2020-07-31T11:49:05-05:00 2019-12-31 161117932 BUFFAMANTE WHIPPLE BUTTAFARO PC 201 WEST THIRD STREET JAMESTOWN NY 14701 990 2019-01-01 160650108 STEUBEN RURAL ELECTRIC COOPERATIVE INC STEU 6077764161 9 WILSON AVENUE BATH NY 14810 BRYANT DILLON GENERAL MANAGER 6077764161 2020-07-31 1 JAMES C ALEXANDER IV CPA P01384001 7166645104 208.105.187.210 2020-07-31 12:48:18 ED P 0F8E2851FD416ACFB00AA7630511EF29DE290C73 01D9D9A006A371D6757D6E1FD5218252CEC6965D 2019 2020-09-23 17:36:50Z BRYANT DILLON 9 WILSON AVENUE BATH NY 14810 11109822 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 33 0 0 0 0 0 10931324 10827241 153977 147358 61775 -313042 11147076 10661557 0 0 413124 373695 239716 209639 0 0 0 10254344 9980262 10907184 10563596 239892 97961 40407096 40268310 23755232 23510660 16651864 16757650 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 10563596 10514199 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. 10563596 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 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 52 0 1 33 1 0 0 0 0 0 0 0 10288784 287903 0 0 0 X 9 9 0 0 1 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 0.58 X 2700 0 0 GORDON FOSTER DIRECTOR 6.08 X 13080 0 0 WILLIAM H MOSS III DIRECTOR 2.32 X 3860 0 0 RANDY STANKEY DIRECTOR 4.83 X 10220 0 0 GERALD CHASE DIRECTOR 0.57 X 1420 0 0 JANICE HOAD SECRETARY 4.87 X X 11300 0 0 GARY BROCKWAY TREASURER 3.93 X X 8400 0 0 JAMES R MCCORMICK PRESIDENT 5.55 X X 10960 0 0 ROBERT V NICHOLS VICE PRESIDENT 9.19 X X 10960 0 0 BRYANT DILLON GENERAL MANAGER 55.00 X 101878 0 34860 WADE NELSON FOREMAN 45.60 X 100194 0 16532 RICHARD SWIFT FOREMAN 47.75 X 110030 0 20864 385002 0 72256 3 0 0 0 THAYER POWER & COMMUNICATION 12345 WORTHINGTON RD PATASKALA OH 43062 POWERLINE CONSTRUCTION 996050 BNF POWERLINE CONSTRUCTION 361 BRUMBAUGH RD ROARING SPRING PA 16673 POWERLINE CONSTRUCTION 894995 STRAUSS TREE SERVICE INC 10646 COUNTY ROUTE 119 ADDISON NY 14801 VEGETATION MANAGEMENT 499044 SEMPER UTLITIES 3401 ST 502 PHILADELPHIA PA 19134 POWERLINE CONSTRUCTION 450784 ALLAN BRITEWAY ELECTRICAL UTILITY CONTRA 130 ALGONQUIN PARKWAY WHIPPANY NJ 07981 POWERLINE CONSTRUCTION 439011 6 ELECTRIC SERVICE REVENUE 221000 10827241 10827241 10827241 147358 147358 -544 129377 0 448265 -544 -318888 -319432 -319432 MISCELLANEOUS REVENUE 221000 6390 6390 6390 10661557 10514199 0 147358 373695 209639 713182 1298353 COST OF PURCHASED POWER 2373246 DISTRIBUTION EXP-OPERAT 1879114 DISTRIBUTION EXP-MAINTE 1680824 ADMINISTRATIVE AND GENE 1041368 994175 10563596 1705344 678970 4031288 5067503 2500000 2500000 443489 493805 101789 352513 55776389 23013825 33634455 32762564 -2681174 -2198506 671905 611461 40407096 40268310 1306202 1049432 22220520 22258000 228510 203228 23755232 23510660 X 0 0 0 0 16651864 16757650 16651864 16757650 40407096 40268310 X 97961 7825 X 0 1 X 1 0 41039 41039 4192448 1771788 2420660 51198165 21242037 29956128 344737 344737 32762564 OTHER POSTRETIREMENT BENEFITS 203228 203228 X 11109822 448265 448265 10661557 0 10661557 10638166 448265 448265 10189901 373695 373695 10563596 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, 2019 AND 2018. THE COOPERATIVE IS REQUIRED TO FILE INFORMATIONAL RETURNS WITH THE INTERNAL REVENUE SERVICE. THE TAX YEARS FROM 2015 TO 2017 REMAIN SUBJECT TO EXAMINATION BY THE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: LANDFILL GAS DEPRECIATION 352,008. DEBT SERVICE - INTEREST & AMORTIZATION 96,257. PART XII, LINE 2D - OTHER ADJUSTMENTS: LANDFILL GAS DEPRECIATION 352,008. DEBT SERVICE - INTEREST & AMORTIZATION 96,257. PART XII, LINE 4B - OTHER ADJUSTMENTS: CURRENT YEAR RETIREMENT OF CAPITAL CREDITS 489,921. LESS: DISCOUNT ON CAPITAL CREDITS -33,796. LESS: UNCLAIMED CAPITAL CREDITS -81,607. LESS: OTHER -823. PART XII, LINE 4B THE COOPERATIVE HAD NET RETIREMENTS OF CAPITAL CREDITS OF $373,695 TO ITS MEMBERS IN 2019. THIS AMOUNT IS INCLUDED IN BENEFITS PAID TO OR FOR MEMBERS AS INDICATED ON SCHEDULE O. JAMES MCCORMICK BOARD MEMBER 306707 INDIVIDUAL IS A BOARD OFFICER 0 GORDON FOSTER BOARD MEMBER 306707 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 SERVES AS A BOARD MEMBER OF THE COOPERATIVE'S WHOLLY OWNED SUBSIDIARY, SREC GENERATING COMPANY, INC. TRANSACTION AMOUNTS REPRESENT THE ACCOUNTING OF INTERCOMPANY EQUITY. 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 SERVES AS A BOARD MEMBER OF THE COOPERATIVE'S WHOLLY OWNED SUBSIDIARY, SREC GENERATING COMPANY, INC. TRANSACTION AMOUNTS REPRESENT THE ACCOUNTING OF INTERCOMPANY EQUITY. FORM 990, PART VI, SECTION A, LINE 4 BYLAW AMENDMENTS TO ARTICLE IV WERE APPROVED DURING 2019. THE COOPERATIVE'S MEMBERSHIP VOTED TO AMEND ARTICLE IV OF ITS BYLAWS TO REMOVE THE ABILITY OF NOMINATIONS FROM THE FLOOR AT THE ANNUAL MEETING FOR DIRECTOR ELECTIONS DUE TO LOGISTICAL CONCERNS IN VETTING A POTENTIAL CANDIDATE ON QUALIFICATIONS SET FORTH WITHIN THE BYLAWS. THE COOPERATIVE'S MEMBERSHIP VOTED TO AMEND ARTICLE IV OF ITS BYLAWS TO INCLUDE A REQUIREMENT THAT FORMER DIRECTORS SHALL NOT BE EMPLOYED BY THE COOPERATIVE FOR AT LEAST FIVE YEARS AFTER COMPLETING THEIR SERVICE AS A DIRECTOR. 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 7,825. SREC GENERATING COMPANY INC 9 WILSON AVENUE BATH NY 14810 263794241 GENERATION NY C -306707 57442 1.00000 0 1 0 0 1 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 SREC GENERATING COMPANY INC A 63105 ACTUAL COST SREC GENERATING COMPANY INC D 2500000 ACTUAL COST SREC GENERATING COMPANY INC J 129376 CONTRACT SREC GENERATING COMPANY INC L 13831 ACTUAL COST SREC GENERATING COMPANY INC O 7615 ESTIMATED COST