2025-11-17T23:26:03-06:00 2024-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-01-01 730177775 CENTRAL RURAL ELECTRIC COOPERATIVE INC CENT 8003752884 PO BOX 1809 STILLWATER OK 74076 JAMES WELLS TRUSTEE PRESIDENT 8003752884 2025-11-17 1 0 WILLIAM M MILLER P00439459 8067473806 2025-11-17 X 2024 2025-03-06 01:10:19Z SHANE BURGESS PO BOX 1809 STILLWATER OK 74076 88491132 0 X WWW.MYCENTRAL.COOP X 1938 OK TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS. 7 7 106 0 9620031 0 0 0 69938099 78375362 409023 318500 7275724 9797270 77622846 88491132 15937 10975 5654267 9012995 10006741 10385487 0 0 0 65875646 69637247 81552591 89046704 -3929745 -555572 303773578 322670138 217304142 227898458 86469436 94771680 EMPOWERING OUR MEMBERS AND COMMUNITIES. 0 0 SALE OF ELECTRIC POWER TO MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 24,850 ACTIVE SERVICES AT YEAR END. 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 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 134 0 106 1 1 1 0 0 0 0 72879582 11313236 0 0 0 X 7 7 0 0 1 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 OK X X SONDRA WHITE CFO 4053722884 3305 S BOOMER ROAD STILLWATER OK 74076 X JAMES WELLS PRESIDENT 10.66 X X 23000 0 0 RANDY WEDEL TRUSTEE 6.48 X 20250 0 0 CAROL DVORAK TRUSTEE (JAN-OCT) 10.45 X 20000 0 0 JOHN GREG TYTENCIZ SECRETARY/TREASURER 7.04 X X 18500 0 0 KEN STARKS TRUSTEE 6.44 X 16500 0 0 SID SPERRY VICE PRESIDENT 5.45 X X 14500 0 0 RANDY ETHRIDGE TRUSTEE 5.52 X 13500 0 0 MELANIE MCGUIRE TRUSTEE (OCT-DEC) 3.92 X 2500 0 0 HUNTER ROBINSON CHIEF EXECUTIVE OFFICER 49.26 X 285654 0 340108 SONDRA WHITE CHIEF FINANCIAL OFFICER 48.50 X 201012 0 40636 MARK PRATHER PRESIDENT OF FIBER & TECHNOLOGY 42.50 X 162746 0 75830 CLINT ROBINSON LINE FOREMAN 50.39 X 145703 0 68662 LEE LINSENMEYER LINEMAN 53.23 X 148556 0 43588 MICHAEL MUSIL LINEMAN 55.98 X 145082 0 50216 YUVARAJ KONDASWAMY SYSTEM PLANNING ENGINEER 40.00 X 146041 0 52310 JILLIANNE TEBOW VP BUSINESS DEV & MKT 40.00 X 143632 0 34447 1507176 0 705797 34 0 1 0 ERVIN CABLE CONSTRUCTION PO BOX 10 STURGIS KY 42459 FIBER CONSTRUCTION 7454086 DAVIS H ELLIOT CONSTRUCTION CO INC 673 BLUE SKY PARKWAY LEXINGTON KY 40509 ELECTRIC CONSTRUCTION 5056122 CONEXON LLC 2001 GRAND BLVD STE 700 KANSAS CITY OK 64108 FIBER CONSTRUCTION, PROJECT MGT 1660787 RIGGS TREE SERVICE INC PO BOX 453225 GROVE OK 74345 TREE CLEARING 1620330 USIC LOCATING SERVICES LLC PO BOX 715409 CINCINNATI OH 45271 LINE LOCATES 464098 10 X SALES OF ELECTRICITY 221000 73166904 73166904 PATRONAGE DIVIDENDS 221000 4986412 4985029 1383 SERVICE FEES & OTHER CHARGES 221000 169875 169875 SOLAR & OTHER PROGRAM REVENUE 221000 52171 52171 78375362 318500 318500 70580 3240 0 0 70580 3240 73820 70580 3240 BROADBAND REVENUE 517000 9615408 9615408 POLE ATTACHMENT INCOME 221000 93529 93529 MISC NON-OPERATING REVENUE 221000 14513 14513 9723450 88491132 78459072 9620031 412029 X 10975 9012995 1234736 6069114 1042988 1547035 491614 7847694 10760449 PURCHASED POWER 41784409 DISTRIBUTION EXPENSE 4978864 ADMIN & GENERAL EXPENSE 3462249 COST OF INTERNET SALES 2348584 -1545002 89046704 1912984 2042602 5588519 2996591 4748696 5420009 21120 5488943 2919515 702826 1542250 340096446 83632559 241289031 256463887 41438981 45521254 2582478 5764030 303773578 322670138 9382254 7969864 194233563 207621460 13688325 12307134 217304142 227898458 X 894985 921850 0 0 85574451 93849830 86469436 94771680 303773578 322670138 X -555572 8857816 X X 0 1 X 1 1 1 1215193 1215193 24937393 9874447 15062946 308605793 73463344 235142449 5338067 294768 5043299 256463887 CAPITAL TERM CERTIFICATES - CFC 933754 C PATRONAGE CAPITAL - CFC 139877 C PATRONAGE CAPITAL - KAMO POWER 40300912 C PATRONAGE CAPITAL - NISC 172529 C PATRONAGE CAPITAL - COBANK 742765 C PATRONAGE CAPITAL - AECI 2601197 C PATRONAGE CAPITAL - OTHER 502780 C INVESTMENTS IN OTHERS 127440 C 45521254 CONSUMER DEPOSITS 2795306 CUSTOMER ADVANCES FOR CONSTRUCTION 1062202 OIL LOAD REVENUE DEFERRAL PLAN 2592504 DEFERRED CREDITS 3250490 PROVISION FOR POST-RETIREMENT BENEFIT 2478752 ACCOUNTS PAY - GROSS RECEIPTS TAX 127880 12307134 X 91716687 0 91716687 -3225555 -3225555 88491132 83259264 0 83259264 5787440 5787440 89046704 PART X, LINE 2: THE COOPERATIVE AND SUBSIDIARIES FOLLOWS THE "UNCERTAIN TAX POSITIONS" PROVISIONS OF ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. THE PRIMARY TAX POSITION OF THE COOPERATIVE IS ITS FILING STATUS AS A TAX EXEMPT ENTITY. THE COOPERATIVE AND SUBSIDIARIES DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT ITS TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS), OR OTHER STATE TAXING AUTHORITY AND THAT ALL TAX BENEFITS ARE LIKELY TO BE REALIZED UPON SETTLEMENT WITH TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS OF NONOPERATING EXPENSES 18,263. SUBSIDIARY PROVISION FOR FEDERAL & STATE INCOME TAXES -3,243,818. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 9,012,995. RECLASS OF NONOPERATING EXPENSES 18,263. SUBSIDIARY PROVISION FOR FEDERAL & STATE INCOME TAXES -3,243,818. PART IX: THE AMOUNT OF OTHER ASSETS ON FORM 990, PAGE 11, PART X, LINE 15 DOES NOT EQUAL OR EXCEED 5% 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. 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 EITHER ALLOCATED OR TO BE ALLOCATED TO THE MEMBERS IS REPORTED ON FORM 990, PART IX, LINE 4 AS "BENEFITS PAID TO MEMBERS". X X 0 0 0 HUNTER ROBINSON CHIEF EXECUTIVE OFFICER 216014 0 15000 0 54640 0 320096 0 20012 0 625762 0 0 0 SONDRA WHITE CHIEF FINANCIAL OFFICER 191877 0 8318 0 817 0 23662 0 16974 0 241648 0 0 0 MARK PRATHER PRESIDENT OF FIBER & TECHNOLOGY 149780 0 8384 0 4582 0 41019 0 34811 0 238576 0 0 0 CLINT ROBINSON LINE FOREMAN 144527 0 762 0 414 0 38831 0 29831 0 214365 0 0 0 YUVARAJ KONDASWAMY SYSTEM PLANNING ENGINEER 138212 0 4573 0 3256 0 21387 0 30923 0 198351 0 0 0 MICHAEL MUSIL LINEMAN 143506 0 762 0 814 0 16941 0 33275 0 195298 0 0 0 LEE LINSENMEYER LINEMAN 146873 0 1282 0 401 0 16793 0 26795 0 192144 0 0 0 JILLIANNE TEBOW VP BUSINESS DEV & MKT 134271 0 8384 0 977 0 17122 0 17325 0 178079 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 CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. HUNTER ROBINSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 313,495 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,601 TOTAL REPORTED IN COLUMN C $ 320,096 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (313,495) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 53,440 EXPENSE TO THE COOPERATIVE $ 60,041 SONDRA WHITE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 17,803 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,859 TOTAL REPORTED IN COLUMN C $ 23,662 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (17,803) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,028 EXPENSE TO THE COOPERATIVE $ 47,887 MARK PRATHER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,204 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,815 TOTAL REPORTED IN COLUMN C $ 41,019 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,204) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 41,037 EXPENSE TO THE COOPERATIVE $ 45,852 CLINT ROBINSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,617 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,214 TOTAL REPORTED IN COLUMN C $ 38,831 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,617) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 26,904 EXPENSE TO THE COOPERATIVE $ 30,118 YUVARAJ KONDASWAMY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 16,955 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,432 TOTAL REPORTED IN COLUMN C $ 21,387 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (16,955) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,007 EXPENSE TO THE COOPERATIVE $ 41,439 MICHAEL MUSIL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 14,065 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,876 TOTAL REPORTED IN COLUMN C $ 16,941 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (14,065) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,494 EXPENSE TO THE COOPERATIVE $ 26,370 LEE LINSENMEYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 13,831 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,962 TOTAL REPORTED IN COLUMN C $ 16,793 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (13,831) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,151 EXPENSE TO THE COOPERATIVE $ 27,113 JILLIANNE TEBOW: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 12,946 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,176 TOTAL REPORTED IN COLUMN C $ 17,122 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (12,946) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,668 EXPENSE TO THE COOPERATIVE $ 35,844 FORM 990, PART I, LINE 19: THE COOPERATIVE PROVIDES BROADBAND INTERNET SERVICES WITHIN ITS SERVICE AREA ON A NON-PATRONAGE BASIS. SUCH SERVICES ARE PROVIDED THROUGH A WHOLLY-OWNED SUBSIDIARY THAT IS TREATED AS A DISREGARDED ENTITY UNDER FEDERAL TAX LAW. BECAUSE THE LOSSES FROM THESE OPERATIONS ARE USED TO OFFSET FUTURE NET MARGINS DERIVED FROM THE SUBSIDIARY AND ARE NOT ALLOCATED TO THE MEMBERS, PART I, LINE 19 IS REFLECTIVE OF NET INCOME (LOSS) FROM THE BROADBAND OPERATIONS. FORM 990, PART VI, SECTION A, LINE 4 DURING THE YEAR, THE COOPERATIVE'S BYLAWS WERE AMENDED. THE FOLLOWING IS A SUMMARY OF THE CHANGES: ARTICLE IV - TRUSTEES: SECTION 2. TENURE OF OFFICE, CHANGED TERM LIMITS TO THREE YEARS. ARTICLE VI - OFFICERS: SECTION 6. SECRETARY/TREASURER, COMBINED SECRETARY AND TREASURER OFFICER POSITIONS. CHANGED DUTIES TO THE FOLLOWING: SUBSECTION (A) - SEEING THAT ALL NOTICES ARE DULY GIVEN IN ACCORDANCE WITH THESE BYLAWS OR AS REQUIRED BY LAW. SUBSECTION (B) - IN GENERAL PERFORMING ALL DUTIES INCIDENT TO THE OFFICE OF SECRETARY/TREASURER AND SUCH OTHER DUTIES AS FROM TIME TO TIME MAY BE ASSIGNED TO HIM/HER BY THE BOARD OF TRUSTEES. A COMPLETE COPY OF THE BYLAWS CAN BE FOUND ON THE COOPERATIVE'S WEBSITE: HTTPS://MYCENTRAL.COOP/BYLAWS. 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. ELECTIONS ARE DONE ON A ONE MEMBER ONE VOTE BASIS BY DISTRICT. 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 PROVIDED A COPY OF THE FORM 990 TO THE BOARD FOR DISCUSSION AND REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF TRUSTEES AND OFFICERS ARE REQUIRED TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE COOPERATIVE'S CONFLICT OF INTEREST POLICY, AND ARE REQUIRED TO DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY TO THE FULL BOARD AS SOON AS POSSIBLE. THE CONFLICT OF INTEREST POLICY IS PERIODICALLY REVIEWED WITH EMPLOYEES AND TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES UTILIZE INTERNAL AND/OR EXTERNAL RESOURCES WHEN DETERMINING THE COMPENSATION OF THE CEO. THE BOARD AND THE CEO UTILIZE INTERNAL AND/OR EXTERNAL RESOURCES WHEN DETERMINING THE COMPENSATION OF THE COOPERATIVE'S OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER AND KEY EMPLOYEES, IF ANY. FORM 990, PART VI, SECTION C, LINE 18 ONCE THE FORM 990 FOR THE YEAR IS ELECTRONICALLY FILED, THE COOPERATIVE WILL UPLOAD A PDF COPY TO GUIDESTAR AT WWW.GUIDESTAR.ORG. THIS WILL ENSURE THAT THE PUBLIC HAS TIMELY ACCESS TO THE FORM 990. THE COOPERATIVE ALSO PROVIDES A LINK TO GUIDESTAR FROM ITS OWN WEBSITE. ENSURING A COPY OF THE FORM 990 IS UPLOADED STARTED WITH THE 2020 FORM 990. HOWEVER, UPON IMPLEMENTATION, THE COOPERATIVE ALSO UPLOADED THE 2019 FORM 990 TO GUIDESTAR SO THAT ALL YEARS SUBJECT TO PUBLIC INSPECTION ARE AVAILABLE. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE PROVIDES A SUMMARIZED COPY OF THE AUDITED FINANCIAL STATEMENTS TO THE MEMBERS OF THE COOPERATIVE AT THE ANNUAL MEETING. THE COOPERATIVE'S BYLAWS AND ANNUAL REPORT ARE AVAILABLE ON ITS WEBSITE AS WELL AS A SUMMARY OF THE CURRENT YEAR REGULAR BOARD MEETINGS AT WWW.MYCENTRAL.COOP. 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 AND LIFE INSURANCE TO ALL EMPLOYEES THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR THE OFFICERS AND HIGHLY COMPENSATED EMPLOYEES ARE COMPRISED OF ACTUARIAL INCREASE IN THE DEFINED BENEFIT PLAN, THE TOTAL AMOUNT CONTRIBUTED BY THE COOPERATIVE TO THE DEFINED CONTRIBUTION PLAN AND THE INSURANCE PREMIUMS PAID 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, 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 $ 7,303,850 LESS: TRUSTEE FEES REPORTED ON FORMS 1099-NEC (128,750) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (380,744) LESS: KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (75,830) PLUS: SALARIES & WAGES ALLOCATED TO NONOPERATING MARGINS 3,994 PLUS: SALARIES & WAGES CAPITALIZED DIRECTLY TO PLANT 1,140,772 PLUS: SALARIES & WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING & OTHER ACCOUNTS 1,475,370 TOTAL WAGES ACCRUED AND/OR PAID $ 9,338,662 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS & OTHER $ 3,872,782 OFFICE SUPPLIES 174,796 OUTSIDE SERVICES EMPLOYED 287,814 INJURIES AND DAMAGES 353,458 DUPLICATE CHARGES - CREDIT (79,931) ADVERTISING 135,847 MISCELLANEOUS GENERAL 192,071 DISTRICT & ANNUAL MEETINGS 206,472 DUES TO ASSOCIATED ORGANIZATIONS 175,031 TRUSTEES 231,426 MAINTENANCE OF GENERAL PLANT 861,515 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 6,411,281 LESS: RECLASS OF TRUSTEE FEES TO PART IX, LINE 5 (128,750) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (1,847,384) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (972,898) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 3,462,249 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 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 IX, LINE 1: ALL GRANTS, DONATIONS, AND/OR SPONSORSHIPS 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. EACH GRANT, DONATION, AND/OR SPONSORSHIP MADE DURING THE YEAR WAS BELOW THE REPORTING THRESHOLD OF SCHEDULE I, PART II. FORM 990, PART IX: THE ACCOUNTING RECORDS OF THE COOPERATIVE ARE MAINTAINED IN ACCORDANCE WITH THE RUS UNIFORM SYSTEM OF ACCOUNTS (USOA) AS 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 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, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: BROADBAND EXPENSES $ 7,288 SALES 1,038,578 TAXES 48,922 CONSUMER 574,895 OTHER DEDUCTIONS 29,133 SUBSIDIARY PROVISION FOR FEDERAL & STATE INCOME TAXES (3,243,818) TOTAL OTHER EXPENSES PER FORM 990, LINE 24E $(1,545,002) FORM 990, PART XI, LINE 9: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 9,012,995. PATRONAGE CAPITAL RETIRED - TOTAL -562,072. UNCLAIMED PATRONAGE CAPITAL RETAINED PER STATE LAW 267,693. DONATED CAPITAL 126,618. NET CHANGE IN MEMBERSHIPS 26,865. OCI - PENSIONS & BENEFITS -14,283. FORM 990, PART XII, LINE 2C: THE BOARD OF TRUSTEES HAVE ASSIGNED MEMBERS TO AN AUDIT COMMITTEE TO OVERSEE THE FINANCIAL STATEMENT AUDIT AND SELECT THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. PROCEDURAL CHANGES DID NOT OCCUR DURING THE YEAR. INNOVATION POINTE LLC PO BOX 1809 STILLWATER OK 74076 454383291 SOFTWARE OK 129032 1063454 CENTRAL RURAL ELECTRIC COOPERATIVE INC CENTRANET LLC PO BOX 1809 STILLWATER OK 74076 BROADBAND OK 12677164 9507271 CENTRAL RURAL ELECTRIC COOPERATIVE INC CENTRAL COMMUNITY FOUNDATION PO BOX 1809 STILLWATER OK 74076 204700369 DONATIONS OK 501(C)(3) 10 CENTRAL RURAL ELECTRIC COOPERATIVE INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 CENTRAL COMMUNITY FOUNDATION N N/A - LESS THAN $50,000 CENTRAL COMMUNITY FOUNDATION O N/A - LESS THAN $50,000 CENTRAL COMMUNITY FOUNDATION Q N/A - LESS THAN $50,000