2018-10-22T10:33:07-05:00 2017-12-31 161117932 BUFFAMANTE WHIPPLE BUTTAFARO PC 201 WEST THIRD STREET JAMESTOWN NY 14701 990 2017-01-01 160650108 STEUBEN RURAL ELECTRIC COOPERATIVE INC STEU 6077764161 9 WILSON AVENUE BATH NY 14810 BRYANT DILLON GENERAL MANAGER 6077764161 2018-10-22 1 DAVID V DITANNA CPA P01368498 7166645104 72.45.244.226 2018-10-22 11:31:21 ED P 0F8E2851FD416ACFB00AA7630511EF29DE290C73 144B106FAA225AD05E01E1A70B93B16EB1BDB105 2017 2018-06-14 16:35:46Z BRYANT DILLON 9 WILSON AVENUE BATH NY 14810 10758113 0 X WWW.STEUBENREC.COOP X 1941 NY THE MISSION OF STEUBEN RURAL ELECTRIC COOPERATIVE IS TO IMPROVE THE QUALITY OF RURAL LIFE BY PROVIDING OUR MEMBERS WITH LOW COST, RELIABLE ELECTRICITY AND RELATED SERVICES IN A SAFE MANNER. 9 9 34 0 0 0 0 0 10128232 10079646 151798 137059 264398 79678 10544428 10296383 0 0 389257 471363 278592 354541 0 0 0 9207384 9367713 9875233 10193617 669195 102766 41890527 40504589 25595821 24099592 16294706 16404997 THE MISSION OF STEUBEN RURAL ELECTRIC COOPERATIVE IS TO IMPROVE THE QUALITY OF RURAL LIFE BY PROVIDING OUR MEMBERS WITH LOW COST, RELIABLE ELECTRICITY AND RELATED SERVICES IN A SAFE MANNER. 0 0 9907056 10159324 PROVIDING RELIABLE ELECTRICITY AND RELATED SERVICES TO OUR MEMBERS IN A SAFE MANNER. STEUBEN COUNTY RURAL ELECTRIC COOPERATIVE, INC. SERVES OVER 6,300 MEMBERS THROUGHOUT FOUR COUNTIES. 9907056 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 43 0 1 34 1 0 0 0 0 0 0 0 0 0 9734865 691819 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 BRYANT DILLON 6077764161 9 WILSON AVE BATH NY 14810 JOSEPH HAURYSKI DIRECTOR 1.75 X 5120 0 0 GARY BROCKWAY DIRECTOR 3.75 X 9800 0 0 GORDON FOSTER DIRECTOR 3.50 X 8760 0 0 WILLIAM H MOSS III DIRECTOR 3.75 X 5860 0 0 RANDY STANKEY DIRECTOR 3.50 X 8720 0 0 JAMES R MCCORMICK PRESIDENT 6.25 X X 13180 0 0 JENNIFER THURBER VICE PRESIDENT 1.50 X X 4780 0 0 JANICE HOAD SECRETARY 4.25 X X 11360 0 0 ROBERT V NICHOLS TREASURER 4.50 X X 11880 0 0 MOLLY BAILEY GENERAL MANAGER (FORMER) 40.00 X 103420 0 34440 BRYANT DILLON GENERAL MANAGER 40.00 X 97897 0 39324 280777 0 73764 1 0 0 0 STRAUSS TREE SERVICE INC 10646 COUNTY ROUTE 119 ADDISON NY 14801 TREE CLEARING 387882 ASPLUNDH TREE EXPERT 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 TREE CLEARING 143560 2 ELECTRIC SERVICE REVENUE 221000 10079646 10079646 10079646 137059 137059 749 531088 0 461730 749 69358 70107 70107 MISCELLANEOUS REVENUE 221000 9571 9571 9571 10296383 10159324 0 137059 X 471363 354541 707152 1194435 COST OF PURCHASED POWER 2263104 DISTRIBUTION EXP-OPERAT 1621064 DISTRIBUTION EXP-MAINTE 1469767 ADMINISTRATIVE AND GENE 899497 1212694 10193617 2367749 1437774 202163 202544 2157169 2730343 2326719 2500000 436760 445526 614020 554931 54740366 20744825 34370986 33995541 -1517311 -2158232 932272 796162 41890527 40504589 963154 951947 24339409 22906971 293258 240674 25595821 24099592 X 0 0 0 0 16294706 16404997 16294706 16404997 41890527 40504589 X 102766 7525 X X 0 1 X 1 0 41039 41039 3836958 1645676 2191282 50840579 19099149 31741430 21790 21790 33995541 OTHER POSTRETIREMENT BENEFITS 240674 240674 X 10758112 461729 461729 10296383 0 10296383 10183984 461729 461729 9722255 471362 471362 10193617 PART X, LINE 2: THE COOPERATIVE IS A NOT-FOR-PROFIT, MEMBERSHIP COOPERATIVE UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE AND THEREFORE, THE COOPERATIVE IS EXEMPT FROM FEDERAL INCOME TAXES. PURSUANT TO THE NEW YORK RURAL ELECTRIFICATION LAW, THE COOPERATIVE IS ALSO EXEMPT FROM STATE INCOME TAXES. ACCORDINGLY, NO PROVISION FOR SUCH TAXES HAS BEEN MADE IN THE CONSOLIDATED FINANCIAL STATEMENTS. CERTAIN INCOME EARNED FROM OTHER UNRELATED PRODUCTS AND SERVICES MAY REQUIRE THE COOPERATIVE TO PAY FEDERAL AND STATE INCOME TAXES. IF THIS SITUATION SHOULD ARISE, THE NECESSARY PROVISIONS FOR INCOME TAX LIABILITIES ARE RECORDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. NO SUCH TAX LIABILITIES EXISTED AT DECEMBER 31, 2017 AND 2016. THE COOPERATIVE IS REQUIRED TO FILE INFORMATIONAL RETURNS WITH THE INTERNAL REVENUE SERVICE. THE TAX YEARS FROM 2013 TO 2015 REMAIN SUBJECT TO EXAMINATION BY THE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: LANDFILL GAS DEPRECIATION 339,458. DEBT SERVICE - INTEREST & AMORTIZATION 122,271. PART XII, LINE 2D - OTHER ADJUSTMENTS: LANDFILL GAS DEPRECIATION 339,458. DEBT SERVICE - INTEREST & AMORTIZATION 122,271. PART XII, LINE 4B - OTHER ADJUSTMENTS: CURRENT YEAR RETIREMENT OF CAPITAL CREDITS 611,577. LESS: DISCOUNT ON CAPITAL CREDITS -22,354. LESS: UNCLAIMED CAPITAL CREDITS -117,861. PART XII, LINE 4B THE COOPERATIVE HAD NET RETIREMENTS OF CAPITAL CREDITS OF $471,362 TO ITS MEMBERS IN 2017. THIS AMOUNT IS INCLUDED IN BENEFITS PAID TO OR FOR MEMBERS AS INDICATED ON SCHEDULE O. JAMES MCCORMICK BOARD MEMBER 669941 INDIVIDUAL IS A BOARD OFFICER 0 GORDON FOSTER BOARD MEMBER 669941 INDIVIDUAL IS A BOARD OFFICER 0 SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: (A) NAME OF PERSON: JAMES MCCORMICK(D) DESCRIPTION OF TRANSACTION: INDIVIDUAL IS A BOARD OFFICER OF THE STEUBEN RURAL COOPERATIVE, INC. THE INDIVIDUAL ALSO SERVES AS A BOARD MEMBER OF THE COOPERATIVE'S WHOLLY OWNED SUBSIDIARY, SREC GENERATING COMPANY, INC. TRANSACTION AMOUNTS REPRESENT THE ACCOUNTING OF INTERCOMPANY EQUITY. SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: (A) NAME OF PERSON: GORDON FOSTER(D) DESCRIPTION OF TRANSACTION: INDIVIDUAL IS A BOARD MEMBER OF THE STEUBEN RURAL COOPERATIVE, INC. THE INDIVIDUAL ALSO SERVES AS A BOARD MEMBER OF THE COOPERATIVE'S WHOLLY OWNED SUBSIDIARY, SREC GENERATING COMPANY, INC. TRANSACTION AMOUNTS REPRESENT THE ACCOUNTING OF INTERCOMPANY EQUITY. FORM 990, PART VI, SECTION A, LINE 6 ANY PERSON, FIRM, ASSOCIATION, CORPORATION OR BODY POLITIC OR SUBDIVISION THEREOF MAY BECOME A MEMBER IN STEUBEN RURAL ELECTRIC COOPERATIVE, INC BY A) FILING A WRITTEN APPLICATION FOR MEMBERSHIP THEREIN, B) AGREEING TO PURCHASE ELECTRIC ENERGY FROM THE COOPERATIVE, C) AGREEING TO COMPLY WITH AND BE BOUND BY THE ARTICLES OF INCORPORATION AND BYLAWS OF THE COOPERATIVE AND ANY RULES AND REGULATIONS ADOPTED BY THE BOARD OF DIRECTORS, AND D) PAYING THE MEMBERSHIP FEE. NO MEMBER MAY HOLD MORE THAN ONE MEMBERSHIP IN THE COOPERATIVE, AND NO MEMBERSHIP IN THE COOPERATIVE SHALL BE TRANSFERABLE. FORM 990, PART VI, SECTION A, LINE 7A THERE IS A NOMINATING COMMITTEE MADE UP OF CO-OP MEMBERS (NONE ARE ON THE BOARD) THAT MEET AT LEAST ONCE PER YEAR. EACH MEMBER PRESENTS AT LEAST TWO CANDIDATES TO RUN FOR SEATS UP FOR ELECTION. PER THE BYLAWS, CANDIDATES MAY ALSO BE NOMINATED BY PETITION. CANDIDATES CAN ALSO BE NOMINATED FROM THE FLOOR DURING THE COOPERATIVE'S ANNUAL MEETING. ALL CANDIDATES ARE THEN VOTED ON BY THE MEMBERS IN ATTENDANCE AT THE ANNUAL MEETING AND BY ANY PROXIES RECEIVED PRIOR TO OR AT THE MEETING. FORM 990, PART VI, SECTION A, LINE 7B BOARD DECISIONS ARE PASSED BY A MAJORITY VOTE OF BOARD MEMBERS. ANY PROPOSED BYLAW CHANGES ARE VOTED ON BY THE MEMBERS AT THE NEXT ANNUAL MEETING OF THE MEMBERS IN ACCORDANCE WITH THE COOPERATIVE BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B ALL DIRECTORS RECEIVE A DRAFT COPY OF THE COMPLETED FORM 990 AND ARE ASKED TO PROVIDE CHANGES/CORRECTIONS WHICH ARE DOCUMENTED IN BOARD MEETING MINUTES. THE FINAL COMPLETED FORM 990 IS PROVIDED TO THE AUDITOR FOR SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS, DISCUSSES, AND RESOLVES CONFLICTS ON AN ONGOING BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS MEET TO DISCUSS PROPOSED COMPENSATION INCREASES. RECOMMENDATIONS ARE PASSED BY A MAJORITY VOTE OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE SHALL PRODUCE THE DOCUMENTS UPON RECEIPT OF A WRITTEN REQUEST OF THE PUBLIC. THE COOPERATIVE KEEPS A RECORD OF THE WRITTEN REQUEST. FORM 990, PART IX, LINE 24E LOSS FROM SUBSIDIARY 669,941. CUSTOMER ACCOUNTS EXPENSE 430,286. CUSTOMER SERVICE AND INFORMATION EXPENSE 97,398. OTHER EXPENSE 15,069. FORM 990, PART XI, LINE 9: MEMBERSHIPS ISSUED 7,525. PAGE 4, PART XII, LINE 5 PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. SREC GENERATING COMPANY INC 9 WILSON AVENUE BATH NY 14810 263794241 GENERATION NY C -669941 390721 1.00000 0 1 0 0 1 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 SREC GENERATING COMPANY INC J 531088 CONTRACT SREC GENERATING COMPANY INC O 31315 ESTIMATED COST SREC GENERATING COMPANY INC D 2500000 ACTUAL COST SREC GENERATING COMPANY INC L 70946 ACTUAL COST SREC GENERATING COMPANY INC A 62259 ACTUAL COST