2016-10-24T14:53:43-05:00 2015-12-31 161117932 BUFFAMANTE WHIPPLE BUTTAFARO PC 201 WEST THIRD STREET JAMESTOWN NY 14701 990 2015-01-01 160650108 STEUBEN RURAL ELECTRIC COOPERATIVE INC STEU 6077764161 9 WILSON AVENUE BATH NY 14810 WAYNE SHERWOOD GENERAL MANAGER 6077764161 2016-10-24 1 DAVID V DITANNA CPA P01368498 7166645104 2015 2017-02-10 21:41:12Z MOLLY BAILEY 9 WILSON AVENUE BATH NY 14810 11240264 0 X WWW.STEUBENREC.COOP X 1941 NY THE MISSION OF STEUBEN REC IS TO IMPROVE THE QUALITY OF LIFE BY PROVIDING OUR MEMBERS WITH LOW COST, RELIABLE ELECTRICITY AND RELATED SERVICES IN A SAFE MANNER. 9 9 32 0 0 0 0 0 11286030 10407944 91269 90075 428374 307853 11805673 10805872 0 0 312776 405704 456608 359892 0 0 0 9381664 9321954 10151048 10087550 1654625 718322 42096148 42731855 27204034 27113794 14892114 15618061 THE MISSION OF STEUBEN REC IS TO IMPROVE THE QUALITY OF LIFE BY PROVIDING OUR MEMBERS WITH LOW COST, RELIABLE ELECTRICITY AND RELATED SERVICES IN A SAFE MANNER. 0 0 9765989 10407944 PROVIDING RELIABLE ELECTRICITY AND RELATED SERVICES TO OUR MEMBERS IN A SAFE MANNER. STEUBEN COUNTY RURAL ELECTRIC COOPERATIVE, INC. SERVICES OVER 5,300 MEMBERS THROUGHOUT FOUR COUNTIES. 9765989 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 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 31 0 1 32 1 0 0 0 0 0 0 0 0 0 10164388 847867 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X BRYANT DILLON 6077764161 9 WILSON AVE BATH NY 14810 GORDON FOSTER PRESIDENT 8.98 X X 15750 0 0 JAMES R MCCORMICK VICE PRESIDENT 3.74 X X 9000 0 0 JOSEPH HAURYSKI SECRETARY 1.60 X X 5000 0 0 ROBERT V NICHOLS TREASURER 5.12 X X 9250 0 0 JANICE HOAD DIRECTOR 4.12 X 9750 0 0 GARY BROCKWAY DIRECTOR 4.59 X 10250 0 0 LAURENCE ELLIS DIRECTOR 6.09 X 10750 0 0 WILLIAM MOSS DIRECTOR 4.12 X 6000 0 0 JENNIFER THURBER DIRECTOR 4.53 X 9500 0 0 WAYNE SHERWOOD GENERAL MANAGER 40.00 X 137397 0 34592 BRYANT DILLON FINANCE MANAGER 40.00 X 90643 0 12010 313290 0 46602 2 0 1 0 STRAUSS TREE SERVICE INC 10646 COUNTY ROUTE 119 ADDISON NY 14801 TREE CLEARING 367188 ASPLUNDH TREE EXPERT 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 MOWING 163520 2 ELECTRIC SERVICE REVENUE 221000 10407944 10407944 10407944 90075 90075 749 712143 0 434392 749 277751 278500 278500 PATRONAGE CAPITAL CREDITS 221000 27669 27669 MISECLLANEOUS INCOME 221000 1684 1684 29353 10805872 10688128 0 117744 405704 359892 733630 1123062 COST OF POWER 2685011 DISTRIBUTION OPERATIONS 1585593 DISTRIBUTION MAINTENANC 1385751 ADMINISTRATIVE AND GENE 1080247 728660 10087550 2388160 3432216 251855 252033 1895819 2077406 1935012 1935012 464647 431183 451818 692437 53021303 19093446 34280942 33927857 -777467 -1085106 1205362 1068817 42096148 42731855 1472794 931189 25453395 25914452 277845 268153 27204034 27113794 X 0 0 0 0 14892114 15618061 14892114 15618061 42096148 42731855 X 718322 7625 X 0 1 X 1 0 41039 41039 6728449 1730302 4998147 46006672 17363144 28643528 245143 245143 33927857 OTHER POSTRETIREMENT BENEFITS 268153 268153 X 11240264 434392 434392 10805872 0 10805872 10116238 434392 434392 9681846 405704 405704 10087550 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, 2015 AND 2014. THE COOPERATIVE IS REQUIRED TO FILE INFORMATIONAL RETURNS WITH THE INTERNAL REVENUE SERVICE. THE TAX YEARS FROM 2012 TO 2014 REMAIN SUBJECT TO EXAMINATION BY THE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: LANDFILL GAS DEBT SERVICE 97,444. LANDFILL GAS DEPRECIATION 336,948. PART XII, LINE 2D - OTHER ADJUSTMENTS: LANDFILL GAS DEBT SERVICE 97,444. LANDFILL GAS DEPRECIATION 336,948. PART XII, LINE 4B - OTHER ADJUSTMENTS: CURRENT YEAR RETIREMENT OF CAPITAL CREDITS 582,630. LESS: DISCOUNT ON CAPITAL CREDITS -61,196. LESS: UNCLAIMED CAPITAL CREDITS -115,730. PART XII, LINE 4B THE COOPERATIVE HAD RETIREMENTS OF CAPITAL CREDITS OF $405,704 TO ITS MEMBERS IN 2015. THIS AMOUNT IS INCLUDED IN BENEFITS PAID TO OR FOR MEMBERS AS INDICATED ON SCHEDULE O. X 0 0 0 WAYNE SHERWOOD GENERAL MANAGER 137397 0 0 0 0 0 30378 0 4214 0 171989 0 0 0 JAMES MCCORMICK BOARD MEMBER 320739 INDIVIDUAL IS A BOARD OFFICER 0 GORDON FOSTER BOARD MEMBER 320739 INDIVIDUAL IS A BOARD OFFICER 0 GLENN MOSS FAMILY MEMBER 749 INDIVIDUAL IS A FAMILY MEMBER 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 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: GLENN MOSS(D) DESCRIPTION OF TRANSACTION: INDIVIDUAL IS A FAMILY MEMBER OF A DIRECTOR OF THE COOPERATIVE. AMOUNT OF THE TRANSACTION REPRESENTS PAYMENT FOR THE LEASE OF COOPERATIVE OWNED LAND THAT THE INDIVIDUAL UTILIZES FOR AGRICULTURAL PURPOSES. THE RELAED DIRECTOR IS EXCUSED FROM ALL DISCUSSIONS PERTAINING TO THE LEASE AND THE FORMAL BID PROCESS. 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 FROM THE COOPERATIVE ELECTRIC ENERGY, 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 A 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 11 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 AND DISCUSSES POLICIES ON AN ONGOING BASIS AND IMPLEMENTS POSSIBLE CHANGES AS APPROPRIATE. FORM 990, PART VI, SECTION B, LINE 15A 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 WILL KEEP A RECORD OF THE WRITTEN REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN MEMBERSHIPS 7,625. SREC GENERATING COMPANY INC 9 WILSON AVENUE BATH NY 14810 263794241 GENERATION NY C -320739 697089 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 712143 CONTRACT SREC GENERATING COMPANY INC O 36397 ESTIMATED COST SREC GENERATING COMPANY INC D 1935012 ACTUAL COST SREC GENERATING COMPANY INC L 55449 ACTUAL COST SREC GENERATING COMPANY INC A 49181 ACTUAL COST