2017-11-03T14:33:01-05:00 2016-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2016-01-01 850092965 CENTRAL NEW MEXICO ELECTRIC COOPERATIVE INC CENT 5058324483 PO BOX 157 MOUNTAINAIR NM 87036 JERRY BRITTON PRESIDENT 5058324483 2017-09-28 1 William M Miller P00439459 8067473806 2017-09-28 X 65.182.80.152 2017-09-28 19:01:41 CD P BB0A6EFF21CE0653C6B3B49029A3E11A3F81D504 F209397801A578BBC6965567C9535F5B1AD51342 2016 2021-01-29 14:40:06Z MATTHEW COLLINS CEO PO BOX 157 MOUNTAINAIR NM 87036 34367914 0 X WWW.CNMEC.ORG X 1945 NM TO PROVIDE HIGH QUALITY ELECTRIC SERVICES TO ITS MEMBERS ON A COOPERATIVE BASIS. 8 8 77 0 79444 4569 0 0 34385067 33850815 334958 306087 188468 185193 34908493 34342095 24270 21965 1808384 1858825 5227500 5263707 0 0 0 27848339 27197598 34908493 34342095 0 0 116067451 102342522 81860312 66316227 34207139 36026295 THE COOPERATIVE IS ORGANIZED AS A NOT-FOR-PROFIT CONSUMER-OWNED COOPERATIVE TO PROVIDE HIGH QUALITY ELECTRIC SERVICES TO ITS MEMBERS BY PARTICIPATING IN THE COMMUNITY IT SERVES THROUGH COMMUNICATIONS, EDUCATION AND PERSONAL INVOLVEMENT. 0 0 SALE OF ELECTRIC POWER TO MEMBERS - 17,681 METERS/SERVICES AT YEAR END. ALL SERVICES THAT WERE ACTIVE DURING THE YEAR WERE PROVIDED ELECTRIC POWER AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 48 0 77 1 1 1 0 0 0 0 33547692 603094 0 X 8 8 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X ALENA BRANDENBERGER (CFO) 5058324483 301 N SUMMIT MOUNTAINAIR NM 87036 X JERRY BRITTON PRESIDENT 3.80 1.00 X X 12474 0 0 DUANE FROST VICE PRESIDENT 2.80 1.00 X X 12896 0 0 WAYNE CONNELL TREASURER 3.00 1.00 X X 13551 0 0 KENNETH SHAW SECRETARY 2.50 1.00 X X 13846 0 0 PHILLIP WALLIN ASSISTANT SECRETARY 1.50 1.00 X X 12596 0 0 LEANDRO ABEYTA TRUSTEE 5.30 1.00 X 11842 0 0 BILL KING TRUSTEE 4.00 1.00 X 12502 0 0 MIKE VALDEZ TRUSTEE 2.50 1.00 X 12796 0 0 MATTHEW COLLINS GENERAL MANAGER / CEO 45.00 X 146683 0 57453 ALENA BRANDENBERGER CFO 40.00 X 92704 0 47347 KEVIN DUNLAP MGR OF OPERATIONS 40.00 X 95872 0 45812 ERNEST LUERAS LINE FOREMAN 60.00 X 120658 0 42925 TRAVIS BURNS LINE FOREMAN 52.00 X 109034 0 43671 WELDON BRATCHER LINE FOREMAN 50.00 X 102011 0 22729 MICHAEL PEDERSEN LINE FOREMAN 50.00 X 101197 0 33425 JEREMIAH KECK JOURNEYMAN 53.00 X 100353 0 25042 971015 0 318404 6 0 1 0 NISC PO BOX 1147 MANDAN ND 58554 SOFTWARE 302258 Q-SPEC LLC 9550 SAN MATEO BLVD NE STE G ALBUQUERQUE NM 87113 CONTRACTOR 201819 WARREN GRANGER PO BOX 482 MOUNTAINAIR NM 87036 ELECTRIC PRODUCTS & TESTING 119179 ACLARA TECHNOLOGIES 945 HORNET DR HAZLEWOOD MO 63042 METER INSTALLATION & CONSULTING 104797 4 X ELECTRIC SALES 221000 32880560 32880560 PATRONAGE DIVIDENDS 221000 712765 712765 SERVICE FEES 221000 237233 237233 TRANSMISSION LEASE 221000 16522 16522 OTHER PROGRAM REVENUE 221000 3735 3735 33850815 306087 306087 48000 10039 37961 37961 37961 3770 15780 -12010 -12010 JOINT POLE ATTACHMENT INCOME 221000 79798 79798 DISPATCHING INCOME 561499 79444 79444 159242 34342095 33876766 79444 385885 X 21965 1858825 588374 3266066 443523 684904 280840 2861373 3307122 COST OF PURCHASED POWER 17711628 DISTRIBUTION EXPENSE 1305253 ADMIN & GENERAL EXPENSE 1231806 UNRELATED BUS. INC. TAX 1694 778722 34342095 X 4339230 2856104 12500000 2000000 2134682 1807003 1301837 1184664 4815071 4345547 116010108 38685385 78824330 77324723 11823028 12463127 329273 361354 116067451 102342522 2711379 2480253 76837109 62043015 2311824 1792959 81860312 66316227 X 0 0 0 0 34207139 36026295 34207139 36026295 116067451 102342522 X 0 1819156 X X 0 1 X 0 0 382566 382566 422525 5640510 2148059 3914976 109023823 36537326 72486497 540684 540684 77324723 CAPITAL TERM CERTIFICATES 173696 C MEMBERSHIPS FEES 2114 C PATRONAGE CAPITAL - TSG&T 11407768 C PATRONAGE CAPITAL - CFC 395392 C PATRONAGE CAPITAL - FEDERATED INSURANCE 218903 C PATRONAGE CAPITAL - ENMR 79266 C PATRONAGE CAPITAL - NISC 103563 C PATRONAGE CAPITAL - WUESC 68228 C PATRONAGE CAPITAL - TOUCHSTONE ENERGY 195 C OTHER INVESTMENTS IN ASSOCIATED ORGANIZATIONS 14002 C 12463127 CONSUMER DEPOSITS 308475 DEFERRED CREDITS - INSTALLATION COSTS 850619 DEFERRED CREDITS - OTHER 210257 ACCRUED OPERATING TAXES 291967 ACCUMULATED PROVISION FOR POST-RETIREMENT BENEFITS 131641 1792959 X 34266277 0 34266277 75818 75818 34342095 32407452 0 32407452 1934643 1934643 34342095 Part X, Line 2: THE COOPERATIVE HAS ADOPTED 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 DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT THEIR 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 TAXING AUTHORITIES. Part XI, Line 4b - Other Adjustments: NONOPERATING EXPENSE RECLASSIFIED TO FORM 990 PART IX 75,818. Part XII, Line 4b - Other Adjustments: NONOPERATING EXPENSE RECLASSIFIED TO FORM 990 PART IX 75,818. PATRONAGE CAPITAL ASSIGNABLE 1,858,825. SCHEDULE D, PART XII, LINE 4B: PATRONAGE CAPITAL ASSIGNABLE - 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". 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. 0 TORRANCE COUNTY FAIR PO BOX 48/205 NINTH STREET ESTANCIA NM 87016 856000257 GOVERNMENT 7002 FMV LIVESTOCK SHOW AWARDS CONTRIBUTION 1 SCH I ALL GRANTS, SPONSORSHIPS AND DONATIONS ARE MADE TO NON-PROFIT AND CIVIC ORGANIZATIONS THAT ARE LOCATED IN THE COOPERATIVE'S SERVICE AREA. ALL DONATIONS ARE INTENDED TO IMPROVE THE COMMUNITIES IN WHICH OUR MEMBERS RESIDE. X 1 1 X X 0 0 0 MATTHEW COLLINS GENERAL MANAGER / CEO 109916 0 33926 0 2841 0 38358 0 19095 0 204136 0 0 0 ERNEST LUERAS LINE FOREMAN 120658 0 0 0 0 0 26585 0 16340 0 163583 0 0 0 TRAVIS BURNS LINE FOREMAN 109034 0 0 0 0 0 23703 0 19968 0 152705 0 0 0 Part I, Line 1a THE BOARD APPROVED BUDGET INCLUDES A $2,000 DISCRETIONARY SPENDING ACCOUNT TO BE USED AND/OR DONATED BY THE CEO. SUCH EXPENDITURES OR DONATIONS ARE SOLELY AT THE CEO'S DISCRETION. 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. 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; AND 5. AMENDMENT TO THE BY-LAWS. 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 PRESENTED A COPY OF THE FORM 990 TO THE BOARD FOR DISCUSSION, REVIEW AND APPROVAL PRIOR TO FILING. THE DISCUSSION AND REVIEW WAS PERFORMED AT THE BOARD MEETING IMMEDIATELY BEFORE THE FILING OF THE FORM 990. Form 990, Part VI, Section B, line 12c THE COOPERATIVE REQUIRES EACH BOARD MEMBER TO REVIEW THE CONFLICT OF INTEREST POLICY ANNUALLY AND SIGN OFF THAT THEY HAVE REVIEWED AND UNDERSTAND THE RESPECTIVE POLICY. ADDITIONALLY, EVERY TWO YEARS THE BOARD CONDUCTS A POLICY REVIEW TO DETERMINE IF CHANGES TO THE POLICY SHOULD BE MADE. Form 990, Part VI, Section B, line 15 THE BOARD OF TRUSTEES AND A COMPENSATION COMMITTEE USE A COMPENSATION SURVEY WHEN DETERMINING THE COMPENSATION OF THE GENERAL MANAGER/CEO. THE SURVEY SHOWS COMPARATIVE SALARIES FOR GENERAL MANAGERS FROM SIMILARLY SITUATED COOPERATIVES LOCATED IN NEW MEXICO AND THE NATION. THE BOARD ALSO TAKES INTO CONSIDERATION PREVIOUSLY ESTABLISHED FINANCIAL GOALS ESTABLISHED FOR THE PRIOR YEAR. THE GENERAL MANAGER/CEO USES A COMPENSATION SURVEY WHEN DETERMINING THE COMPENSATION OF THE ORGANIZATION'S OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER. THE SURVEY INCLUDES SALARIES FROM SIMILAR COOPERATIVES THROUGHOUT NEW MEXICO AND THE NATION. 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. THE COOPERATIVE PROVIDES ANNUALLY A COPY OF THE AUDITED BALANCE SHEET AND INCOME STATEMENT TO THE MEMBERS OF THE COOPERATIVE AT THE ANNUAL MEETING. BYLAWS ARE AVAILABLE ON THE COOPERATIVE'S WEBSITE. 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, WITH YEARS OF SERVICE TAKEN INTO CONSIDERATION. 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 LIFE INSURANCE TO ALL ELIGIBLE EMPLOYEES THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR THE OFFICERS AND HIGHLY COMPENSATED EMPLOYEES IS COMPRISED OF 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 2B 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 ORGANIZATION TO ITS MEMBERS. 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 ELECTRIC BORROWERS OF THE RURAL UTILITIES SERVICES (RUS). 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 THE 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 $3,854,440 LESS DIRECTORS FEES REPORTED ON 1099-MISC (102,503) LESS EMPLOYEE OFFICER BENEFITS REPORTED ON LINE 5 (150,612) PLUS SALARIES AND WAGES ALLOCATED TO NONOPERATING MARGINS 39,549 PLUS SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 855,940 PLUS SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING OR OTHER ACCOUNTS 294,238 TOTAL WAGES ACCRUED AND/OR PAID $4,791,052 Form 990, Part IX, Line 24 ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: OFFICE AND SUPPLIES $ 454,365 OUTSIDE SERVICES 119,343 INJURIES AND DAMAGES 163,700 EMPLOYEE AWARDS 5,843 REGULATORY COMMISSION 167,390 TRUSTEE EXPENSE 70,582 ADVERTISING 3,245 ANNUAL DUES 142,150 ANNUAL MEETING 17,873 MAINTENANCE OF GENERAL PLANT 87,315 TOTAL ADMINISTRATIVE AND GENERAL EXPENSE PER 990 $ 1,231,806 Form 990, Part IX, Line 24E OTHER EXPENSES ARE COMPRISED OF THE FOLLOWING: CONSUMER EXPENSES $ 534,473 TRANSMISSION EXPENSE 43,814 AMORTIZATION 126,311 DISPATCH CENTER EXPENSES 74,124 TOTAL OTHER EXPENSES PER FORM 990, LINE 24E $ 778,722 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 2016 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 X, LINES 9 AND 15 THE COOPERATIVE PREVIOUSLY INCLUDED PREPAID EXPENSES AND DEFERRED CHARGES AS COMPONENTS OF OTHER ASSETS ON LINE 15 OF PART X. HOWEVER, FOR THE 2016 CALENDAR YEAR, THE COOPERATIVE BEGAN REPORTING THESE AMOUNTS ON LINE 9. TO INCREASE CONSISTENCY, PREPAID EXPENSES AND DEFERRED CHARGES IN THE AMOUNT OF $4,815,071 FOR THE 2015 CALENDAR YEAR HAVE BEEN RECLASSED FROM LINE 15 TO LINE 9. Form 990, Part XI, line 9: OTHER COMPREHENSIVE INCOME - PROVISION FOR PENSIONS AND BENEFITS -39,669. PATRONAGE CAPITAL ASSIGNABLE 1,858,825. 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. CENTRAL NEW MEXICO ELECTRIC EDUCATION FOUNDATION PO BOX 669 MOUNTAINAIR NM 87035 850366030 TO PROVIDE COLLEGE SCHOLARSHIPS TO MEMBERS OF THE COOPERATIVE NM 501(C)(3) PF CENTRAL NEW MEXICO ELECTRIC COOPERATIVE INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 CENTRAL NEW MEXICO ELECTRIC EDUCATION FOUNDATION O N/A - LESS THAN $50,000 SCHEDULE R, PART V, LINE 1(O) THE COOPERATIVE KEEPS THE BOOKS FOR CENTRAL NEW MEXICO ELECTRIC EDUCATION FOUNDATION AT NO COST TO THE FOUNDATION.