2025-09-16T10:00:56-05:00 2024-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-01-01 840235244 CORE ELECTRIC COOPERATIVE CORE 7207335477 5496 N US HWY 85 SEDALIA CO 80135 PAM FEUERSTEIN CEO 7207335477 2025-09-05 1 0 WILLIAM M MILLER P00439459 8067473806 2025-09-05 X 2024 2025-03-06 01:10:19Z PAM FEUERSTEIN CEO 5496 N US HWY 85 SEDALIA CO 80135 414435143 0 X WWW.CORE.COOP X 1938 CO TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE. 7 7 345 0 0 0 0 0 350160622 412183103 2444824 274478 1149960 711552 353755406 413169133 558501 524646 24946779 56528161 36999733 40090926 0 0 0 291250393 316025400 353755406 413169133 0 0 1351724523 1440297004 954411352 1032401686 397313171 407895318 THE FOLLOWING MISSION STATEMENT GUIDES THE COOPERATIVE IN FULFILLING ITS TAX EXEMPT PURPOSE OF PROVIDING QUALITY AND RELIABLE ELECTRIC SERVICE TO OUR MEMBER-CONSUMERS: IMPROVING LIVES AND COMMUNITIES THROUGH CHOICE AND INNOVATION. 0 0 PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 180,898 ACTIVE SERVICES LOCATED IN PORTIONS OF 11 COUNTIES SURROUNDING THE DENVER, COLORADO AREA AT YEAR END. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 209 0 345 1 0 0 0 0 0 0 0 411642012 52612257 0 0 0 X 7 7 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X LAURIE BURKHART CFO 7207335477 5496 N US HWY 85 SEDALIA CO 80135 X TIMOTHY WHITE PRESIDENT 8.00 X X 65442 0 0 BRUFF SHEA VICE PRESIDENT 3.00 X X 52543 0 0 WILLIAM KILGORE DIRECTOR 5.00 X 35414 0 0 MICHAEL SPERRY DIRECTOR 6.00 X 48643 0 0 ROBERT GRAF DIRECTOR 12.00 X 63955 0 0 MICHAEL KEMPE ASST. SECRETARY/TREASURER 7.00 X X 33154 0 0 JAMES ANEST SECRETARY/TREASURER 7.00 X X 57760 0 0 AMANDA LESHER CHIEF MEMBER EXPERIENCE OFFICER 45.00 X 422424 0 73069 DIERDRE JONES CHIEF FINANCIAL OFFICER 40.00 X 580085 0 119971 JEFFREY BAUDIER CHIEF EXECUTIVE OFFICER 40.00 X 475410 0 103117 KATHLEEN SOLANO CHIEF ADMINISTRATIVE OFFICER 40.00 X 434949 0 130350 LAURIE BURKHART CHIEF FINANCIAL OFFICER 50.00 X 56493 0 6751 MARK JURGEMEYER CHIEF OPERATING OFFICER 40.00 X 362817 0 88959 PAMELA FEUERSTEIN CHIEF EXECUTIVE OFFICER 55.00 X 565334 0 126782 ANDREW MINTER DISTRIBUTION OPERATIONS DIRECTOR 40.00 X 262873 0 84571 CHRISTOPHER HILDRED POWER SUPPLY DIRECTOR 45.00 X 259199 0 69086 MARCY HUDSON PEOPLE OPERATIONS DIRECTOR 50.00 X 251681 0 95718 JEREMY CANNON INFORMATION TECHNOLOGY DIRECTOR 45.00 X 292300 0 96274 STELLA SELANDER FLEET AND FACILITIES DIRECTOR 45.00 X 232016 0 47980 BRIAN RICHTER ENGINEERING DIRECTOR 40.00 X 231381 0 51925 WADE PYNES CONTROLLER 55.00 X 288859 0 53324 BRIAN HINKS DISTRIBUTION OPERATIONS MANAGER 40.00 X 218682 0 59545 MATTHEW BASFORD JOURNEYMAN LINEMAN 53.00 X 219605 0 26858 ROBERT KIESS DISTRICT MANAGER 40.00 X 215191 0 46802 MICHAEL MCCORKELL DISTRICT MANAGER 40.00 X 214721 0 45393 THOMAS HAVENS DISTRICT MANAGER 40.00 X 214288 0 39926 6155219 0 1366401 184 0 1 0 COLORADO POWERLINE INC 5401 N PETERSON RD SEDALIA CO 80135 CONSTRUCTION CONTRACTOR 38467712 WARD ELECTRIC COMPANY 9586 E I25 FRONTAGE RD LONGMONT CO 80504 CONSTRUCTION CONTRACTOR 13665896 SAUNDERS CONSTRUCTION INC 86 INVERNESS PLACE NORTH ENGLEWOOD CO 80112 CONSTRUCTION CONTRACTOR 12263633 SAUNDERS NORWOOD CONSTRUCTION LLC 111 S TEJON ST SUITE 200 COLORADO SPRINGS CO 80903 CONSTRUCTION CONTRACTOR 12198457 POWELL ELECTRICAL SYSTEMS INC 8550 MOSLEY RD HOUSTON TX 77075 CONSTRUCTION CONTRACTOR 4094199 91 X ELECTRICITY SALES 221000 368484242 368484242 SETTLEMENT REVENUE 221000 32000000 32000000 PATRONAGE DIVIDENDS 221000 3713249 3713249 SALES FOR RESALE 221000 3499993 3499993 RENEWABLE ENERGY CERTIFICATE SALE 221000 2815524 2815524 1670095 1670095 412183103 1495010 1495010 12000 0 12000 12000 12000 45478 1266010 -1220532 -1220532 -1220532 POLE ATTACHMENT INCOME 221000 699552 699552 699552 413169133 410962571 0 2206562 X 524646 56528161 6220609 23397593 3334093 5362198 1776433 39738517 55555766 PURCHASED POWER 129563914 POWER PRODUCTION EXPENS 32944630 ADMINISTRATIVE & GENERA 19778629 DISTRIBUTION EXPENSE 15514916 22929028 413169133 23680509 62192236 14001913 989000 21866071 16573127 33137901 30369141 19577284 12475063 1777563858 521944785 1183248036 1255619073 36290063 38223913 19922746 23855451 1351724523 1440297004 51001960 60746554 22500000 59500000 841652877 876897338 39256515 35257794 954411352 1032401686 X 764425 764425 0 0 396548746 407130893 397313171 407895318 1351724523 1440297004 X 0 10582147 X X 0 1 X 1 0 7500 7500 7500 1 COLORADO WAY FORWARD PO BOX 100033 DENVER CO 80250 923861115 1000 COLORADO CHAMBER OF COMMERCE 1600 BROADWAY 1000 DENVER CO 80202 840174402 1500 SENATE MAJORITY FUND PO BOX 6139 DENVER CO 80206 451353357 5000 40908356 40908356 99466870 12429954 87036916 1503623722 509514831 994108891 133564910 133564910 1255619073 ACCRUED OPERATING TAXES - PROPERTY & SALES 11856814 ASSET RETIREMENT OBLIGATION 11502723 CUSTOMER ADVANCE FOR CONSTRUCTION 1364404 CUSTOMER DEPOSITS 2886850 OTHER DEFERRED CREDITS 115456 PENSION PLAN OBLIGATION 3219780 POST-RETIRMENT HEALTH BENEFIT OBLIGATION 4311767 35257794 X 376169133 0 376169133 37000000 37000000 413169133 356640972 0 356640972 56528161 56528161 413169133 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. THE COOPERATIVE FILES AND EXEMPT ORGANIZATION TAX RETURN IN THE U.S. FEDERAL JURISDICTION. AS OF DECEMBER 31, 2024 AND 2023, THE COOPERATIVE HAD NO UNCERTAIN TAX POSITIONS, AND NO PROVISION FOR INCOME TAXES, CONSISTENT WITH ITS TAX-EXEMPT STATUS. PART XI, LINE 4B - OTHER ADJUSTMENTS: DEFERRED REVENUE ALLOCATED PER BOARD APPROVED PLAN 37,000,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 56,528,161. PART VIII INVESTMENTS - PROGRAM RELATED THE AMOUNT OF INVESTMENTS - PROGRAM RELATED ON FORM 990, PAGE 11, PART X, LINE 13 DOES NOT EQUAL OR EXCEED 5% OF THE TOTAL ASSETS ON FORM 990, PAGE 11, PART X, LINE 16, COLUMN B. CONSEQUENTLY, IN ACCORDANCE WITH IRS INSTRUCTIONS, SCHEDULE D, PART VIII HAS BEEN LEFT BLANK. PART IX OTHER ASSETS THE AMOUNT OF OTHER ASSETS ON FORM 990, PAGE 11, PART X, LINE 15 DOES NOT EQUAL OR EXCEED 5% OF THE 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 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 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 ALLOCATED TO THE MEMBERS IS REPORTED ON FORM 990, PART IX, LINE 4 AS "BENEFITS PAID TO MEMBERS". PATRONAGE DIVIDENDS ARE ALLOCATED ON A PATRONAGE BASIS AND DONE SO PURSUANT TO A PRE-EXISTING OBLIGATION AS PROVIDED FOR IN THE "NON-PROFIT OPERATION" ARTICLE OF THE COOPERATIVE'S BYLAWS. 0 ARAPAHOE COUNTY YOUTH LIVESTOCK AUCTION 61151 US HIGHWAY 36 STRASBURG CO 80136 462715330 501(C)(3) 10500 0 2024 DONATION CASTLE ROCK ADVENTIST HOSPITAL FND 9395 CROWN CREST BLVD PARKER CO 80138 840745018 501(C)(3) 14000 0 2024 DONATION CASTLE ROCK SENIOR CENTER INC 2323 WOODLANDS BLVD CASTLE ROCK CO 80104 841231171 501(C)(3) 5650 0 2024 DONATION CCV ROTARY CLUB OF PARKER FOUNDATION PO BOX 4034 PARKER CO 80134 270436257 501(C)(3) 9000 0 2024 DONATION CHEROKEE RANCH AND CASTLE FOUNDATION PO BOX 472 SEDALIA CO 80135 841363339 501(C)(3) 8500 0 2024 DONATION COLORADO AGRICULTURE LEADERSHIP FOUNDATION PO BOX 581 CASTLE ROCK CO 80104 020657688 501(C)(3) 7000 0 2024 DONATION COMMUNITY CUPBOARD OF WOODLAND PARK 414 N HWY 67 WOODLAND PARK CO 80863 750113046 509(A)(1) 5350 0 2024 DONATION DOUGLAS COUNTY COMMUNITY FOUNDATION 9233 PARK MEADOWS DR SUITE 108 CASTLE ROCK CO 80104 203577455 501(C)(3) 23000 0 2024 DONATION DOUGLAS COUNTY EDUCATIONAL FOUNDATION 620 WILCOX STREET CASTLE ROCK CO 80104 841165175 501(C)(3) 15000 0 2024 DONATION DOUGLAS COUNTY FAIR FOUNDATION 500 FAIRGROUNDS DR CASTLE ROCK CO 80104 840947364 501(C)(3) 12000 0 2024 DONATION ELBERT COUNTY FAIR BOARD 1565 CR 150 ELIZABETH CO 80107 840947364 501(C)(3) 10000 0 2024 DONATION ENERGY OUTREACH COLORADO 303 E 17TH AVENUE SUITE 405 DENVER CO 80103 742543881 501(C)(3) 12000 0 2024 DONATION HELP AND HOPE CENTER 1638 PARK STREET CASTLE ROCK CO 80104 742395223 501(C)(3) 11525 0 2024 DONATION HOPE LIVES HERE PO BOX 644 WOODLAND PARK CO 80866 841420920 501(C)(3) 6500 0 2024 DONATION JUNIOR ACHIEVEMENT-ROCKY MOUNTAIN INC 6500 GREENWOOD PLAZA BLVD GREENWOOD VILLAGE CO 80111 840430495 501(C)(3) 5500 0 2024 DONATION OUTDOOR LAB FOUNDATION 3000 YOUNGFIELD STREET 167 WHEAT RIDGE CO 80125 200293537 501(C)(3) 11275 0 2024 DONATION PARKER SENIOR CENTER INC 10675 LONGS WAY PARKER CO 80138 742528815 501(C)(3) 6000 0 2024 DONATION PARKER TASK FORCE 19105 LONGS WAY PARKER CO 80134 742528815 501(C)(3) 10000 0 2024 DONATION ROTARY CLUB OF PARKER FOUNDATION PO BOX 1472 PARKER CO 80134 841333519 501(C)(3) 9800 0 2024 DONATION SECOR 17151 PINE LANE PARKER CO 80134 204226894 501(C)(3) 7000 0 2024 DONATION THE ASPEN EFFECT 96 BELL MOUNTAIN PARKWAY CASTLE ROCK CO 80104 822911196 501(C)(3) 10000 0 2024 DONATION TRI ARTS PROJECT 312 CANTRIL STREET CASTLE ROCK CO 80104 874633355 509(A)(2) 7500 0 2024 DONATION 20 2 X X X 1 0 0 DIERDRE JONES CHIEF FINANCIAL OFFICER 207706 0 98756 0 273623 0 108552 0 11419 0 700056 0 0 0 PAMELA FEUERSTEIN CHIEF EXECUTIVE OFFICER 464340 0 98756 0 2238 0 80051 0 46731 0 692116 0 0 0 JEFFREY BAUDIER CHIEF EXECUTIVE OFFICER 168938 0 220000 0 86472 0 93069 0 10048 0 578527 0 0 0 KATHLEEN SOLANO CHIEF ADMINISTRATIVE OFFICER 348946 0 82145 0 3858 0 98348 0 32002 0 565299 0 0 0 AMANDA LESHER CHIEF MEMBER EXPERIENCE OFFICER 338599 0 82145 0 1680 0 56444 0 16625 0 495493 0 0 0 MARK JURGEMEYER CHIEF OPERATING OFFICER 320276 0 39889 0 2652 0 65174 0 23785 0 451776 0 0 0 JEREMY CANNON INFORMATION TECHNOLOGY DIRECTOR 252742 0 35700 0 3858 0 55650 0 40624 0 388574 0 0 0 ANDREW MINTER DISTRIBUTION OPERATIONS DIRECTOR 228586 0 31793 0 2494 0 45760 0 38811 0 347444 0 0 0 MARCY HUDSON PEOPLE OPERATIONS DIRECTOR 216749 0 32250 0 2682 0 51783 0 43935 0 347399 0 0 0 WADE PYNES CONTROLLER 250891 0 35615 0 2353 0 10296 0 43028 0 342183 0 0 0 CHRISTOPHER HILDRED POWER SUPPLY DIRECTOR 227884 0 29700 0 1615 0 32598 0 36488 0 328285 0 0 0 BRIAN RICHTER ENGINEERING DIRECTOR 218487 0 11029 0 1865 0 8999 0 42926 0 283306 0 0 0 STELLA SELANDER FLEET AND FACILITIES DIRECTOR 209865 0 20510 0 1641 0 8515 0 39465 0 279996 0 0 0 BRIAN HINKS DISTRIBUTION OPERATIONS MANAGER 196758 0 19500 0 2424 0 53045 0 6500 0 278227 0 0 0 ROBERT KIESS DISTRICT MANAGER 194181 0 19200 0 1810 0 40852 0 5950 0 261993 0 0 0 MICHAEL MCCORKELL DISTRICT MANAGER 193631 0 19200 0 1890 0 38893 0 6500 0 260114 0 0 0 THOMAS HAVENS DISTRICT MANAGER 193186 0 18900 0 2202 0 33426 0 6500 0 254214 0 0 0 MATTHEW BASFORD JOURNEYMAN LINEMAN 217255 0 1000 0 1350 0 20358 0 6500 0 246463 0 0 0 PART I, LINE 4A DIERDRE JONES RECEIVED A SEVERANCE PAYMENT DURING THE YEAR 2024 IN THE AMOUNT OF $225,000. PART II, COLUMN C: INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. 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. DIERDRE JONES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 98,420 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,132 TOTAL REPORTED IN COLUMN C $ 108,552 PAMELA FEUERSTEIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 66,251 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,800 TOTAL REPORTED IN COLUMN C $ 80,051 JEFFERY BAUDIER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 82,896 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,173 TOTAL REPORTED IN COLUMN C $ 93,069 KATHLEEN SOLANO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 84,548 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,800 TOTAL REPORTED IN COLUMN C $ 98,348 AMANDA LESHER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,770 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,674 TOTAL REPORTED IN COLUMN C $ 56,444 MARK JURGEMEYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 52,363 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,811 TOTAL REPORTED IN COLUMN C $ 65,174 JEREMY CANNON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,380 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,270 TOTAL REPORTED IN COLUMN C $ 55,650 ANDREW MINTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,525 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,235 TOTAL REPORTED IN COLUMN C $ 45,760 MARCY HUDSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,853 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,930 TOTAL REPORTED IN COLUMN C $ 51,783 WADE PYNES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,296 TOTAL REPORTED IN COLUMN C $ 10,296 CHRISTOPHER HILDRED: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 23,483 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,115 TOTAL REPORTED IN COLUMN C $ 32,598 BRIAN RICHTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,999 TOTAL REPORTED IN COLUMN C $ 8,999 STELLA SELANDER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,515 TOTAL REPORTED IN COLUMN C $ 8,515 BRIAN HINKS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,540 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,505 TOTAL REPORTED IN COLUMN C $ 53,045 ROBERT KIESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,847 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,005 TOTAL REPORTED IN COLUMN C $ 40,852 MICHAEL MCCORKELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,888 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,005 TOTAL REPORTED IN COLUMN C $ 38,893 THOMAS HAVENS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 25,439 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,987 TOTAL REPORTED IN COLUMN C $ 33,426 MATTHEW BASFORD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,827 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,531 TOTAL REPORTED IN COLUMN C $ 20,358 MICHAEL KAINE FAMILY RELATIONSHIP (EMPLOYEE OFFICER - A. LESHER) 208170 EMPLOYMENT 0 FORM 990, PART VI, SECTION A, LINE 4 DURING THE YEAR, THE COOPERATIVE'S BYLAWS WERE AMENDED. THE FOLLOWING IS A SUMMARY OF THE CHANGES: ARTICLE IV - MEETINGS OF THE MEMBERS SECTION 9. ACTION BY BALLOT, MADE BALLOT DELIVERY CLARIFICATIONS REMOVING THE REFERENCE TO MAIL-ONLY DELIVERY. ARTICLE V - BOARD OF DIRECTORS SECTION 5. DIRECTOR QUALIFICATIONS, EXPANDED DIRECTOR QUALIFICATIONS TO INCLUDE RULES FOR FORMER EMPLOYEES. SECTION 8. ELECTION OF DIRECTORS, MADE BALLOT DELIVERY CLARIFICATIONS REMOVING THE REFERENCE TO MAIL-ONLY DELIVERY, ADDED CLARIFYING LANGUAGE FOR THE THIRD-PARTY BALLOT PROCESS AND MAIL AND ELECTRONIC BALLOT DUE DATES, EDITED LANGUAGE REGARDING THE SIZE REQUIREMENTS FOR CANDIDATE BIOGRAPHIES, AND ADDED TIE AND RECOUNT LANGUAGE. 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, AS PROVIDED FOR IN ITS BYLAWS. THERE IS ONLY ONE CLASS OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE COOPERATIVE IS DIVIDED INTO SEVEN DISTRICTS, AND EACH DISTRICT IS REPRESENTED BY ONE BOARD MEMBER (DIRECTOR). BOARD MEMBERS ARE ELECTED BY THE RESPECTIVE DISTRICT MEMBERS TO STAGGERED FOUR-YEAR TERMS. ELECTIONS ARE BY MAIL BALLOT, BUT MEMBERS MAY VOTE IN PERSON AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B IN ADDITION TO VOTING IN DIRECTOR ELECTIONS, THE MEMBERS ALSO MUST VOTE AND APPROVE ANY OF THE FOLLOWING ACTS THAT ARE FIRST APPROVED BY A A TWO-THIRDS MAJORITY OF THE BOARD OF DIRECTORS: 1.AMENDMENT TO THE ARTICLES OF INCORPORATION 2.DISSOLUTION/LIQUIDATION OF THE COOPERATIVE 3.MERGER OR CONSOLIDATION OF THE COOPERATIVE WITH ANOTHER ORGANIZATION 4.DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S ASSETS FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990, INCLUDING THE RELATED SCHEDULES, IS COMPLETED AND FILED BY BSGM, THE COOPERATIVE'S EXTERNAL CPA FIRM. FORM 990 INFORMATION IS PROVIDED TO BSGM BY STAFF OF THE COOPERATIVE UNDER THE DIRECTION OF THE CFO AND/OR CONTROLLER, WHO IN TURN REVIEWS THE GOVERNANCE, MANAGEMENT, AND DISCLOSURE SECTIONS REQUIRED BY THE FORM 990, AND PRESENTS A DRAFT OF THE COMPLETED REPORT TO THE CEO AND BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, DIRECTORS, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST AS EVENTS OR CIRCUMSTANCES GIVING RISE TO A CONFLICT OCCUR. THE CEO REVIEWS ANY POTENTIAL CONFLICTS THAT ARE BROUGHT TO HER ATTENTION AND MAKES THE DETERMINATION FOR KEY EMPLOYEES. THE BOARD OF DIRECTORS REVIEWS AND MAKES DETERMINATIONS FOR THE CEO AND AT THE DIRECTOR LEVEL. RESTRICTIONS ON PERSONS WITH A CONFLICT GENERALLY RESULT IN REMOVING THE PERSON FROM DECISION-MAKING AUTHORITY CONCERNING THE CONFLICT AND MAY, IN THE CASE OF DIRECTORS, INCLUDE MANDATORY ABSTENTION FROM VOTING ON THE RELATED AGENDA ITEM. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE CEO IS EVALUATED AND APPROVED BY THE BOARD OF DIRECTORS, IN COMPARISON WITH INDUSTRY STANDARDS AND OTHER COOPERATIVES. COMPENSATION FOR MANAGEMENT EMPLOYEES, INCLUDING SALARIES AND BENEFITS, IS EVALUATED BY PERSONNEL OF THE PEOPLE OPERATIONS DEPARTMENT UNDER THE DIRECTION OF THE CEO, USING COMPARISONS WITH INDUSTRY STANDARDS, WITH OTHER COOPERATIVES, AND IN CONSIDERATION OF LOCAL EMPLOYMENT AND ECONOMIC MARKETS. THE RESULTING RECOMMENDATIONS ARE REVIEWED BY THE CEO AND WITH THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE BYLAWS OF THE COOPERATIVE, THE ANNUAL REPORT, AND BOARD MINUTES ARE AVAILABLE ON THE COOPERATIVE'S WEBSITE AT WWW.CORE.COOP. THE COOPERATIVE'S ARTICLES OF INCORPORATION ARE AVAILABLE ON THE COLORADO SECRETARY OF STATE'S WEBSITE. OTHER COOPERATIVE DOCUMENTS, SUCH AS THE FORM 990, ARE AVAILABLE TO THE PUBLIC UPON REQUEST AT THE COOPERATIVE'S HEADQUARTERS OFFICE. FORM 990, PART VI, LINE 16B: THE COOPERATIVE PARTICIPATES IN A JOINT VENTURE BY VIRTUE OF PURCHASING AN UNDIVIDED OWNERSHIP INTEREST IN AN ELECTRIC GENERATION FACILITY. THE PURCHASE WAS MADE PURSUANT TO THE LONG-TERM POWER NEEDS AND CONTRACTUAL PROCUREMENT REQUIREMENTS. 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 SINGLE-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, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLANS. IN ADDITION, THE COOPERATIVE PARTICIPATES IN A SINGLE-EMPLOYER DEFINED BENEFIT PLAN WHICH IS AVAILABLE TO EMPLOYEES COVERED UNDER THE COLLECTIVE BARGAINING AGREEMENTS. THE COOPERATIVE ALSO PROVIDES HEALTH, DENTAL, VISION AND LIFE 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 PLANS, 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 2: PATRONAGE DIVIDENDS 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, 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 CALENDAR TAX 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 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 $ 29,618,202 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (356,911) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (648,999) LESS: KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (498,878) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 8,243,293 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 2,914,674 TOTAL WAGES ACCRUED AND/OR PAID $ 39,271,381 FORM 990, PART IX, LINE 24: ADMINISTRATIVE & GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 15,558,475 OFFICE SUPPLIES 7,779,054 OUTSIDE SERVICES 5,264,506 INSURANCES AND DAMAGES 3,425,408 MISCELLANEOUS GENERAL 240,794 DIRECTORS 488,518 DUES AND SUBSCRIPTIONS 257,014 MAINTENANCE OF GENERAL PLANT 3,278,532 INTERNAL CHARGES FOR POWER (153,779) TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 36,138,522 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (356,911) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (11,322,753) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (4,680,229) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 19,778,629 FORM 990, PART IX, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CONSUMER EXPENSES $ 3,845,186 OTHER DEDUCTIONS 8,678,061 TAXES 9,103,670 TRANSMISSION 1,302,111 TOTAL OTHER EXPENSES PER FORM 990, PART IX $ 22,929,028 FORM 990, PART IX: THE FINANCIAL STATEMENTS ARE PREPARED IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AS APPLIED TO REGULATED ENTERPRISES, WHICH CONFORM TO POLICIES PRESCRIBED BY THE FEDERAL ENERGY REGULATORY COMMISSION'S UNIFORM SYSTEM OF ACCOUNTS (USOA). THE USOA 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 XI, LINE 9: BOOK-TAX ADJUSTMENT: DEFERRED REVENUE ALLOCATED -37,000,000. PATRONAGE CAPITAL ASSIGNABLE 56,528,161. PATRONAGE CAPITAL RETIRED -12,537,360. PATRONAGE CAPITAL RETIRED - UNCLAIMED 2,655,514. PATRONAGE CAPITAL RETIRED - DISCOUNT 222,367. DONATED CAPITAL -51,815. ACCUMULATED OTHER COMPREHENSIVE INCOME - PENSION & BENEFITS 765,280.