2023-11-13T17:25:36-06:00 2022-12-31 FORVIS LLP PO BOX 3667 LITTLE ROCK AR 722033667 990 2022-01-01 740524729 BRAZOS ELECTRIC POWER COOPERATIVE INC % MS KHAKI BORDOVSKY BRAZ 2547506500 7616 BAGBY AVE WACO TX 76712 MARK FAGAN EXECUTIVE VP AND GM 2547506500 2023-11-09 true MARK FAGAN 000000000 AMBER SHERRILL P00748683 5013721040 3 2022 2023-04-26 12:10:37Z MARK FAGAN 7616 BAGBY AVENUE WACO TX 76712 1873310894 false X WWW.BRAZOSELECTRIC.COM X 1941 TX TO PROVIDE VALUED SERVICE TO OUR MEMBERS AND CUSTOMERS BY GENERATING, PROCURING, AND TRANSMITTING RELIABLE POWER AT THE LOWEST COST. 16 16 402 4 0 0 0 0 3809385031 1959369342 7484563 2418 210960 -88757256 3817080554 1870614504 0 140000000 0 0 40738161 41955155 0 0 0 3780250709 2454485153 3820988870 2636440308 -3908316 -765825804 5681362952 2840038435 4752508238 2677039491 928854714 162998944 TO PROVIDE VALUED SERVICE TO OUR MEMBERS AND CUSTOMERS BY GENERATING, PROCURING, AND TRANSMITTING RELIABLE POWER AT THE LOWEST COST. false false BRAZOS ELECTRIC POWER COOPERATIVE WAS FORMED FOR THE PURPOSE OF FURNISHING DEPENDABLE AND ECONOMICAL WHOLESALE ELECTRIC POWER AND ENERGY FOR RURAL ELECTRIC DISTRIBUTION COOPERATIVES. BRAZOS SERVES SIXTEEN MEMBER COOPERATIVES. false false false false false false false false false true false false false true false false true false false false false false false false false false true false true false false false false false false false false false false false true true true false true 218 0 true 402 true false false false false false 1756615423 203393229 false true false X 16 16 false false false false true true false true true false false true true true true true true true true false AZ CA RI X MS KHAKI BORDOVSKY 2547506500 7616 BAGBY AVE WACO TX 76712 X CLIFTON KERNEI EXECUTIVE VP & GM 45.0 3.0 X 1111005 0 -263496 TRAVIS THRALL VICE PRESIDENT - GENERATION 44.0 0.0 X 306433 0 55446 SHARI HEINO CHIEF COMPLIANCE OFFICER 42.0 0.0 X 261703 0 50942 KHAKI BORDOVSKY VICE PRESIDENT - SERVICES 39.0 3.0 X 461090 0 -155655 MICHAEL TAVAGLIONE PLANT OPERATOR 65.0 0.0 X 208611 0 51559 JOSHUA CLEVENGER VICE PRESIDENT - POWER SUPPLY 44.0 0.0 X 415435 0 -165741 ROBERT WALKER PLANT MANAGER 46.0 0.0 X 204692 0 44328 RODNEY LITTLE MANAGER NETWORK SERVICES 41.0 0.0 X 219730 0 15797 BRENT FOX MANAGER FISCAL SERVICES 49.0 0.0 X 211047 0 938 KYLE MINNIX MANAGER COMMUNICATION 44.0 0.0 X 218434 0 -68634 RICK ICKERT SECRETARY/TREASURER 10.0 0.0 X X 53892 0 0 AUDIE MORRIS VICE PRESIDENT 9.0 1.0 X X 50598 0 0 WILLIAM J ALLEN DIRECTOR 8.0 0.0 X 50569 0 0 DENNIS MCWHORTER PRESIDENT 24.0 1.0 X X 50075 0 0 STEVE JONES DIRECTOR 12.0 0.0 X 49292 0 0 FRANKIE ELAINE MARTIN DIRECTOR 4.0 0.0 X 45974 0 0 KENNETH DOYLE ALEXANDER DIRECTOR 7.0 3.0 X 45257 0 0 BILLY JONES DIRECTOR 12.0 0.0 X 44932 0 0 MONTE CARLISLE DIRECTOR 10.0 0.0 X 44621 0 0 BILL RAGSDALE DIRECTOR 15.0 0.0 X 44451 0 0 HENRY BRADFORD DIRECTOR 5.0 1.0 X 43804 0 0 GLENN JONES DIRECTOR 7.0 1.0 X 43072 0 0 LARRY BAYS DIRECTOR 7.0 1.0 X 41255 0 0 NEIL HESSE DIRECTOR 2.5 3.0 X 0 0 0 BRANDON YOUNG DIRECTOR 4.0 0.0 X 0 0 0 JAMES CODY LASATER DIRECTOR 2.0 0.0 X 0 0 0 DARRYL WAYNE SCHRIVER DIRECTOR 30.0 0.0 X 0 0 0 JOHNNY YORK VICE PRESIDENT - TRANSMISSION 44.0 0.0 X 437893 0 -450043 4225972 0 -434516 178 false true false NORTON ROSE FULBRIGHT US LLP 1301 MCKINNEY SUITE 5100 HOUSTON TX 77010 LEGAL 11545167 KRAMER LEVIN NAFTALIS FRANKEL LL 1177 AVENUE OF THE AMERICAS NEW YORK NY 10036 LEGAL 11036735 BERKELEY RESEARCH GROUP LLC 810 SEVENTH AVENUE 41ST FLOOR NEW YORK NY 10019 CONSULTING 10475455 FTI CONSULTING 1166 AVENUE OF THE AMERICAS NEW YORK NY 10036 CONSULTING 8350312 PRIMORIS TD SERVICES LLC 1760 S STEMMONS FRWY STE 300 LEWISVILLE TX 75067 CONSTRUCTION 6847036 85 X 0 ELECTRIC ENERGY REVENUE 221000 1951109096 1951109096 SALE OF EXCESS NATURAL GAS 221000 5149845 5149845 OTHER MEMBER REVENUES 221000 2546034 2546034 CAPTIAL CREDITS 221000 323219 323219 TRANSMISSION EXPORT REVENUE 221000 241148 241148 1959369342 2602552 2602552 0 453642 453642 183250 0 183250 183250 183250 96256 2696390 -2600134 -2600134 -2600134 0 0 0 0 0 0 0 0 0 LOSS ON WRITE-OFF OF BSCEC INVESTMENT 900099 -89394148 -89394148 -89394148 1870614504 1959369342 -88754838 X 140000000 0 0 0 3895748 0 26965890 4118676 4617319 2357522 0 29503887 314422 0 0 0 34727442 0 583747 952455 0 5761557 2688545 0 306955 43973732 0 85577503 4507823 PURCHASED POWER 1172848042 FUEL EXPENSE 378132246 LOSS ON INTEREST RATE SWAP 232764457 OPERATING EXPENSE 100730959 361111381 2636440308 74604743 145416617 128053827 87878843 0 0 156082960 176726562 0 0 0 0 0 0 93972469 116363112 2940806240 135269739 3285208371 1140310774 2163804107 2144897597 0 0 0 0 0 0 0 0 124038606 33485965 5681362952 2840038435 2393200951 762394268 0 0 9307029 4006308 0 0 0 0 0 0 2339254527 1903933151 0 0 10745731 6705764 4752508238 2677039491 X 95 95 0 0 928854619 162998849 928854714 162998944 5681362952 2840038435 X -765825804 -29966 X false true X true false 180764599 180764599 124380751 46096073 78284678 2973456516 1088888171 1884568345 6606505 5326530 1279975 2144897597 0 DERIVATIVE FINANCIAL INSTRUMENTS 6705764 6705764 1868604495 1868604495 2010009 2010009 1870614504 2634460265 2634460265 1980043 1980043 2636440308 FORM 990, 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 NO IDENTIFIED ANY MATERIAL TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. FORM 990, SCHEDULE D, PART XI, LINE 4B EXPENSES NETTED WITH OTHER REVENUE IN AUDIT $1,980,043 ACES LLC K-1 INCOME $29,966 ---------------------------------------------------------- TOTAL $2,010,009 FORM 990, SCHEDULE D, PART XII, LINE 4B EXPENSES NETTED WITH OTHER REVENUE IN AUDIT $1,980,043 false BRAZOS ELECTRIC RATE PAYER HARDSHIP FUND 7616 BAGBY AVE WACO TX 76712 886793004 501(C)(3) 140000000 0 N/A N/A GENERAL SUPPORT 1 0 X X X X false false false CLIFTON KERNEI EXECUTIVE VP & GM 867860 0 231661 0 11484 0 -298128 0 34632 0 847509 0 0 0 KHAKI BORDOVSKY VICE PRESIDENT - SERVICES 363030 0 87554 0 10506 0 -183324 0 27669 0 305435 0 0 0 JOHNNY YORK VICE PRESIDENT - TRANSMISSION 339087 0 89269 0 9537 0 -476778 0 26735 0 -12150 0 0 0 JOSHUA CLEVENGER VICE PRESIDENT - POWER SUPPLY 320260 0 85714 0 9461 0 -202189 0 36448 0 249694 0 0 0 TRAVIS THRALL VICE PRESIDENT - GENERATION 249230 0 55955 0 1248 0 28017 0 27429 0 361879 0 0 0 SHARI HEINO CHIEF COMPLIANCE OFFICER 212382 0 48267 0 1054 0 25410 0 25532 0 312645 0 0 0 RODNEY LITTLE MANAGER NETWORK SERVICES 194450 0 10241 0 15039 0 -15176 0 30973 0 235527 0 9372 0 BRENT FOX MANAGER FISCAL SERVICES 180365 0 16656 0 14026 0 -29824 0 30762 0 211985 0 7965 0 MICHAEL TAVAGLIONE PLANT OPERATOR 204963 0 2864 0 784 0 21792 0 29767 0 260170 0 0 0 ROBERT WALKER PLANT MANAGER 174760 0 15350 0 14582 0 19944 0 24384 0 249020 0 6119 0 KYLE MINNIX 184478 0 17696 0 16260 0 -94702 0 26068 0 149800 0 6751 0 FORM 990, SCHEDULE J, PART I, LINE 4B THE FOLLOWING INDIVDUALS PARTICIPATED IN A 457(F) PLAN AND RECEIVED DISTRIBUTIONS OF THE FOLLOWING AMOUNTS DURING THE CALENDAR YEAR: RODNEY LITTLE $9,372 KYLE MINNIX $6,751 ROBERT WALKER $6,119 BRENT FOX $7,965 FORM 990, SCHEDULE J, PART II, COLUMN C THE CHANGE IN ACTUARIAL VALUE OF THE PENSION PLAN IS INCLUDED IN COLUMN C. THE DECREASE IN ACTUARIAL VALUE IS CAUSING THE FOLLOWING INDIVIDUALS TO HAVE NEGATIVE AMOUNTS IN COLUMNN C. CLIFTON KERNEI KHAKI BORDOVSKY JOHNNY YORK JOSHUA CLEVENGER RODNEY LITTLE BRENT FOX KYLE MINNIX FORM 990, PART VI, SECTION A, LINE 6 BRAZOS ELECTRIC IS OWNED BY 16 MEMBER ELECTRIC DISTRIBUTION COOPERATIVES. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER ELECTS THEIR REPRESENTATIVE TO SERVE AS A DIRECTOR ON THE BRAZOS ELECTRIC POWER COOPERATIVE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY FORVIS. IT IS THEN REVIEWED BY THE MANAGER OF FISCAL SERVICES AND CONTROLLER; VICE PRESIDENT, SERVICES; 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, SECTION B, LINE 12C 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, SECTION B, LINE 15A 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, SECTION B, LINE 15B 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, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART VIII, LINE 6A POLE RENTAL INCOME WHICH IS EXCLUDED FROM UNRELATED BUSINESS INCOME $183,250 FORM 990, PART XI, LINE 9 ACES LLC K-1 INCOME ($29,966) -------------------------------------------------- TOTAL OTHER CHANGES IN NET ASSETS ($29,966) FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:TERMINATION OF CALL OPTIONS TOTAL EXPENSES:9576480 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:REORGANIZATION COSTS TOTAL EXPENSES:XXX-XX-XXXX FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:MAINTENANCE EXPENSE TOTAL EXPENSES:45595803 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:PROPERTY TAX TOTAL EXPENSES:13769328 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:BANK FEES TOTAL EXPENSES:5692960 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:MISCELLANEOUS TOTAL EXPENSES:2028387 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:JOBBING EXPENSE TOTAL EXPENSES:1980043 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:ORGANIZATION DUES TOTAL EXPENSES:850408 BRAZOS SANDY CREEK ELECTRIC COOPERATIVE 7616 BAGBY AVE WACO TX 76712 870806881 GENERATE PWR TX 501(C)(12) BRAZOS ELECT true BRAZOS FUEL COMPANY INC PO BOX 2585 WACO TX 767022585 741787410 FUEL PRODUCTS TX BRAZOS ELECTRIC C CORPORATION 0 27 1.00000 true false false false false false false false false false false false true true false false true true true false BRAZOS SANDY CREEK ELECTRIC COOPERATIVE P 463435 FMV BRAZOS SANDY CREEK ELECTRIC COOPERATIVE M 23413234 FMV