﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2014v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2015-04-27T15:44:21-05:00</ReturnTs>
    <TaxPeriodEndDt>2014-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>631059654</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>GRUENLOH &amp; ASSOCIATES PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>PO BOX 895</AddressLine1Txt>
        <CityNm>ROBERTSDALE</CityNm>
        <StateAbbreviationCd>AL</StateAbbreviationCd>
        <ZIPCd>36567</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2014-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>630014658</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>BALDWIN COUNTY ELECTRIC MEMBERSHIP</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>CORPORATION</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>BALD</BusinessNameControlTxt>
      <PhoneNum>2519896247</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO BOX 220 19600 HIGHWAY 59</AddressLine1Txt>
        <CityNm>SUMMERDALE</CityNm>
        <StateAbbreviationCd>AL</StateAbbreviationCd>
        <ZIPCd>36580</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>E A JAKINS JR</PersonNm>
      <PersonTitleTxt>CEO</PersonTitleTxt>
      <PhoneNum>2519896247</PhoneNum>
      <SignatureDt>2015-04-20</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>WAYNE A GRUENLOH</PreparerPersonNm>
      <PTIN>P00474885</PTIN>
      <PhoneNum>2519471040</PhoneNum>
      <PreparationDt>2015-04-27</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2014</TaxYr>
    <BuildTS>2016-02-25 16:41:14Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="6">
    <IRS990 documentId="RetDoc1" referenceDocumentId="RetDoc5">
      <GrossReceiptsAmt>158360246</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>false</GroupReturnForAffiliatesInd>
      <Organization501cInd organization501cTypeTxt="12">X</Organization501cInd>
      <WebsiteAddressTxt>WWW.BALDWINEMC.COM</WebsiteAddressTxt>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <LegalDomicileStateCd>AL</LegalDomicileStateCd>
      <ActivityOrMissionDesc>RURAL ELECTRIC COOPERATIVE SERVING BALDWIN AND MONROE COUNTIES IN ALABAMA.</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>7</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>7</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>235</TotalEmployeeCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <CYContributionsGrantsAmt>0</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>143394668</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>154854466</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>307026</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>356221</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>4510710</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>3149559</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>148212404</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>158360246</CYTotalRevenueAmt>
      <CYGrantsAndSimilarPaidAmt>0</CYGrantsAndSimilarPaidAmt>
      <PYBenefitsPaidToMembersAmt>2307771</PYBenefitsPaidToMembersAmt>
      <CYBenefitsPaidToMembersAmt>3130996</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>1895082</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>1923176</CYSalariesCompEmpBnftPaidAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>0</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>137450015</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>151161149</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>141652868</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>156215321</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>6559536</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>2144925</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>274155485</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>284120116</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>163370785</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>170619559</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>110784700</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>113500557</NetAssetsOrFundBalancesEOYAmt>
      <InfoInScheduleOPartIIIInd>X</InfoInScheduleOPartIIIInd>
      <MissionDesc>RURAL ELECTRIC COOPERATIVE SERVING BALDWIN AND MONROE COUNTIES IN ALABAMA.</MissionDesc>
      <SignificantNewProgramSrvcInd>false</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>false</SignificantChangeInd>
      <Desc>PROVIDED ELECTRIC SERVICE TO AN AVERAGE OF 70,028 CUSTOMERS IN THE RURAL AREAS OF BALDWIN AND MONROE COUNTIES IN ALABAMA.</Desc>
      <ProgSrvcAccomActyOtherGrp>
        <Desc>PROVIDED ELECTRIC SERVICE TO AN AVERAGE OF 70,028 CUSTOMERS IN THE RURAL AREAS OF BALDWIN AND MONROE COUNTIES IN ALABAMA.</Desc>
      </ProgSrvcAccomActyOtherGrp>
      <DescribedInSection501c3Ind>false</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd>false</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>false</PoliticalCampaignActyInd>
      <SubjectToProxyTaxInd>false</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd referenceDocumentId="RetDoc2">false</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="RetDoc2">false</ConservationEasementsInd>
      <CollectionsOfArtInd referenceDocumentId="RetDoc2">false</CollectionsOfArtInd>
      <CreditCounselingInd referenceDocumentId="RetDoc2">false</CreditCounselingInd>
      <TempOrPermanentEndowmentsInd referenceDocumentId="RetDoc2">false</TempOrPermanentEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="RetDoc2">true</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd referenceDocumentId="RetDoc2">false</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd referenceDocumentId="RetDoc2">true</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="RetDoc2">false</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="RetDoc2">true</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="RetDoc2">false</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="RetDoc2">true</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd referenceDocumentId="RetDoc2">false</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>false</SchoolOperatingInd>
      <ForeignOfficeInd>false</ForeignOfficeInd>
      <ForeignActivitiesInd>false</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>false</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>false</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd>false</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd>false</FundraisingActivitiesInd>
      <GamingActivitiesInd>false</GamingActivitiesInd>
      <OperateHospitalInd>false</OperateHospitalInd>
      <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
      <ScheduleJRequiredInd referenceDocumentId="RetDoc3">true</ScheduleJRequiredInd>
      <TaxExemptBondsInd referenceDocumentId="RetDoc4">true</TaxExemptBondsInd>
      <InvestTaxExemptBondsInd>false</InvestTaxExemptBondsInd>
      <EscrowAccountInd>false</EscrowAccountInd>
      <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
      <LoanOutstandingInd>false</LoanOutstandingInd>
      <GrantToRelatedPersonInd>false</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>false</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>false</BusinessRlnWithFamMemInd>
      <BusinessRlnWithOfficerEntInd>false</BusinessRlnWithOfficerEntInd>
      <DeductibleNonCashContriInd>false</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>false</DeductibleArtContributionInd>
      <TerminateOperationsInd>false</TerminateOperationsInd>
      <PartialLiquidationInd>false</PartialLiquidationInd>
      <DisregardedEntityInd referenceDocumentId="RetDoc6">false</DisregardedEntityInd>
      <RelatedEntityInd referenceDocumentId="RetDoc6">true</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>true</RelatedOrganizationCtrlEntInd>
      <TransactionWithControlEntInd referenceDocumentId="RetDoc6">true</TransactionWithControlEntInd>
      <ActivitiesConductedPrtshpInd referenceDocumentId="RetDoc6">false</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>true</ScheduleORequiredInd>
      <IRPDocumentCnt>85</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <BackupWthldComplianceInd>true</BackupWthldComplianceInd>
      <EmployeeCnt>235</EmployeeCnt>
      <EmploymentTaxReturnsFiledInd>true</EmploymentTaxReturnsFiledInd>
      <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
      <ForeignFinancialAccountInd>false</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>false</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>false</NondeductibleContributionsInd>
      <MembersAndShrGrossIncomeAmt>154221338</MembersAndShrGrossIncomeAmt>
      <OtherSourcesGrossIncomeAmt>633128</OtherSourcesGrossIncomeAmt>
      <IndoorTanningServicesInd>false</IndoorTanningServicesInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>7</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>7</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>false</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>false</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>false</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>false</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>true</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>true</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>true</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>true</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>true</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>false</OfficerMailingAddressInd>
      <LocalChaptersInd>false</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>true</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>true</ConflictOfInterestPolicyInd>
      <AnnualDisclosureCoveredPrsnInd>true</AnnualDisclosureCoveredPrsnInd>
      <RegularMonitoringEnfrcInd>true</RegularMonitoringEnfrcInd>
      <WhistleblowerPolicyInd>true</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>true</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>true</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>true</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>false</InvestmentInJointVentureInd>
      <OwnWebsiteInd>X</OwnWebsiteInd>
      <OtherWebsiteInd>X</OtherWebsiteInd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <BusinessName>
          <BusinessNameLine1Txt>BALDWIN EMC</BusinessNameLine1Txt>
        </BusinessName>
        <PhoneNum>2519896247</PhoneNum>
        <USAddress>
          <AddressLine1Txt>19600 HIGHWAY 59</AddressLine1Txt>
          <CityNm>SUMMERDALE</CityNm>
          <StateAbbreviationCd>AL</StateAbbreviationCd>
          <ZIPCd>36580</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <Form990PartVIISectionAGrp>
        <PersonNm>PEGGY VANOVER-BARNES</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <AverageHoursPerWeekRt>32.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>59540</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>13632</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>CHAD GRACE</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>11.90</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>53300</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>13414</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JOSEPH COLEMAN</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>21.38</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>47710</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>13632</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ROBERT KAISER</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>17.10</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>45640</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>13441</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>TOMMIE WERNETH</PersonNm>
        <TitleTxt>VICE-PRESIDE</TitleTxt>
        <AverageHoursPerWeekRt>16.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>44260</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>13615</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JIMMY LAFOY</PersonNm>
        <TitleTxt>SECRETARY/TR</TitleTxt>
        <AverageHoursPerWeekRt>13.56</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>41500</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>13632</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>AUBURY L FULLER</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>9.73</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>40120</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>13567</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>E A JAKINS JR</PersonNm>
        <TitleTxt>CEO</TitleTxt>
        <AverageHoursPerWeekRt>50.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.50</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>487652</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>151748</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ALAN L SCHOTT</PersonNm>
        <TitleTxt>VP FIN/ACC</TitleTxt>
        <AverageHoursPerWeekRt>50.00</AverageHoursPerWeekRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>168239</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>68207</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>WILLIAM JODY TAYLOR</PersonNm>
        <TitleTxt>VP OPERATION</TitleTxt>
        <AverageHoursPerWeekRt>50.00</AverageHoursPerWeekRt>
        <KeyEmployeeInd>X</KeyEmployeeInd>
        <ReportableCompFromOrgAmt>173942</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>68207</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>A CLYDE ABRAMS</PersonNm>
        <TitleTxt>VP ADMIN SER</TitleTxt>
        <AverageHoursPerWeekRt>50.00</AverageHoursPerWeekRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>188097</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>70639</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KAREN L MOORE</PersonNm>
        <TitleTxt>VP MEMBER SR</TitleTxt>
        <AverageHoursPerWeekRt>48.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>2.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>167503</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>65381</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>STEVEN KENT IRVIN</PersonNm>
        <TitleTxt>VP ENGINEERI</TitleTxt>
        <AverageHoursPerWeekRt>50.00</AverageHoursPerWeekRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>145169</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>57119</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>SUE CAMPBELL</PersonNm>
        <TitleTxt>MGR. HR</TitleTxt>
        <AverageHoursPerWeekRt>45.00</AverageHoursPerWeekRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>142694</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>47639</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>W BRIAN SEALS</PersonNm>
        <TitleTxt>MANAGER ENGI</TitleTxt>
        <AverageHoursPerWeekRt>45.00</AverageHoursPerWeekRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>117808</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>49325</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>1923174</TotalReportableCompFromOrgAmt>
      <TotalOtherCompensationAmt>673198</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>8</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>false</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>true</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>false</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>RYLAND'S UNDERGROUND SERVICE</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>P O BOX 1265</AddressLine1Txt>
            <CityNm>FAIRHOPE</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36533</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>WIRE REPAIR</ServicesDesc>
        <CompensationAmt>656958</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>NISC</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>P O BOX 1147</AddressLine1Txt>
            <CityNm>MANDAN</CityNm>
            <StateAbbreviationCd>ND</StateAbbreviationCd>
            <ZIPCd>58554</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>SOFTWARE &amp; SUPP</ServicesDesc>
        <CompensationAmt>382919</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>MDR CONSTRUCTION</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>621 EAST BAYLIS CHAPEL RD</AddressLine1Txt>
            <CityNm>COLUMBIA</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39429</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>OVHD CONDUCTOR</ServicesDesc>
        <CompensationAmt>356064</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>PINNACLE DATA SYSTEMS</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>P O BOX 102017</AddressLine1Txt>
            <CityNm>BIRMINGHAM</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>35210</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>BILL PRINT</ServicesDesc>
        <CompensationAmt>303360</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>OSMOSE UTILITIES SERVICES</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>PO BOX 8000</AddressLine1Txt>
            <CityNm>BUFFALO</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>14267</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>POLE INSPECTION</ServicesDesc>
        <CompensationAmt>250991</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>14</CntrctRcvdGreaterThan100KCnt>
      <ProgramServiceRevenueGrp>
        <Desc>ELECTRIC SALES</Desc>
        <BusinessCd>221000</BusinessCd>
        <TotalRevenueColumnAmt>154221338</TotalRevenueColumnAmt>
        <ExclusionAmt>154221338</ExclusionAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>POLE ATTACHMENTS</Desc>
        <BusinessCd>221000</BusinessCd>
        <TotalRevenueColumnAmt>633128</TotalRevenueColumnAmt>
        <ExclusionAmt>633128</ExclusionAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>154854466</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>356221</TotalRevenueColumnAmt>
        <ExclusionAmt>356221</ExclusionAmt>
      </InvestmentIncomeGrp>
      <OtherRevenueMiscGrp>
        <Desc>CAPITAL CREDITS</Desc>
        <BusinessCd>221000</BusinessCd>
        <TotalRevenueColumnAmt>3142470</TotalRevenueColumnAmt>
        <ExclusionAmt>3142470</ExclusionAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueMiscGrp>
        <Desc>OTHER NON OPERATING INCOME</Desc>
        <BusinessCd>221000</BusinessCd>
        <TotalRevenueColumnAmt>7089</TotalRevenueColumnAmt>
        <ExclusionAmt>7089</ExclusionAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>3149559</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>158360246</TotalRevenueColumnAmt>
        <ExclusionAmt>158360246</ExclusionAmt>
      </TotalRevenueGrp>
      <BenefitsToMembersGrp>
        <TotalAmt>3130996</TotalAmt>
      </BenefitsToMembersGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>1161904</TotalAmt>
      </CompCurrentOfcrDirectorsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>761272</TotalAmt>
      </OtherSalariesAndWagesGrp>
      <InterestGrp>
        <TotalAmt>5761522</TotalAmt>
      </InterestGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>10074405</TotalAmt>
      </DepreciationDepletionGrp>
      <OtherExpensesGrp>
        <Desc>COST OF POWER</Desc>
        <TotalAmt>109768627</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>DISTRIBUTION- MAINTENANCE</Desc>
        <TotalAmt>7882541</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>ADMINISTRATIVE &amp; GENERAL</Desc>
        <TotalAmt>5814884</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>DISTRIBUTION- OPERATIONS</Desc>
        <TotalAmt>3617959</TotalAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>8241211</TotalAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>156215321</TotalAmt>
        <ProgramServicesAmt>0</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>5813587</BOYAmt>
        <EOYAmt>10767928</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>14279380</BOYAmt>
        <EOYAmt>14607868</EOYAmt>
      </AccountsReceivableGrp>
      <InventoriesForSaleOrUseGrp>
        <BOYAmt>5888436</BOYAmt>
        <EOYAmt>5707169</EOYAmt>
      </InventoriesForSaleOrUseGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>414118</BOYAmt>
        <EOYAmt>84392</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>260306338</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>68083200</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>189166079</BOYAmt>
        <EOYAmt>192223138</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsProgramRelatedGrp>
        <BOYAmt>50610178</BOYAmt>
        <EOYAmt>53600025</EOYAmt>
      </InvestmentsProgramRelatedGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>7983707</BOYAmt>
        <EOYAmt>7129596</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>274155485</BOYAmt>
        <EOYAmt>284120116</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>15853531</BOYAmt>
        <EOYAmt>18074229</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <TaxExemptBondLiabilitiesGrp>
        <BOYAmt>7197335</BOYAmt>
        <EOYAmt>7040709</EOYAmt>
      </TaxExemptBondLiabilitiesGrp>
      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>128174074</BOYAmt>
        <EOYAmt>133232082</EOYAmt>
      </MortgNotesPyblScrdInvstPropGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>12145845</BOYAmt>
        <EOYAmt>12272539</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>163370785</BOYAmt>
        <EOYAmt>170619559</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
      <CapStkTrPrinCurrentFundsGrp>
        <BOYAmt>265890</BOYAmt>
        <EOYAmt>270945</EOYAmt>
      </CapStkTrPrinCurrentFundsGrp>
      <RtnEarnEndowmentIncmOthFndsGrp>
        <BOYAmt>110518810</BOYAmt>
        <EOYAmt>113229612</EOYAmt>
      </RtnEarnEndowmentIncmOthFndsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>110784700</BOYAmt>
        <EOYAmt>113500557</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>274155485</BOYAmt>
        <EOYAmt>284120116</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>2144925</ReconcilationRevenueExpnssAmt>
      <OtherChangesInNetAssetsAmt>570932</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>true</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>true</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>false</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleD documentId="RetDoc2">
      <OtherLandBuildingsGrp>
        <InvestmentCostOrOtherBasisAmt>260306338</InvestmentCostOrOtherBasisAmt>
        <DepreciationAmt>68083200</DepreciationAmt>
        <BookValueAmt>192223138</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>192223138</TotalBookValueLandBuildingsAmt>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - POWERSOUTH</Desc>
        <BookValueAmt>49384643</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - GRESCO</Desc>
        <BookValueAmt>1568745</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>INVESTMENT - NRUCFC</Desc>
        <BookValueAmt>1084633</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>INVESTMENT - CO-BANK</Desc>
        <BookValueAmt>524195</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>INVESTMENT - FED. RURAL ELECTRIC INS</Desc>
        <BookValueAmt>434401</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - NRUCFC</Desc>
        <BookValueAmt>259085</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - UNITED UTILITY</Desc>
        <BookValueAmt>219180</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - NISC</Desc>
        <BookValueAmt>71587</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>ECONOMIC DEVELOPMENT PROJECTS</Desc>
        <BookValueAmt>46208</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - ARKANSAS ELECTRIC</Desc>
        <BookValueAmt>5158</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - NRTC</Desc>
        <BookValueAmt>1190</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>INVESTMENT - NRTC</Desc>
        <BookValueAmt>1000</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <TotalBookValueProgramRltdAmt>53600025</TotalBookValueProgramRltdAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>CONSUMER DEPOSITS</Desc>
        <Amt>6458285</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>POSTRETIREMENT BENEFITS</Desc>
        <Amt>5230126</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>OTHER DEFERRRED CREDITS</Desc>
        <Amt>584128</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>12272539</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>158360246</TotalRevEtcAuditedFinclStmtAmt>
      <RevenueSubtotalAmt>158360246</RevenueSubtotalAmt>
      <TotalRevenuePerForm990Amt>158360246</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>153084325</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesSubtotalAmt>153084325</ExpensesSubtotalAmt>
      <OtherExpensesNotIncludedAmt>3130996</OtherExpensesNotIncludedAmt>
      <ExpensesNotRptFinclStmtAmt>3130996</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>156215321</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE D, PAGE 4, PART XII, LINE 4B</FormAndLineReferenceDesc>
        <ExplanationTxt>RETIREMENT OF CAPITAL CREDITS PAID 3,130,996</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="RetDoc3">
      <IdemnificationGrossUpPmtsInd>X</IdemnificationGrossUpPmtsInd>
      <WrittenPolicyRefTAndEExpnssInd>true</WrittenPolicyRefTAndEExpnssInd>
      <SubstantiationRequiredInd>true</SubstantiationRequiredInd>
      <IndependentConsultantInd>X</IndependentConsultantInd>
      <WrittenEmploymentContractInd>X</WrittenEmploymentContractInd>
      <CompensationSurveyInd>X</CompensationSurveyInd>
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>E A JAKINS JR</PersonNm>
        <TitleTxt>CEO</TitleTxt>
        <BaseCompensationFilingOrgAmt>474436</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>500</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>12716</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>136318</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>15430</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>639400</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>ALAN L SCHOTT</PersonNm>
        <TitleTxt>VP FIN/ACC</TitleTxt>
        <BaseCompensationFilingOrgAmt>167199</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>500</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>540</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>53091</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>15116</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>236446</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>WILLIAM JODY TAYLOR</PersonNm>
        <TitleTxt>VP OPERATIONS</TitleTxt>
        <BaseCompensationFilingOrgAmt>166348</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>500</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>7094</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>53091</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>15116</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>242149</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>A CLYDE ABRAMS</PersonNm>
        <TitleTxt>VP ADMIN SERVICES</TitleTxt>
        <BaseCompensationFilingOrgAmt>174316</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>3420</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>10361</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>55472</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>15167</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>258736</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>KAREN L MOORE</PersonNm>
        <TitleTxt>VP MEMBER SRV &amp; PR</TitleTxt>
        <BaseCompensationFilingOrgAmt>157163</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>8620</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>1720</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>50324</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>15057</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>232884</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>STEVEN KENT IRVIN</PersonNm>
        <TitleTxt>VP ENGINEERING</TitleTxt>
        <BaseCompensationFilingOrgAmt>134270</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>550</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>10349</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>42234</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>14885</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>202288</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>SUE CAMPBELL</PersonNm>
        <TitleTxt>MGR. HR</TitleTxt>
        <BaseCompensationFilingOrgAmt>136021</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>500</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>6173</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>40397</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>7242</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>190333</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>W BRIAN SEALS</PersonNm>
        <TitleTxt>MANAGER ENGINEERING</TitleTxt>
        <BaseCompensationFilingOrgAmt>111465</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>1565</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>4778</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>34604</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>14721</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>167133</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc4">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>GULF OPPORTUNITY ZONE BONDS</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuedDt>2008-07-01</BondIssuedDt>
        <IssuePriceAmt>7900465</IssuePriceAmt>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <CapitalExpendituresAmt>7900465</CapitalExpendituresAmt>
        <SubstantialCompletionYr>2008</SubstantialCompletionYr>
        <CurrentRefundingInd>false</CurrentRefundingInd>
        <AdvanceRefundingInd>false</AdvanceRefundingInd>
        <FinalAllocationMadeInd>true</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>true</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>false</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>false</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>false</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>false</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc5">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990</FormAndLineReferenceDesc>
        <ExplanationTxt>PART IX, LINE 4 - RETIREMENT OF CAPITAL CREDITS DISCLOSED REPRESENT THE RETIREMENT OF PATRONAGE CAPITAL ALLOCATED IN PRIOR YEARS WHICH WERE PAID TO MEMBERS IN THE CURRENT YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 2, PART III, LINE 4D</FormAndLineReferenceDesc>
        <ExplanationTxt>PROVIDED ELECTRIC SERVICE TO AN AVERAGE OF 70,028 CUSTOMERS IN THE RURAL AREAS OF BALDWIN AND MONROE COUNTIES IN ALABAMA.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>MEMBER OWNED CORPORATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>BYLAW CHANGES, ELECTION OF BOARD OF DIRECTORS AND SALE OF COOPERATIVE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>MANAGEMENT PRESENTS THE TAX RETURN TO THE BOARD FOR REVIEW PRIOR TO FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>OFFICER, DIRECTORS OR TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO NOTIFY MANAGEMENT OR THE BOARD AS POTENTIAL CONFLICTS ARISE. THE CORPORATION REVIEWS ALL PAYMENTS AND EACH SUPERVISOR DETERMINES IF A POTENTIAL CONFLICT SHOULD BE CONSIDERED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CORPORATION USES AN INDEPENDENT CONSULTANT WHO PRESENTS A COMPENSATION COMPARISION FOR ALL POSITIONS AT THE CORPORATION; THIS COMPARISON IS THE BASIS FOR COMPENSATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CORPORATION USES AN INDEPENDENT CONSULTANT WHO PRESENTS A COMPENSATION COMPARISION FOR ALL POSITIONS AT THE CORPORATION; THIS COMPARISON IS THE BASIS FOR COMPENSATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>DOCUMENTS ARE AVAILABLE FOR INSPECTION IN SUMMERDALE, AL UPON REQUEST. BYLAWS AND ANNUAL REPORT AVAILABLE ONLINE ON THE COMPANY WEBSITE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9</FormAndLineReferenceDesc>
        <ExplanationTxt>RETIREMENT OF CAPITAL CREDITS PAID 3,130,996</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9</FormAndLineReferenceDesc>
        <ExplanationTxt>CHANGE IN MEMBERSHIPS 5,055 UNCLAIMED CAPITAL CREDIT CHECKS 565,877 RETIREMENT OF CAPITAL CREDITS 3,130,996</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc6">
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>BALDWIN CO ELECT MEMBER CHARITABLE</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>FOUNDATION INC</BusinessNameLine2Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>P O BOX 220</AddressLine1Txt>
          <CityNm>SUMMERDALE</CityNm>
          <StateAbbreviationCd>AL</StateAbbreviationCd>
          <ZIPCd>36580</ZIPCd>
        </USAddress>
        <EIN>200654595</EIN>
        <PrimaryActivitiesTxt>CHARITABLE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>AL</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501C</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>7</PublicCharityStatusTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>false</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>true</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>false</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>false</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>false</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>false</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>false</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>false</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>false</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>false</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>false</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>true</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>false</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>false</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>false</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>false</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>false</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>false</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>false</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>BALDWIN CO ELECT MEMBER CHARITABLE</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>FOUNDATION</BusinessNameLine2Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>B</TransactionTypeTxt>
        <InvolvedAmt>343519</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>BALDWIN CO ELECT MEMBER CHARITABLE</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>FOUNDATION</BusinessNameLine2Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>L</TransactionTypeTxt>
        <InvolvedAmt>115835</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>