2015-11-10T08:28:49-06:00 2014-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2014-01-01 370345145 ILLINOIS RURAL ELECTRIC COOPERATIVE ILLI 2172438700 2 SOUTH MAIN STREET WINCHESTER IL 62694 BRUCE GIFFIN GENERAL MANAGER 2172438700 2015-11-04 1 CRAIG POPENHAGEN P00625086 5074347000 2014 2016-04-25 22:37:26Z BRUCE GIFFIN 2 SOUTH MAIN STREET WINCHESTER IL 62694 30060042 0 X WWW.E-CO-OP.COM X 1936 IL IN THE COOPERATIVE TRADITION, ILLINOIS RURAL ELECTRIC IS DEDICATED TO IMPROVING THE QUALITY OF LIFE FOR OUR MEMBERS THROUGH DEPENDABILITY AND INNOVATION. 11 11 63 0 690576 0 0 0 27285139 29049543 213058 199711 1064236 775691 28562433 30024945 0 0 1330992 1205601 871231 552381 0 0 0 24982288 27087858 27184511 28845840 1377922 1179105 90754547 95060953 57940499 60092165 32814048 34968788 IN THE COOPERATIVE TRADITION, ILLINOIS RURAL ELECTRIC IS DEDICATED TO IMPROVING THE QUALITY OF LIFE FOR OUR MEMBERS THROUGH DEPENDABILITY AND INNOVATION. 0 0 WE PROVIDED 176,260,693 KILOWATT HOURS OF ELECTRICITY TO APPROXIMATELY 10,412 RURAL MEMBERS IN ALL OR PART OF TEN COUNTIES IN THE STATE OF ILLINOIS AND WILL CONTINUE THIS IN THE FUTURE. WE PROVIDED INTERNET SERVICES TO APPROXIMATELY 3,899 CUSTOMERS IN ALL OR PART OF TEN COUNTIES IN THE STATE OF ILLINOIS. THIS PROGRAM HAS BEEN GROWING AND WE EXPECT CONTINUED GROWTH IN THE FUTURE. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 32 0 63 1 1 1 0 0 0 0 28698253 1049515 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X ILLINOIS RURAL ELECTRIC COOPERATIVE 2172438700 2 SOUTH MAIN STREET WINCHESTER IL 62694 ROBERT BROWN PRESIDENT 9.00 0.50 X X 6200 1000 0 JAMES GAY DIRECTOR 3.00 X 4000 0 0 RONALD K MYERS TREASURER 4.50 0.50 X X 5000 900 0 GARY K CLARK DIRECTOR 5.00 0.50 X 4600 900 0 KEVIN BRANNAN SECRETARY 9.00 0.50 X X 7000 1000 0 JULIA EBERLIN ASSISTANT SECRETARY 4.00 0.50 X 6000 1000 0 JIM FREEMAN DIRECTOR 4.00 X 4400 0 0 THOMAS D MEEHAN III VICE PRESIDENT 7.00 0.50 X X 7400 1000 0 ROBERT REED DIRECTOR 4.00 X 6800 0 0 JULIE RHOADS ASSISTANT TREASURER 6.00 X 4800 0 0 ERIC LAKIN DIRECTOR 4.00 X 2600 0 0 BRUCE N GIFFIN GENERAL MANAGER 40.00 X 269240 0 86066 SETH BUSHNELL MANAGER OF FINANCE 40.00 X 101596 0 36679 SEAN MIDDLETON MANAGER OF ENGINEERING 40.00 X 125461 0 59105 RANDY LONG OPERATIONS MANAGER 40.00 X 122604 0 35745 677701 5800 217595 4 0 1 0 FUNK TREE SERVICE RR1 BATCHTOWN IL 62006 TREE TRIMMING 311257 BIGELOW ELECTRIC 1395 OLD RT 36 JACKSONVILLE IL 62650 TOWER & ELECTRICAL SERVICES 278412 FOILS TREE SERVICES PO BOX 1 HILLVIEW IL 62050 TREE TRIMMING 130160 3 SALE OF POWER 221000 27106983 27106983 INTERNET REVENUES 517000 1760007 1069431 690576 OTHER ELECTRIC REVENUE 221000 182553 182553 29049543 81808 81808 153000 35097 117903 117903 117903 CAPITAL CREDITS 900099 722226 722226 MISCELLANEOUS 900099 51795 51795 MERCHANDISING 900099 1670 1670 775691 30024945 29134658 690576 199711 1205601 552381 1395751 2579696 COST OF POWER 15702182 DIST EXP - MAINTENANCE 2825294 INTERNET COST OF SALES 1556305 ADMIN & GENERAL EXP 1456515 1572115 28845840 937430 431230 1539517 1364716 1844781 1831797 544881 508510 590158 866169 52433 27263 88991179 15707149 68551082 73284030 1516371 1724566 501661 497130 9371757 9989369 9169 9169 5295307 4527004 90754547 95060953 2969509 2104506 51728753 53822491 0 1222164 3242237 2943004 57940499 60092165 X 0 0 0 0 32814048 34968788 32814048 34968788 90754547 95060953 X 1179105 975635 X X 0 1 X 1 0 126394 126394 2249407 750584 1498823 15822934 5562612 10260322 70792444 9393953 61398491 73284030 PRAIRIE STATE PROJECT 5082300 C PAT CAP IN ASSOC. ORGS. 4049869 C NRUCFC CAPITAL TERM CERTS 789844 C OTHER INVESTMENTS 27700 C DEFERRED COMP. FUND 39656 C 9989369 CONSUMER DEPOSITS 282605 ACCUM PROV FOR PENSION & BENEFITS 2486856 DEFERRED CREDITS 173543 2943004 X PART X, LINE 2: THE COOPERATIVE HAS BEEN GRANTED TAX EXEMPT STATUS UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. IRTC UTILIZES AN ASSET AND LIABILITY APPROACH TO FINANCIAL ACCOUNTING AND REPORTING FOR INCOME TAXES. DEFERRED INCOME TAXES ARE COMPUTED ANNUALLY FOR DIFFERENCES BETWEEN THE FINANCIAL STATEMENT AND TAX BASIS OF ASSETS AND LIABILITIES THAT WILL RESULT IN TAXABLE OR DEDUCTIBLE AMOUNTS IN THE FUTURE BASED ON ENACTED TAX LAWS AND RATES APPLICABLE TO THE PERIODS IN WHICH THE DIFFERENCES ARE EXPECTED TO AFFECT TAXABLE INCOME. SUCH DIFFERENCES RELATE PRIMARILY TO THE USE OF ACCELERATED DEPRECIATION METHODS FOR INCOME TAX PURPOSES AS COMPARED TO THE STRAIGHT-LINE METHOD FOR FINANCIAL REPORTING AND AMORTIZATION OF GOODWILL FOR INCOME TAX PURPOSES. VALUATION ALLOWANCES ARE ESTABLISHED WHEN NECESSARY TO REDUCE DEFERRED TAX ASSETS TO THE AMOUNT EXPECTED TO BE REALIZED. THE PROVISION FOR INCOME TAXES IS THE TAX PAYABLE OR REFUNDABLE FOR THE PERIOD PLUS OR MINUS THE CHANGE DURING THE PERIOD IN DEFERRED TAX ASSETS AND LIABILITIES. IRTC FILES A CONSOLIDATED TAX RETURN, WHICH INCLUDES ITS SUBSIDIARIES. THE CONSOLIDATED INCOME TAX PROVISION (BENEFIT) IS RECORDED BY IRTC AND IS NOT ALLOCATED TO ITS SUBSIDIARIES. THE COOPERATIVE EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2014 AND 2013. WITH FEW EXCEPTIONS, THE COOPERATIVE IS NO LONGER SUBJECT TO FEDERAL, STATE, OR LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2011. X X X 0 1 0 BRUCE N GIFFIN GENERAL MANAGER 251820 0 0 0 17420 0 60080 0 25986 0 355306 0 0 0 SEAN MIDDLETON MANAGER OF ENGINEERING 125461 0 0 0 0 0 29731 0 29374 0 184566 0 0 0 RANDY LONG OPERATIONS MANAGER 122604 0 0 0 0 0 5098 0 30647 0 158349 0 0 0 PART I, LINE 4B BRUCE GIFFIN, GENERAL MANAGER, PARTICIPATED IN A 457 DEFERRED COMPENSATION PLAN CONTRIBUTING $17,420 IN 2014. FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE HAS TWO CLASSES OF MEMBERS. CLASS A MEMBERS, ELECTRIC MEMBERS, HAVE VOTING RIGHTS. CLASS B MEMBERS, INTERNET MEMBERS, DO NOT HAVE VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 7A EACH CUSTOMER WHO RECEIVES ELECTRIC SERVICE IS A MEMBER. THE MEMBERS ELECT THE MEMBERS OF THE BOARD OF DIRECTORS AND APPROVE SIGNIFICANT DECISIONS OF THE COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 7B THE COOPERATIVE HAS ONE CLASS OF MEMBERSHIP THAT MUST VOTE ON CHANGES TO THE BYLAWS, ARTICLES OF INCORPORATION, AND SALE OF SUBSTANTIALLY ALL OF THE COOPERATIVE'S ASSETS. FORM 990, PART VI, SECTION B, LINE 11 EACH MEMBER OF THE BOARD OF DIRECTORS WAS PROVIDED AN ELECTRONIC COPY OF THE RETURN PRIOR TO ITS FILING. THE GENERAL MANAGER CONDUCTED A REVIEW OF THE RETURN, INCLUDING VERIFYING FINANCIAL AND OTHER INFORMATION AGAINST INTERNAL INFORMATION. FORM 990, PART VI, SECTION B, LINE 12C COUNSEL REVIEWS POLICY ANNUALLY WITH THE BOARD AND SENIOR MANAGEMENT. THE GENERAL MANAGER REVIEWS IT ANNUALLY WITH THE EMPLOYEES. DETERMINATIONS FOR THE BOARD ARE AT THE BOARD LEVEL, GENERAL MANAGER AT THE BOARD LEVEL AND ALL OTHER EMPLOYEES AT GENERAL MANAGER LEVEL. RESTRICTIONS ON THE BOARD IN THE INSTANCE OF A CONFLICT OF INTEREST DOES NOT ALLOW THEM TO VOTE ON THE MATTER AND EMPLOYEES ARE PROHIBITED FROM HAVING CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS REVIEWS COMPARATIVE SALARY INFORMATION FOR THE GENERAL MANAGER. THE GENERAL MANAGER REVIEWS COMPARATIVE SALARY INFORMATION FOR ALL OTHER EMPLOYEES. THE GENERAL MANAGER HAS A WRITTEN CONTRACT THAT IS APPROVED BY THE BOARD OF DIRECTORS. THIS PROCESS WAS LAST PERFORMED DURING 2014. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE'S GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: EQUITY EARNINGS IN SUBSIDIARY -4,531. PATRONAGE RETIRED -639,235. CHANGES IN OTHER COMPREHENSIVE INCOME 413,800. PATRONAGE DIVIDENDS ALLOCATED 1,205,601. FORM 990, PART XII, LINE 2C THE BOARD OF DIRECTORS PROCESS FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT AUDITOR HAS NOT CHANGED IN 2014. FORM 990, PART IX, LINE 4 THE IRS INSTRUCTIONS STATE THAT PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS SHOULD BE REPORTED ON LINE 4. THE ORGANIZATION HAS INTERPRETED PATRONAGE DIVIDENDS PAID TO MEAN PATRONAGE DIVIDENDS ALLOCATED OR TO BE ALLOCATED FOR THE CURRENT YEAR. SINCE THIS ALLOCATION IS NOT AN EXPENSE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP), THIS HAS RESULTED IN A RECONCILING ITEM TO NET ASSETS IN PART XI, ON PAGE 12 OF THE FORM 990. MIDSTATE PROPANE LLC 2402 SOUTH MAIN STREET JACKSONVILLE IL 62650 371413502 SALE OF PROPANE IL 0 314833 ILLINOIS RURAL TELECOMMUNICATION CO ILLINOIS RURAL TELECOMMUNICATION CO 2 SOUTH MAIN STREET WINCHESTER IL 62694 371306087 TELECOMMUNICATIONS IL ILLINOIS RURAL ELECTRIC COOP C -4531 584225 1.00000 1 PRATHER OIL CO PO BOX 113 MEDORA IL 62063 371112402 SALE OF PROPANE IL ILLINOIS RURAL TELECOMMUNICATION CO C 1.00000 0 ILLINOIS PROPANE CO 2 SOUTH MAIN STREET WINCHESTER IL 62694 202239550 SALE OF PROPANE IL ILLINOIS RURAL TELECOMMUNICATION CO C 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 ILLINOIS RURAL TELECOMMUNICATION COMPANY S 150000 ACTUAL