2015-11-04T19:26:48-06:00 2014-12-31 BDO USA LLP 3601 C STREET STE 600 ANCHORAGE AK 99503 990 2014-01-01 920014712 Golden Valley Electric Association Inc % RONALD E WOOLF GVEA GOLD 9074521151 PO Box 71249 FAIRBANKS AK 99707 CORY R BORGESON PRESIDENT AND CEO 9074521151 2015-11-03 true Key E Getty CPA P00121200 9072788878 2014 2016-04-25 22:37:26Z CORY R BORGESON GVEA- OFFICE OF CEO PO BOX 71249 FAIRBANKS AK 71249 237536560 false X WWW.GVEA.COM X 1946 AK To provide our member-owners and communities with quality electric service, quality customer service, and innovative energy solutions at fair and reasonable prices. 7 5 299 0 192751 297299 0 0 241506561 234387732 930574 1162798 274120 145237 242711255 235695767 48048 64994 7555144 6679661 30544812 29902106 0 0 0 203117108 197365237 241265112 234011998 1446143 1683769 615310365 651740444 473281940 509596324 142028425 142144120 TO PROVIDE OUR MEMBER-OWNERS AND COMMUNITIES WITH QUALITY ELECTRIC SERVICE, QUALITY CUSTOMER SERVICE, AND INNOVATIVE ENERGY SOLUTIONS AT FAIR AND REASONABLE PRICES. false false Provide electric power to approximately 34,275 members. false false false false false false false false false true false false false true true false true false false false false false false false false false true true true true false false true false false true true true false false false false false true true true false true 190 0 true 299 true true true false false false false 231954576 12839392 false X 7 5 true false false false true true true true false false false true true true true true true true true false X X RONALD E WOOLF GVEA 9074521151 758 ILLINOIS ST FAIRBANKS AK 99707 CHRIS BUNCH DIRECTOR 3.1 0.0 X 22803 0 0 FRANKLIN EAGLE DIRECTOR 6.2 0.0 X 30565 0 0 AREN GUNDERSON DIRECTOR 6.5 1.0 X 25167 0 0 WILLIAM NORDMARK CHAIRMAN - DIRECTOR 18.1 0.0 X X 50392 0 0 TOM DELONG VICE CHAIRMAN - DIRECTOR 8.5 0.0 X X 24847 0 0 RICK SCHIKORA TREASURER - DIRECTOR 17.0 0.0 X X 38542 0 0 JOHN SLOAN SECRETARY - DIRECTOR 9.4 1.0 X X 25443 0 0 CORY R BORGESON PRESIDENT & CEO 54.0 0.0 X 356448 0 147842 RONALD E WOOLF VP FINANCE & CFO 50.0 0.0 X 163411 0 117544 THOMAS K HARTNELL VP ADMIN SERVICES 54.0 0.0 X 207033 0 107286 LYNN N THOMPSON VP POWER SUPPLY 55.0 0.0 X 185138 0 145899 MICHAEL J WRIGHT VP TRANSM & DISTRIBUTION 45.0 0.0 X 203776 0 177994 ALLEN J GRAY POWER SYSTEM MANAGER 60.0 0.0 X 148349 0 92839 PAUL C MORGAN GAS TURBINE PLANT MANAGER 40.0 0.0 X 153740 0 174095 RICHARD J PIECH OPERATIONS MANAGER 50.0 0.0 X 144153 0 104842 PHIL C SCHULZ FOREMAN LINEMAN 50.1 0.0 X 151941 0 119034 MARK A TERHUNE FOREMAN WIREMAN 48.3 0.0 X 145058 0 127723 JEFFERY P YAUNEY FORMER KEY EMPLOYEE 10.0 60.0 X X 0 396278 149851 2076806 396278 1464949 83 true true false BLACK VEATCH CONSTRUCTION 8400 WARD PARKWAY KANSAS CITY MO 64114 CONSTRUCTION SRVS 26624027 BLACK VEATCH CORPORATION PO BOX 803823 KANSAS CITY MO 64180 CONSTRUCTION SRVS 4375826 ABB INC PO BOX 88868 CHICAGO IL 60695 GENERATION CONTROLS 1239131 ALYESKA PIPELINE SERVICE CO PO BOX 196606 ANCHORAGE AK 99519 METER FACILITY MGMT 1097106 JAFFA CONSTRUCTION INC PO BOX 107 MOOSE PASS AK 99631 CONSTRUCTION SRVS 912121 40 0 SALES OF ELECTRICITY 221000 229755081 229755081 INTERCONNECT/MEMBER FEE 221000 1568071 1568071 POLE RETAIL INCOME 221000 1043499 1043499 CAPITAL CREDITS/PATRONAGE 221000 1620870 1620870 ALLOWANCE FOR FUNDS USED 221000 125173 125173 275038 275038 234387732 1189238 1189238 0 0 881801 1051554 1018976 765977 -137175 285577 148402 195916 -47514 29400 55840 -26440 -26440 -26440 0 0 0 CONTRACT REVENUE 541300 -3165 -3165 -3165 235695767 233317793 192751 2185223 33994 31000 0 6679661 1928321 0 16260929 4470328 5953098 1289430 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15947174 0 24107752 0 COST OF OPERATIONS - ELECTRIC 156594230 GROSS REVENUE TAX 609681 UNRELATED BUSINESS INCOME TAX 106400 234011998 0 0 4352887 4659252 0 0 27062907 25282591 0 0 0 0 0 0 20934357 21639921 5915135 5676734 939780291 378059341 524788200 561720950 0 0 4140715 6737020 9843190 9806114 0 0 18272974 16217862 615310365 651740444 23600985 27097864 0 0 8126 6680 81250000 76797945 0 0 0 0 336920175 367409602 7769705 6505341 23732949 31778892 473281940 509596324 X 0 0 0 0 142028425 142144120 142028425 142144120 615310365 651740444 X 1683769 2591604 -4159678 X false true X true false 2513242 5223593 7736835 2786764 76035198 34414464 44407498 10004737 733888756 343644877 400248617 166189 109161811 109328000 561720950 0 PENSION PROVISION 24180814 ASSET RETIREMENT OBLIGATION - DECOM & EVA 2516529 CONSUMER DEPOSITS 1700907 SNAP MEMBER CONTRIBUTIONS 23006 GOLDEN VALLEY ELECTRIC FOUNDATION 12121 CIAC REFUNDABLE 2989574 DEFERRED CREDITS (FED TAX $272,720) 355941 31778892 X Form 990, Schedule D, Part X, Line 2: The Association is exempt from federal income taxes under the provisions of Section 501(c)(12) of the Internal Revenue Code of 1986, as amended, and meets the requirements to maintain its exemption from federal income taxes under those provisions. An analysis of whether the position the Association took with regard to particular items of income would meet the definition of an uncertain tax position was made and the Association concluded no uncertain tax positions existed at December 31, 2014. The Association is no longer subject to examinations by tax authorities for years before 2011. The Association is subject to taxes on unrelated business income for some activities in its non-operating revenues resulting in current and deferred taxes as disclosed in Note 17. true UNITED WAY OF THE TANANA VALLEY PO BOX 74396 FAIRBANKS AK 997074396 926003642 501(C)(3) 30493 CHARITABLE CONTRIBUTION TO FUND ACTIVITIES IN THE LOCAL AREA 1 SCHOLARSHIPS 12 31000 FORM 990, SCHEDULE I, PART I, LINE 2: UNITED WAY IS VETTED BY THE COMMUNITIES OF INTERIOR ALASKA. SCHOLARSHIPS ARE SELECTED BY COMMITTEE AND QUALIFICATIONS ARE REVIEWED. FUNDS ARE PAID DIRECTLY TO THE EDUCATIONAL INSTITUTIONS ON BEHALF OF THE INDIVIDUALS. X true true X X X X X false true false CORY R BORGESON PRESIDENT & CEO 324063 0 15000 0 17385 0 147842 0 3140 0 507430 0 7894 0 RONALD E WOOLF VP FINANCE & CFO 163411 0 0 0 0 0 82164 0 37684 0 283259 0 0 0 THOMAS K HARTNELL VP ADMIN SERVICES 207033 0 0 0 0 0 82992 0 26624 0 316649 0 0 0 LYNN N THOMPSON VP POWER SUPPLY 185138 0 0 0 0 0 112020 0 36207 0 333365 0 0 0 MICHAEL J WRIGHT VP TRANSM & DISTRIBUTION 203776 0 0 0 0 0 155000 0 25405 0 384181 0 0 0 ALLEN J GRAY POWER SYSTEM MANAGER 148349 0 0 0 0 0 69845 0 25165 0 243359 0 4923 0 PAUL C MORGAN GAS TURBINE PLANT MANAGER 153740 0 0 0 0 0 161338 0 14928 0 330006 0 1450 0 RICHARD J PIECH OPERATIONS MANAGER 144153 0 0 0 0 0 70443 0 36535 0 251131 0 992 0 PHIL C SCHULZ FOREMAN LINEMAN 151941 0 0 0 0 0 99099 0 21497 0 272537 0 438 0 MARK A TERHUNE FOREMAN WIREMAN 145058 0 0 0 0 0 106788 0 22505 0 274351 0 0 0 JEFFERY P YAUNEY FORMER KEY EMPLOYEE 0 396278 0 0 0 0 0 119824 0 30027 0 546129 0 0 FORM 990, SCHEDULE J, PART I, LINE 1B: FIRST CLASS TRAVEL TO THE EAST COAST OF THE UNITED STATES IS ALLOWED IF APPROVED BY THE CEO. CHARTER HELICOPTERS ARE USED FOR REMOTE TRANSMISSION LINE WORK. FORM 990, SCHEDULE J, PART I, LINE 4B: PER A 2009 CONTRACT, MR. YAUNEY RECEIVED COMPENSATION FROM ALASCONNECT BASED ON PRIOR YEARS' REVENUES. IN THE SAME CONTRACT, ALASCONNECT ALSO DEFERRED ON HIS BEHALF AN AMOUNT CALCULATED ON PRIOR YEARS' REVENUES. THE DEFERRAL IS AVAILABLE FOR DISBURSEMENT WHEN VESTED. A GOLDEN VALLEY ELECTRIC ASSOCIATION 920014712 2012-03-02 81250000 NEW CLEAN RENEWABLE ENERGY BONDS false true false A 0 0 81274697 2730583 725744 0 31149 82107 0 0 77705114 0 2013 false false false true A false false false false 0 false false false false A false false false false false false 0 false 0 false false A false . FORM 990, SCHEDULE K, PART 1, LINE A(F): DESCRIPTION OF PURPOSE: NEW CLEAN RENEWABLE ENERGY BONDS - 12 REPOWER WIND TURBINES 24.3MW SCHEDULE K, PART II, LINE 3: INVESTMENT EARNINGS - CUMULATIVE INVESTMENT EARNINGS OF $24,697 HAVE BEEN ACCRUED ON THE UNEXPENDED CREB FUNDS DEPOSIT ACCOUNT WITH COBANK, ACB AT 0.05% INTEREST RATE. 0 ARECA INSURANCE EXCHANGE GVEA DIRECTOR SCHIKORA 1057935 COMMERCIAL INSURANCE/MGMT SRVC false MOTEL NORD HAVEN OWNED 50/50 WITH SPOUSE 11985 LODGING OF PERSONNEL false FORM 990, SCHEDULE L, PART IV, LINE 1: RELATIONSHIP BETWEEN INTERESTED PERSON AND THE ORGANIZATION: GVEA DIRECTOR RICK SCHIKORA IS A TRUSTEE OF THE ARECA INSURANCE EXCHANGE, THE ASSOCIATION'S INSURANCE PROVIDER AND THE CHAIRMAN OF ARECA INSURANCE MANAGEMENT, THE ASSOCIATION'S SERVICE RECIPIENT. FORM 990, SCHEDULE L, PART IV, LINE 2: Relationship between interested person and the organization: Motel Nord Haven, the association's vender is 50% owned by spouse of William Nordmark (director) and 50% owned by Willam Nordmark. FORM 990, PART VI, SECTION A, LINE 1B: DIRECTOR INDEPENDENCE: WILLIAM NORDMARK AND RICK SCHIKORA ARE TECHNICALLY NOT INDEPENDENT DUE TO THEIR INVOLVEMENT IN THE FOLLOWING ACTIVITIES: MOTEL NORD HAVEN, AN ENTITY OWNED BY WILLIAM NORDMARK IN PARTNERSHIP WITH HIS SPOUSE DOES BUSINESS WITH THE ASSOCIATION. THE MOTEL IS LOCATED IN NEAR PROXIMITY TO THE ASSOCIATION'S GENERATION FACILITIES IN HEALY, ALASKA. RICK SCHIKORA SERVES AS A TRUSTEE OF ARECA INSURANCE EXCHANGE, WHICH PROVIDES INSURANCE TO THE ASSOCIATION. RICK SCHIKORA ALSO IS THE CHAIRMAN OF THE BOARD OF ARECA INSURANCE MANAGEMENT, THE ATTORNEY-IN-FACT FOR THE EXCHANGE. BOTH RELATIONSHIPS ARE NOTED ON SCHEDULE L. THIS NON-INDEPENDENCE IS NOT CONSIDERED BY THE ASSOCIATION TO HAVE ANY EFFECT ON THEIR POSITIONS AS DIRECTORS. FORM 990, PART VI, SECTION A, LINE 2: ALASCONNECT, INC - AREN GUNDERSON, AND JOHN SLOAN (GVEA DIRECTORS) SERVE AS DIRECTORS ON THE BOARD OF ALASCONNECT, A WHOLLY OWNED SUBSIDIARY. JEFFREY YAUNEY (GVEA FORMER KEY EMPLOYEE) IS THE PRESIDENT OF ALASCONNECT. ALASKA RAILBELT COOPERATIVE TRANSMISSION & ELECTRIC COMPANY (ARCTEC)- GVEA DIRECTOR RICK SCHIKORA SERVES AS CHAIRMAN OF THE BOARD, AND GVEA PRESIDENT & CEO CORY BORGESON IS A MEMBER OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 6: THE ASSOCIATION (GVEA) IS AN ELECTRIC COOPERATIVE OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7: THE BOARD'S DIRECTORS ARE ELECTED BY MEMBERS AND SERVE THREE YEAR TERMS. FORM 990, PART VI, SECTION A, LINE 7B: CHANGES TO THE ASSOCIATION'S BYLAWS AND ARTICLES OF INCORPORATION ARE SUBJECT TO APPROVAL BY THE MEMBERSHIP. IN ADDITION, SOME DISPOSITIONS OF ASSETS AND MERGERS AND CONSOLIDATIONS ARE ALSO SUBJECT TO APPROVAL OF THE MEMBERSHIP AS OUTLINED IN THE BYLAWS, ARTICLE VIII. FORM 990, PART VI, SECTION A, LINE 8B: BOARD COMMITTEES DO NOT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY, HOWEVER, BOARD COMMITTEES DO MAKE RECOMMENDATIONS TO THE BOARD AS A WHOLE FOR APPROVAL DURING BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 11: FORM 990 AND 990T ARE DRAFTED IN-HOUSE, REVIEWED BY THE EXECUTIVE AND FINANCIAL OFFICERS, AND SUBMITTED TO THE ASSOCIATION'S TAX FIRM FOR FINALIZATION, THE RETURNS ARE PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C: DIRECTORS ARE REQUIRED TO SUBMIT ANNUAL CONFLICT OF INTEREST DISCLOSURES WHICH ARE REVIEWED BY THE BOARD AS A WHOLE. IN 2010, THE EMPLOYEE CONFLICT OF INTEREST POLICY WAS AMENDED TO REQUIRE DISCLOSURES FROM THE PRESIDENT AND VICE-PRESIDENTS. THESE DISCLOSURES ARE RETAINED BY THE ASSOCIATION ATTORNEY. THE ASSOCIATION IS NOT REQUIRED TO MAKE THE CONFLICT OF INTEREST DISCLOSURES AVAILABLE TO THE PUBLIC. FORM 990, PART VI, SECTION B, LINE 15: THE COMPENSATION OF THE CHIEF EXECUTIVE OFFICER IS DETERMINED BY THE BOARD OF DIRECTORS AS A WHOLE AND IS ESTABLISHED IN A WRITTEN CONTRACT. COMPENSATION IS BASED ON DATA PROVIDED BY AN OUTSIDE CONSULTANT SPECIALIZING IN UTILITY COOPERATIVES. THE BOARD MEETS IN EXECUTIVE SESSION TO DISCUSS THIS CONTRACT, BUT VOTES IN AN OPEN BOARD MEETING TO APPROVE THE CONTRACT. COMPENSATION OF OFFICERS AND KEY EMPLOYEES ARE DETERMINED BY THE CHIEF EXECUTIVE OFFICER (CEO) UTILIZING THE FOLLOWING PROCESS. ALL NON-BARGAINING POSITIONS WITHIN THE ASSOCIATION OTHER THAN THAT OF THE CEO ARE COMPENSATED WITHIN SPECIFIC WAGE GROUPS WHICH HAVE PREDETERMINED PAY RANGES. THE WAGE GROUP MID-POINTS ARE ADJUSTED ANNUALLY AND THE WAGE GROUPS THEMSELVES ARE REVIEWED AND ADJUSTED EVERY FIVE YEARS. BOTH THE MID-POINT AND WAGE GROUP ADJUSTMENTS ARE BASED ON RECOMMENDATIONS FACILITATED BY AN OUTSIDE CONSULTANT SPECIALIZING IN UTILITY COOPERATIVES. THE MID-POINT ADJUSTMENTS AND THE COMPANY WIDE COMPENSATION ARE REVIEWED BY THE BOARD OF DIRECTORS AS A WHOLE AS PART OF THE BUDGET APPROVAL PROCESS. INDIVIDUAL COMPENSATION WITHIN THE APPROPRIATE RANGE IS DETERMINED BY THE EMPLOYEES SUPERVISOR BASED ON DOCUMENTED PERFORMANCE REVIEWS AND ARE EFFECTIVE THE FIRST OF EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19: THE ASSOCIATION'S BYLAWS ARE AVAILABLE ON ITS WEBSITE. AN ANNUAL REPORT OF THE COOPERATIVE IS ALSO AVAILABLE ON THE WEB WHICH INCLUDES AN ABBREVIATED SUMMARY OF THE BALANCE SHEET AND STATEMENT OF INCOME AND EXPENSES. THE ASSOCIATION IS NOT REQUIRED TO MAKE THE CONFLICT OF INTEREST POLICIES AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC; HOWEVER, THEY ARE AVAILABLE UPON REQUEST BY A MEMBER. FORM 990, PART VII: THE ASSOCIATION DISTRIBUTED QUESTIONNAIRES TO EACH CURRENT AND FORMER OFFICER, DIRECTOR, AND KEY EMPLOYEE TO SOLICIT INFORMATION PERTINENT TO THE COMPLETION OF FORM 990 AND ITS SCHEDULES. FORM 990, PART IX, LINE 4: PER CHANGES IN INSTRUCTIONS, 501(C)(12) ENTITIES ARE REQUIRED TO REPORT PATRONAGE DIVIDENDS TO THE MEMBERS ON LINE 4. GVEA HAS INTERPRETED THIS TO BE PATRONAGE ALLOCATED TO MEMBERS FROM THE MARGINS ACHIEVED IN 2013. FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS OR FUND BALANCES CHANGE IN OTHER COMPR. INCOME (8,652,712) CHANGE IN OTHER EQUITIES 1,561,055 CAPITAL CREDIT RETIREMENTS (3,753,944) CHANGE IN SCHOLARSHIP INVESTMENT (24,738) PATRONAGE ALLOCATED NOT F/S EXPENSE 6,679,661 SCHOLARSHIPS PAID FROM EQUITY 31,000 TOTAL (4,159,678) FORM 990, PART XII, LINE 1: FORM 990 AND THE ASSOCIATION'S FINANCIAL STATEMENTS ARE PREPARED ON AN ACCRUAL BASIS UTILIZING THE RURAL UTILITIES SERVICE (RUS) UNIFORM SYSTEM OF ACCOUNTS 7 CFR PART 1767. HOWEVER, EXPENSED WAGES AND SALARIES ARE ITEMIZED FOR BETTER DISCLOSURE. ELECTION FORM 990: ELECTION TO CAPITALIZE SECTION 266 COSTS - CONSISTENT WITH PAST PRACTICE, GOLDEN VALLEY ELECTRIC ASSOCIATION ELECTS TO CAPITALIZE ALL CARRYING CHARGES PURSUANT TO SECTION 266 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE PROVISIONS OF TREASURY REGULATION SECTION 1.266-1 THERE UNDER. Golden Valley Electric Foundation Inc PO Box 71249 Fairbanks AK 99707 271487351 FOUNDATION AK 501(c)(3) 170(B)(1) GVEA true ALASCONNECT INC PO BOX 71240 FAIRBANKS AK 99707 621763853 TELECOMMUNICATION AK GVEA C CORP 11015221 8385461 1.00000 true true false false false false false false true true false false true true false false true true true false ALASCONNECT - BUILDING LEASE A 326614 ACCRUAL ALASCONNECT - CABLE AND WIRE FACILITIES LEASE A 1051554 ACCRUAL ALASCONNECT - CONTRACT SERVICES L 128513 ACCRUAL ALASCONNECT - REIMBURSEMENTS PAID TO GVEA Q 1506681 ACCRUAL ALASCONNECT - LOCAL SERVICE REVENUE M 283307 ACCRUAL ALASCONNECT - DATA CENTER M 2446376 ACCRUAL ALASCONNECT - SALES OF GOODS H 63220 ACCRUAL ALASCONNECT - REIMBURSEMENT PAID BY GVEA P 2792903 ACCRUAL GOLDEN VALLEY ELECTRIC FOUNDATION- CONTRIBUTI R 119172 ACCRUAL FORM 990, SCHEDULE R, PART V, LINE 2: THE VALUE OF COLUMN C AMOUNTS REPRESENTS THE FAIR MARKET VALUE BASED EITHER ON THE TRANSACTIONS INCURRED DURING THE TAX YEAR OR THE CASH OR OTHER TRANSFERS EXCHANGED DURING THE TAX YEAR, WHICHEVER IS GREATER FOR THAT CATEGORY. FORM 990, SCHEDULE R, PART II, LINE 1: (B) PRIMARY ACTIVITY: PUBLIC FOUNDATION (E) PUBLIC CHARITY STATUS: 170(B)(1)(A)(VI)