2024-09-30T11:06:54-05:00 2023-12-31 135565207 KPMG LLP 550 S HOPE STREET LOS ANGELES CA 90071 990 2023-01-01 920023631 COPPER VALLEY ELECTRIC ASSOCIATION INC COPP 9078223211 PO BOX 45 GLENNALLEN AK 995880045 JAIME MATTHEWS CEO 9078223171 2024-09-24 1 0 DAVID M HIGHFILL P01517891 2139724000 2024-09-23 2023 2024-10-15 13:58:12Z JAIME MATTHEWS PO BOX 45 GLENNALLEN AK 995880045 30444676 0 X WWW.CVEA.ORG X 1955 AK TO PROVIDE EXCEPTIONAL CUSTOMER SERVICE THROUGH SAFE, RELIABLE, COST-EFFECTIVE, ELECTRIC SERVICES AND PROGRAMS. 9 0 54 0 0 0 823907 1423280 27132370 28684903 103653 270953 64827 65540 28124757 30444676 0 0 245968 271490 8292486 8715757 0 0 0 18697570 19968608 27236024 28955855 888733 1488821 81153192 86378120 57187382 62175035 23965810 24203085 TO PROVIDE EXCEPTIONAL CUSTOMER SERVICE THROUGH SAFE, RELIABLE, COST EFFECTIVE, ELECTRIC SERVICES AND PROGRAMS. 0 0 23917802 28684903 SALE OF ELECTRICITY TO 3,966 MEMBER CONSUMERS 23917802 0 1 0 0 0 0 0 0 0 1 0 0 0 1 0 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 1 0 0 1 50 0 1 54 1 0 0 0 0 0 0 0 0 0 0 0 10833661 336492 0 0 0 X 9 0 0 0 0 0 1 1 0 1 1 0 0 0 0 0 1 1 1 0 AK X JAIME MATTHEWS 9078223171 MILE 187 GLENN HWY GLENNALLEN AK 99588 LON RAKE PRESIDENT 3.00 0.00 X X 6750 0 0 MARK SHORTEN DIRECTOR 3.00 0.00 X 5125 0 0 ANDREW HESS DIRECTOR 3.00 0.00 X 2875 0 0 JEFF SAXE DIRECTOR 3.00 0.00 X 4000 0 0 JANICE MASLEN DIRECTOR 3.00 0.00 X 4375 0 0 PAUL KILDAL DIRECTOR 3.00 0.00 X 2750 0 0 WILL STARK TREASURER 3.00 0.00 X X 3500 0 0 DAN STOWE SECRETARY 3.00 0.00 X X 3750 0 0 YVETTE DELAQUITO VICE PRESIDENT 3.00 0.00 X X 3875 0 0 DONALD MCKINZEY COO 45.00 0.00 X 202618 0 71423 JAIME MATTHEWS CEO/ PRIOR CFO 55.00 0.00 X 209503 0 76724 TRAVIS MILLION PRIOR CEO 55.00 0.00 X 244158 0 68294 DARIN SAULS MANAGER OF ENGINEERING 45.00 0.00 X 157276 0 63329 TODD STAHLEY MANAGER OF OPERATIONS 45.00 0.00 X 160230 0 59942 ADAM HINNENKAMP LINEMAN 85.00 0.00 X 160769 0 26576 DIRK WILLIAMS LINE FOREMAN 50.00 0.00 X 161734 0 30409 JASON SHIELL PLANT OPERATOR 46.00 0.00 X 164965 0 31201 1498253 0 427898 11 0 1 0 BARNETT BUILDING PO BOX 182 VALDEZ AK 99686 BUILDING 1429774 TALUS ENTERPRISES LLC PO BOX 1432 VALDEZ AK 99686 RIGHTS OF WAY 606988 TOP NOTCH TREE REMOVAL LLC 2702 GORDON RD NORTH POLE AK 99705 RIGHTS OF WAY 179934 GUMFORY UNDERGROUND PO BOX 790 GLENNALLEN AK 99588 LOCATING 124846 4 1423280 1423280 ELECTRIC REVENUE 221000 25633713 25633713 HEAT REVENUE 221000 2875524 2875524 PATRONAGE CAPITAL 221000 175666 175666 28684903 270953 270953 65540 0 65540 65540 65540 30444676 28684903 0 336493 271490 271490 890595 890595 4431653 4431653 1366081 1366081 589946 589946 1437482 1437482 115876 115876 101956 101956 42307 42307 1728041 1728041 3408785 3408785 778000 778000 DIESEL 9786126 9786126 ADMINISTRATIVE & GENERA 4031582 4031582 GROSS RECEIPTS TAX 44948 44948 MAINTENANCE EXPENSE -69013 -69013 28955855 23917802 5038053 0 701 700 6680036 8227651 1777382 2283537 -40651 -35968 2218018 2950121 136383730 67336220 66581700 69047510 1428123 1517062 9000 9000 2498883 2378507 81153192 86378120 2104027 2293978 42130537 46106832 12952818 13774225 57187382 62175035 X 0 0 2985 2985 23962825 24200100 23965810 24203085 81153192 86378120 X 1488821 -1251546 X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 483470 483470 11125815 2965484 8160331 19004583 5404357 13600226 105769862 58966379 46803483 69047510 DEFERRED CREDITS 5644167 REGULATORY LIABILITIES 7499918 OTHER CURRENT LIABILITIES 630140 13774225 30293926 0 30293926 150750 150750 30444676 29214443 0 29214443 -258588 -258588 28955855 PART XI, LINE 4B - OTHER ADJUSTMENTS: INTEREST EARNED ON INVEST. RELATED TO R&R FUND CAPITALIZED FOR BOOK PURPOSES 150,750. PART XII, LINE 4B - OTHER ADJUSTMENTS: REPAIRS INCLUDED IN R&R FUND CAPITALIZED FOR BOOK -1,308,808. TAX DEPRECIATION EXPENSE MORE THAN BOOK 720,354. VACATION ACCRUAL BENEFITS LESS THAN BOOK EXPENSE 58,376. ASSIGNABLE MARGINS TO MEMBERS 271,490. X X X X 0 0 0 TRAVIS MILLION PRIOR CEO 244158 0 0 0 0 0 68294 0 0 0 312452 0 0 0 JAIME MATTHEWS CEO/ PRIOR CFO 209503 0 0 0 0 0 76724 0 0 0 286227 0 0 0 DONALD MCKINZEY COO 202618 0 0 0 0 0 71423 0 0 0 274041 0 0 0 DARIN SAULS MANAGER OF ENGINEERING 157276 0 0 0 0 0 63329 0 0 0 220605 0 0 0 TODD STAHLEY MANAGER OF OPERATIONS 160230 0 0 0 0 0 59942 0 0 0 220172 0 0 0 JASON SHIELL PLANT OPERATOR 164965 0 0 0 0 0 31201 0 0 0 196166 0 0 0 DIRK WILLIAMS LINE FOREMAN 161734 0 0 0 0 0 30409 0 0 0 192143 0 0 0 ADAM HINNENKAMP LINEMAN 160769 0 0 0 0 0 26576 0 0 0 187345 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 COPPER VALLEY ELECTRIC ASSOCIATION IS A RURAL ELECTRIC COOPERATIVE OWNED AND GOVERNED BY ITS MEMBERS. THE MEMBERS ELECT THE MEMBERS OF THE BOARD OF DIRECTORS, APPROVE SIGNIFICANT DECISIONS OF THE BOARD, AND RECEIVE A SHARE OF THE COOPERATIVE PROFITS AND A SHARE OF THE COOPERATIVE NET ASSETS UPON THE COOPERATIVE DISSOLUTION. MEMBERS OF THE COOPERATIVE ARE THOSE PERSONS WHO OWN OR USE PROPERTY WHICH RECEIVES ELECTRIC SERVICE FROM THE COOPERATIVE AND WHO HAVE BEEN ACCEPTED AS A MEMBER BY THE COOPERATIVE. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER IS ENTITLED TO ONE VOTE ON EACH MATTER SUBMITTED TO A VOTE AT AN ELECTION, INCLUDING THE ELECTION OF MEMBERS OF THE BOARD OF DIRECTORS, BALLOT PROPOSITION AND ADVISORY VOTES. CHANGES TO THE COOPERATIVE'S BYLAWS ARE VOTED BY SEALED BALLOTS. THE COOPERATIVE HAS TWO GEOGRAPHIC DISTRICTS. MEMBERS ARE ASSIGNED TO THEIR DISTRICT BASED ON GEOGRAPHICAL DESIGNATION IN THE COOPERATIVE'S BYLAWS. SHOULD A MEMBER BE CONSIDERED ELIGIBLE FOR MEMBERSHIP IN EITHER DISTRICT, SUCH MEMBER SHALL CHOOSE HIS DISTRICT AND SHALL NOT CHANGE HIS ELECTION UNTIL ONE WEEK AFTER THE ANNUAL MEMBERSHIP MEETING FOLLOWING HIS CHOICE OF DISTRICT. ANNUAL MEETINGS OF MEMBERS SHALL BE HELD BY DISTRICT. DISTRICT MEETINGS SHALL BE HELD AT SUCH TIME AND PLACE DESIGNATED BY THE BOARD OF DIRECTORS. BUSINESS MAY BE CONDUCTED AT A DISTRICT MEMBERSHIP MEETING TO INCLUDE, BUT NOT LIMITED TO, ELECTING DIRECTORS AND CONDUCTING SUCH BUSINESS AS MAY REQUIRE THE VOTE OF THE MEMBERSHIP ACCORDING TO LAW AND THE COOPERATIVE'S BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY CVEA CFO AND BY CVEA CEO BEFORE IT IS SIGNED AND FILED. FORM 990, PART VI, SECTION B, LINE 12 CVEA'S CODE OF ETHICS AND CONFLICT OF INTEREST ARE SELF GOVERNED BY INDIVIDUAL DIRECTORS. THIS IS POSSIBLE BECAUSE THE DIRECTORS ARE ALL PART OF A SMALL COMMUNITY. WHEN ONE DIRECTOR PERCEIVES A POTENTIAL CONFLICT OF INTEREST OR ETHICS VIOLATION, THEY RAISE THE ISSUE TO THE BOARD FOR DISCUSSION. CVEA IS CURRENTLY WORKING ON ENHANCING IT'S CURRENT POLICY TO BETTER ALIGN WITH FORM 990, PART VI, SECTION B, LINE 12 INSTRUCTIONS. FORM 990, PART VI, SECTION B, LINE 15 RAISE IN GRADE PROGRAM IS PREPARED BY AN INDEPENDENT ACCOUNTANT HIRED BY THE BOARD. THERE IS AN ESTABLISHED METHODOLOGY BASED UPON INDUSTRY DATA AND 800 OTHER ELECTRIC COOPERATIVES. NUMBERS ARE UPDATED ANNUALLY. SALARY PLAN COVERS ALL NON UNION EMPLOYEES AND THERE IS A SEPARATE PLAN WITH THE SAME METHODOLOGY FOR THE CEO. THE BOARD SETS THE CEO'S SALARY. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST. FINANCIAL STATEMENTS ARE AVAILABLE VIA THE WEBSITE AND ARE MAILED TO EACH MEMBER VIA THE ANNUAL REPORT. BYLAWS/ARTICLES ARE GIVEN TO NEW MEMBERS AND ARE ALSO AVAILABLE ON THE WEBSITE. MOST GOVERNANCE POLICIES ARE ON THE WEBSITE. FORM 990, PART XI, LINE 9: RETIREMENT OF CAPITAL CREDITS -842,208. ASSIGNABLE MARGINS 271,490. INTEREST EARNED ON R&R FUND -150,750. R&R FUND MAINTENANCE ADJ -1,308,808. DEPRECIATION ADJUSTMENT 720,354. BENEFITS ADJUSTMENT 58,376. COPPER VALLEY ELECTRIC ASSOCIATION COMMUNITY FOUNDATION INC PO BOX 45 GLENNALLEN AK 99588 383737079 CHARITY AK 501(C)(3) PF N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0