OF ELECTRIC COOPERATIVES. 7383394 7383394 26659277 10254247 16405030 334488620 138944726 195543894 52853670 52853670 272185988 CONSUMER DEPOSITS 1201723 ACCUMULATED PROVISION FOR POST-RETIREMENT HEALTH BENEFITS 1315297 DEFERRED CREDITS 8427265 POWER COST ADJUSTMENT OVER COLLECTED 11111782 OTHER LIABILITIES 194721 22250788 X 102012938 0 102012938 0 102012938 96632121 0 96632121 5406850 5406850 102038971 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 XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL ASSIGNED OR TO BE ASSIGNED 5,406,850. 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 VALLEY ELECTRIC CHARITABLE FOUNDATION 800 E HIGHWAY 372 PAHRUMP NV 89041 263157116 501(C)(3) 7791 0 DOLLY PARTON LIBRARY DONATION 1 SECONDARY EDUCATION SCHOLARSHIPS FOR COOPERATIVE MEMBERS AND/OR THEIR DEPENDENTS 25 28250 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 399984 0 0 0 14478 0 103740 0 24487 0 542689 0 0 0 AARON LYNN MGR LINE OPERATIONS 165425 0 0 0 8645 0 146360 0 35974 0 356404 0 0 0 TERRI GEORGE CFO 231857 0 0 0 25459 0 57667 0 24487 0 339470 0 0 0 LOGAN GERNET VP OPS, ENGINEERING & POWER SUPPLY 254382 0 0 0 18354 0 23793 0 30807 0 327336 0 0 0 GABRIEL DEGUZMAN DIR TRANSMISSION SERV & LOAD MNGMT 224322 0 0 0 3512 0 27694 0 30807 0 286335 0 0 0 JACK VENEZIO DIR NETWORK ENGINEERING & TELECOMMUN 170997 0 0 0 14679 0 60462 0 35974 0 282112 0 0 0 ERIK STUHAAN AREA FOREMAN 207679 0 0 0 4500 0 34878 0 26239 0 273296 0 0 0 LUIS MEZA AREA FOREMAN 188506 0 0 0 6804 0 38866 0 35974 0 270150 0 0 0 JEDIDIAH FERGUSON DIR TRANSMISSION OPERATIONS 181454 0 0 0 17958 0 33862 0 30807 0 264081 0 0 0 ROBERT BALL AREA FOREMAN 208078 0 0 0 7812 0 31514 0 11657 0 259061 0 0 0 MATHEW KING VP MEMBER AND MANAGED SERVICES 184053 0 0 0 16251 0 32758 0 24128 0 257190 0 0 0 TONI POWELL DIR ENGINEERING 182589 0 0 0 2820 0 29069 0 30807 0 245285 0 0 0 DILLON LEIPER AREA FOREMAN 198848 0 0 0 3155 0 10852 0 24128 0 236983 0 0 0 KEVIN HARRINGTON JOURNEYMAN LINEMAN 188400 0 0 0 1611 0 15398 0 23247 0 228656 0 0 0 AMY CARLSON DIR CORPORATE AFFAIRS AND COMMUNITY 147051 0 0 0 14933 0 22098 0 30807 0 214889 0 0 0 JESSICA RENNEKER DIR HUMAN RESOURCES AND SAFETY 157865 0 0 0 2211 0 21416 0 30807 0 212299 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 $ 101,240 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 103,740 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (101,240) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 155,561 EXPENSE TO THE COOPERATIVE $ 158,061 AARON LYNN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 143,860 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 146,360 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (143,860) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 73,993 EXPENSE TO THE COOPERATIVE $ 76,493 TERRI GEORGE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 55,167 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 57,667 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (55,167) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 105,004 EXPENSE TO THE COOPERATIVE $ 107,504 LOGAN GERNET: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 21,293 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 23,793 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (21,293) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 113,782 EXPENSE TO THE COOPERATIVE $ 116,282 GABRIEL DEGUZMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,262 EMPLOYER CONTRIBUTION TO 401(K) PLAN 22,432 TOTAL REPORTED IN COLUMN C $ 27,694 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,262) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,928 EXPENSE TO THE COOPERATIVE $ 51,360 JACK VENEZIO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,962 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 60,462 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,962) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 75,751 EXPENSE TO THE COOPERATIVE $ 78,251 ERIK STUHAAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,378 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 34,878 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,378) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 62,350 EXPENSE TO THE COOPERATIVE $ 64,850 LUIS MEZA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,366 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 38,866 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,366) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 60,474 EXPENSE TO THE COOPERATIVE $ 62,974 JEDIDIAH FERGUSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,362 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 33,862 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,362) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 81,162 EXPENSE TO THE COOPERATIVE $ 83,662 ROBERT BALL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 29,014 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 31,514 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (29,014) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 68,602 EXPENSE TO THE COOPERATIVE $ 71,102 MATHEW KING: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,258 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 32,758 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,258) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 81,162 EXPENSE TO THE COOPERATIVE $ 83,662 TONI POWELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,810 EMPLOYER CONTRIBUTION TO 401(K) PLAN 18,259 TOTAL REPORTED IN COLUMN C $ 29,069 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,810) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,546 EXPENSE TO THE COOPERATIVE $ 41,805 DILLON LEIPER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,352 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 10,852 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,352) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 62,350 EXPENSE TO THE COOPERATIVE $ 64,850 KEVIN HARRINGTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 3,403 EMPLOYER CONTRIBUTION TO 401(K) PLAN 11,995 TOTAL REPORTED IN COLUMN C $ 15,398 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (3,403) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,824 EXPENSE TO THE COOPERATIVE $ 27,819 AMY CARLSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 19,598 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 22,098 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (19,598) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 66,733 EXPENSE TO THE COOPERATIVE $ 69,233 JESSICA RENNEKER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,340 EMPLOYER CONTRIBUTION TO 401(K) PLAN 16,076 TOTAL REPORTED IN COLUMN C $ 21,416 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,340) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,020 EXPENSE TO THE COOPERATIVE $ 36,096 AMY CARLSON FAMILY RELATIONSHIP (OFFICER - M. KING) 161984 EMPLOYMENT 0 MATHEW KING FAMILY RELATIONSHIP (KEY EMPLOYEE - A. CARLSON) 200304 EMPLOYMENT 0 KRISTINA KING FAMILY RELATIONSHIP (KEY EMPLOYEE - A. CARLSON & OFFICER - M. KING) 67843 EMPLOYMENT 0 BRYCEN FOUST FAMILY RELATIONSHIP (KEY EMPLOYEE - A. CARLSON) 1296 INTERN 0 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, 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 $ 12,390,878 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (150,900) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (329,107) LESS: KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (566,944) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 3,524,840 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING & OTHER ACCOUNTS 2,172,641 TOTAL WAGES ACCRUED AND/OR PAID $17,041,408 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 5,690,219 OFFICE SUPPLIES 44,809 OUTSIDE SERVICES 538,767 INJURIES & DAMAGES 85,002 EMPLOYEE PENSION & BENEFITS 50,399 MEETINGS 337,444 MISCELLANEOUS GENERAL EXP 1,203,262 DIRECTORS 190,912 DUES 146,282 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 8,287,096 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (150,900) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (3,256,586) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (2,051,042) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 2,828,568 FORM 990, PART IX, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CUSTOMER ACCOUNTS $ 1,312,637 CUSTOMER SERVICE & SALES 123,257 POLITICAL CONTRIBUTIONS 44,000 OTHER DEDUCTIONS 2,680 TOTAL OTHER EXPENSES PER FORM 990, LINE 24E $ 1,482,574 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 CALENDAR TAX 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 EITHER ALLOCATED OR TO BE ALLOCATED TO THE PATRONS RESULTING FROM THEIR PURCHASE OF ELECTRICITY FROM THE COOPERATIVE FOR THE 2024 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 ASSIGNABLE 5,406,850. PATRONAGE CAPITAL RETIRED - TOTAL -2,718,038. PATRONAGE CAPITAL RETIRED - DISCOUNT 83,236. DONATED CAPITAL -649. NET CHANGE IN MEMBERSHIPS -143,660. OTHER EQUITY ADJUSTMENTS 143,560. OTHER COMPREHENSIVE INCOME ADJUSTMENT FOR POST-RETIREMENT BENEFITS 91,189. 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 16081258 52016633 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 10425663 20591799 VALLEY ELECTRIC ASSOCIATION INC SOLPOWER 800 E HIGHWAY 372 PAHRUMP NV 89041 SOLAR POWER SERVICES NV 681168 4308186 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