2025-11-17T17:25:29-06:00 2024-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-01-01 850098061 JEMEZ MOUNTAINS ELECTRIC COOPERATIVE INC JEME 5057532105 PO BOX 128 ESPANOLA NM 87532 JOSEPH SANCHEZ GENERAL MANAGER/CEO 5057532105 2025-11-17 1 0 WILLIAM M MILLER P00439459 8067473806 2025-11-08 X 2024 2025-03-06 01:10:19Z JOSEPH SANCHEZ PO BOX 128 ESPANOLA NM 87532 58632650 0 X WWW.JEMEZCOOP.ORG X 1943 NM TO PROVIDE RELIABLE AND AFFORDABLE POWER THROUGHOUT SERVICE AREAS ON A COOPERATIVE BASIS. 11 11 133 0 0 0 0 0 56083904 58384715 75881 -11929 195949 210083 56355734 58582869 0 0 0 2218959 10001084 9543243 0 0 0 45333760 46306513 55334844 58068715 1020890 514154 146446207 148008420 85204014 84040186 61242193 63968234 RECOGNIZING OUR ROOTS AS A MEMBER OWNED COOPERATIVE AND PROVIDING RELIABLE AND AFFORDABLE POWER. 0 0 SALE OF ELECTRIC ENERGY TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 31,660 ACTIVE SERVICES AT YEAR END. 0 0 0 0 0 0 0 0 0 1 0 1 1 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 0 1 1 0 0 1 199 0 133 1 0 0 0 0 0 57194447 539654 0 0 0 X 11 11 0 1 0 0 1 1 1 1 1 0 0 0 1 1 1 1 0 1 1 0 X GERALDINE ROMERO 5057532105 19365 SR 84/285 HERNANDEZ NM 87537 X DENNIS TRUJILLO PRESIDENT 9.80 1.00 X X 13285 0 0 MANUEL BUSTOS VICE PRESIDENT 9.10 1.00 X X 13244 0 0 DOLORES MCCOY TREASURER 6.30 1.00 X X 9458 0 0 DANNY VELARDE SECRETARY 7.20 1.00 X X 9973 0 0 MARCELINA MARTINEZ TRUSTEE 7.50 1.00 X 11791 0 0 JOHN RAMON VIGIL TRUSTEE 2.00 1.00 X 4008 0 0 ELIAS CORIZ TRUSTEE 4.70 1.00 X 7845 0 0 HENRY ROYBAL TRUSTEE 6.70 1.00 X 10079 0 0 DENNIS GALLEGOS TRUSTEE 3.10 1.00 X 6831 0 0 LUCAS CORDOVA JR TRUSTEE 3.40 1.00 X 6733 0 0 MARISSA MAESTAS-MULLER TRUSTEE 4.00 1.00 X 7695 0 0 JOSEPH SANCHEZ GENERAL MANAGER/CEO 55.00 X 152716 0 20257 GERALDINE ROMERO CFO 55.00 X 162651 0 22008 DENNIS G ASTLEY ASSISTANT GENERAL MANAGER (JAN-FEB) 55.00 X 51379 0 7037 MICHAEL HASTINGS GENERAL MANAGER/CEO (JAN) 55.00 X 51889 0 9851 RANDY VIGIL OPERATIONS MANAGER 55.00 X 147622 0 22749 JOHN BOWKETT JOURNEYMAN LINEMAN 55.00 X 148804 0 21025 JONATHAN ROMERO JOURNEYMAN LINEMAN 55.00 X 157606 0 24513 BENJAMIN SANCHEZ JOURNEYMAN LINEMAN 55.00 X 145819 0 21183 BRANDON BUSTOS JOURNEYMAN LINEMAN 55.00 X 160262 0 22206 1279690 0 170829 31 0 1 0 ASPLUNDH TREE EXPERT PO BOX 827464 PHILADELPHIA PA 19182 TREE TRIMMING 422326 BRADBURY STAMM CONSTRUCTION INC 7110 2ND STREET NW ALBUQUERQUE NM 87107 CONSTRUCTION CONTRACTOR 295925 FAMILY TREE SERVICE 1720 EDISON AVENUE ALAMOSA CO 81101 TREE TRIMMING 219203 EVA DE AGUERO PO BOX 855 CHIMAYO NM 87522 CONSULTANT 117000 4 X SALES OF ELECTRICITY 221000 55442962 55442962 PATRONAGE DIVIDENDS 221000 2354968 2354968 SERVICE FEES 221000 366792 366792 WHEELING 221000 159629 159629 OTHER PROGRAM REVENUE 221000 60364 60364 58384715 3890 3890 1801 11722 -9921 -9921 -9921 22240 38059 -15819 -15819 -15819 POLE ATTACHMENT INCOME 221000 220004 220004 220004 58582869 58368896 0 213973 X 2218959 578730 6880954 470360 987280 625919 3098414 4298790 PURCHASED POWER 30556668 ADMIN & GENERAL EXPENSE 4872313 DISTRIBUTION EXPENSE 1937636 CONSUMER EXPENSE 648832 893860 58068715 X 4962275 3349606 415945 417584 5508618 4962050 182385 182385 4299052 4616804 708203 732320 171862044 73776616 97275433 98085428 24040228 26272538 9054068 9389705 146446207 148008420 8089945 8045634 75080411 73197326 2033658 2797226 85204014 84040186 X 113380 106305 0 0 61128813 63861929 61242193 63968234 146446207 148008420 X 514154 2211887 X X 0 1 X 1 0 29076 390709 419785 64512 17447130 3786475 13725167 140312456 69990141 70322315 13618161 13618161 98085428 PATRONAGE CAPITAL-TSG&T 24367722 C PATRONAGE CAPITAL-COBANK 129251 C PATRONAGE CAPITAL-CFC 308696 C PATRONAGE CAPITAL-SEDC 261426 C PATRONAGE CAPITAL-WUESC 1142340 C MEMBER CAPITAL SECURITIES-CFC 36374 C OTHER INVESTMENTS 26729 C 26272538 REGULATORY ASSETS - PREPAID EASEMENTS 1190342 REGULATORY ASSETS - POWER SUPPLIER 2653502 REGULATORY ASSETS - DEBT SERVICE COST ADJ 1748660 ACCRUED UNBILLED REVENUE 3096555 FUEL COST ADJUSTMENT AND OTHER ASSETS 276842 UNDISTRIBUTED MINOR MATERIAL 423804 9389705 CONSUMER DEPOSITS 190850 ACCRUED OPERATING TAXES 691566 OTHER ACCRUED LIABILITIES 33006 REGULATORY LIABILITY - FUEL COST ADJUSTMENT 904306 DEFERRED CREDITS - EASEMENTS 971428 DEFERRED CREDITS - OTHER 6070 2797226 X 58580800 0 58580800 2069 2069 58582869 55847687 0 55847687 2221028 2221028 58068715 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE AND IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. THE COOPERATIVE IS SUBJECT TO INCOME TAX ON ANY UNRELATED BUSINESS INCOME. THIS CODE SECTION PROVIDES THAT THE EXEMPT STATUS EXISTS ONLY IF 85% OF THE REVENUE CONSISTS OF AMOUNTS COLLECTED FROM MEMBERS FOR THE SOLE PURPOSE OF MEETING LOSSES AND EXPENSES. THE COOPERATIVE ACCOUNTS FOR UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION (ASC) 740-10. WHILE THE COOPERATIVE BELIEVES IT HAS ADEQUATELY PROVIDED FOR ALL TAX POSITIONS, AMOUNTS ASSERTED BY TAXING AUTHORITIES COULD BE DIFFERENT THAN THE POSITIONS TAKEN BY THE COOPERATIVE. THE COOPERATIVE RECOGNIZES ANY INTEREST AND PENALTIES ASSESSED BY TAXING AUTHORITIES IN INCOME TAX EXPENSE AND, WITH FEW EXCEPTIONS, IS NO LONGER SUBJECT TO FEDERAL,STATE AND LOCAL INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2020. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFY MISCELLANEOUS NON-OPERATING EXPENSES 2,069. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFY MISCELLANEOUS NON-OPERATING EXPENSES 2,069. PATRONAGE CAPITAL ASSIGNED OR TO BE ASSIGNED 2,218,959. X 1 1 X X 0 0 0 GERALDINE ROMERO CFO 161454 0 0 0 1197 0 13038 0 8970 0 184659 0 0 0 BRANDON BUSTOS JOURNEYMAN LINEMAN 160148 0 0 0 114 0 12850 0 9356 0 182468 0 0 0 JONATHAN ROMERO JOURNEYMAN LINEMAN 157492 0 0 0 114 0 13057 0 11456 0 182119 0 0 0 JOSEPH SANCHEZ GENERAL MANAGER/CEO 152266 0 0 0 450 0 15568 0 4689 0 172973 0 0 0 RANDY VIGIL OPERATIONS MANAGER 145886 0 0 0 1736 0 11997 0 10752 0 170371 0 0 0 JOHN BOWKETT JOURNEYMAN LINEMAN 148519 0 0 0 285 0 8335 0 12690 0 169829 0 0 0 BENJAMIN SANCHEZ JOURNEYMAN LINEMAN 145729 0 0 0 90 0 11684 0 9499 0 167002 0 0 0 PART I, LINE 1A GYM/FITNESS REIMBURSEMENT - ONE INDIVIDUAL REPORTED ON FORM 990 PART VII, GERALDINE ROMERO, RECEIVED THIS BENEFIT DURING THE YEAR. 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 $514,154, WHICH IS THE INCOME STATEMENT EFFECT OF OFFSETTING PRIOR YEARS' LOSSES. THE FOLLOWING SCHEDULE IS PROVIDED TO FURTHER EXPLAIN THE IMPACT OF THIS TRANSACTION: (A) - NET INCOME ON PAGE 1, PART I, LINE 19 EQUAL TO THE OFFSET OF PRIOR YEARS' LOSSES $ 514,154 (B) - BENEFITS PAID TO MEMBERS (I.E. PATRONAGE DIVIDENDS), PART I, LINE 14 $ 2,218,959 TOTAL 2024 NET MARGIN PER FINANCIAL STATEMENTS (A + B) $ 2,733,113 FORM 990, PART VI, SECTION A, LINE 3 DURING 2024, THE COOPERATIVE ENGAGED BOLINGER, SEGARS, GILBERT & MOSS, LLP (THE FIRM) TO PROVIDE INTERIM CEO SERVICES UNTIL FULL TIME GENERAL MANAGER/CEO AND CFO COULD BE HIRED. THE SERVICES RENDERED BY EMPLOYEES OF THE FIRM WERE COMMENSURATE WITH MANAGEMENT DUTIES OF A FULL TIME CEO INCLUDING DIRECT REPORTING TO THE BOARD OF TRUSTEES AND IMPLEMENTATION OF POLICIES AND DIRECTION ESTABLISHED BY THE BOARD OF TRUSTEES. 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 ON A DISTRICT BASIS AT THE RESPECTIVE DISTRICT MEETINGS. THE TRUSTEES ALSO VOTE ON THE ONE "AT LARGE" TRUSTEE AS PART OF THE ANNUAL MEETING. ELECTIONS ARE DONE ON A ONE MEMBER ONE VOTE BASIS, EXCEPT THE TRUSTEE AT LARGE PER ABOVE. 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 B, LINE 11B MANAGEMENT REVIEWS THE FORM 990, THEN PROVIDES A COPY TO THE BOARD OF TRUSTEES FOR DISCUSSION AND REVIEW. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS ARE REQUIRED TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE COOPERATIVE'S CONFLICT OF INTEREST POLICY. OFFICERS ARE REQUIRED TO DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY TO THE FULL BOARD OF TRUSTEES AS SOON AS POSSIBLE. ADDITIONALLY, THE BYLAWS DISQUALIFY A TRUSTEE FROM SERVING ON THE BOARD IF HE/SHE IS, IN ANY WAY, FINANCIALLY INTERESED IN A COMPETING ENTERPRISE OR A BUSINESS SELLING ELECTRIC ENERGY OR MAJOR SUPPLIES TO THE COOPERATIVE. FORM 990, PART VI, SECTION B, LINE 15 WHEN DETERMINING THE COMPENSATION OF THE GENERAL MANAGER, THE BOARD OF TRUSTEES UTILIZE A COMPENSATION SURVEY TO OBTAIN COMPENSATION DATA FOR GENERAL MANAGERS OF OTHER ELECTRIC COOPERATIVES LOCATED IN THE COOPERATIVE'S GEOGRAPHIC REGION. ADJUSTMENTS TO COMPENSATION ARE DELIBERATED AND APPROVED BY THE BOARD OF TRUSTEES. THE BOARD AND THE GENERAL MANAGER USE THE EXPERTISE A COMPENSATION SURVEY WHEN DETERMINING THE COMPENSATION OF THE COOPERATIVE'S OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER AND KEY EMPLOYEES, IF ANY. THE SURVEY INCLUDES SALARIES FROM SIMILARLY SITUATED COOPERATIVES LOCATED IN THE COOPERATIVE'S GEOGRAPHIC REGION. ADJUSTMENTS TO COMPENSATION ARE DELIBERATED AND APPROVED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE PROVIDES A SUMMARIZED COPY OF THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE COOPERATIVE AT THE ANNUAL MEETING. ADDDITIONALLY, THE ARTICLES OF INCORPORATION, BYLAWS, BOARD POLICIES (INCLUDING THE CONFLICT OF INTEREST POLICY), AND THE MOST RECENT COMPLETED SET OF AUDITED FINANCIAL STATEMENTS ARE LOCATED ON THE COOPERATIVE'S WEBSITE AT WWW.JEMEZCOOP.ORG. 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. THE COOPERATIVE CONTRIBUTES BASED ON A PERCENTAGE OF THE PARTICIPATING EMPLOYEE'S SALARY AS DETERMINED UNDER THE PLAN DOCUMENT. EMPLOYER CONTRIBUTIONS ARE AVAILABLE TO PARTICIPATING EMPLOYEES, INCLUDING OFFICERS AND HIGHLY COMPENSATED EMPLOYEES, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLAN. THE COOPERATIVE ALSO PROVIDES HEALTH, DENTAL, AND LIFE INSURANCE TO ELIGIBLE EMPLOYEES THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR OFFICERS AND HIGHLY COMPENSATED EMPLOYEES ARE COMPRISED OF THE CONTRIBUTIONS TO THE 401(K) DEFERRED CONTRIBUTION PLAN AND THE INSURANCE PREMIUMS PAID FOR THEIR BENEFIT. 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 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: THE ACCOUNTING RECORDS OF THE COOPERATIVE ARE MAINTAINED ON THE ACCRUAL BASIS USING THE RURAL UTILITIES SERVICE'S (RUS) PRESCRIBED UNIFORM SYSTEM OF ACCOUNTS (USOA). 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, 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 THE TOTAL WAGES ACCRUED AND/OR PAID: TOTAL PER LINES 5-7 $ 7,459,484 LESS: TRUSTEE FEES REPORTED ON FORMS 1099-NEC (100,942) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (59,153) PLUS: SALARIES AND WAGES ALLOCATED TO NONOPERATING MARGINS 81,159 PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 1,553,399 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 492,378 TOTAL WAGES ACCRUED AND/OR PAID $ 9,426,525 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 2,316,825 OFFICE SUPPLIES 28,608 OUTSIDE SERVICES 508,236 INJURIES & DAMAGES 332,390 INFORMATION TECHNOLOGY 379,555 MISCELLANEOUS GENERAL 1,792,015 TRUSTEES 155,999 TRAININGS & MEETINGS 81,227 RATE RIDER 1,369,662 MAINTENANCE OF GENERAL PLANT 356,287 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 7,320,804 LESS: RECLASS OF TRUSTEE FEES TO PART IX, LINE 5 (100,942) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (1,814,827) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (532,722) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 4,872,313 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 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 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: TAXES $ 868,951 TRANSMISSION 164 OTHER DEDUCTIONS 24,745 TOTAL OTHER EXPENSES PER FORM 990, PART IX $ 893,860 FORM 990, PART X, LINES 17 & 23: THE COOPERATIVE PREVIOUSLY INCLUDED THE COOPERATIVE'S LINE OF CREDIT ON LINE 17. HOWEVER, FOR THE 2024 CALENDAR YEAR, THE COOPERATIVE BEGAN REPORTING THESE AMOUNTS ON LINE 23. TO INCREASE CONSISTENCY, THE LINE OF CREDITS IN THE AMOUNT OF $13,500,000 FOR THE 2023 CALENDAR YEAR HAVE BEEN RECLASSIFIED FROM LINE 17 TO LINE 23. FORM 990, PART XI, LINE 9: NET CHANGE IN MEMBERSHIPS -7,072. PATRONAGE CAPITAL ASSIGNABLE 2,218,959. FORM 990, PART XII, LINE 2C: APPOINTED MEMBERS OF THE BOARD OF TRUSTEES SERVE ON THE AUDIT COMMITTEE. THIS COMMITTEE IS RESPONSIBLE FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT AND FOR RECOMMENDING THE INDEPENDENT AUDITOR TO THE FULL BOARD OF TRUSTEES FOR APPROVAL. PROCEDURES REMAINED UNCHANGED DURING THE YEAR. JEMEZ MOUNTAINS ELECTRIC FOUNDATION PO BOX 128 ESPANOLA NM 87532 237022094 PROVIDE SCHOLARSHIPS TO STUDENTS NM 501(C)(3) PF JEMEZ MOUNTAINS ELECTRIC COOPERATIVE INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 JEMEZ MOUNTAINS ELECTRIC FOUNDATION N N/A - LESS THAN $50,000 JEMEZ MOUNTAINS ELECTRIC FOUNDATION O N/A - LESS THAN $50,000 JEMEZ MOUNTAINS ELECTRIC FOUNDATION Q N/A - LESS THAN $50,000