2025-11-13T16:43:50+00:00 2024-12-31 440160260 Forvis Mazars LLP PO Box 3667 Little Rock AR 722033667 990 2024-01-01 740524729 Brazos Electric Power Cooperative Inc BRAZ 2547506500 7616 BAGBY AVE WACO TX 76712 MARK FAGAN EXECUTIVE VP & GM 2547506500 2025-11-13 true true Amber Sherrill P00748683 5013721040 2025-11-13 2024 2025-03-06 01:10:19Z MARK FAGAN 7616 BAGBY AVE WACO TX 76712 312935916 false X WWW.BRAZOSELECTRIC.COM X 1941 TX Brazos Electric provides safe, reliable, and cost-effective transmission and distribution service to members and wholesale transmission customers while supporting the reliability of the bulk power system. 16 16 306 2 0 0 0 283477538 302244796 4331322 4730648 4281375 5149179 292090235 312124623 0 0 10017252 3130605 34464440 27288090 0 0 0 231141678 265190116 275623370 295608811 16466865 16515812 1676992262 1802974037 1487564921 1594004607 189427341 208969430 BRAZOS ELECTRIC provides safe, reliable, and cost-effective transmission and distribution service to RURAL ELECTRIC DISTRIBUTION COOPERATIVES. BRAZOS SERVES SIXTEEN MEMBER COOPERATIVES. false false BRAZOS ELECTRIC provides safe, reliable, and cost-effective transmission and distribution service to RURAL ELECTRIC DISTRIBUTION COOPERATIVES. BRAZOS SERVES SIXTEEN MEMBER COOPERATIVES. 0 false false false false false false false false false false true false false false false false false true false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false false true 114 0 true 306 true false false false false false 299318755 12526560 false false false X 16 16 false false false false true true true true true false false false true true true true true true true true false false CA AZ RI X KHAKI BORDOVSKY 2547506500 7616 BAGBY AVE WACO TX 76712 AUDIE MORRIS VICE PRESIDENT 9.0 0.0 X X 43573 0 0 DENNIS MCWHORTER PRESIDENT 20.0 0.0 X X 43139 0 0 RICK ICKERT SECRETARY/TREASURER 8.0 0.0 X X 44007 0 0 BILLY JONES DIRECTOR THROUGH 01/31/2024 12.0 0.0 X 3087 0 0 BRANDON YOUNG DIRECTOR 4.0 0.0 X 0 0 0 CAMERON SMALLWOOD DIRECTOR 2.0 0.0 X 0 0 0 CODY LASATER DIRECTOR 3.0 0.0 X 0 0 0 DONNIE CLARY DIRECTOR 03/01/2024 THROUGH 03/31/2024 6.0 0.0 X 0 0 0 FRANKIE MARTIN DIRECTOR 4.0 0.0 X 42862 0 0 HENRY BRADFORD DIRECTOR 4.0 0.0 X 38158 0 0 JILL SADBERRY DIRECTOR 1.0 0.0 X 34958 0 0 KENNETH ALEXANDER DIRECTOR THROUGH 07/31/2024 6.0 0.0 X 19992 0 0 MELISSA WATTS DIRECTOR THROUGH 03/31/2024 6.0 0.0 X 0 0 0 MONTY CARLISLE DIRECTOR 8.0 0.0 X 38785 0 0 NEIL J HESSE DIRECTOR 6.0 0.0 X 0 0 0 SCOTT MARTIN DIRECTOR 4.0 0.0 X 41824 0 0 STEVE JONES DIRECTOR 12.0 0.0 X 38110 0 0 STEVEN VANN HARRIS DIRECTOR 6.0 0.0 X 29327 0 0 WILLIAM ALLEN DIRECTOR 8.0 0.0 X 38013 0 0 WILLIAM RAGSDALE DIRECTOR 15.0 0.0 X 37843 0 0 KHAKI BORDOVSKY CFO - VP OF CORPORATE SERVICES 45.0 0.0 X 431838 0 65178 MARK FAGAN EXECUTIVE VP & GM 50.0 0.0 X 758684 0 79107 DAVID ALBERS VICE PRESIDENT - ENGINEERING & SYSTEM PLANNING 42.0 0.0 X 216146 0 75126 DAVID WEBB COO - VP OF OPS & MAINT 45.0 0.0 X 210454 0 61991 JOHNNY YORK VICE PRESIDENT - TRANSMISSION THROUGH 10/31/2024 41.0 0.0 X 472994 0 312804 KYLE MINNIX DIRECTOR OF MEMBER SERVICES 47.0 0.0 X 255976 0 93457 MARK PAVELKA DIRECTOR OF PROJECT MGMT & BUS DEV 48.0 0.0 X 224957 0 60931 RODNEY LITTLE CHIEF TECHNOLOGY OFFICER - VP OF IS 41.0 0.0 X 249036 0 40607 SHARI HEINO CHIEF RISK & COMPLIANCE OFFICER 45.0 0.0 X 278119 0 59813 ANTHONY KROSKEY MANAGER TRANSMISSION SYSTEM OPERATIONS 43.0 0.0 X 215746 0 84723 DAVID FOX MANAGER FISCAL SERVICES & CONTROLLER 47.0 0.0 X 226426 0 56445 DEBRA WENDROCK MANAGER HUMAN RESOURCES 43.0 0.0 X 197858 0 58237 JEFFREY STEBBINS MANAGER TRANSMISSION MAINTENANCE 44.0 0.0 X 197884 0 51309 TIMOTHY HARTZ MANAGER TRANSMISSION ENGINEERING 47.0 0.0 X 193446 0 53592 CLIFTON KARNEI FORMER EXECUTIVE VP & GM 0.0 0.0 X 683048 0 -40424 JOSHUA CLEVENGER FORMER VICE PRESIDENT - POWER SUPPLY 0.0 0.0 X 223615 0 1184 5529905 0 1114080 174 true true false Integrated Power Company LLC PO Box 1743 North Platte NE 69103 Transmission construction 4627675 RE-CON Company 12 NE 52nd Street Oklahoma City OK 73105 Substation construction 4151994 Sterling Site Access Solutions PO Box 95000-2497 Philadelphia PA 19195 Site access services 2413720 Power Engineers 877 West Main Street 3rd Floor Boise ID 83702 Engineering consulting 2377670 Pike Electric 100 Pike Way Mount Airy NC 27030 Substation construction 2235827 57 0 0 0 0 0 0 0 0 ELECTRIC ENERGY REVENUE 221000 300789786 300789786 0 0 CAPITAL CREDITS 221000 840206 840206 0 0 TRANSMISSION EXPORT REVENUE 221000 324812 324812 0 0 OTHER MEMBER REVENUES 221000 185664 185664 0 0 ACES K-1 INCOME 221000 104328 104328 0 0 0 0 0 0 302244796 3790305 0 0 3790305 0 0 0 0 1471437 0 0 1471437 0 174978 0 0 0 174978 174978 0 0 174978 0 1751636 0 811293 0 940343 940343 0 0 940343 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 GAIN ON DEFEASANCE 900099 3484997 0 0 3484997 FORFEITED DISCOUNTS/PENALTIES 900099 17767 0 0 17767 0 0 0 0 3502764 312124623 302244796 0 9879827 0 0 0 3130605 4440891 0 17524326 1044809 2756162 1521902 0 1939722 331272 0 0 0 1561073 1100 292209 973474 0 160053 2677252 0 223813 45727690 0 53901323 2725887 OPERATING EXPENSE 134394438 TAXES 6645437 MAINTENANCE EXPENSE 6193354 BANK CHARGES 4103935 3338084 295608811 63782146 142044995 2357028 2363993 0 0 35552630 35469396 0 0 0 0 0 0 70095583 70664321 12267348 16837883 2192248951 677185292 1472711438 1515063659 0 20226089 20529790 0 0 0 0 1676992262 1802974037 145064828 134837119 0 0 52480314 90157198 0 0 0 0 0 0 1290019779 1369010290 0 0 0 0 1487564921 1594004607 0 0 0 0 X 95 95 0 0 189427246 208969335 189427341 208969430 1676992262 1802974037 X 16515812 0 0 0 0 3026277 X false true true false 0 178264965 178264965 0 43343223 9940192 33403031 0 0 0 0 0 1963804543 661594327 1302210216 0 6836220 5650773 1185447 1515063659 311059198 0 0 0 0 0 311059198 0 1065425 1065425 312124623 291517109 0 0 0 0 0 291517109 0 4091702 4091702 295608811 Schedule D, Part X, Line 2 MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements EXPENSES NETTED WITH REVENUES IN AUDIT - 961097 ACES K-1 INCOME - 104328 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements PATRONGE CAPITAL ALLOCATION - 3130605 EXPENSES NETTED WITH REVENUES IN AUDIT - 961097 X X X X true false false CLIFTON KARNEI FORMER EXECUTIVE VP & GM 0 0 0 0 683048 0 -40424 0 0 0 642624 0 0 0 MARK FAGAN EXECUTIVE VP & GM 717636 0 24281 0 16767 0 34500 0 44607 0 837791 0 0 0 KHAKI BORDOVSKY CFO - VP OF CORPORATE SERVICES 407967 0 12410 0 11461 0 29547 0 35631 0 497016 0 0 0 JOSHUA CLEVENGER FORMER VICE PRESIDENT - POWER SUPPLY 0 0 0 0 223615 0 1184 0 0 0 224799 0 0 0 JOHNNY YORK VICE PRESIDENT - TRANSMISSION THROUGH 10/31/2024 339966 0 120000 0 13028 0 286554 0 26250 0 785798 0 0 0 KYLE MINNIX DIRECTOR OF MEMBER SERVICES 239423 0 8704 0 7849 0 59169 0 34288 0 349433 0 0 0 SHARI HEINO CHIEF RISK & COMPLIANCE OFFICER 276976 0 50 0 1093 0 26454 0 33359 0 337932 0 0 0 DAVID ALBERS VICE PRESIDENT - ENGINEERING & SYSTEM PLANNING 201045 0 8704 0 6397 0 37060 0 38066 0 291272 0 0 0 RODNEY LITTLE CHIEF TECHNOLOGY OFFICER - VP OF IS 243210 0 50 0 5776 0 23216 0 17391 0 289643 0 0 0 MARK PAVELKA DIRECTOR OF PROJECT MGMT & BUS DEV 208437 0 7262 0 9258 0 22963 0 37968 0 285888 0 0 0 DAVID WEBB COO - VP OF OPS & MAINT 190786 0 18317 0 1351 0 26069 0 35922 0 272445 0 0 0 ANTHONY KROSKEY MANAGER TRANSMISSION SYSTEM OPERATIONS 199717 0 7246 0 8783 0 48565 0 36158 0 300469 0 0 0 DAVID FOX MANAGER FISCAL SERVICES & CONTROLLER 215854 0 7721 0 2851 0 22313 0 34132 0 282871 0 0 0 DEBRA WENDROCK MANAGER HUMAN RESOURCES 195242 0 50 0 2566 0 20562 0 37675 0 256095 0 0 0 JEFFREY STEBBINS MANAGER TRANSMISSION MAINTENANCE 192973 0 65 0 4846 0 20180 0 31129 0 249193 0 0 0 TIMOTHY HARTZ MANAGER TRANSMISSION ENGINEERING 184960 0 6969 0 1517 0 19872 0 33720 0 247038 0 0 0 Schedule J, Part I, Line 4a Severance or change-of-control payment CLIFTON KARNEI AND JOSHUA CLEVENGER RECEIVED SEVERANCE PAYMENTS DURING 2024. CLIFTON KARNEI = $683,048 JOSHUA CLEVENGER = $223,615 Form 990, Part VI, Line 6 Classes of members or stockholders BRAZOS ELECTRIC IS OWNED BY 16 MEMBER ELECTRIC DISTRIBUTION COOPERATIVES. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body EACH MEMBER ELECTS THEIR REPRESENTATIVE TO SERVE AS A DIRECTOR ON THE BRAZOS ELECTRIC POWER COOPERATIVE BOARD. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders ANY COOPERATIVE MEMBER MAY BRING CHARGES AGAINST AN OFFICER, DIRECTOR OR ALTERNATE DIRECTOR BY FILING THEM IN WRITING WITH THE SECRETARY, TOGETHER WITH A PETITION SIGNED BY TEN PER CENT (10%) OF THE MEMBERS, REQUESTING THE REMOVAL OF THE OFFICER, DIRECTOR OR ALTERNATE DIRECTOR IN QUESTION. THE REMOVAL SHALL BE VOTED UPON AT THE NEXT REGULAR OR SPECIAL MEETING OF THE MEMBERS AND SHALL REQUIRE THE AFFIRMATIVE VOTE OF NOT LESS THAN TWO-THIRDS (2/3) OF ALL MEMBERS. ANY VACANCY CREATED BY SUCH REMOVAL MAY BE FILLED BY THE MEMBERS AT SUCH MEETING. ANY DIRECTOR OR ALTERNATE DIRECTOR REPRESENTING A CORPORATE MEMBER MAY BE REMOVED BY ACTION OF THE CORPORATE MEMBER. SUCH ACTION SHALL BE HONORED BY THE BOARD OF DIRECTORS UPON RECEIPT OF FORMAL NOTIFICATION. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS PREPARED BY FORVIS MAZARS. IT IS THEN REVIEWED BY THE MANAGER OF FISCAL SERVICES AND CONTROLLER; VICE PRESIDENT AND CHIEF FINANCIAL OFFICER; AND THE EXECUTIVE VICE PRESIDENT AND GENERAL MANAGER BEFORE IT IS PRESENTED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO ITS SUBMISSION TO THE IRS. Form 990, Part VI, Line 12c Conflict of interest policy ON AN ANNUAL BASIS THE DIRECTORS FILL OUT A CONFLICT OF INTEREST CERTIFICATION AND DISCLOSURE FORM. ON A MONTHLY BASIS THE BOARD IS PROVIDED A SCHEDULE OF PAYMENTS MADE FOR SERVICES AND GOODS PROVIDED THE COOPERATIVE. IF A BUSINESS DECISION INVOLVES A CONFLICT WITH A MEMBER, THAT MEMBER IS REQUESTED TO SIT OUT OF THE MEETING WHILE A DISCUSSION AND VOTE IS HELD. Form 990, Part VI, Line 15a Process to establish compensation of top management official CEO PAY IS DETERMINED BY THE BRAZOS ELECTRIC BOARD ALONG WITH WAGE SURVEY INFORMATION THAT IS PROVIDED FOR CEO SALARIES. THE BOARD MEMBERS MEET TO DISCUSS IF AN INCREASE SHOULD BE GIVEN BASED ON PERFORMANCE AND TENURE IN THE POSITION. THE 16 MEMBER BOARD IS RESPONSIBLE FOR DECIDING ON THE PAY OF THE CEO. Form 990, Part VI, Line 15b Process to establish compensation of other employees VICE PRESIDENT'S PAY IS DETERMINED BASED ON TWO COMPONENTS. EACH VICE PRESIDENT'S JOB TITLE IS PLACED IN A SALARY GRADE BASED ON WAGE SURVEY STUDIES. INDIVIDUAL INCREASES ARE BASED ON PERFORMANCE, TENURE, AND POSITION WITHIN THE SALARY GRADE. THE CEO OF BRAZOS ELECTRIC IS RESPONSIBLE FOR EVALUATING INCREASES FOR VICE PRESIDENTS. Form 990, Part VI, Line 19 Required documents available to the public THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. Form 990, Part XI, Line 9 Other changes in net assets or fund balances ACES LLC K-1 INCOME - -104328; PATRONAGE CAPITAL ALLOCATION - 3130605; Total - 3026277;