2025-11-17T15:57:46-06:00 2024-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-01-01 356043583 SOUTH CENTRAL INDIANA RURAL ELECTRIC MEMBERSHIP CORPORATION SOUT 7653423344 300 MORTON AVENUE MARTINSVILLE IN 46151 RANDY ELLIOTT COO 7653423344 2025-11-17 1 0 WILLIAM M MILLER P00439459 8067473806 2025-11-15 X 2024 2025-03-06 01:10:19Z JAMES TANNEBERGER 300 MORTON AVENUE MARTINSVILLE IN 46151 117807227 0 X WWW.SCIREMC.COM X 1939 IN TO PROVIDE SAFE, RELIABLE, COST-EFFECTIVE ELECTRICITY AND ENERGY SOLUTIONS. 9 9 180 0 757883 0 0 0 107530679 113889443 75892 2664552 555026 522562 108161597 117076557 4645 17423 6038209 12309185 14260456 15388605 0 0 0 89364484 88327659 109667794 116042872 -1506197 1033685 319263013 327147569 219925750 214683559 99337263 112464010 SCI REMC IS A TRUSTED ELECTRIC COOPERATIVE SERVING OUR DIVERSE COMMUNITIES WITH INNOVATIVE ENERGY SOLUTIONS AND LIFE-ENHANCING SERVICES. 0 0 ELECTRIC DIVISION:PROVIDING RELIABLE ELECTRICITY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 35,667 ACTIVE SERVICES AT YEAR END. FIBER DIVISION:A SEPERATE DIVISION OF THE COOPERATIVE WAS CREATED TO PROVIDE BROADBAND INTERNET SERVICES TO ITS MEMBERS THROUGH THE CONSTRUCTION OF A FIBER OPTIC NETWORK. THE FIRST CONNECTIONS BEGAN RECEIVING SERVICE DURING 2019. FIBER OPTIC BROADBAND SERVICES OF THIS DIVISION WILL BE PROVIDED TO MEMBERS ON A PATRONAGE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL TO THE EXTENT NET MARGINS WILL EXCEED CUMULATIVE LOSSES FOR SUCH DIVISION. 0 0 1 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 73 0 180 1 1 1 0 0 0 0 109948195 7178682 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 IN X CHARITY COFFMAN VP OF FINANCE 7653423344 300 MORTON AVE MARTINSVILLE IN 46151 X REX FRANKLIN DIRECTOR 10.00 X 34139 0 0 BRUCE HAMLIN CHAIRMAN 6.50 X X 14905 0 0 JERRY PHEIFER SECRETARY-TREASURER 7.00 X X 9606 0 0 LISA PROSSER DIRECTOR 3.50 X 15560 0 0 MARK SMITH VICE CHAIRMAN 1.80 X X 28727 0 0 KENNETH SEBASTIAN DIRECTOR 4.00 X 14885 0 0 BRAD SHIELDS DIRECTOR 3.00 X 12610 0 0 MICHAEL WITTE DIRECTOR 4.00 X 9156 0 0 DONALD LEE RENNER DIRECTOR 12.00 X 12860 0 0 JAMES TANNEBERGER PRESIDENT & CEO 60.00 0.50 X 351146 0 105847 RANDY ELLIOTT CHIEF OPERATING OFFICER 52.00 X 271040 0 184082 CHARITY COFFMAN VP OF FINANCE 45.00 X 153103 0 51651 TAMMY HAENLEIN VP OF MEMBER SERVICES 45.00 X 169848 0 83658 GREGG HOPSICKER VP OF DISTRIBUTION SERVICES 46.00 X 199918 0 112772 MARILOU IDLAND VP OF HUMAN RESOURCES 55.00 X 195395 0 54364 CODY CAMPBELL JOURNEYMAN LINEWORKER 57.00 X 181065 0 30103 CHAD GRIFFIN LEAD LINE FOREMAN 52.00 X 164175 0 62391 AARON HANSEN LINE FOREMAN 53.00 X 167893 0 45981 BRET HOPKINS LINE FOREMAN 52.00 X 160541 0 45880 ANDREW POLLEY LINE FOREMAN 55.00 X 173713 0 49285 2340285 0 826014 56 0 1 0 PRINCE EXCAVATING 5412 E GUTHRIE RD HELTONVILLE IN 47436 UNDERGROUND CONTRACTOR SERVICES 2365782 PRECISION FIBER SOLUTIONS LLC 4121 HUNT CLUB PARKWAY BARGERSVILLE IN 46106 FIBER/TELECOM SERVICES 2331999 TOP TIER UTILITY SERVICES LLC 5335 W CO RD 100 N MEDORA IN 47260 OVERHEAD/UNDERGROUND CONTRACTOR SERVICES 1668884 AMERICAN UTILITY CORPORATION INC PO BOX 371 SPRINGFIELD KY 40069 UNDERGROUND FIBER CONTRACTOR 1203618 DELTA SERVICES LLC 4676 JENNINGS LANE LOUISVILLE KY 40218 OVERHEAD/UNDERGROUND CONTRACTOR SERVICES 1035133 21 X SALES OF ELECTRICITY 221000 97061365 97061365 FIBER REVENUE 517000 13632473 13087537 544936 PATRONAGE DIVIDENDS 221000 2408339 2408339 SERVICE FEES 221000 787266 787266 113889443 83513 83513 70723 0 70723 70723 70723 3142363 561324 2581039 2581039 2364083 216956 204414 169346 35068 35068 POLE ATTACHEMENT INCOME 221000 503345 503345 BROADBAND P'SHIP LOSS 517000 -86574 -82565 -4009 416771 117076557 115661093 757883 657581 X 17423 12309185 2085272 9006519 1447664 2082208 766942 7358138 12519626 PURCHASED POWER/COST OF 58577619 ADMIN & GENERAL EXPENSE 4646264 DISTRIBUTION EXPENSE 3584958 TAXES 953082 687972 116042872 1445514 1147081 271574 281233 14274046 13073985 2240 2240 3473654 3079180 1392934 583825 392808457 122940961 260357167 269867496 114989 114989 37906033 38909867 24862 87673 319263013 327147569 17394519 12633374 191074144 184444675 6330680 11457087 11274830 219925750 214683559 X 198170 191275 0 0 99139093 112272735 99337263 112464010 319263013 327147569 X 1033685 12093062 X X 0 1 X 1 0 2000 0 2000 2000 1 INDIANA FORE 8888 KEYSTONE CROSSING 1600 INDIANAPOLIS IN 46240 351998087 2000 PART I-A, LINE 1: THE COOPERATIVE'S SOLE DIRECT POLITICAL ACTIVITY WAS A $2,000 DONATION OF ITS OWN FUNDS TO INDIANA FRIENDS OF RURAL ELECTRIFICATION (INDIANA FORE). THE COOPERATIVE WAS INDIRECTLY INVOLVED IN POLITICAL CAMPAIGN ACTIVITIES OF INDIANA FORE. RESOURCES TO INDIANA FORE ARE USED EXCLUSIVELY TO SUPPORT STATE AND FEDERAL CANDIDATES WHO UNDERSTAND AND CONSISTENTLY SUPPORT THE ISSUES AND POLICIES IMPACTING INDIANA'S ELECTRIC COOPERATIVES. 1134264 1134264 16579754 4573588 12006166 339310759 118360910 220949849 35783680 6463 35777217 269867496 CAPITAL TERM CERTIFICATES-CFC 1337097 C HOOSIER ENERGY RURAL ELECTRIC COOP 30946889 C PATRONAGE CAPITAL-CFC 937019 C PATRONAGE CAPITAL-COBANK 3408516 C PATRONAGE CAPITAL-UNITED UTILITY SUPPLY CORP 335825 C PATRONAGE CAPITAL-IBC 176650 C PATRONAGE CAPITAL-FEDERATED 480834 C PATRONAGE CAPITAL-OTHER 456180 C INVESTMENT IN ACCORD TELECOMMUNICATIONS 545894 C OTHER INVESTMENTS IN ASSOCIATED ORGS 284963 C 38909867 CONSUMER ADVANCES FOR CONSTRUCTION 3380044 CONSUMER DEPOSITS 978699 EMPLOYEE POST RETIREMENT BENEFIT OBLIGATION 4672629 ACCRUED OPERATING TAXES 1191100 FIBER UNEARNED REVENUES 1052085 OTHER LIABILITIES 273 11274830 X 117075335 0 117075335 1222 1222 117076557 103732465 0 103732465 12310407 12310407 116042872 PART X, LINE 2: THE GENERALLY ACCEPTED ACCOUNTING PRINCIPLE RELATED TO ACCOUNTING FOR UNCERTAIN TAX POSITIONS PROVIDES DETAILED GUIDANCE FOR THE FINANCIAL STATEMENT RECOGNITION, MEASUREMENT AND DISCLOSURE OF UNCERTAIN TAX POSITIONS RECOGNIZED IN AN ENTERPRISE'S FINANCIAL STATEMENTS. THE ACCOUNTING PRINCIPLE REQUIRES AN ENTITY TO RECOGNIZE THE FINANCIAL STATEMENT IMPACT OF A TAX POSITION WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION. THE ADOPTION OF THIS ACCOUNTING PRINCIPLE DOES NOT HAVE A MATERIAL EFFECT ON ITS FINANCIAL POSITION, RESULTS OF OPERATIONS OR CASH FLOWS AS THE REMC DOES NOT BELIEVE THEY ARE TAKING UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION OF NON-OPERATING EXPENSES 1,222. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 12,309,185. RECLASSIFICATION OF NON-OPERATING EXPENSES 1,222. PART IX: THE AMOUNT OF OTHER ASSETS ON FORM 990, PAGE 11, PART X, LINE 15 DOES NOT EQUAL OR EXCEED 5% OF TOTAL ASSETS ON FORM 990, PAGE 11, PART X, LINE 16 COLUMN B. CONSEQUENTLY, IN ACCORDANCE WITH IRS INSTRUCTIONS, SCHEDULE D, PART IX HAS BEEN LEFT BLANK. PART XII, LINE 4B: FOR THE AUDITED FINANCIAL STATEMENTS, THE AMOUNT OF PATRONAGE DIVIDENDS PAID OR ALLOCATED TO THE MEMBERS IS REPORTED AS AN INCREASE IN EQUITY AND NOT AS AN EXPENSE. THEREFORE, NET INCOME PER THE AUDITED FINANCIAL STATEMENTS IS REPORTED GROSS OF THE AMOUNT OF PATRONAGE DIVIDENDS THAT ARE EITHER ALLOCATED OR TO BE ALLOCATED AT THE TIME THE AUDITED FINANCIAL STATEMENTS ARE PREPARED. HOWEVER, BECAUSE THE ALLOCATION OF PATRONAGE DIVIDENDS IS ONE ASPECT OF HOW THE COOPERATIVE FULFILLS ITS TAX EXEMPT PURPOSE OF OPERATING ON A COOPERATIVE BASIS, THE AMOUNT OF PATRONAGE DIVIDENDS EITHER ALLOCATED OR TO BE ALLOCATED TO THE MEMBERS IS REPORTED ON FORM 990, PART IX, LINE 4 AS "BENEFITS PAID TO MEMBERS". 0 ELECTRONIC COMMUNICATION SYSTEMS 2476 W INDUSTRIAL PK DRIVE BLOOMINGTON IN 47404 351817969 CORPORATION 0 9628 FAIR MARKET VALUE TORNADO SIREN DONATION - POLES AND INSTALLATION WORK 1 PART II: ALL GRANTS, DONATIONS, AND/OR SPONSORSHIPS ARE MADE TO NON-PROFIT AND CIVIC ORGANIZATIONS THAT ARE LOCATED IN THE COOPERATIVE'S SERVICE AREA, AND ARE INTENDED TO IMPROVE THE COMMUNITIES IN WHICH OUR MEMBERS RESIDE. X X X X 0 0 0 JAMES TANNEBERGER PRESIDENT & CEO 350336 0 0 0 810 0 72122 0 33725 0 456993 0 0 0 RANDY ELLIOTT CHIEF OPERATING OFFICER 247092 0 20384 0 3564 0 146237 0 37845 0 455122 0 0 0 GREGG HOPSICKER VP OF DISTRIBUTION SERVICES 192569 0 5027 0 2322 0 109919 0 2853 0 312690 0 0 0 TAMMY HAENLEIN VP OF MEMBER SERVICES 158795 0 5387 0 5666 0 48912 0 34746 0 253506 0 0 0 MARILOU IDLAND VP OF HUMAN RESOURCES 181446 0 10385 0 3564 0 34743 0 19621 0 249759 0 0 0 CHAD GRIFFIN LEAD LINE FOREMAN 163363 0 0 0 812 0 27095 0 35296 0 226566 0 0 0 ANDREW POLLEY LINE FOREMAN 172016 0 0 0 1697 0 15333 0 33952 0 222998 0 0 0 AARON HANSEN LINE FOREMAN 167597 0 0 0 296 0 14241 0 31740 0 213874 0 0 0 CODY CAMPBELL JOURNEYMAN LINEWORKER 180881 0 0 0 184 0 14307 0 15796 0 211168 0 0 0 BRET HOPKINS LINE FOREMAN 160245 0 0 0 296 0 12851 0 33029 0 206421 0 0 0 CHARITY COFFMAN VP OF FINANCE 145631 0 5232 0 2240 0 18102 0 33549 0 204754 0 0 0 PART II, COLUMN C: INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. JAMES TANNEBERGER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,650 EMPLOYER CONTRIBUTION TO 401(K) PLAN 14,472 TOTAL REPORTED IN COLUMN C $ 72,122 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,650) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 59,563 EXPENSE TO THE COOPERATIVE $ 74,035 RANDY ELLIOT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 133,693 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,544 TOTAL REPORTED IN COLUMN C $ 146,237 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (133,693) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 40,894 EXPENSE TO THE COOPERATIVE $ 54,438 GREG HOPSICKER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 100,253 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,666 TOTAL REPORTED IN COLUMN C $ 109,919 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (100,253) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,715 EXPENSE TO THE COOPERATIVE $ 43,381 TAMMY HAENLEIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,642 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,270 TOTAL REPORTED IN COLUMN C $ 48,912 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,642) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,801 EXPENSE TO THE COOPERATIVE $ 37,071 MARILOU IDLAND: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 25,475 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,268 TOTAL REPORTED IN COLUMN C $ 34,743 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (25,475) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,280 EXPENSE TO THE COOPERATIVE $ 41,548 CHAD GRIFFIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 21,536 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,559 TOTAL REPORTED IN COLUMN C $ 27,095 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (21,536) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,371 EXPENSE TO THE COOPERATIVE $ 25,930 ANDREW POLLEY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 9,873 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,460 TOTAL REPORTED IN COLUMN C $ 15,333 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (9,873) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,181 EXPENSE TO THE COOPERATIVE $ 24,641 AARON HANSEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,920 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,321 TOTAL REPORTED IN COLUMN C $ 14,241 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,920) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 18,055 EXPENSE TO THE COOPERATIVE $ 21,376 CODY CAMPBELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,931 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,376 TOTAL REPORTED IN COLUMN C $ 14,307 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,931) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 18,055 EXPENSE TO THE COOPERATIVE $ 23,431 BRET HOPKINS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 7,512 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,339 TOTAL REPORTED IN COLUMN C $ 12,851 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (7,512) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,181 EXPENSE TO THE COOPERATIVE $ 24,520 CHARITY COFFMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,540 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,562 TOTAL REPORTED IN COLUMN C $ 18,102 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,540) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,353 EXPENSE TO THE COOPERATIVE $ 31,915 FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE WAS FORMED BY THE MEMBERS TO PROVIDE ELECTRIC SERVICE AT COST ON A COOPERATIVE BASIS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS HAVE THE OPPORTUNITY TO VOTE AND ELECT THEIR OWN MEMBER REPRESENTATIVE ON THE BOARD OF DIRECTORS. EACH ELIGIBLE MEMBER IS ENTITLED TO ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING ACTS REQUIRE APPROVAL OF THE MEMBERS OF THE COOPERATIVE: 1. DISSOLUTION/LIQUIDATION OF THE COOPERATIVE 2. MERGER OR CONSOLIDATION OF THE COOPERATIVE WITH ANOTHER ORGANIZATION 3. DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S ASSETS 4. AMENDMENT TO THE ARTICLES OF INCORPORATION FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE HAS NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. THEREFORE, AND PURSUANT TO FORM 990 INSTRUCTIONS, THE QUESTION HAS BEEN ANSWERED "NO". FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PRESENTED A COPY OF THE FORM 990 TO THE BOARD FOR DISCUSSION AND REVIEW PRIOR TO FILING. THE DISCUSSION AND REVIEW WAS PERFORMED AT THE BOARD MEETING IMMEDIATELY BEFORE FILING THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, A SURVEY IS DISTRIBUTED TO ALL THE RELEVENT PARTIES WHICH ASKS ABOUT ANY RELATIONSHIPS AND CONFLICTS OF INTEREST. IT IS THE DUTY OF THE BOARD MEMBER TO DISCLOSE ANY CONFLICTS OF INTEREST. A BOARD MEMBER WITH A CONFLICT OF INTEREST MUST RECUSE HIMSELF FROM ANY DISCUSSION OR VOTING ON ISSUES THAT ARISE AS A RESULT OF THAT CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE CEO AND OTHER EMPLOYEE OFFICER'S COMPENSATION PACKAGES ARE DETERMINED BY USING COMPARABILITY DATA FOR SIMILAR POSITIONS. THIS DATA IS THEN REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS, WITH CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION OF THE DECISION. FORM 990, PART VI, SECTION C, LINE 19 A CURRENT COPY OF THE BYLAWS AND MONTHLY BOARD MINUTES ARE AVAILABLE ON THE COOPERATIVE'S WEBSITE AT WWW.SCIREMC.COM/BOARD-DIRECTORS. ADDITIONALLY, CURRENT MEMBERS MAY SUBMIT A REQUEST TO REVIEW THE COOPERATIVE'S ARTICLES OF INCORPORATION, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS. FORM 990, PART VII, COLUMN F: IN ORDER TO PROVIDE RETIREMENT BENEFITS TO ITS EMPLOYEES, THE COOPERATIVE HAS ESTABLISHED A DEFINED CONTRIBUTION PLAN UNDER SECTION 401(K) OF THE INTERNAL REVENUE CODE. EMPLOYER CONTRIBUTIONS TO THE PLAN ARE MADE PURSUANT TO THE PLAN DOCUMENT. ADDITIONALLY, THE COOPERATIVE PARTICIPATES IN A MULTI-EMPLOYER DEFINED BENEFIT PLAN. CONTRIBUTIONS TO THIS PLAN ARE BASED ON THE FULL FUNDING LIMITATION OF SUCH PLAN. EMPLOYER CONTRIBUTIONS FOR BOTH PLANS ARE AVAILABLE TO PARTICIPATING EMPLOYEES, INCLUDING OFFICERS AND HIGHLY COMPENSATED EMPLOYEES, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLANS. THE COOPERATIVE ALSO PROVIDES HEALTH INSURANCE TO ALL ELIGIBLE EMPLOYEES THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR THE OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES IS COMPRISED OF ACTUARIAL INCREASE IN THE DEFINED BENEFIT PLAN, THE TOTAL AMOUNT CONTRIBUTED BY THE COOPERATIVE TO THE DEFINED CONTRIBUTION PLAN, AND INSURANCE PAID ON BEHALF OF AND FOR THEIR BENEFIT. FORM 990, PART VIII, LINE 2B: PATRONAGE DIVIDENDS RESULT FROM THE PURCHASE OF WHOLESALE POWER FROM A GENERATION & TRANSMISSION COOPERATIVE. PATRONAGE DIVIDENDS ALSO RESULT FROM THE PAYMENT OF INTEREST FROM COOPERATIVE BANKS AND THE PURCHASE OF SUPPLIES AND SERVICES FROM OTHER COOPERATIVE ORGANIZATIONS. THE EXPENSES ASSOCIATED WITH PURCHASES FROM AND PAYMENTS TO SUCH COOPERATIVE ORGANIZATIONS ARE A DIRECT COMPONENT OF COST OF THE ELECTRIC SERVICE PROVIDED BY THE COOPERATIVE TO ITS MEMBERS. FORM 990, PART IX: THE COOPERATIVE MAINTAINS ITS BOOKS AND RECORDS IN ACCORDANCE WITH POLICIES PRESCRIBED OR PERMITTED BY THE UNITED STATES DEPARTMENT OF AGRICULTURE RURAL UTILITIES SERVICES (RUS) AND THE INDIANA UTILITY REGULATORY COMMISSION (IURC), ALTHOUGH THE COOPERATIVE IS NO LONGER REGULATED BY THESE AGENCIES. THE APPLICABLE UNIFORM SYSTEM OF ACCOUNTS (USOA) FOLLOWED BY THE COOPERATIVE DOES NOT RECORD EXPENSES IN THE GENERAL EXPENSE CATEGORIES PROVIDED ON PART IX LINES 1-23. THE COOPERATIVE SEPARATELY REPORTS SALARIES AND WAGES, EMPLOYEE BENEFITS AND PAYROLL TAXES THAT ARE ALLOCATED IN ACCORDANCE WITH THEIR ACCOUNTING SYSTEM, BUT OTHER EXPENSES THAT ARE DESCRIBED IN LINES 1-23 ARE REPORTED ON LINE 24 UNDER THE EXPENSE CATEGORIES REQUIRED BY THE USOA. FORM 990, PART IX, LINE 4: PURSUANT TO THE FORM 990 INSTRUCTIONS, THE AMOUNT OF PATRONAGE DIVIDENDS PAID TO THE MEMBERS (HEREINAFTER REFERRED TO AS "PATRONS") SHOULD BE REPORTED ON PART IX, LINE 4. THE PHRASE "PATRONAGE DIVIDENDS PAID" REFERS TO THE PROCESS, SUBSEQUENT TO YEAR-END, BY WHICH THE COOPERATIVE ALLOCATES PATRONAGE CAPITAL TO AND, THEREFORE, OPERATES AT COST WITH ITS PATRONS. THE COOPERATIVE'S TAX EXEMPT PURPOSE IS TO PROVIDE ELECTRICITY TO ITS PATRONS AND TO DO SO ON A COOPERATIVE BASIS. TAX LAW DEFINES "OPERATING ON A COOPERATIVE BASIS" AS SUBORDINATION OF CAPITAL, DEMOCRATIC CONTROL, AND OPERATION AT COST. THE COOPERATIVE OPERATES AT COST THROUGH THE ALLOCATION OF TRUE PATRONAGE DIVIDENDS (ALSO REFERRED TO AS ALLOCATIONS OF PATRONAGE CAPITAL) TO ITS PATRONS. PATRONAGE DIVIDENDS ARE CONSIDERED PAID IF THE ALLOCATION IS MADE (1) PURSUANT TO A PRE-EXISTING OBLIGATION, (2) FROM THE MARGINS PRODUCED FROM THE TRANSACTIONS DONE WITH OR FOR PATRONS, AND (3) IN A FAIR AND EQUITABLE MANNER ON THE BASIS OF PATRONAGE (I.E. PURCHASES). ADDITIONALLY, THE ALLOCATION OF PATRONAGE DIVIDENDS SHOULD BE MADE WITHIN A REASONABLE TIME PERIOD AFTER THE CLOSE OF THE COOPERATIVE'S YEAR-END OF DECEMBER 31. EACH ONE OF THESE REQUIREMENTS FOR A TRUE PATRONAGE DIVIDEND IS PROVIDED FOR IN THE NON-PROFIT OPERATION ARTICLE OF THE COOPERATIVE'S BYLAWS. THE AMOUNT REPORTED ON PART IX, LINE 4 REPRESENTS THE AMOUNT OF PATRONAGE CAPITAL THAT IS EITHER ALLOCATED OR TO BE ALLOCATED TO THE PATRONS RESULTING FROM THEIR PURCHASE OF ELECTRICITY FROM THE COOPERATIVE FOR THE 2024 CALENDAR YEAR. BECAUSE PATRONAGE DIVIDENDS ARE THE PROCESS BY WHICH THE COOPERATIVE OPERATES AT COST WITH ITS PATRONS AND THEREBY A KEY COMPONENT TO ACCOMPLISHING ITS EXEMPT PURPOSE, THE COOPERATIVE HAS REPORTED SUCH AMOUNTS AS AN EXPENSE FOR FORM 990 REPORTING. PATRONAGE DIVIDENDS ARE NOT AN EXPENSE FOR FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, HOWEVER. FORM 990, PART IX, LINES 5-7: SALARIES AND WAGES ARE ALLOCATED TO ASSET, LIABILITY, AND EXPENSE ACCOUNTS BASED ON THE ACCOUNTING SYSTEM DESCRIBED ABOVE. THE FOLLOWING SCHEDULE RECONCILES AMOUNTS REPORTED ON LINES 5-7 TO TOTAL WAGES ACCRUED AND/OR PAID: TOTAL PER LINES 5-7 $11,091,791 LESS: DIRECTORS FEES AND DEFERRED COMPENSATION (152,448) LESS: OFFICER AND KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (592,374) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 3,992,666 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 514,540 TOTAL WAGES ACCRUED AND/OR PAID $14,854,145 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 2,052,705 EMPLOYEE DUES & MEMBERSHIP 6,614 TRAINING & SEMINARS 65,835 BUSINESS MEALS 11,826 SUBSCRIPTIONS 1,082 MAINTENANCE OF OFFICE EQUIPMENT 86,688 MILEAGE 903 MOBILE PHONES 58,199 OFFICE SUPPLIES 828,364 UTILITIES & MONTHLY CHARGES 900,752 OUTSIDE SERVICES 272,292 INSURANCE & REGULATORY FEES 333,225 PUBLIC RELATIONS 30,999 ANNUAL MEETING 87,552 DIRECTORS 193,004 MAINTENANCE OF GENERAL PLANT 433,446 MISCELLANEOUS GENERAL EXPENSE 610,911 SUBSIDIARY EXPENSE 2,239,446 TOTAL ADMIN & GENERAL EXPENSE PER FINANCIAL STATEMENTS $ 8,213,843 LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (2,319,237) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (1,095,894) LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (152,448) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 4,646,264 FORM 990, PART IX, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CUSTOMER ACCOUNTS $ 481,853 CUSTOMER SERVICE AND INFORMATION 200,334 OTHER DEDUCTIONS 4,563 MERCHANDISING EXPENSES 1,222 TOTAL OTHER EXPENSES PER FORM 990, PART IX $ 687,972 FORM 990, PART XI, LINE 9: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 12,309,185. PATRONAGE CAPITAL RETIRED - TOTAL -194,629. PATRONAGE CAPITAL RETIRED - DISCOUNT 127,136. OTHER COMPREHENSIVE INCOME - POST RETIREMENT BENEFITS OTHER THAN PENSIONS -141,735. NET DECREASE IN MEMBERSHIPS -6,895. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAVE ASSIGNED MEMBERS TO AN AUDIT COMMITTEE TO OVERSEE THE FINANCIAL STATEMENT AUDIT AND SELECT THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. SCI SERVICES LLC 300 MORTON AVENUE MARTINSVILLE IN 46151 352091210 RIGHT OF WAY MAINTENANCE IN 0 0 SOUTH CENTRAL INDIANA REMC SCI MEMBERSHIP COMMUNITY FUND INC 300 MORTON AVE MARTINSVILLE IN 46151 351937189 DISBURSEMENT OF FUNDS FOR CHARITABLE PURPOSES IN THE COOP'S SERVICE AREA IN 501(C)(3) LINE 7 SOUTH CENTRAL INDIANA REMC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 SCI MEMBERSHIP COMMUNITY FUND INC N N/A - LESS THAN $50,000 SCI MEMBERSHIP COMMUNITY FUND INC O N/A - LESS THAN $50,000