2024-05-14T11:20:37-05:00 2023-12-31 930623286 ALDRICH CPAS AND ADVISORS LLP 680 HAWTHORNE AVE SE 140 SALEM OR 97301 990 2023-01-01 920027674 NAKNEK ELECTRIC ASSOCIATION INC NAKN 9072464261 PO BOX 118 NAKNEK AK 99633 MARK HUBER CFO 9072464261 2024-05-14 1 MARK HUBER XXX-XX-XXXX 1 RYAN M JOHNSON CPA P01048788 5035857774 2024-05-14 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z MARK HUBER PO BOX 118 NAKNEK AK 99633 13669699 0 X WWW.NAKNEKELECTRIC.COM X 1949 AK GENERATION AND SALE OF ELECTRICAL ENERGY TO THE COMMUNITIES OF NAKNEK, SOUTH NAKNEK AND KING SALMON, AK. 7 7 22 0 0 0 0 466250 12795992 12957530 557 57111 152928 188808 12949477 13669699 0 0 0 0 218122 235267 0 0 0 12436176 13051103 12654298 13286370 295179 383329 48731346 46961445 33475865 31281556 15255481 15679889 GENERATION AND SALE OF ELECTRICAL ENERGY TO THE COMMUNITIES OF NAKNEK, SOUTH NAKNEK AND KING SALMON, AK. 0 0 GENERATION AND SALE OF ELECTRICAL ENERGY TO THE COMMUNITIES OF NAKNEK, SOUTH NAKNEK AND KING SALMON, AK. AT DECEMBER 31, 2023, 1,041 ELECTRIC LINES WERE IN SERVICE. 0 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 38 0 22 1 0 0 0 0 0 0 0 13452547 207769 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 0 0 X NAKNEK ELECTRIC ASSOCIATION 9072464261 1 SCHOOL ROAD NAKNEK AK 99633 TIM MCDERMOTT PRESIDENT 2.00 X X 1050 0 504 NANCI LYON VICE-PRESIDENT 1.00 X X 825 0 504 LISA ANDERSON SECRETARY/TREASURER 1.00 X X 1500 0 504 EARL HUBB DIRECTOR 1.00 X 750 0 504 DON STRAND DIRECTOR 1.00 X 225 0 126 DAN SEITZ DIRECTOR 1.00 X 3450 0 504 CATHRYN STILES DIRECTOR 1.00 X 2690 0 504 SYLVIA ALFORD DIRECTOR ELECTED 1.00 X 825 0 294 DIANNE KING GENERAL MANAGER 50.00 X 166823 0 53685 JEFFERY SINKULAR LINEMAN 40.00 X 137526 0 49463 MICHAEL JAMES OPERATOR 40.00 X 128828 0 50551 KENNETH PULICE OPERATIONS MANAGER 40.00 X 117899 0 44352 PERO SKARIC OPERATOR 40.00 X 114498 0 47368 RONALD ZIMIN OPERATOR 40.00 X 134087 0 49815 810976 0 298678 7 0 1 0 HUBER CONSULTING GROUP 10310 S 16TH AVE PHOENIX AZ 85041 FINANCE & ACCOUNTING 193943 ALASKA POWER & COMMUNICATIONS PO BOX 4400 PALMER AK 99645 LINEMAN CONTRACT 128951 2 466250 466250 ELECTRIC REVENUES 221000 12403092 12403092 OTHER OPERATING REVENUES 221000 554438 554438 12957530 57111 57111 OTHER INCOME 525990 150000 150000 GAIN ON INVESTMENT 525990 25232 25232 PATRONAGE CAPITAL 525990 13576 13576 188808 13669699 13146338 0 57111 235267 499756 1307925 FUEL COST 5576380 POWER PRODUCTION 2344520 GENERAL & ADMINISTRATIV 1396283 OTHER EXPENSE 825506 1100733 13286370 2634706 1795718 1191108 20329 874451 849326 5567389 4899839 17778992 17301733 41771799 23964714 18843275 17807085 1239254 3767429 602171 519986 48731346 46961445 506697 124318 27544483 25968078 5424685 5189160 33475865 31281556 X 0 0 0 0 15255481 15679889 15255481 15679889 48731346 46961445 X 383329 41204 -125 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 25453 25453 1852018 1279643 572375 39894328 22685071 17209257 17807085 INVESTMENTS-OTHER COST METHOD 1262467 C TD AMERITRADE - DEBT SERVICE RESERVE FUNDS 2256859 C NONCURRENT INVESTMENT SECURITIES 248103 C 3767429 CONSUMER DEPOSITS 396548 ACCRUED LIABILITIES 228982 CURRENT PORTION LTD 1627530 CFC FUEL LOAN 2936100 5189160 X 13710903 41204 41204 13669699 0 13669699 13286370 0 13286370 0 13286370 PART X, LINE 2: THE ASSOCIATION FOLLOWS ACCOUNTING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA RELATED TO THE RECOGNITION OF UNCERTAIN TAX POSITIONS. THE ASSOCIATION RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS AS PART OF THE INCOME TAX PROVISION, WHEN APPLICABLE. THE ASSOCIATION DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS AND THERE WERE NO AMOUNTS ACCRUED IN THE FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS IN 2023 OR 2022. X 0 0 0 DIANNE KING GENERAL MANAGER 166823 0 0 0 0 0 24304 0 29381 0 220508 0 0 0 JEFFERY SINKULAR LINEMAN 137526 0 0 0 0 0 20082 0 29381 0 186989 0 0 0 RONALD ZIMIN OPERATOR 134087 0 0 0 0 0 20434 0 29381 0 183902 0 0 0 MICHAEL JAMES OPERATOR 128828 0 0 0 0 0 21170 0 29381 0 179379 0 0 0 KENNETH PULICE OPERATIONS MANAGER 117899 0 0 0 0 0 14971 0 29381 0 162251 0 0 0 PERO SKARIC OPERATOR 114498 0 0 0 0 0 17987 0 29381 0 161866 0 0 0 PART I, LINE 3 THE BOARD OF DIRECTORS, BY VOTE, SETS THE RATE OF COMPENSATION FOR THE GENERAL MANAGER. FORM 990, PART VI, SECTION A, LINE 6 AN INDIVIDUAL MUST BECOME A MEMBER OF THE COOPERATIVE IN ORDER TO RECEIVE ELECTRIC SERVICE. MEMBERSHIP ENTITLES THE INDIVIDUAL TO VOTE AT THE ANNUAL MEETING, ANY SPECIAL MEMBERSHIP MEETINGS AND TO ELECT EACH DIRECTOR OF THE BOARD OF DIRECTORS. MINUTES ARE KEPT OF ALL MEETINGS AND ARE READ AND APPROVED AT SUBSEQUENT MEETINGS. FORM 990, PART VI, SECTION A, LINE 7A AN INDIVIDUAL MUST BECOME A MEMBER OF THE COOPERATIVE IN ORDER TO RECEIVE ELECTRIC SERVICE. MEMBERSHIP ENTITLES THE INDIVIDUAL TO VOTE AT THE ANNUAL MEETING, ANY SPECIAL MEMBERSHIP MEETINGS AND TO ELECT EACH DIRECTOR OF THE BOARD OF DIRECTORS. MINUTES ARE KEPT OF ALL MEETINGS AND ARE READ AND APPROVED AT SUBSEQUENT MEETINGS. FORM 990, PART VI, SECTION A, LINE 7B AN INDIVIDUAL MUST BECOME A MEMBER OF THE COOPERATIVE IN ORDER TO RECEIVE ELECTRIC SERVICE. MEMBERSHIP ENTITLES THE INDIVIDUAL TO VOTE AT THE ANNUAL MEETING, ANY SPECIAL MEMBERSHIP MEETINGS AND TO ELECT EACH DIRECTOR OF THE BOARD OF DIRECTORS. MINUTES ARE KEPT OF ALL MEETINGS AND ARE READ AND APPROVED AT SUBSEQUENT MEETINGS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS PRIOR TO SIGNING. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS SIGN AND FILE A WRITTEN CONFLICT OF INTEREST STATEMENT ANNUALLY. THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS AND MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS, BY VOTE, SETS THE RATE OF COMPENSATION FOR THE GENERAL MANAGER. FORM 990, PART VI, SECTION C, LINE 19 MEMBERS ARE GIVEN A COPY OF THE ARTICLES OF INCORPORATION AND BY-LAWS AT THE TIME OF JOINING. COPIES OF CHANGES ARE GIVEN TO MEMBERS ANY TIME CHANGES ARE MADE. COPIES OF THE AUDITED FINANCIAL STATEMENTS ARE MAILED TO MEMBERS EACH YEAR WITH ANNUAL MEETING INFORMATION. THE TARIFF IS PUBLIC INFORMATION AND ANY CHANGES TO THE TARIFF ARE MADE AFTER PUBLIC MEETINGS ARE CONDUCTED. INFORMATION WILL BE PROVIDED ANY TIME UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN MEMBERSHIPS -125.