2021-07-27T14:27:06-05:00 2020-12-31 161117932 BUFFAMANTE WHIPPLE BUTTAFARO PC 201 WEST THIRD STREET SUITE 300 JAMESTOWN NY 14701 990 2020-01-01 160650108 STEUBEN RURAL ELECTRIC COOPERATIVE INC STEU 6077764161 9 WILSON AVENUE BATH NY 14810 BRYANT DILLON GENERAL MANAGER 6077764161 2021-07-27 1 BRYANT DILLON XXX-XX-XXXX JAMES C ALEXANDER CPA P01384001 7163721620 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z BRYANT DILLON 9 WILSON AVENUE BATH NY 14810 10996544 0 X WWW.STEUBENREC.COOP X 1941 NY THE MISSION OF STEUBEN RURAL ELECTRIC COOPERATIVE IS TO IMPROVE THE QUALITY OF RURAL LIFE BY PROVIDING OUR MEMBERS WITH LOW COST, RELIABLE ELECTRICITY AND RELATED SERVICES IN A SAFE MANNER. 9 9 37 0 0 0 0 0 10827241 10880290 147358 76305 -313042 39949 10661557 10996544 0 0 373695 519734 209639 178702 0 0 0 9980262 9732738 10563596 10431174 97961 565370 40268310 37951862 23510660 20621218 16757650 17330644 THE MISSION OF STEUBEN RURAL ELECTRIC COOPERATIVE IS TO IMPROVE THE QUALITY OF RURAL LIFE BY PROVIDING OUR MEMBERS WITH LOW COST, RELIABLE ELECTRICITY AND RELATED SERVICES IN A SAFE MANNER. 0 0 10431174 10920239 PROVIDING RELIABLE ELECTRICITY AND RELATED SERVICES TO OUR MEMBERS IN A SAFE MANNER. STEUBEN RURAL ELECTRIC COOPERATIVE, INC. SERVES OVER 6,300 MEMBERS THROUGHOUT FOUR COUNTIES. 10431174 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 44 0 1 37 1 0 0 0 0 0 0 0 10276323 153003 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X BRYANT DILLON 6077764161 9 WILSON AVE BATH NY 14810 JOSEPH HAURYSKI DIRECTOR 0.78 X 2700 0 0 GORDON FOSTER DIRECTOR 2.57 X 6160 0 0 WILLIAM H MOSS III DIRECTOR 1.59 X 3220 0 0 RANDY STANKEY DIRECTOR 2.00 X 5860 0 0 GERALD CHASE DIRECTOR 1.26 X 9760 0 0 JANICE HOAD SECRETARY 1.06 X X 3780 0 0 GARY BROCKWAY TREASURER 0.95 X X 4300 0 0 JAMES R MCCORMICK PRESIDENT 4.00 X X 7200 0 0 ROBERT V NICHOLS VICE PRESIDENT 1.53 X X 5340 0 0 BRYANT DILLON GENERAL MANAGER 55.81 X 100326 0 30056 JOSHUA GAUSS OPERATIONS MANAGER 52.79 X 100091 0 28058 RICHARD SWIFT FOREMAN 45.77 X 111536 0 20749 RYAN ANDERSON-PETELL CHIEF LINEMAN 46.90 X 114895 0 0 475168 0 78863 4 0 0 0 BNF POWERLINE CONSTRUCTION 361 BRUMBAUGH RD ROARING SPRING PA 16673 POWERLINE CONSTRUCTION 1105243 STRAUSS TREE SERVICE INC 10646 COUNTY ROUTE 119 ADDISON NY 14801 VEGETATION MANAGEMENT 482513 D&D POWER LLC 440 GYPSY GLEN RD BEAVER PA 15009 POWERLINE CONSTRUCTION 373837 ALLAN BRITEWAY ELECTRICAL UTILITY CONTRA 130 ALGONQUIN PARKWAY WHIPPANY NJ 07981 POWERLINE CONSTRUCTION 238854 ASPLUNDH TREE EXPERT 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 VEGETATION MANAGEMENT 229854 6 ELECTRIC SERVICE REVENUE 221000 10880290 10880290 10880290 76305 76305 749 0 749 749 749 MISCELLANEOUS REVENUE 221000 39200 39200 39200 10996544 10920239 0 76305 519734 178702 728073 1291455 COST OF PURCHASED POWER 2369108 DISTRIBUTION EXP-MAINTE 1829204 DISTRIBUTION EXP-OPERAT 1795440 ADMINISTRATIVE AND GENE 954595 764863 10431174 678970 1099565 5067503 2092668 2500000 0 493805 568932 352513 358530 50900787 19881686 32762564 31019101 -2198506 1207722 611461 1605344 40268310 37951862 1049432 696898 22258000 19654249 203228 270071 23510660 20621218 X 0 0 0 0 16757650 17330644 16757650 17330644 40268310 37951862 X 565370 7624 X 0 1 X 1 0 41039 41039 4661214 1756632 2904582 45880571 18125054 27755517 317963 317963 31019101 OTHER POSTRETIREMENT BENEFITS 270071 270071 X 10996544 0 10996544 0 10996544 9911440 0 9911440 519734 519734 10431174 PART X, LINE 2: THE COOPERATIVE IS A NOT-FOR-PROFIT, MEMBERSHIP COOPERATIVE UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE AND THEREFORE, THE COOPERATIVE IS EXEMPT FROM FEDERAL INCOME TAXES. PURSUANT TO THE NEW YORK RURAL ELECTRIFICATION LAW, THE COOPERATIVE IS ALSO EXEMPT FROM STATE INCOME TAXES. ACCORDINGLY, NO PROVISION FOR SUCH TAXES HAS BEEN MADE IN THE CONSOLIDATED FINANCIAL STATEMENTS. CERTAIN INCOME EARNED FROM OTHER UNRELATED PRODUCTS AND SERVICES MAY REQUIRE THE COOPERATIVE TO PAY FEDERAL AND STATE INCOME TAXES. IF THIS SITUATION SHOULD ARISE, THE NECESSARY PROVISIONS FOR INCOME TAX LIABILITIES ARE RECORDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. NO SUCH TAX LIABILITIES EXISTED AT DECEMBER 31, 2020 AND 2019. THE COOPERATIVE IS REQUIRED TO FILE INFORMATIONAL RETURNS WITH THE INTERNAL REVENUE SERVICE. THE TAX YEARS FROM 2017 AND LATER REMAIN SUBJECT TO EXAMINATION BY THE TAXING AUTHORITIES. PART XII, LINE 4B - OTHER ADJUSTMENTS: CURRENT YEAR RETIREMENT OF CAPITAL CREDITS 540,286. LESS: DISCOUNT ON CAPITAL CREDITS -32,734. LESS: UNCLAIMED CAPITAL CREDITS 12,182. PART XII, LINE 4B THE COOPERATIVE HAD NET RETIREMENTS OF CAPITAL CREDITS OF $519,734 TO ITS MEMBERS IN 2020. THIS AMOUNT IS INCLUDED IN BENEFITS PAID TO OR FOR MEMBERS AS INDICATED ON SCHEDULE O. JAMES MCCORMICK BOARD MEMBER 14755 INDIVIDUAL IS A BOARD OFFICER 0 GORDON FOSTER BOARD MEMBER 14755 INDIVIDUAL IS A BOARD OFFICER 0 SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: (A) NAME OF PERSON: JAMES MCCORMICK(D) DESCRIPTION OF TRANSACTION: INDIVIDUAL IS A BOARD OFFICER OF THE STEUBEN RURAL ELECTRIC COOPERATIVE, INC. THE INDIVIDUAL ALSO SERVED AS A BOARD MEMBER OF THE COOPERATIVE'S WHOLLY OWNED SUBSIDIARY, SREC GENERATING COMPANY, INC. TRANSACTION AMOUNTS REPRESENT THE ACCOUNTING OF CURRENT YEAR OPERATING DEFICIT. AS MENTIONED IN SCHEDULE R, THE COMPANY WAS LEGALLY DISSOLVED IN 2020 AND REPORTED A LOSS FROM DISSOLUTION OF $4,206,090. SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: (A) NAME OF PERSON: GORDON FOSTER(D) DESCRIPTION OF TRANSACTION: INDIVIDUAL IS A BOARD MEMBER OF THE STEUBEN RURAL ELECTRIC COOPERATIVE, INC. THE INDIVIDUAL ALSO SERVED AS A BOARD MEMBER OF THE COOPERATIVE'S WHOLLY OWNED SUBSIDIARY, SREC GENERATING COMPANY, INC. TRANSACTION AMOUNTS REPRESENT THE ACCOUNTING OF CURRENT YEAR OPERATING DEFICIT. AS MENTIONED IN SCHEDULE R, THE COMPANY WAS LEGALLY DISSOLVED IN 2020 AND REPORTED A LOSS FROM DISSOLUTION OF $4,206,090. FORM 990, PART VI, SECTION A, LINE 6 ANY PERSON, FIRM, ASSOCIATION, CORPORATION OR BODY POLITIC OR SUBDIVISION THEREOF MAY BECOME A MEMBER IN STEUBEN RURAL ELECTRIC COOPERATIVE, INC BY A) FILING A WRITTEN APPLICATION FOR MEMBERSHIP THEREIN, B) AGREEING TO PURCHASE ELECTRIC ENERGY FROM THE COOPERATIVE, C) AGREEING TO COMPLY WITH AND BE BOUND BY THE ARTICLES OF INCORPORATION AND BYLAWS OF THE COOPERATIVE AND ANY RULES AND REGULATIONS ADOPTED BY THE BOARD OF DIRECTORS, AND D) PAYING THE MEMBERSHIP FEE. NO MEMBER MAY HOLD MORE THAN ONE MEMBERSHIP IN THE COOPERATIVE, AND NO MEMBERSHIP IN THE COOPERATIVE SHALL BE TRANSFERABLE. FORM 990, PART VI, SECTION A, LINE 7A THE COOPERATIVE'S BOARD OF DIRECTORS APPOINTS A NOMINATING COMMITTEE MADE UP OF CO-OP MEMBERS (NONE ARE ON THE BOARD). THE NOMINATING COMMITTEE MEETS AT LEAST ONCE PER YEAR. EACH NOMINATING COMMITTEE MEMBER IS RESPONSIBLE TO ATTEMPT TO PRESENT AT LEAST TWO CANDIDATES TO RUN FOR SEATS UP FOR ELECTION. PER THE BYLAWS, CANDIDATES MAY ALSO BE NOMINATED BY PETITION. ALL CANDIDATES ARE THEN VOTED ON BY THE MEMBERS IN ATTENDANCE AT THE ANNUAL MEETING AND BY ANY PROXIES RECEIVED PRIOR TO OR AT THE MEETING. FORM 990, PART VI, SECTION A, LINE 7B BOARD DECISIONS ARE PASSED BY A MAJORITY VOTE OF BOARD MEMBERS. ANY PROPOSED BYLAW CHANGES ARE VOTED ON BY THE MEMBERS AT THE NEXT ANNUAL MEETING OF THE MEMBERS IN ACCORDANCE WITH THE COOPERATIVE BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B ALL DIRECTORS RECEIVE A DRAFT COPY OF THE COMPLETED FORM 990 AND ARE ASKED TO PROVIDE CHANGES/CORRECTIONS WHICH ARE DOCUMENTED IN BOARD MEETING MINUTES. THE FINAL COMPLETED FORM 990 IS PROVIDED TO THE COOPERATIVE'S INDEPENDENT AUDITOR FOR SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS, DISCUSSES, AND RESOLVES CONFLICTS ON AN ONGOING BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS MEET TO DISCUSS PROPOSED COMPENSATION INCREASES. RECOMMENDATIONS ARE PASSED BY A MAJORITY VOTE OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE SHALL PRODUCE THE DOCUMENTS UPON RECEIPT OF A WRITTEN REQUEST OF THE PUBLIC. THE COOPERATIVE KEEPS A RECORD OF THE WRITTEN REQUEST. FORM 990, PART XI, LINE 9: MEMBERSHIPS ISSUED 7,624. SREC GENERATING COMPANY INC 9 WILSON AVENUE BATH NY 14810 263794241 GENERATION NY C 4191335 1.00000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SREC GENERATING COMPANY INC A 8792 ACTUAL COST SCHEDULE R, PART IV THE COOPERATIVE, AS THE SOLE SHAREHOLDER OF SREC GENERATING COMPANY (COMPANY) PROVIDED WRITTEN CONSENT ORDERING THE COMPANY TO DISSOLVE UPON COMPLETION OF A PROPER AND ORDERLY WIND DOWN OF ITS BUSINESS. ON NOVEMBER 3, 2020, THE FINAL DISSOLUTION PAPERWORK FOR THE COMPANY WAS FILED WITH THE NEW YORK STATE DEPARTMENT OF STATE. ON JANUARY 17, 2020, THE COOPERATIVE AND THE COUNTY ELECTED TO TERMINATE THE AGREEMENT FOR THE RIGHTS TO THE LANDFILL GAS. IN ADDITION, THE COOPERATIVE SIMULTANEOUSLY EXECUTED CLOSING ON THE SALE OF THE 3.2 MEGAWATT GENERATING FACILITY TO THE COUNTY FOR THE AMOUNT OF $2,350,000. THE BOOK VALUE OF THE PLANT SOLD AMOUNTED TO $3,676,938. ADDITIONAL CLOSURE AND LEGAL FEES OF $45,026, LESS SUBSIDIARY FORFEITED PATRONAGE OF $52,731, THE NET LOSS FROM THE TRANSACTION WAS $1,319,233. WITH WRITTEN CONSENT OF THE BOARD OF DIRECTORS AND RUS, THIS LOSS WILL BE DEFERRED AND RECOVERED THROUGH THE COOPERATIVE'S RATE BASE OVER A 10-YEAR PERIOD. DEBT THAT WAS IMMEDIATELY RECALLABLE, WHICH AMOUNTED TO $1,525,397 AT DECEMBER 31, 2019, WAS REPAID ON MARCH 31, 2020 FROM THE PROCEEDS OF THE SALE. ON FEBRUARY 29, 2020, THE COMPANY AND THE COOPERATIVE EXECUTED A DEBT CANCELLATION AND RELEASE AGREEMENT WHICH CONSISTED OF THE FOLLOWING: INTERCOMPANY PAYABLES AND LOC $ 4,255,548.39 LESS, CASH ON HAND AT FEBRUARY 11, 2020 (49,477.73) LESS, PATRONAGE CAPITAL FROM ELECTRIC SERVICE (52,137.21) TOTAL $ 4,153,933.45