2024-10-28T08:10:39-05:00 2024-06-30 631035228 Jackson Thornton & Co PC PO Box 96 Montgomery AL 361010096 990 2023-07-01 630040445 Tennessee Valley Authority Cherokee Electric Cooperative TENN 2569275524 Drawer O Centre AL 35960 Randal Wilkie General Manager/CEO 2569275524 2024-10-17 1 1 Patrick Cooper P00856177 3348347660 2024-10-17 2023 2024-10-15 13:58:12Z Randal Wilkie Drawer O Centre AL 35960 65117812 0 X www.cherokee.coop X 1937 AL To provide electric utility service to the cooperative's members. 7 7 83 0 0 0 0 0 65493474 63552638 734451 1135733 430260 429441 66658185 65117812 0 0 4164861 6462850 861787 945254 0 0 0 61631537 57709708 66658185 65117812 0 0 141153336 149256937 37990176 37052335 103163160 112204602 To provide reliable electric power and related services to our members at the most affordable cost. 0 0 Utilizing approximately 2,870 miles of distribution lines, Cherokee Electric Cooperative provided 402,020,599 kilowatt-hours of electric energy to its cooperative members located in portions of Cherokee, DeKalb, Marshall, Etowah, and Calhoun Counties. 0 0 0 0 0 0 0 0 0 1 0 0 0 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 0 0 0 1 27 0 1 83 1 0 0 0 0 0 64131327 1415374 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X Honey Trammell 2569275524 1550 Clarence Chesnut Bypass Centre AL 35960 Dewitt Cox Director/Vice President 4.00 X 38419 0 0 Doris Salter Director/Secretary/Treasur 4.00 X 35054 0 0 Kennith Moseley Director 4.00 X 38534 0 0 Ronnie Gaylor Director 4.00 X 38690 0 0 Thomas Hilburn Director 4.00 X 38359 0 0 Wayne Clanton Director/President 4.00 X 35241 0 0 Phylis Hill Director 4.00 X 37258 0 0 Honey Trammell Chief Financial Officer 40.00 X 137192 0 87736 Randal Wilkie General Manager/CEO 40.00 X 315120 0 143651 713867 0 231387 2 0 1 0 Brent Rodgers 4185 Co Rd 34 Centre AL 35960 Right of Way (Trimming and Clearing) 758014 Alcon Management LLC 207 Mayfield Land NE Jacksonville AL 36265 Right of Way (Spraying) 164835 2 Sales of Electricity 221000 63462120 63462120 Patronage Dividends 221000 90518 90518 63552638 953268 953268 429441 0 429441 429441 429441 182465 0 182465 182465 182465 65117812 64505906 0 611906 6462850 945254 463427 4175252 Cost of Power 36546644 Distribution-Maintenanc 5666410 Distribution-Operations 3131582 Taxes 2848919 4877474 65117812 225 225 26207643 24155529 4952227 6247779 41974 18821 1503574 1702026 848700 948969 174135311 62219868 103063051 111915443 2585942 2618145 1950000 1650000 141153336 149256937 10258869 11564779 10460650 9482092 17270657 16005464 37990176 37052335 X 102515 104050 0 0 103060645 112100552 103163160 112204602 141153336 149256937 X 0 9041442 X X 0 1 X 1 0 221433 221433 3139564 1813243 1326321 170774314 60406625 110367689 111915443 Consumer Deposits 3941402 Advances from the Tennessee Valley Authority 3601 Postretirement Benefit Obligation 12060461 16005464 X 64935347 0 64935347 182465 182465 65117812 58472497 0 58472497 6645315 6645315 65117812 Part X, Line 2: The Cooperative is exempt from income taxes under Internal Revenue Code Section 501(c)(12). Management has evaluated the Cooperative's tax positions and concluded that the Cooperative has taken no uncertain tax positions that require adjustment to the financial statements. Part XI, Line 4b - Other Adjustments: Netting of revenues and expenses 182,465. Part XII, Line 4b - Other Adjustments: Patronage allocation - margins assigned/allocated to members 6,462,850. Netting of revenues and expenses 182,465. X X X 0 0 0 Randal Wilkie General Manager/CEO 313466 0 750 0 904 0 106234 0 37417 0 458771 0 0 0 Honey Trammell Chief Financial Officer 135238 0 750 0 1204 0 51191 0 36545 0 224928 0 0 0 Form 990, Part VI, Section A, line 6 Cherokee Electric Cooperative is a not-for-profit membership organization whose members have identical voting rights and are assigned margins in accordance with the organization's bylaws. Form 990, Part VI, Section A, line 7a Cherokee Electric Cooperative's governing body consists of seven directors that are elected by the membership of the cooperative. Each director serves a three year term and represents a certain district within the territory served by the cooperative. The terms are staggered in order for the cooperative to only have two or three directors up for election in any one year. Form 990, Part VI, Section A, line 7b The membership must approve decisions that involve substantial transfers of cooperative assets, amendments to the cooperative's bylaws, as well as other decisions requiring approval of the membership by law, the articles of incorporation, and/or the cooperative's bylaws. Form 990, Part VI, Section B, line 11b The Form 990 was reviewed extensively by the Chief Financial Officer and the General Manager before the return was filed. The Chief Financial Officer attended a board meeting and presented the Form 990 before it was filed. Each board member was given a hard copy of the return to review as it was discussed by the Chief Financial Officer. Form 990, Part VI, Section B, line 12c Management regularly monitors the compliance with the conflict of interest policy. The directors are required to disclose any conflicts of interest on a questionnaire when they run for office. Form 990, Part VI, Section B, line 15 The General Manager/CEO's compensation is based on a contract approved by the board of directors. The other officers' compensations are calculated based on a statewide wage and salary guide and is approved by the board of directors. Form 990, Part VI, Section C, line 18 Bylaws are offered to all new members; all other documents are available at any time upon request. Form 990, Part VI, Section C, line 19 These documents are available upon request at the Cooperative's office in Centre, Alabama. Form 990, Part XI, line 9: Patronage allocation - margins assigned/allocated to members 6,462,850. Increase in memberships 1,535. Actuarial adjustment of calculation of gain (loss) 2,577,057. Form 990, Part IX, Line 4 The instructions to the Form 990 indicate that organizations exempt under Section 501(c)(12) should report "patronage dividends paid" to their members in Part IX, Line 4 of the Form 990. Cherokee Electric Cooperative has interpreted the words "patronage dividends paid" in the instructions to mean margins that are assigned or assignable to the members. Cherokee Electric Cooperative assigns the net margins to its members each year. The amount listed in Part IX, Line 4 represents the net margins assigned to the members for the fiscal year.