2026-07-30T13:17:12-05:00 2025-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2025-01-01 840235244 CORE ELECTRIC COOPERATIVE CORE 7207335477 5496 N US HWY 85 SEDALIA CO 80135 PAM FEUERSTEIN CEO 7207335477 2026-07-29 1 PATRICK COOPER P00856177 8067473806 2026-07-22 X 2025 2025-03-06 01:10:19Z PAM FEUERSTEIN 5496 N US HWY 85 SEDALIA CO 80135 395698587 0 X WWW.CORE.COOP X 1938 CO TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE. 7 7 348 0 0 0 0 0 412183103 391866708 274478 2191893 711552 1639986 413169133 395698587 524646 548150 56528161 34333390 40090926 42500536 0 0 0 316025400 318316511 413169133 395698587 0 0 1440297004 1474720645 1032401686 1056982336 407895318 417738309 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 182,993 ACTIVE SERVICES LOCATED IN PORTIONS OF 11 COUNTIES SURROUNDING THE DENVER, COLORADO AREA AT YEAR END. 0 0 0 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 1 203 0 348 1 0 0 0 0 0 437797550 35636777 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 7207335631 5496 N US HWY 85 SEDALIA CO 80135 X TIMOTHY L WHITE PRESIDENT 6.50 X 70310 0 0 BRUFF SHEA DIRECTOR 6.00 X 36046 0 0 WILLIAM RONALD KILGORE DIRECTOR 7.00 X 39609 0 0 MICHAEL SPERRY DIRECTOR 6.00 X 52562 0 0 ROBERT W GRAF DIRECTOR 12.00 X 70084 0 0 MICHAEL KEMPE DIRECTOR 5.00 X 38547 0 0 JAMES T ANEST DIRECTOR 7.00 X 60354 0 0 STACEY STEGMAN DIRECTOR 5.00 X 20029 0 0 PAMELA FEUERSTEIN CHIEF EXECUTIVE OFFICER 50.00 X 607210 0 132749 KATHLEEN SOLANO CHIEF ADMINISTRATIVE OFFICER 40.00 X 452283 0 141732 AMANDA LESHER CHIEF MEMBER EXPERIENCE OFFICER 45.00 X 444774 0 78982 MARK JURGEMEYER CHIEF OPERATING OFFICER (JAN-AUG) 50.00 X 416144 0 100798 LAURA BURKHART CHIEF FINANCIAL OFFICER 45.00 X 378155 0 59993 ANNE SHERWOOD INTERIM CHIEF OP. OFFICER (MAR-DEC) 50.00 X 262085 0 35202 JEREMY CANNON DIR - INFORMATION TECHNOLOGY 45.00 X 310906 0 112313 BRIAN RICHTER DIR - ENGINEERING 40.00 X 305197 0 99085 ANDREW MINTER DIR - DISTRIBUTION OPERATIONS 50.00 X 295853 0 98379 CHRISTOPHER HILDRED DIR - POWER SUPPLY 45.00 X 277831 0 79315 MARCY HUDSON DIR - PEOPLE OPERATIONS 50.00 X 265598 0 109308 RICHARD BREWER DIR - BILLING & PAYMENTS 45.00 X 223339 0 104722 EMILY MEEK DIR - CONTROLLER (FEB-DEC) 55.00 X 222183 0 40818 WADE PYNES CHIEF AUDIT EXECUTIVE 40.00 X 326770 0 93534 CINDY NEWSOME DIR - STRATEGIC & COMMUNICATIONS 40.00 X 265629 0 120170 ROBERT OSBORN DIR - BUSINESS DEVELOPMENT 40.00 X 246688 0 107498 GARETH THOMPSON MGR - DATA ARCHITECTURE 40.00 X 243571 0 48746 MICHAEL KAINE DIR - SAFETY & HEALTH 40.00 X 242404 0 84745 6174161 0 1648089 204 0 1 1 COLORADO POWERLINE INC 5401 N PETERSON RD SEDALIA CO 80135 CONSTRUCTION CONTRACTOR 35435143 WARD ELECTRIC COMPANY 9586 E I25 FRONTAGE RD LONGMONT CO 80504 CONSTRUCTION CONTRACTOR 15749264 POWELL ELECTRICAL SYSTEMS INC 8550 MOSLEY RD HOUSTON TX 77075 CONSTRUCTION CONTRACTOR 6311685 BIGHORN UTILITES GROUP PO BOX 7269 WOODLAND PARK CO 80863 CONSTRUCTION CONTRACTOR 3390636 ASPLUNDH TREE EXPERT CO PO BOX 825124 PHILADELPHIA PA 19182 TREE TRIMMING 2831094 70 X ELECTRICITY SALES 221000 380483741 380483741 SALES FOR RESALE 221000 4702371 4702371 PATRONAGE DIVIDENDS 221000 4273779 4273779 SERVICE FEES 221000 1349324 1349324 RENEWABLE ENERGY CERTIFICATE SALE 221000 786363 786363 271130 271130 391866708 2155631 2155631 12000 0 12000 12000 12000 36262 0 36262 36262 36262 POLE ATTACHMENT INCOME 221000 1260992 1260992 MISCELLANEOUS NON-OPERATING INCOM 221000 366994 366994 1627986 395698587 392269964 0 3428623 X 548150 34333390 6042495 25623137 3528535 5406640 1899729 41358012 64932827 PURCHASED POWER 142643624 POWER PRODUCTION EXPENS 24391901 ADMINISTRATIVE & GENERA 15248896 DISTRIBUTION EXPENSE 13678715 16062536 395698587 62192236 37153793 989000 200000 16573127 17392502 30369141 27540801 12475063 191278272 1862731750 729411672 1255619073 1133320078 38223913 39725316 23855451 28109883 1440297004 1474720645 60746554 52480692 59500000 75000000 876897338 879499979 35257794 50001665 1032401686 1056982336 X 764425 764425 0 0 407130893 416973884 407895318 417738309 1440297004 1474720645 X 0 9842991 X X 0 1 X 1 0 43880989 43880989 158476384 15110111 143366273 1557540145 714301561 843238584 102834232 102834232 1133320078 ACCRUED OPERATING TAXES - PROPERTY & SALES 11770592 ASSET RETIREMENT OBLIGATION 11928479 REGULATORY LIABILITY 19056037 CUSTOMER ADVANCE FOR CONSTRUCTION 224266 CUSTOMER DEPOSITS 3212742 OTHER DEFERRED CREDITS 98390 PENSION PLAN OBLIGATION 2668972 POST-RETIRMENT HEALTH BENEFIT OBLIGATION 1042187 50001665 X 380198587 0 380198587 15500000 15500000 395698587 361365197 0 361365197 34333390 34333390 395698587 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, 2025 AND 2024, 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 15,500,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 34,333,390. 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) 5050 0 2025 DONATION CASTLE ROCK ADVENTIST HOSPITAL FND 9395 CROWN CREST BLVD PARKER CO 80138 840745018 501(C)(3) 9000 0 2025 DONATION CASTLE ROCK CHAMBER 420 JERRY STREET CASTLE ROCK CO 80104 840802658 501(C)(3) 8100 0 2025 DONATION CASTLE ROCK SENIOR CENTER INC 2323 WOODLANDS BLVD CASTLE ROCK CO 80104 841231171 501(C)(3) 5650 0 2025 DONATION CCV ROTARY CLUB OF PARKER FOUNDATION PO BOX 4034 PARKER CO 80134 270436257 501(C)(3) 19500 0 2025 DONATION CHEROKEE RANCH AND CASTLE FOUNDATION PO BOX 472 SEDALIA CO 80135 841363339 501(C)(3) 8500 0 2025 DONATION COLORADO AGRICULTURE LEADERSHIP FOUNDATION PO BOX 581 CASTLE ROCK CO 80104 020657688 501(C)(3) 6250 0 2025 DONATION COMMUNITY PARTNERSHIP FAMILY 701 GOLD HILL PL WOODLAND PARK CO 80863 841157057 501(C)(3) 5950 0 2025 DONATION DOUGLAS COUNTY COMMUNITY FOUNDATION 9233 PARK MEADOWS DR SUITE 108 CASTLE ROCK CO 80104 203577455 501(C)(3) 15000 0 2025 DONATION DOUGLAS COUNTY EDUCATIONAL FOUNDATION 620 WILCOX STREET CASTLE ROCK CO 80104 841165175 501(C)(3) 23500 0 2025 DONATION DOUGLAS COUNTY GOVERNMENT 100 3RD STREET SUITE 130 CASTLE ROCK CO 80104 846000761 GOVERNMENT 10000 0 2025 DONATION ELBERT COUNTY FAIR BOARD 1565 CR 150 ELIZABETH CO 80107 840947364 501(C)(3) 10000 0 2025 DONATION ENERGY OUTREACH COLORADO 303 E 17TH AVENUE SUITE 405 DENVER CO 80103 742543881 501(C)(3) 6000 0 2025 DONATION HELP AND HOPE CENTER 1638 PARK STREET CASTLE ROCK CO 80104 742395223 501(C)(3) 10800 0 2025 DONATION JUNIOR ACHIEVEMENT-ROCKY MOUNTAIN INC 6500 GREENWOOD PLAZA BLVD GREENWOOD VILLAGE CO 80111 840430495 501(C)(3) 9000 0 2025 DONATION PARKER SENIOR CENTER INC 10675 LONGS WAY PARKER CO 80138 742528815 501(C)(3) 11125 0 2025 DONATION PARKER TASK FORCE 19105 LONGS WAY PARKER CO 80134 742528815 501(C)(3) 11500 0 2025 DONATION SECOR 17151 PINE LANE PARKER CO 80134 204226894 501(C)(3) 9000 0 2025 DONATION STRASBURG METRO PARKS & REC 1932 BURTON STREET STRASBURG CO 80136 840708688 501(C)(3) 8275 0 2025 DONATION THE ASPEN EFFECT 96 BELL MOUNTAIN PARKWAY CASTLE ROCK CO 80104 822911196 501(C)(3) 8000 0 2025 DONATION TOWN OF BENNETT 207 MUEGGE WAY BENNETT CO 80102 881018191 GOVERNMENT 5375 0 2025 DONATION TRI ARTS PROJECT 312 CANTRIL STREET CASTLE ROCK CO 80104 874633355 509(A)(2) 7500 0 2025 DONATION 21 1 X X X 0 0 0 PAMELA FEUERSTEIN CHIEF EXECUTIVE OFFICER 505692 0 100000 0 1518 0 86723 0 46026 0 739959 0 0 0 KATHLEEN SOLANO CHIEF ADMINISTRATIVE OFFICER 362493 0 86252 0 3538 0 107209 0 34523 0 594015 0 0 0 AMANDA LESHER CHIEF MEMBER EXPERIENCE OFFICER 357262 0 86252 0 1260 0 60802 0 18180 0 523756 0 0 0 MARK JURGEMEYER CHIEF OPERATING OFFICER (JAN-AUG) 321636 0 93516 0 992 0 82546 0 18252 0 516942 0 0 0 LAURA BURKHART CHIEF FINANCIAL OFFICER 376077 0 0 0 2078 0 14000 0 45993 0 438148 0 0 0 JEREMY CANNON DIR - INFORMATION TECHNOLOGY 268259 0 39359 0 3288 0 69423 0 42890 0 423219 0 0 0 WADE PYNES CHIEF AUDIT EXECUTIVE 284125 0 41250 0 1395 0 48012 0 45522 0 420304 0 0 0 BRIAN RICHTER DIR - ENGINEERING 264604 0 38775 0 1818 0 53484 0 45601 0 404282 0 0 0 ANDREW MINTER DIR - DISTRIBUTION OPERATIONS 259095 0 34968 0 1790 0 56524 0 41855 0 394232 0 0 0 CINDY NEWSOME DIR - STRATEGIC & COMMUNICATIONS 228092 0 33849 0 3688 0 72741 0 47429 0 385799 0 0 0 MARCY HUDSON DIR - PEOPLE OPERATIONS 228794 0 33786 0 3018 0 62879 0 46429 0 374906 0 0 0 CHRISTOPHER HILDRED DIR - POWER SUPPLY 241021 0 35250 0 1560 0 40569 0 38746 0 357146 0 0 0 ROBERT OSBORN DIR - BUSINESS DEVELOPMENT 212855 0 31739 0 2094 0 61015 0 46483 0 354186 0 0 0 RICHARD BREWER DIR - BILLING & PAYMENTS 192058 0 27169 0 4112 0 71837 0 32885 0 328061 0 0 0 MICHAEL KAINE DIR - SAFETY & HEALTH 208441 0 31125 0 2838 0 65128 0 19617 0 327149 0 0 0 ANNE SHERWOOD INTERIM CHIEF OP. OFFICER (MAR-DEC) 261042 0 0 0 1043 0 10662 0 24540 0 297287 0 0 0 GARETH THOMPSON MGR - DATA ARCHITECTURE 222190 0 17493 0 3888 0 8875 0 39871 0 292317 0 0 0 EMILY MEEK DIR - CONTROLLER (FEB-DEC) 213482 0 8000 0 701 0 8528 0 32290 0 263001 0 0 0 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. PAMELA FEUERSTEIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 72,723 EMPLOYER CONTRIBUTION TO 401(K) PLAN 14,000 TOTAL REPORTED IN COLUMN C $ 86,723 KATHLEEN SOLANO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 93,209 EMPLOYER CONTRIBUTION TO 401(K) PLAN 14,000 TOTAL REPORTED IN COLUMN C $ 107,209 AMANDA LESHER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 46,948 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,854 TOTAL REPORTED IN COLUMN C $ 60,802 MARK JURGEMEYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 71,328 EMPLOYER CONTRIBUTION TO 401(K) PLAN 11,218 TOTAL REPORTED IN COLUMN C $ 82,546 LAURA BURKHART: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 14,000 TOTAL REPORTED IN COLUMN C $ 14,000 JEREMY CANNON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 58,546 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,877 TOTAL REPORTED IN COLUMN C $ 69,423 WADE PYNES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,679 EMPLOYER CONTRIBUTION TO 401(K) PLAN 11,333 TOTAL REPORTED IN COLUMN C $ 48,012 BRIAN RICHTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,643 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,841 TOTAL REPORTED IN COLUMN C $ 53,484 ANDREW MINTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 46,049 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,475 TOTAL REPORTED IN COLUMN C $ 56,524 CINDY NEWSOME: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 63,330 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,411 TOTAL REPORTED IN COLUMN C $ 72,741 MARCY HUDSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 53,470 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,409 TOTAL REPORTED IN COLUMN C $ 62,879 CHRISTOPHER HILDRED: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,941 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,628 TOTAL REPORTED IN COLUMN C $ 40,569 ROBERT OSBORN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 53,335 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,680 TOTAL REPORTED IN COLUMN C $ 61,015 RICHARD BREWER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 64,010 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,827 TOTAL REPORTED IN COLUMN C $ 71,837 MICHAEL KAINE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 56,627 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,501 TOTAL REPORTED IN COLUMN C $ 65,128 ANNE SHERWOOD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,662 TOTAL REPORTED IN COLUMN C $ 10,662 GARETH THOMPSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,875 TOTAL REPORTED IN COLUMN C $ 8,875 EMILY MEEK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,528 TOTAL REPORTED IN COLUMN C $ 8,528 MICHAEL KAINE FAMILY RELATIONSHIP (EMPLOYEE OFFICER - A. LESHER) 243966 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 I - THE COOPERATIVE, ADDED "TO THE EXTENT ANY OF THESE BYLAWS CONFLICT WITH COLORADO STATUTE, COLORADOSTATUTE GOVERNS." ARTICLE V - BOARD OF DIRECTORS SECTION 2. DIRECTOR DISTRICTS, AMENDED AT LEAST EVERY EIGHTH (8TH) YEAR TO EVERY NINTH (9TH) YEAR. SECTION 3. DIRECTORS ELECTED, WAS AMENDED TO STATE "BALLOTS SHALL BE DELIVERED ELECTRONICALLY OR TO THE US POST OFFICE" AS WELL AS AMENDING THE DAYS PRIOR TO MEETING FROM FORTY-FIVE (45) DAYS TO FIFTY (50) DAYS. 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, PARTS VI & VII: THE COOPERATIVE ANNUALLY PROVIDES EACH DIRECTOR WHO SERVED ON THE BOARD DURING THE YEAR A QUESTIONNAIRE. THE COMPLETED QUESTIONNAIRES ARE USED TO COMPLETE THE APPLICABLE QUESTIONS ON THE FORM 990 PERTAINING TO BUSINESS RELATIONSHIPS AMONG DIRECTORS, OFFICERS, AND KEY EMPLOYEES, AS WELL AS TO DETERMINE IF THERE ARE ANY TRANSACTIONS WHICH MUST BE REPORTED IN DETAIL ON SCHEDULE L - "TRANSACTIONS WITH INTERESTED PERSONS". IF THE COOPERATIVE WAS UNABLE TO OBTAIN A COMPLETED QUESTIONNAIRE, THE COOPERATIVE RELIED UPON THE COMPLETED INFORMATION FOR THE PRIOR YEAR. THE COOPERATIVE WAS UNABLE TO OBTAIN A COMPLETED QUESTIONNAIRE FROM MR. GRAF; THEREFORE, THE 2024 QUESTIONNAIRE WAS RELIED UPON WHILE PREPARING THE RETURN. THERE WERE NO KNOWN CHANGES FROM 2024 TO 2025. 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 CURRENT 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 $ 31,665,632 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (387,541) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (549,456) LESS: KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (643,940) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 8,821,303 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 3,119,049 TOTAL WAGES ACCRUED AND/OR PAID $ 42,025,047 FORM 990, PART IX, LINE 24: ADMINISTRATIVE & GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 13,707,791 OFFICE SUPPLIES 6,309,410 OUTSIDE SERVICES 4,170,326 INSURANCES AND DAMAGES 3,547,401 MISCELLANEOUS GENERAL 171,750 DIRECTORS 508,104 DUES AND SUBSCRIPTIONS 278,155 MAINTENANCE OF GENERAL PLANT 3,794,672 INTERNAL CHARGES FOR POWER (178,103) TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 32,597,559 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (387,541) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (12,116,691) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (4,844,431) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 15,248,896 FORM 990, PART IX, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CONSUMER EXPENSES $ 934,318 OTHER DEDUCTIONS 3,160.175 TAXES 10,356,456 TRANSMISSION 1,611,588 TOTAL OTHER EXPENSES PER FORM 990, PART IX $ 16,062.536 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 -15,500,000. PATRONAGE CAPITAL ASSIGNABLE 34,333,390. PATRONAGE CAPITAL RETIRED -18,007,942. PATRONAGE CAPITAL RETIRED - UNCLAIMED 2,198,565. PATRONAGE CAPITAL RETIRED - DISCOUNT 2,478,391. DONATED CAPITAL 105,337. ACCUMULATED OTHER COMPREHENSIVE INCOME - PENSION & BENEFITS 4,235,250.