2025-10-08T16:03:49-05:00 2024-12-31 450250958 EIDE BAILLY LLP 345 N REID PL STE 400 SIOUX FALLS SD 571037034 990 2024-01-01 850081882 KIT CARSON ELECTRIC COOPERATIVE INC KITC 5757582258 PO BOX 578 TAOS NM 87571 LUIS REYES CEO 5757582258 2025-10-07 1 1 LAURIE HANSON CPA P00851848 6053391999 2025-10-07 2024 2025-03-06 01:10:19Z LUIS A REYES JR PO BOX 578 TAOS NM 87571 61757797 0 X WWW.KITCARSON.COM X 1944 NM TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE. 11 11 114 0 430583 0 2021770 1810208 56436725 59450767 160360 76184 645786 327858 59264641 61665017 0 0 6015004 6949001 7595643 8581988 0 0 0 45471681 46974889 59082328 62505878 182313 -840861 162006076 166275215 113507645 111804885 48498431 54470330 TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE. 0 0 PROVIDING ELECTRIC ENERGY TO OUR MEMBERS - 30,807 ACTIVE SERVICES AT YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. PROVIDING INTERNET SERVICES TO OUR MEMBERS - 14,348 ACTIVE SERVICES AT YEAR END WERE PROVIDED INTERNET SERVICE ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. 0 1 0 0 0 0 0 1 0 1 0 0 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 77 0 1 114 1 1 1 0 0 0 0 58764858 1081677 0 0 0 X 11 11 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 0 1 1 0 0 X LUIS A REYES JR 5757582258 118 CRUZ ALTA ROAD TAOS NM 875710578 BRUCE JASSMAN TREASURER 7.00 1.00 X X 20500 0 0 ROBERT ORTEGA SR PRESIDENT 7.00 1.00 X X 29450 0 0 DAVID TORRES TRUSTEE 3.00 0.00 X 25250 0 0 ARTHUR RODARTE TRUSTEE 3.00 1.00 X 26600 0 0 RUSS A COYLE TRUSTEE 3.00 0.00 X 22700 0 0 MANUEL MEDINA SECRETARY 5.00 1.00 X X 19700 0 0 LUISA VALERIO MYLET TRUSTEE 3.00 0.00 X 22623 0 0 BERNIE TORRES TRUSTEE 3.00 0.00 X 18050 0 0 CHRISTOBAL DURAN VICE PRESIDENT 7.00 1.00 X X 0 0 0 MARTIN DIMAS TRUSTEE 3.00 0.00 X 11800 0 0 SYLVIA VIGIL TRUSTEE 3.00 0.00 X 13339 0 0 LUIS A REYES JR CEO 66.00 4.00 X 448019 0 58030 JOHN SHAFTO CFO 47.00 3.00 X 196861 0 44612 RICHARD MARTINEZ COO 57.00 3.00 X 210129 0 53185 CARMELLA SUAZO ASSISTANT MANAGER 48.00 2.00 X 160079 0 39728 MATTHEW SUAZO LEAD LINEMAN 47.00 0.00 X 120303 0 36127 AUSTIN MARTINEZ LEAD LINEMAN 49.00 0.00 X 144918 0 34565 CARLOS RIVERA LEAD LINEMAN 47.00 0.00 X 125661 0 18041 JOSE LOVATO INTERNET MANAGER 50.00 0.00 X 131005 0 37579 1746987 0 321867 14 0 1 0 TRIPLE R EXCAVATION 102 ROMAN CT TAOS NM 87571 FIBER LABOR 1165422 T & D SERVICES 9550 SAN MATEO BLVD NE ALBUQUERQUE NM 87113 ENGINEERING 946095 J & D ELECTRICAL CONTRACTORS PO BOX 2522 TAOS NM 87571 FIBER LABOR 583939 CROSSROAD CONNECTIONS 4 SAN FRANCISCO RD 445 RANCHOS DE TAOS NM 87557 FIBER LABOR 397827 THE SPYGLASS GROUP LLC 25777 DETROIT RD STE 400 WESTLAKE OH 44145 CONSULTING 307222 9 1810208 1810208 SALE OF POWER 221000 46582006 46582006 TELECOM AND INTERNET REVENUE 221000 12149491 12015847 133644 CAPITAL CREDITS 221000 665550 665550 OTHER OPERATING REVENUE 221000 53720 53720 59450767 168964 133268 35696 164187 0 164187 164187 164187 92780 -92780 -92780 -92780 MANAGEMENT FEE 517000 163671 163671 163671 61665017 59317123 430583 107103 6949001 1220848 6165762 676452 518926 3576866 5637109 COST OF POWER 25544478 ADMIN & GENERAL 5356268 DISTRIBUTION-OPERATIONS 2679492 DISTRIBUTION-MAINTENANC 2253418 1927258 62505878 1294521 877878 18798986 19606183 5231 5231 3094132 3592888 5816284 5094411 172962623 81426427 89735934 91536196 1470335 1415137 3208115 3639752 38582538 40507539 162006076 166275215 6844970 7722461 48926 41269 8407 12537 99900893 97658623 2475873 1316886 4228576 5053109 113507645 111804885 X 0 0 0 0 48498431 54470330 48498431 54470330 162006076 166275215 X -840861 6812760 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 990709 990709 10665960 3037228 7628732 158274275 78389199 79885076 3031679 3031679 91536196 NON-UTILITY PROPERTY, NET 37081431 RIGHT OF USE ASSET 3426108 40507539 CUSTOMER DEPOSITS 229875 DEFERRED CREDITS 1090595 FINANCE LEASE LIABILITIES AND OPERATING LEASE LIABILITIES 3732639 5053109 X 61665017 0 61665017 0 61665017 55556877 0 55556877 6949001 6949001 62505878 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 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. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE ALLOCATED IN 2025 FOR 2024 6,949,001. X X X X X 0 0 0 LUIS A REYES JR CEO 447519 0 500 0 0 0 40128 0 17902 0 506049 0 0 0 RICHARD MARTINEZ COO 209629 0 500 0 0 0 26710 0 26475 0 263314 0 0 0 JOHN SHAFTO CFO 196361 0 500 0 0 0 26710 0 17902 0 241473 0 0 0 CARMELLA SUAZO ASSISTANT MANAGER 159579 0 500 0 0 0 21826 0 17902 0 199807 0 0 0 AUSTIN MARTINEZ LEAD LINEMAN 144418 0 500 0 0 0 8090 0 26475 0 179483 0 0 0 JOSE LOVATO INTERNET MANAGER 131005 0 0 0 0 0 11104 0 26475 0 168584 0 0 0 MATTHEW SUAZO LEAD LINEMAN 119803 0 500 0 0 0 9652 0 26475 0 156430 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 11B 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 OF DIRECTORS AS A WHOLE CONDUCTS A PERFORMANCE EVALUATION OF THE CEO ANNNUALLY. THIS IS USED AS THE BASIS FOR COMPENSATION. 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 -136,219. PATRONAGE ALLOCATED IN 2025 FOR 2024 6,949,001. OTHER ADJUSTMENT -22. 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 2040907 2415870 1.00000 1 TAOS MESA ENERGY FACILITY LLC PO BOX 578 TAOS NM 87571 862366159 SOLAR ARRAY NM KIT CARSON ELECTRIC COOPERATIVE INC C 4917328 38589646 1.00000 1 ANGEL FIRE ENERGY FACILITY LLC PO BOX 578 TAOS NM 87571 862379669 SOLAR ARRAY NM KIT CARSON ELECTRIC COOPERATIVE INC C 1302889 13960911 1.00000 1 1 0 0 1 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 KIT CARSON ENERGY INC L 163671 FAIR VALUE KIT CARSON ENERGY INC A 133268 FAIR VALUE TAOS MESA ENERGY FACILITY LLC P 3871156 FAIR VALUE ANGEL FIRE ENERGY FACILITY LLC P 1306663 FAIR VALUE