2025-11-14T09:49:29-06:00 2024-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-01-01 750693840 NORTH PLAINS ELECTRIC COOPERATIVE INC NORT 8064355482 PO BOX 1008 PERRYTON TX 79070 TRAVIS PATTERSON BOARD PRESIDENT 8064355482 2025-11-11 1 0 WILLIAM M MILLER P00439459 8067473806 2025-11-11 X 2024 2025-03-06 01:10:19Z MIKE WOLFE PO BOX 1008 PERRYTON TX 79070 34226658 0 X WWW.NPEC.ORG X 1944 TX TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS. 9 9 63 0 44519 31282 0 0 43712481 33319805 517870 833683 74116 65967 44304467 34219455 16133 19608 8795052 4184183 3561353 4063200 0 0 0 31375454 25100956 43747992 33367947 556475 851508 124128701 133832392 58783395 66390141 65345306 67442251 NORTH PLAINS ELECTRIC COOPERATIVE'S CORE MISSION IS TO EXCEED MEMBER EXPECTATIONS BY PROVIDING SAFE AND RELIABLE ELECTRIC SERVICE IN AN ECONOMICALLY AND ENVIRONMENTALLY RESPONSIBLE MANNER. 0 0 PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 7,203 ACTIVE SERVICES AT YEAR END. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 54 0 63 1 1 1 0 0 0 0 31422070 2041898 0 0 0 X 9 9 0 0 1 0 1 1 1 1 0 0 0 1 1 1 1 1 0 1 1 0 X JENNIFER ROBERTS CFO 8064355482 PO BOX 1008 PERRYTON TX 79070 X JAMES GREENE PRESIDENT (JAN-APR) 10.00 X X 11636 0 0 TRAVIS PATTERSON VICE PRESIDENT 4.20 X X 32260 0 0 DAVID SELL SECRETARY/TREASURER 4.30 X X 32260 0 0 STEVEN WAIDE DIRECTOR 3.40 X 32260 0 0 ALLEN WEBB DIRECTOR 2.90 X 32460 0 0 SCOTT SONNENBERG DIRECTOR (APR-DEC) 1.80 X 21823 0 0 RICHARD SCHAD DIRECTOR 3.50 X 32060 0 0 JAMES BORN DIRECTOR 4.00 X 32260 0 0 DENNIS TYSON DIRECTOR 2.50 X 32660 0 0 JOHNNIE YOUNG PRESIDENT 3.50 X X 32260 0 0 RANDY MAHANNAH EXECUTIVE VP & GENERAL MANAGER 40.00 X 238536 0 51117 JENNIFER ROBERTS CHIEF FINANICAL OFFICER 40.00 X 121947 0 12228 RONALD HARVEY OPERATIONS SUPERVISOR 40.00 X 130089 0 48342 JESSE BURKHALTER CREW FOREMAN 51.00 X 119389 0 40459 JASON O'DELL CREW FOREMAN 49.00 X 116577 0 39053 RICHARD HOLDEMAN SERVICEMAN 49.00 X 115291 0 39124 JIMMY LANE ENG SERVICE MANAGER 40.00 X 111860 0 43280 1245628 0 273603 10 0 1 0 CUSTOM POWERLINE CONSTRUCTION CORP PO BOX 2287 WOODWARD OK 73802 LINE CONSTRUCTION CONTRACTOR 1203704 PANHANDLE LINE SERVICE INC PO BOX 708 BORGER TX 79008 LINE CONSTRUCTION CONTRACTOR 113767 2 X SALES OF ELECTRICITY 221000 31304541 31304541 PATRONAGE DIVIDENDS RECEIVED 221000 1902218 1902218 OTHER PROGRAM REVENUE 221000 76558 76558 SERVICE FEES 221000 36488 36488 33319805 625207 625207 8301 4706 7203 0 1098 4706 5804 4706 1098 208476 0 208476 208476 208476 GENERATOR SALES REVENUE 221000 33067 18912 14155 WI-POWER REVENUE 517000 25658 25658 POLE ATTACHMENT INCOME 221000 1438 1438 60163 34219455 33547193 44519 627743 X 19608 4184183 715767 2000143 143698 1026424 177168 1768744 3188730 PURCHASED POWER 17212247 DISTRIBUTION EXPENSE 1833960 ADMINISTRATIVE & GENERA 663069 UNRELATED BUSINESS INCO 5969 428237 33367947 595356 1236768 8118343 9221782 1721341 1584104 84972 75046 4135326 4118180 460145 511402 116180392 35684663 74329457 80495729 34615513 36370038 68248 219343 124128701 133832392 1752857 2377716 155830 199780 56256999 61919117 617709 1893528 58783395 66390141 X 0 0 0 0 65345306 67442251 65345306 67442251 124128701 133832392 X 851508 1245437 X X 0 1 X 0 0 0 1 X 922870 922870 2194694 1201450 993244 104317252 34483213 69834039 8745576 8745576 80495729 PATRONAGE CAPITAL - GSEC 31499018 C PATRONAGE CAPITAL - CFC 68988 C PATRONAGE CAPITAL - TEC 832249 C PATRONAGE CAPITAL - NISC 54777 C PATRONAGE CAPITAL - FEDERATED 99856 C PATRONAGE CAPITAL - COBANK 69406 C PATRONAGE CAPITAL - NRTC 1372 C MEMBERSHIPS & OTHER INVESTMENTS IN ASSOCIATED ORGANIZATIONS 26941 C CAPITAL TERM CERTIFICATES 481608 C POST RETIREMENT BENEFITS, NET 2957278 C OTHER INVESTMENTS 278545 C 36370038 UNCLAIMED CAPITAL CREDIT & MEMBERSHIP CHECKS 659916 OTHER LIABILITIES 4043 REFUNDABLE AID TO CONSTRUCTION 83110 POWER COST OVERBILLED 1146459 1893528 X 34177957 0 34177957 41498 41498 34219455 29142266 0 29142266 4225681 4225681 33367947 PART IV, LINE 2B: PURSUANT TO SECTION 74.3013 OF THE TEXAS PROPERTY CODE, THE COOPERATIVE HAS ESTABLISHED A RURAL SCHOLARSHIP FUND WITH AMOUNTS DESIGNATED UNCLAIMED UNDER STATE LAW. THE AMOUNTS DEPOSITED INTO THE RURAL SCHOLARSHIP FUND ARE APPROVED BY THE STATE OF TEXAS AND CAN ONLY BE USED FOR SCHOLARSHIPS TO ENABLE STUDENTS FROM RURAL AREAS TO ATTEND COLLEGE, TECHNICAL SCHOOL OR OTHER POST SECONDARY EDUCATION INSTITUTION. ANY AMOUNTS SO DEPOSITED INTO THE RURAL SCHOLARSHIP FUND ARE STILL PAYABLE TO THE PERSON TO WHOM THE ORIGINAL PAYMENT WAS MADE BUT UNCLAIMED. PART X, LINE 2: THE COOPERATIVE UTILIZES THE "UNCERTAIN TAX POSITIONS" PROVISIONS OF ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. THE PRIMARY TAX POSITION OF THE COOPERATIVE IS ITS FILING STATUS AS A TAX EXEMPT ENTITY. THE COOPERATIVE DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT THEIR TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS), OR OTHER STATE TAXING AUTHORITY AND THAT ALL TAX BENEFITS ARE LIKELY TO BE REALIZED UPON SETTLEMENT WITH TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFIED EXPENSES 41,498. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL ASSIGNABLE 4,184,183. RECLASSIFIED FROM REVENUES 41,498. PART IX: 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. X 1 1 X X 0 0 0 RANDY MAHANNAH EXECUTIVE VP & GENERAL MANAGER 215849 0 1536 0 21151 0 15675 0 35442 0 289653 0 0 0 RONALD HARVEY OPERATIONS SUPERVISOR 118768 0 2756 0 8565 0 11347 0 36995 0 178431 0 0 0 JESSE BURKHALTER CREW FOREMAN 114694 0 1624 0 3071 0 7649 0 32810 0 159848 0 0 0 JASON O'DELL CREW FOREMAN 112324 0 1624 0 2629 0 7649 0 31404 0 155630 0 0 0 JIMMY LANE ENG SERVICE MANAGER 106408 0 2819 0 2633 0 9900 0 33380 0 155140 0 0 0 RICHARD HOLDEMAN SERVICEMAN 110302 0 1624 0 3365 0 7708 0 31416 0 154415 0 0 0 PART I, LINE 1A PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE DIRECTORS AND EMPLOYEES FOR THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE. ONE INDIVIDUAL REPORTED ON FORM 990 PART VII (RANDY MAHANNAH) RECEIVED THIS BENEFIT DURING THE YEAR. MICHAEL ROBERTS FAMILY RELATIONSHIP - OFFICER (J.ROBERTS) 84576 EMPLOYMENT 0 TATE WILLIAMS FAMILY RELATIONSHIP - OFFICER (J.ROBERTS) 52398 EMPLOYMENT 0 FORM 990, PART I, LINE 19: IN GENERAL, WHEN AN ELECTRIC COOPERATIVE BASES THE PATRONAGE DIVIDEND CALCULATION ON ITS NET BOOK INCOME/(LOSS), PAGE 1, PART I, LINE 19 - REVENUE LESS EXPENSES - WILL BE $0. FOR THE CURRENT YEAR, PAGE 1, PART I, LINE 19 REPORTS NET INCOME OF $851,508, WHICH IS THE EFFECT OF THE RETAINAGE OF NON-OPERATING MARGINS. THE FOLLOWING SCHEDULE IS PROVIDED TO FURTHER EXPLAIN THE IMPACT OF THIS TRANSACTION: (A) - NON-OPERATING MARGINS RETAINED $ 851,508 (B) - BENEFITS PAID TO MEMBERS (I.E. PATRONAGE DIVIDENDS), PART I, LINE 14 $ 4,184,183 TOTAL 2024 NET MARGIN PER FINANCIAL STATEMENTS (A + B) $ 5,035,691 FORM 990, PART VI, SECTION A, LINE 4 DURING THE YEAR, THE COOPERATIVE DID AN EXTENSIVE REVIEW AND REVISION OF THE BYLAWS. A COMPLETE COPY OF THE BYLAWS CAN BE FOUND ON THE COOPERATIVE'S WEBSITE: WWW.NPEC.ORG/BYLAWS. 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. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE COOPERATIVE VOTE ON THE BOARD OF DIRECTORS. ELECTIONS ARE DONE ON A ONE MEMBER ONE VOTE BASIS. 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. DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S ASSETS 4. AMENDMENT TO THE ARTICLES OF INCORPORATION FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE HAS NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. THEREFORE, AND PURSUANT TO FORM 990 INSTRUCTIONS, THE QUESTION HAS BEEN ANSWERED "NO". FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PROVIDED A COPY OF THE FORM 990 TO THE BOARD FOR DISCUSSION AND REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE COOPERATIVE WILL REQUIRE THE BOARD OF DIRECTORS AND OFFICERS TO COMPLETE AND SIGN A CONFLICT OF INTEREST CERTIFICATION AND DISCLOSURE FORM. 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. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS USE A COMPENSATION SURVEY WHEN DETERMINING THE COMPENSATION OF THE GENERAL MANAGER. THE SURVEY SHOWS COMPARATIVE SALARIES FOR GENERAL MANAGERS FROM SIMILARLY SITUATED COOPERATIVES LOCATED IN TEXAS AND THE NATION. INTERNAL AND/OR EXTERNAL RESOURCES ARE ALSO USED TO COMPARE ANNUAL COMPENSATION WITHIN THE INDUSTRY. THE BOARD AND THE GENERAL MANAGER USE A COMPENSATION SURVEY WHEN DETERMINING THE COMPENSATION OF THE COOPERATIVE'S OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER AND KEY EMPLOYEES, IF ANY. THE SURVEY INCLUDES SALARIES FROM SIMILARLY SITUATED COOPERATIVES THROUGHOUT TEXAS AND THE NATION. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE WILL PROVIDE A COMPLETE COPY OF ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS TO ANY MEMBER WHO REQUESTS A COPY OF ANY SUCH DOCUMENT. ANNUALLY, THE COOPERATIVE PROVIDES A COPY OF THE AUDITED BALANCE SHEET AND INCOME STATEMENT TO THE MEMBERS OF THE COOPERATIVE WITH THE ANNUAL REPORT. THE BYLAWS CAN ALSO BE FOUND ON THE COOPERATIVE'S WEBSITE. 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, WITH YEARS OF SERVICE TAKEN INTO CONSIDERATION. EMPLOYER CONTRIBUTIONS TO THE PLAN ARE AVAILABLE TO PARTICIPATING EMPLOYEES, INCLUDING OFFICERS AND HIGHLY COMPENSATED EMPLOYEES, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLANS. THE COOPERATIVE ALSO PROVIDES HEALTH, DENTAL, AND VISION INSURANCE TO ALL ELIGIBLE EMPLOYEES THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR THE OFFICERS AND HIGHLY COMPENSATED EMPLOYEES IS COMPRISED OF 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 PURCHASE OF WHOLESALE POWER FROM A GENERATION & TRANSMISSION COOPERATIVE. PATRONAGE DIVIDENDS ALSO 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 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 $ 2,715,910 LESS: TRUSTEE FEES REPORTED ON FORMS 1099-NEC (291,939) LESS: EMPLOYEE OFFICER BENEFITS REPORTED ON LINE 5 (63,345) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 1,246,407 PLUS: SALARIES ALLOCATED TO NON-OPERATING MARGINS 11,624 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 228,798 TOTAL WAGES ACCRUED AND/OR PAID $ 3,847,455 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 903,837 OFFICE SUPPLIES 85,286 OUTSIDE SERVICES 77,561 UTILITIES 3,900 ANNUAL MEETING EXPENSE 49,435 REGULATORY COMMISSION EXPENSE 52,080 MISCELLANEOUS GENERAL 113,678 DIRECTORS 300,015 EMPLOYEE DUES & MEMBERSHIPS 63,005 MAINTENANCE OF GENERAL PLANT 249,935 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 1,898,732 LESS: RECLASS OF DONATIONS TO PART IX, LINE 1 (19,608) LESS: RECLASS OF TRUSTEE FEES TO PART IX, LINE 5 (291,939) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (578,452) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (345,664) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 663,069 FORM 990, PART IX, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: TRANSMISSION EXPENSE $ 226,184 CONSUMER EXPENSE 166,524 GENERAC GENERATORS EXPENSE 35,529 TOTAL OTHER EXPENSES PER FORM 990, PART IX $ 428,237 FORM 990, PART IX: THE ACCOUNTING RECORDS OF THE COOPERATIVE ARE MAINTAINED IN ACCORDANCE WITH THE RURAL UTILITIES SERVICE (RUS) UNIFORM SYSTEM OF ACCOUNTS (USOA) AS PRESCRIBED FOR RUS ELECTRIC BORROWERS. 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 IX, LINE 1: ALL GRANTS, SPONSORSHIPS, AND/OR DONATIONS ARE MADE TO NON-PROFIT AND CIVIC ORGANIZATIONS THAT ARE LOCATED IN THE COOPERATIVE'S SERVICE AREA, AND ARE INTENDED TO IMPROVE THE COMMUNITIES IN WHICH OUR MEMBERS RESIDE. EACH GRANT, SPONSORSHIP, AND/OR DONATION MADE DURING THE YEAR WAS BELOW THE REPORTING THRESHOLD OF SCHEDULE I, PART II. 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 EITHER ALLOCATED OR TO BE 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 XI, LINE 9: PATRONAGE CAPITAL ASSIGNABLE 4,184,183. PATRONAGE CAPITAL RETIRED - TOTAL -3,516,350. PATRONAGE CAPITAL RETIRED - DISCOUNT 21,675. OCI - PENSION & BENEFITS 555,929.