2016-11-08T16:20:34-06:00 2015-12-31 450250958 EIDE BAILLY LLP 200 EAST 10TH ST PO BOX 5125 SIOUX FALLS SD 571175125 990 2015-01-01 850081882 KIT CARSON ELECTRIC COOPERATIVE INC KITC 5757582258 PO BOX 578 TAOS NM 87571 LUIS A REYES JR CEO/GENERAL MANAGER 5757582258 2016-11-08 1 LAURIE HANSON P00851848 6053391999 2016-11-08 2015 2017-02-10 21:41:12Z LUIS A REYES JR PO BOX 578 TAOS NM 87571 40449110 0 X WWW.KITCARSON.COM X 1944 NM TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE. 11 11 142 0 194092 0 0 0 40930847 40159407 45590 48961 272472 240742 41248909 40449110 0 0 5844938 0 6272252 6645170 0 0 0 34363419 35048221 46480609 41693391 -5231700 -1244281 150707422 157571319 108061593 116323155 42645829 41248164 TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE. 0 0 PROVIDING ELECTRIC ENERGY TO OUR MEMBERS - 28,548 ACTIVE SERVICES AT YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. PROVIDING INTERNET SERVICE TO OUR MEMBERS - 2,047 ACTIVE SERVICES AT YEAR END WERE PROVIDED INTERNET SERVICE ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. 0 0 0 0 0 0 0 1 0 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 61 0 1 142 1 1 1 0 0 0 0 38701458 557264 0 X 11 11 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 0 0 1 0 0 X LUIS A REYES JR 5757582258 118 CRUZ ALTA ROAD TAOS NM 875710578 ROBERT ORTEGA SR PRESIDENT 10.00 X X 10875 0 0 MANUEL MEDINA VICE PRESIDENT 7.30 X X 6225 0 0 CHRISTOBAL DURAN SECRETARY 23.30 X X 675 0 0 BRUCE JASSMAN TREASURER 11.80 X X 13575 0 0 VIRGIL MARTINEZ TRUSTEE 8.50 X 6000 0 0 DAVID TORRES TRUSTEE 7.60 X 9000 0 0 AMBROSE MASCARENAS TRUSTEE 8.40 X 5925 0 0 LUISA VALERIO MYLET TRUSTEE 6.20 X 7650 0 0 ARTHUR RODARTE TRUSTEE 7.90 X 7500 0 0 JERRY SMITH TRUSTEE 13.50 X 13200 0 0 PETER ADANG TRUSTEE 3.40 X 0 0 0 LUIS A REYES JR CEO/GENERAL MANAGER 70.00 X 210797 0 41278 RICHARD MARTINEZ COO 50.00 X 101951 0 29866 393373 0 71144 2 0 1 0 TCS COMMUNICATIONS PO BOX 864028 ORLANDO FL 32886 BROADBAND CONSTRUCTION 7553687 ATLANTIC ENGINEERING PO BOX 790 BRASELTON GA 30517 BROADBAND CONSTRUCTION 3097314 FARWEST CAPITAL 4601 SPICEWOOD SPRINGS RD AUSTIN TX 78759 BROADBAND CONSTRUCTION 1730600 PULSE BROADBAND 18044 SHEPERD VALLEY RD WILWOOD MO 63038 BROADBAND CONSTRUCTION 1065971 J&D CONTRACTORS PO BOX 2522 TAOS NM 87571 LINE CONSTRUCTION 655139 17 SALE OF POWER 221000 37468004 37468004 CAPITAL CREDITS 221000 1337816 1337816 INTERNET REVENUE 519100 1105799 1083683 22116 OTHER OPERATING REVENUE 221000 247788 247788 40159407 48961 46418 2543 115184 0 115184 115184 115184 MANAGEMENT FEE 900099 120000 120000 CALL CENTER REVENUE 518210 5558 5558 125558 40449110 40252475 194092 2543 464517 5230444 531780 418429 3279862 3843411 COST OF POWER 21111274 ADMIN & GENERAL 3290184 DISTRIBUTION-OPERATIONS 2606834 DISTRIBUTION-MAINTENANC 1730720 -814064 41693391 1437787 1756009 7900070 7995680 1399668 1497766 6295795 5910874 142820121 48002230 94797001 94817891 -315512 -88731 13661969 14675000 25530644 31006830 150707422 157571319 10730351 5413075 21661 21093 90407876 105089840 5849442 4550881 1052263 1248266 108061593 116323155 X 0 0 0 0 42645829 41248164 42645829 41248164 150707422 157571319 X -1244281 -153384 X 0 1 X 1 0 0 1 X 990709 990709 10484591 10484591 130511989 48002230 82509759 832832 832832 94817891 CFC 65257 C COBANK 934309 C FEDERATED RURAL ELECTRIC INSURANCE CORPORATION 237037 C NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE 770054 C SOUTHEASTERN DATA COOPERATIVE 197230 C TRI-STATE GENERATION & TRANSMISSION 12465933 C MEMBERSHIP AND OTHER 5180 C 14675000 NON-UTILITY PROPERTY, NET 31006830 31006830 CUSTOMER DEPOSITS 378695 DEFERRED CREDITS 855995 FUEL COST ADJUSTMENT 13576 1248266 X PART IV, LINE 2B: OPERATION ROUND UP PROGRAM PROVIDES MEMBERS WITH THE ABILITY TO DONATE MONEY THROUGH THE COOPERATIVE TO HELP NEEDY MEMBERS PAY THEIR ELECTRIC BILLS. THE ACCOUNT IS LISTED ON THE BALANCE SHEET AS A LIABILITY. PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE ON ANY INCOME RELATED TO ITS EXEMPT PURPOSE. THE SUBSIDIARY INCURS UNRELATED BUSINESS TAXABLE INCOME UNDER THE CODE ON CERTAIN REVENUE STREAMS AND HAS AN INCOME TAX PROVISION/(BENEFIT) OF APPROXIMATELY $(1,310,000) AND $(973,000) WHICH IS FULLY ALLOWED FOR AS OF DECEMBER 31, 2015 AND 2014, RESPECTIVELY. THE COOPERATIVE BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. GENERALLY, THE COOPERATIVE IS NO LONGER SUBJECT TO FEDERAL OR STATE TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2012. X X X X 0 0 0 LUIS A REYES JR CEO/GENERAL MANAGER 210797 0 0 0 0 0 25816 0 15462 0 252075 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THERE IS ONE CLASS OF MEMBERS. A MEMBER MAY HAVE MULTIPLE ACCOUNTS BUT ONLY ONE MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE COOPERATIVE VOTE IN THE ELECTION OF THE BOARD OF DIRECTORS. EACH MEMBER HAS 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. THE DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE ASSETS; 4. BY-LAW CHANGES; 5. EXPULSION OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B COMMITTEES DO NOT HAVE BROAD AUTHORITY TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11 MANAGEMENT PRESENTS A COPY OF THE FORM 990 TO THE BOARD FOR DISCUSSION, REVIEW AND APPROVAL PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS AND OFFICERS ARE REQUIRED TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE COOPERATIVE'S CONFLICT OF INTEREST POLICY. THE BOARD OF DIRECTORS AND OFFICERS ARE REQUIRED TO DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY TO THE FULL BOARD OF DIRECTORS AS SOON AS POSSIBLE. THE CONFLICT OF INTEREST POLICY IS REVIEWED ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD AND THE GENERAL MANAGER USE A COMPENSATION SURVEY WHEN DETERMINING THE COMPENSATION OF THE COOPERATIVE'S OTHER EMPLOYEES THAT MEET THE DEFINITION OF OFFICER AND KEY EMPLOYEE, IF ANY. THE SURVEY INCLUDES SALARIES FROM SIMILAR COOPERATIVES THROUGHOUT NEW MEXICO AND THE NATION. PERFORMANCE EVALUATIONS ARE ALSO CONDUCTED FOR DETERMINING OTHER EMPLOYEES' COMPENSATION PACKAGES. THE COMPENSATION PROCEDURE FOR THE GENERAL MANAGER'S COMPENSATION INCLUDES AN EMPLOYEE RELATIONS COMMITTEE AND BOARD OF DIRECTORS REVIEW AND APPROVAL. THE PROCESS WAS UNDERTAKEN IN 2015. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE WILL PROVIDE A COMPLETE COPY OF THE AUDITED FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, OR GOVERNING DOCUMENTS TO ANY MEMBER WHO REQUESTS A COPY. FORM 990, PART XI, LINE 9: PATRONAGE CAPITAL RETIREMENTS -152,249. OTHER CHANGE IN EQUITY -1,135. KIT CARSON ELECTRIC EDUCATION FOUNDATION PO BOX 578 TAOS NM 87571 311578049 CHARITABLE NM 501(C)(3) PF KIT CARSON ELECTRIC COOPERATIVE INC 1 KIT CARSON ENERGY INC PO BOX 578 TAOS NM 87571 271603074 PROPANE SALES NM KIT CARSON ELECTRIC COOPERATIVE INC C 1754568 2774097 1.00000 1 1 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 1 1 1 KIT CARSON ENERGY INC A 46418 FAIR VALUE KIT CARSON ENERGY INC O 120000 FAIR VALUE KIT CARSON ENERGY INC Q 166417 FAIR VALUE