2024-05-07T12:07:46-05:00 2023-12-31 610975454 CAMPBELL MYERS & RUTLEDGE PLLC 410 SOUTH BROADWAY GLASGOW KY 42141 990 2023-01-01 610189417 FARMERS RURAL ELECTRIC COOPERATIVE CORPORATION FARM 2706512191 504 SOUTH BROADWAY GLASGOW KY 42141 TOBIAS B MOSS PRESIDENT & CEO 2706512191 2024-05-03 1 TOBIAS MOSS 999009999 0 ROBERT BRENT BILLINGSLEY P00527515 2706512163 2024-05-03 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z TOBIAS B MOSS 504 SOUTH BROADWAY GLASGOW KY 42141 61713920 0 X WWW.FARMERSRECC.COM X 1938 KY THE COOPERATIVE IS A RURAL ELECTRIC DISTRIBUTION SYSTEM WITH A MISSION OF PROVIDING RELIABLE ELECTRIC SERVICE TO ITS MEMBER-OWNERS IN A COST EFFECTIVE MANNER. 7 4 69 0 4273816 481756 0 0 65454721 60546684 21240 -2382 1919306 1169618 67395267 61713920 0 0 2281606 -37715 4965205 5233593 0 0 0 60148456 56518042 67395267 61713920 0 0 129515239 132886341 75139836 78563449 54375403 54322892 FARMERS RECC'S MISSION IS TO PROVIDE RELIABLE AND COMPETITIVELY PRICED ENERGY SERVICES THAT WILL ENHANCE THE QUALITY OF LIFE FOR OUR MEMBER-OWNERS AND COMMMUNITIES. 0 0 61713920 AS OF DECEMBER 31, 2023, THE COOPERATIVE DISTRIBUTED ELECTRICITY TO 26,609 CUSTOMERS. 61713920 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 27 0 1 69 0 1 1 0 0 0 0 0 0 56279797 5434123 0 0 0 X 7 4 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X JENNIE PHELPS 2706512191 504 SOUTH BROADWAY GLASGOW KY 42141 PAUL HAWKINS DIRECTOR 5.00 X 16300 0 0 RONNIE SMITH CHAIRMAN 6.00 X X 16300 0 0 RANDY LONDON VICE CHAIRMAN 4.00 X X 15700 0 0 CF MARTIN JR DIRECTOR 3.00 X 13330 0 0 CORNELIUS FAULKNER DIRECTOR 6.00 X 16000 0 0 RANDY SEXTON DIRECTOR 4.00 3.00 X 13600 0 0 BRANDI WILLIAMS SECRETARY TREASURER 3.00 X X 16000 0 0 TOBIAS MOSS PRESIDENT & CEO 45.00 X 201221 0 67311 JENNIE PHELPS VICE PRESIDENT, FINANCE & 45.00 X 124804 0 34510 SCOTT LESTER VICE PRESIDENT, OPERATIONS 45.00 X 134212 0 52175 CHUCK BISHOP VICE PRESIDENT, ENGINEERIN 45.00 X 134209 0 51354 COREY JACKSON VICE PRESIDENT, MEMBER & C 45.00 X 114922 0 34434 STEVE MORRISON FEPP PLANT MANAGER 45.00 X 117133 0 58191 JASON RIGGS VICE PRESIDENT, TECHNOLOGY 45.00 X 113498 0 43494 WILLIAM PRATHER FORMER PRESIDENT & CEO 0.00 X 115300 0 0 1162529 0 341469 8 1 1 0 TOWNSEND TREE SERVICE PO BOX 7015 MUNCIE IN 47308 RIGHT OF WAY CLEARING 1051093 GREATSOUTHWESTERN CONSTRUCTION 1100 TOPEKA WAY CASTLE ROCK CO 80108 CONSTRUCTION OF ELECTRIC PLANT 878401 A&G TREE SERVICE PO BOX 10089 BOWLING GREEN KY 42101 RIGHT OF WAY CLEARING 330306 TREEKO 664 MEGAN LANE GLASGOW KY 42141 RIGHT OF WAY CLEARING 185678 PROTEC TERRA LLC 4861 KEATS GROVE LANE LEXINGTON KY 40513 RIGHT OF WAY CLEARING 175254 5 DISTRIBUTION OF ELECTRICITY 221000 56279797 56279797 DISTRIBUTION OF PORPANE 221000 4266887 4266887 60546684 -2382 8812 -11194 25224 0 25224 25224 25224 G&T CAPITAL CREDITS 221000 971790 971790 JOINT USE ATTACHMENTS 221000 236294 236294 NONOPERATING REVENUE 221000 -63690 -61807 -1883 1144394 61713920 56217990 4273816 1222114 -37715 -37715 308451 308451 2655521 2655521 863719 863719 1028398 1028398 377504 377504 81833 81833 22008 22008 247521 247521 908014 908014 116833 116833 2414016 2414016 3885977 3885977 138587 138587 UNRELATED BUSINESS EXPE 3791060 3791060 PURCHASE OF POWER 41268615 41268615 RIGHT OF WAY CLEARING 1662570 1662570 OTHER DISTRIBUTION EXPE 1107521 1107521 873487 873487 61713920 61713920 0 0 1350180 2044654 7229444 5457394 1620998 1669188 316045 335144 125038936 39868723 81202243 85170213 34800948 35697339 412247 366442 2583134 2145967 129515239 132886341 7113666 6127514 65534682 69857941 2491488 2577994 75139836 78563449 X 584700 591395 0 0 53790703 53731497 54375403 54322892 129515239 132886341 X 0 -52511 X 0 1 X 1 0 125038936 39868723 85170213 85170213 2334414 C INVESTMENT IN ASSOCIATED ORGANIZATION 33362925 C 35697339 CUSTOMER DEPOSITS 1342625 OPEB 784228 CUSTOMER ADVANCES FOR CONSTRUCTION 451141 2577994 X 61713920 0 61713920 0 61713920 0 0 0 0 0 PART X, LINE 2: THE COOPERATIVE FOLLOWS THE RECOGNITION REQUIREMENTS FOR UNCERTAIN INCOME TAX POSITIONS AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. THE COOPERATIVE HAS NO TAX POSITION AT DECEMBER 31, 2020 FOR WHICH THE ULTIMATE DEDUCTIBILITY IS HIGHLY CERTAIN BUT FOR WHICH THERE IS UNCERTAINTY ABOUT THE TIMING OF SUCH DEDUCTIBILITY. THE COOPERATIVE'S POLICY IS TO CLASSIFY INCOME TAX RELATED INTEREST AND PENALTIES IN INTEREST EXPENSE AND OTHER EXPENSES, RESPECTIVELY. NO SUCH INTEREST OR PENALTIES WERE RECOGNIZED DURING THE PERIODS PRESENTED. THE COOPERATIVE FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION, AND VARIOUS STATE AND LOCAL JURISDICTIONS. THE COOPERATIVE IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2018. X X 0 0 0 TOBIAS MOSS PRESIDENT & CEO 201221 0 0 0 0 0 0 0 67311 0 268532 0 0 0 SCOTT LESTER VICE PRESIDENT, OPERATIONS 134212 0 0 0 0 0 0 0 52175 0 186387 0 0 0 CHUCK BISHOP VICE PRESIDENT, ENGINEERIN 134209 0 0 0 0 0 0 0 51354 0 185563 0 0 0 STEVE MORRISON FEPP PLANT MANAGER 117133 0 0 0 0 0 0 0 58191 0 175324 0 0 0 JENNIE PHELPS VICE PRESIDENT, FINANCE & 124804 0 0 0 0 0 0 0 34510 0 159314 0 0 0 JASON RIGGS VICE PRESIDENT, TECHNOLOGY 113498 0 0 0 0 0 0 0 43494 0 156992 0 0 0 WILLIAM PRATHER FORMER PRESIDENT & CEO 115300 0 0 0 0 0 0 0 0 0 115300 0 0 0 PART I, LINE 3 THE BOARD OF DIRECTORS ANNUALLY APPRAISES THE PERFORMANCE OF THE PRESIDENT & CEO AND MAKES SALARY ADJUSTMENTS WITHIN AN ESTABLISHED SALARY RANGE FOR THE POSITION. THE BOARD REVIEWS THE APPROPRIATENESS OF THE SALARY ON A REGULAR BASIS WITH THE ASSISTANCE OF AN INDEPENDENT OUTSIDE CONSULTANT. FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE HAS MEMBERS. A MEMBERSHIP FEE IS REUIRED TO ESTABLISH SERVICE. A MEMBER CAN HAVE MULTIPLE ELECTRIC SERVICES. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE GOVERNING BOARD ARE ELECTED. BALLOTS ARE MAILED TO EACH MEMBER TO BE COMPLETED. AN INDEPENDENT ACCOUNTING FIRM THEN COUNTS THE VOTES RECEIVED FROM THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 TAX RETURN IS REVIEWED BY EXECUTIVE OFFICERS AND THEN REVIEWD BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE COOPERATIVE HAS A CONFLICT OF INTEREST POLICY AND REQUIRES, ANNUALLY, ALL DIRECTORS, MANAGEMENT AND EMPLOYEES TO COMPLETE A WRITTEN ACKNOWLEDGMENT OF THE POLICY AND DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. THE ACKNOWLEDGMENTS ARE REVIEWED BY MANAGEMENT AND THE BOARD OF DIRECTORS TO CHECK FOR POLICY CONFLICTS THAT MAY NEED CORRECTIONS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS ANNUALLY APPRAISES THE PERFORMANCE OF THE PRESIDENT & CEO AND MAKES SALARY ADJUSTMENTS WITHIN AN ESTABLISHED SALARY RANGE OF THE POSITION. THE BOARD REVIEWS THE APPROPIATENESS OF THE SALARY ON A REGULAR BASIS WITH THE ASSISTANCE OF AN INDEPENDENT OUTSIDE CONSULTANT. LIKEWISE, THE PRESIDENT & CEO ADMINISTERS ALL SALARY ADJUSTMENTS FOR EMPOYEES WITHIIN ESTABLISHED SALARY RANGES FOR EACH POSITION. THE EMPLOYEES' WAGE AND BENEFIT PLAN IS REVIEWED REGUARLY BY THE BOARD OF DIRECTORS AND PRESIDENT & CEO, WITH THE ASSISTANCE OF AN INDEPENDENT CONSULTANT. POSITION DESCRIPTIONS COUPLED WITH PERFORMANCE CRITERIA AND RESULTS ARE THE DETERMINING FACTORS FOR PAYROLL ADJUSTMENTS. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERTIVE'S FINANCIAL STATEMENTS ARE INCLUDED IN AN ANNUAL REPORT THAT IS PUBLISHED IN A MAGAZINE THAT IS RECEIVED BY THE COOPERATIVE'S MEMBERS. THE ANNUAL REPORT IS ALSO PROVIDED TO ANYONE ATTENDING THE COOPERATIVE'S ANNUAL MEETING. GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, FORM 990, ETC...ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: REFUNDS OF CAPITAL CREDITS -68,212. MARGINS ALLOCATED TO MEMBERS -37,715. OTHER EQUITIES 53,416. FARMERS ENERGY PROPANE PLUS 175 DONNELLEY ST GLASGOW KY 42141 731523351 DISTRIBUTION OF PROPANE KY 4273816 3500617 FARMERS RURAL ELECTRIC COOPERATIVE CORPORATION