2025-11-17T09:34:35-06:00 2024-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-01-01 860079733 GRAHAM COUNTY ELECTRIC COOPERATIVE INC GRAH 9784852451 PO DRAWER B PIMA AZ 85543 THAN ASHBY CFO 9784852451 2025-11-14 1 0 WILLIAM M MILLER P00439459 8067473806 2025-11-14 X 2024 2025-03-06 01:10:19Z PHILLIP COOK PO DRAWER B PIMA AZ 85543 22486821 0 X WWW.GCE.COOP X 1945 AZ TO PROVIDE QUALITY AND RELIABLE ELECTRIC AND WATER SERVICES TO MEMBERS OF THE COOPERATIVE. 9 8 40 0 0 0 0 0 26118708 22111330 58855 22476 291022 300584 26468585 22434390 0 0 0 0 4023820 3934991 0 0 0 23574333 18444086 27598153 22379077 -1129568 55313 67662222 72509929 39606448 44452305 28055774 28057624 WE ARE COMMITTED TO PROVIDE SAFE, RELIABLE, AND EFFICIENT RESOURCES TO ENHANCE THE LIVES OF OUR MEMBERS AND THE COMMUNITIES WE SERVE. 0 0 ELECTRIC DIVISION:PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 8,587 ACTIVE SERVICES, 974 MILES OF ELECTRIC DISTRIBUTION LINES AND 85 MILES OF TRANSMISSION LINES AT YEAR END. WATER DIVISION:THE COOPERATIVE OWNS AND MAINTAINS WATER WELLS, STORAGE TANKS AND A WATER DISTRIBUTION SYSTEM TO SUPPLY ITS MEMBERS WITH POTABLE WATER. SUCH WATER DISTRIBUTION SERVICES ARE PROVIDED ON A PATRONAGE BASIS. PATRONAGE CAPITAL IS ALLOCABLE TO THE MEMBERS WHEN CUMULATIVE NET MARGINS EXCEED CUMULATIVE LOSSES. AT YEAR END, THERE WERE 2,189 WATER METERS SERVED BY 106 MILES OF MAIN LINES AND SERVICE LINES. 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 1 1 0 0 1 38 0 1 40 1 0 0 0 0 0 23061677 568648 0 0 0 X 9 8 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 0 0 1 1 0 X THAN ASHBY CFO 9784852451 PO DRAWER B PIMA AZ 85543 X REUBEN MCBRIDE PRESIDENT 10.00 1.00 X X 4982 0 0 MARK CLARIDGE VICE PRESIDENT 2.70 X X 7727 0 0 JIM BRYCE SECRETARY 2.50 X X 11782 0 0 DENNIS JACOB DIRECTOR 1.00 1.00 X 4210 0 0 CHRISTOPHER CLARIDGE DIRECTOR 2.00 1.00 X 7974 0 0 TOMMY CLONTS DIRECTOR 4.20 X 8120 0 0 GENE ROBERT LARSON DIRECTOR (JAN-MAY) 3.00 X 3105 0 0 STEPHEN HOOPER DIRECTOR 4.20 X 8222 0 0 GERALD SCHMIDT DIRECTOR 1.50 X 5782 0 0 GIL BOWMAN DIRECTOR (AUG-DEC) 2.00 X 2257 0 0 PHILLIP COOK CEO 48.00 X 216765 0 38091 THAN ASHBY CFO 46.00 X 138127 0 66087 RUSTY SHERMAN ELECTRIC OPERATIONS MANAGER 45.00 X 133956 0 60564 JON PALOMINO LINEMAN JOURNEYMAN 47.10 X 129692 0 9115 JUAN CARREON LINEMAN APPRENTICE 47.50 X 128144 0 10850 VICTOR TRUJILLO FOREMAN 44.10 X 127491 0 31598 JOSEPH BINGHAM ELECTRIC SUPERINTENDENT 45.00 X 117669 0 58484 1056005 0 274789 17 0 1 0 ADDISON CONSTRUCTION CO 1526 HORSE CREEK ROAD CHEYENNE WY 82009 SUBSTATION CONSTRUCTION 356285 GILA CUT OUT CONSTRUCTION LLC PO BOX 2429 SILVER CITY NM 88062 LINE REBUILD/UPGRADE 180922 TRANSMISSION & DISTRIBUTION SERVICES 5401 BEVERLY HILLS AVE NE ALBUQUERQUE NM 87113 ELECTRIC LINE CONSTRUCTION 164655 BOULDER CREEK & EXCAVATING LLC PO BOX 122 SAFFORD AZ 85548 AMI WATER METER REPLACEMENT 131232 ASPLUNDH TREE EXPERT LLC 1700 SOLUTIONS CENTER CHICAGO IL 60677 TREE TRIM SERVICES 117866 6 X SALES OF ELECTRICITY 221000 17136549 17136549 SERVICE FEES 221000 2395142 2395142 SALES OF WATER 221000 2238208 2238208 PATRONAGE DIVIDENDS 221000 341431 341431 22111330 22476 22476 1683 0 1683 1683 1683 53890 52431 1459 1459 POLE ATTACHMENT INCOME 221000 297442 297442 297442 22434390 22112789 0 321601 X 523231 2169668 626711 448719 166662 1704656 3000808 PURCHASED POWER 10314815 DISTRIBUTION EXPENSE 1644842 ADMINISTRATIVE AND GENE 1492574 CONSUMER EXPENSE 254845 31546 22379077 774164 212062 1069298 3174800 291667 236111 2138051 2288663 892501 1295569 78029453 33125676 42650769 44903777 14839750 15076434 5006022 5322513 67662222 72509929 3604766 5530014 29111336 31567954 6890346 7354337 39606448 44452305 X 29460 29630 6690 10523 28019624 28017471 28055774 28057624 67662222 72509929 X 55313 -53463 X X 0 0 0 344556 344556 4271684 2440538 1831146 71851620 30681765 41169855 1561593 3373 1558220 44903777 PATRONAGE CAPITAL - ARIZONA G&T COOPERATIVE 12839971 C PATRONAGE CAPITAL - CFC 1074955 C PATRONAGE CAPITAL - WUE 205585 C PATRONAGE CAPITAL - FEDERATED COOPERATIVE 194534 C PATRONAGE CAPITAL - ERMCO 7393 C CAPITAL TERM CERTIFICATES 657053 C MEMBERSHIP FEES 3605 C OTHER PROGRAM INVESTMENTS 93338 C 15076434 A/R UNBILLED REVENUE 463272 REGULATORY ASSET - SUN WATTS SOLAR PROGRAM 3245311 REGULATORY ASSET - POST RETIREMENT 1369012 REGULATORY ASSET - OTHER 214108 OTHER ASSETS 30810 5322513 CONSUMER DEPOSITS 398674 ACCUMULATED PROVISION - POST RETIREMENT BENEFITS 1863966 ENERGY EFFICIENCY, RENEWABLE ENERGY TARIFF 4290463 ACCRUED OPERATING TAXES 235413 PROPERTY UNDER LEASE - RIGHT OF USE 552469 ACCRUED INTEREST 13352 7354337 X X 0 0 0 PHILLIP COOK CEO 194771 0 16800 0 5194 0 38091 0 0 0 254856 0 0 0 THAN ASHBY CFO 123505 0 6264 0 8358 0 35308 0 30779 0 204214 0 0 0 RUSTY SHERMAN ELECTRIC OPERATIONS MANAGER 121225 0 5564 0 7167 0 57315 0 3249 0 194520 0 0 0 JOSEPH BINGHAM ELECTRIC SUPERINTENDENT 108111 0 3791 0 5767 0 42935 0 15549 0 176153 0 0 0 VICTOR TRUJILLO FOREMAN 122516 0 696 0 4279 0 22511 0 9087 0 159089 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, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. 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 CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. PHILLIP COOK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,181 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,910 TOTAL REPORTED IN COLUMN C $ 38,091 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,181) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 43,680 EXPENSE TO THE COOPERATIVE $ 49,590 THAN ASHBY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,051 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,257 TOTAL REPORTED IN COLUMN C $ 35,308 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,051) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 48,321 EXPENSE TO THE COOPERATIVE $ 52,578 RUSTY SHERMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 53,429 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,886 TOTAL REPORTED IN COLUMN C $ 57,315 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (53,429) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 46,323 EXPENSE TO THE COOPERATIVE $ 50,209 JOSEPH BINGHAM: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,116 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,819 TOTAL REPORTED IN COLUMN C $ 42,935 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,116) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,117 EXPENSE TO THE COOPERATIVE $ 48,936 VICTOR TRUJILLO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 19,186 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,325 TOTAL REPORTED IN COLUMN C $ 22,511 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (19,186) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,278 EXPENSE TO THE COOPERATIVE $ 41,603 JOSHUA BRYCE FAMILY RELATIONSHIP (DIRECTOR J. BRYCE) 107454 EMPLOYMENT 0 FORM 990, PART I: IN GENERAL, WHEN AN ELECTRIC COOPERATIVE BASES THE PATRONAGE DIVIDEND CALCULATION ON ITS NET BOOK INCOME/(LOSS), PAGE 1, PART I, LINE 19 - REVENUE LESS EXPENSES - WILL BE $0. FOR THE CURRENT YEAR, PAGE 1, PART I, LINE 19 REPORTS NET INCOME OF $55,313, WHICH IS THE EFFECT OF UNALLOCATED ELECTRIC AND WATER DIVISIONS' INCOME/LOSSES IN ORDER TO OFFSET PRIOR YEARS LOSSES. THE FOLLOWING SCHEDULE IS PROVIDED TO FURTHER EXPLAIN THE IMPACT OF THESE TRANSACTIONS: ADD: WATER DIVISION LOSS $ (4,555) ADD: ELECTRIC DIVISON INCOME 59,868 (A) - NET INCOME (LOSS) ON PAGE 1, PART I, LINE 19 $ 55,313 (B) - BENEFITS PAID TO MEMBERS (I.E. PATRONAGE DIVIDENDS), PART I, LINE 14 $ (0) TOTAL 2024 NET INCOME PER FINANCIAL STATEMENTS (A + B) $ 55,313 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. DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S ASSETS 4. AMENDMENT TO THE ARTICLES OF INCORPORATION 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 AND PAID PREPARER REVIEW DRAFTS OF FORM 990 PRIOR TO E-FILING. FORM 990, PART VI, SECTION B, LINE 12C GCEC HAS A CONFLICT OF INTEREST POLICY THAT IS APPLICABLE TO ALL BOARD MEMBERS. DIRECTORS ARE TO MAKE WRITTEN DISCLOSURES OF ANY SUBSTANTIAL OUTSIDE INTEREST IN ANY ENTITY DOING BUSINESS WITH GCEC, INCLUDING BUT NOT LIMITED TO ANY OWNERSHIP INTEREST OR VOTING PRIVILEGE AS A DIRECTOR, IN ORDER TO PERMIT CONSIDERATION BY THE BOARD OF DIRECTORS OF SUCH CONTINUING RELATIONSHIP. SUCH DISCLOSURE SHALL BE MADE AT THE TIME A DIRECTOR ACQUIRES SUCH AN INTEREST. ADDITIONALLY, ALL DIRECTORS SHALL ANNUALLY MAKE A WRITTEN DISCLOSURE OF ANY TO GCEC. GCEC'S GENERAL COUNSEL SHALL ANNUALLY REVIEW WITH THE BOARD OF DIRECTORS THIS POLICY AND MATTERS RELATING TO THEIR COLLECTIVE AND INDIVIDUAL DUTIES AND OBLIGATIONS AS DIRECTORS. SUCH REVIEW SHALL TAKE PLACE DURING THE QUARTER AFTER GCEC'S ANNUAL MEETING. IMPLEMENTATION OF THE POLICY SHALL BE THE RESPONSIBILITY OF THE BOARD OF DIRECTORS, EXCEPT AS OTHERWISE PROVIDED HEREIN BY THE GENERAL MANAGER OR THE GCEC GENERAL COUNSEL. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS EVALUATES THE PERFORMANCE OF THE CEO/GENERAL MANAGER AND THEN VOTES ON THE ANNUAL SALARY. THE DECISION IS PARTIALLY BASED ON A COMPENSATION SURVEY, WHICH INCLUDES SALARIES FROM SIMILAR COOPERATIVES THROUGHOUT ARIZONA AND THE NATION. CEO/GENERAL MANAGER EVALUATES THE PERFORMANCE OF THE ORGANIZATION'S OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER AND KEY EMPLOYEES, IF ANY. A COMPENSATION SURVEY, WHICH INCLUDES SALARIES FROM SIMILAR COOPERATIVES THROUGHOUT ARIZONA AND THE NATION, IS THEN USED TO SET COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE WILL PROVIDE A COMPLETE COPY OF ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS TO ANY MEMBER WHO REQUESTS A COPY OF ANY SUCH DOCUMENT. ANNUALLY, THE COOPERATIVE PROVIDES A COPY OF THE AUDITED BALANCE SHEET AND INCOME STATEMENT TO THE MEMBERS OF THE COOPERATIVE WITH THE ANNUAL REPORT. THE ANNUAL REPORT, AUDITED FINANCIAL STATEMENTS AND BYLAWS CAN ALSO BE FOUND ON THE COOPERATIVE'S WEBSITE. FORM 990, PART VI, LINE 1B: A FAMILY RELATIONSHIP EXISTS BETWEEN DIRECTOR JIM BRYCE AND EMPLOYEE JOSHUA BRYCE; THEREFORE, FOR FORM 990 REPORTING PURPOSES, JIM BRYCE IS NOT CONSIDERED INDEPENDENT. 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 AND HIGHLY COMPENSATED EMPLOYEES, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLANS. THE COOPERATIVE ALSO PROVIDES HEALTH, DENTAL, VISION, AND GROUP TERM LIFE INSURANCE TO ALL EMPLOYEES, INCLUDING OFFICERS, THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR THE OFFICERS AND HIGHLY COMPENSATED EMPLOYEES IS COMPRISED OF THE ACTUARIAL INCREASE IN THE DEFINED BENEFIT PLAN, THE TOTAL AMOUNT CONTRIBUTED TO THE 401(K) PENSION PLAN AND EMPLOYER PAID INSURANCE PREMIUMS. 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 TO 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, 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 $ 2,692,899 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (64,161) LESS: EMPLOYEE OFFICER BENEFITS REPORTED ON LINE 5 (104,178) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 962,805 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 627,844 TOTAL WAGES ACCRUED AND/OR PAID $ 4,115,209 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 950,916 OFFICE SUPPLIES 784,977 OUTSIDE SERVICES EMPLOYED 116,568 PROPERTY INSURANCE 17,091 INJURIES & DAMAGES 107,648 EDUCATION & TRAINING 400,642 DIRECTORS 94,437 REGULATORY COMMISSION EXPENSE 62,490 MISCELLANEOUS GENERAL 145,977 RENTS 48,500 MAINTENANCE OF GENERAL PLANT 193,712 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 2,922,958 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (64,161) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (891,053) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (475,170) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 1,472,574 FORM 990, PART IX, LINE 4: THE COOPERATIVE'S TAX EXEMPT PURPOSE IS TO PROVIDE ELECTRICITY AND WATER DISTRIBUTION SERVICES ON A DIVISIONAL BASIS TO ITS PATRONS AND TO DO SO ON A COOPERATIVE BASIS FOR EACH DIVISION. 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 ELECTRIC AND WATER DIVISIONS INCURRED LOSSES FOR 2023, BUT HAD A SMALL NET INCOME FOR 2024. PURSUANT TO COOPERATIVE TAX LAW AND THE OPERATION AT COST PRINCIPLE, THE MARGINS ARE OFFSETTING PRIOR YEAR MARGINS FROM THE DIVISIONS BEFORE PATRONAGE CAPITAL IS ALLOCATED TO THE PATRONS. FORM 990, PART IX: ALTHOUGH NO LONGER A BORROWER OF THE RURAL UTILITIES SERVICE (RUS), THE ACCOUNTING RECORDS OF THE COOPERATIVE ARE MAINTAINED IN ACCORDANCE WITH THE UNIFORM SYSTEM OF ACCOUNTS (USOA) AS PRESCRIBED FOR RUS BORROWERS. 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 XI, LINE 9: PATRONAGE CAPITAL RETIRED - TOTAL -5,856. PATRONAGE CAPITAL RETIRED - DISCOUNT 3,833. NET CHANGE IN MEMBERSHIPS 170. OTHER COMPREHENSIVE INCOME -51,610. UNCLAIMED CAPITAL CREDITS FORM 990, PART XII, LINE 2C: AUDITED FINANCIAL STATEMENTS WERE PREPARED BY AN INDEPENDENT ACCOUNTANT FOR THE COOPERATIVE'S FINANCIAL STATEMENT AUDIT YEAR-END OF SEPTEMBER 30TH. THE TAX RETURN HAS BEEN AND CONTINUES TO BE PREPARED BASED ON A CALENDAR TAX YEAR-END OF DECEMBER 31. THE BOARD AS A WHOLE IS RESPONSIBLE FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT AND SELECTING THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. GRAHAM COUNTY ELECTRIC COOPERATIVE FOUNDATION INC PO DRAWER B PIMA AZ 85543 821452723 COMMUNITY ASSISTANCE & SCHOLARSHIPS AZ 501(C)(3) LINE 10 GRAHAM COUNTY ELECTRIC COOPERATIVE INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 GRAHAM COUNTY ELECTRIC COOPERATIVE FOUNDATION INC P N/A - LESS THAN $50,000 GRAHAM COUNTY ELECTRIC COOPERATIVE FOUNDATION INC Q N/A - LESS THAN $50,000