2025-11-17T23:28:29-06:00 2024-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-01-01 740866703 NAVASOTA VALLEY ELECTRIC COOPERATIVE INC NAVA 9798283232 PO BOX 848 FRANKLIN TX 778560848 STEVE JONES GENERAL MANAGER 9798283232 2025-11-14 1 0 WILLIAM M MILLER P00439459 8067473806 2025-11-14 X 2024 2025-03-06 01:10:19Z STEVE JONES PO BOX 848 FRANKLIN TX 778560848 58873627 0 X WWW.NAVASOTAVALLEY.COM X 1941 TX TO PROVIDE ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS. 8 8 73 0 0 0 0 0 60633844 58826730 74770 29560 303511 17337 61012125 58873627 0 0 0 0 6427542 6747111 0 0 0 57138105 52832549 63565647 59579660 -2553522 -706033 108980268 114558372 24047828 30411934 84932440 84146438 OUR MISSION IS TO PROVIDE SAFE, RELIABLE, COMPETITIVELY PRICED ELECTRIC AND RELATED SERVICES TO OUR MEMBERS/CONSUMERS. 0 0 PROVIDING ELECTRIC POWER TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 21,508 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 0 0 0 0 0 0 0 0 0 0 1 31 0 73 1 0 0 0 0 0 62447856 110790 0 0 0 X 8 8 0 0 1 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X STEVE JONES GENERAL MANAGER 9798283232 2281 E US HWY 79 FRANKLIN TX 77856 X MICHAEL AUTREY SECRETARY/TREASURER 2.90 X X 12826 0 0 CHARLIE CARRIGAN DIRECTOR 5.00 X 11318 0 0 CRAIG CHAMPION NOV-DEC DIRECTOR 1.60 X 1554 0 0 GRANVILLE DAWSON DIRECTOR 4.50 X 16318 0 0 CRAIG DUNLAP VICE CHAIRMAN 3.40 X X 11318 0 0 KENNETH ELLIOTT JAN-OCT DIRECTOR 1.80 X 6712 0 0 JEFF GONZALES JAN-OCT DIRECTOR 2.20 X 8765 0 0 BENNIE KIRVEN JAN-OCT DIRECTOR 2.40 X 11122 0 0 JAMES MATTHEWS DIRECTOR 4.20 X 15318 0 0 TERRANCE SMITHERMAN PRESIDENT 5.00 X X 16326 0 0 CALEB TRUAX NOV-DEC DIRECTOR 1.10 X 4054 0 0 STEVE JONES GENERAL MANAGER 43.00 X 160586 0 51813 AARON WEGSCHEID LINEMAN 40.00 X 122468 0 12067 BRIAN RODGERS LINEMAN 40.00 X 115579 0 23676 FERNANDO JACKSON LINEMAN 40.00 X 123082 0 28757 JACK HANCOCK LINE SUPERVISOR 40.00 X 124155 0 69592 RUSSELL CARROLL LINEMAN 40.00 X 111441 0 57494 872942 0 243399 16 0 1 0 COLD CREEK CONSTRUCTION PO BOX 839 JEWITT TX 75846 TREE TRIMMING 1711104 S&H POWERLINE CONSTRUCTION 725 BELLVIEW RD CRAWFORD TX 76638 LINE CONSTRUCTION 1686154 JOHNNY COULTER DBA JCS TREE SERVICE PO BOX 259 HEMPHILL TX 75948 TREE TRIMMING 899787 ROW LINE CONSTRUCTION PO BOX 400 JEWETT TX 75846 TREE TRIMMING 550839 BRIGHT STAR SOLUTIONS PO BOX 667 SOUR LAKE TX 77659 LINE CONSTRUCTION 353305 8 X SALES OF ELECTRICITY 221000 57852298 57852298 SERVICE FEES 221000 689630 689630 PATRONAGE DIVIDENDS 221000 284802 284802 58826730 29560 29560 BOND SECURITIZATION P'SHIP INCOME 221000 17337 17337 17337 58873627 58844067 0 29560 X 328030 3970726 892300 877920 678135 999497 3215138 PURCHASED POWER 40466868 DISTRIBUTION EXPENSE 5782111 ADMIN & GENERAL EXPENSE 2011235 OPERATING TAXES 3103 354597 59579660 X 607129 2824433 4357266 4625133 12694 23044 143175 134318 113533393 33432296 77239350 80101097 26613997 26843690 6657 6657 108980268 114558372 3789017 3552331 36387 62472 13367942 19247543 6854482 7549588 24047828 30411934 X 486575 494695 0 0 84445865 83651743 84932440 84146438 108980268 114558372 X -706033 -79969 X X 0 1 X 0 0 0 1 X 104267 104267 3550039 1370896 2179143 107406955 32061400 75345555 2472132 2472132 80101097 MEMBERSHIPS IN ASSOCIATED ORGANIZATIONS 2316 C PATRONAGE CAPITAL-CFC 582060 C PATRONAGE CAPITAL-NRTC 62466 C PATRONAGE CAPITAL-BRAZOS 24467629 C PATRONAGE CAPITAL-PRODUCERS 3964 C PATRONAGE CAPITAL-TEC 546110 C CAPITAL TERM CERTIFICATES 585591 C INVESTMENT IN BOND SECURITIZATION PARTNERSHIP 593554 C 26843690 POST RETIREMENT BENEFIT OBLIGATION 1910434 CONSUMER DEPOSITS 234216 ADVANCE BILLING TO CUSTOMERS 89187 ACCRUED OPERATING TAXES 40138 DEFERRED CREDITS - UNCLAIMED PATRONAGE CAPITAL CHECKS 214723 DEFERRED CREDITS - REFUNDABLE AID TO CONSTRUCTION 4807502 DEFERRED CREDITS - OTHER 253388 7549588 X 58873627 0 58873627 0 58873627 59579660 0 59579660 0 59579660 PART IV, LINE 2B: PURSUANT TO SECTION 74.3013 OF THE TEXAS PROPERTY CODE, THE COOPERATIVE HAS ESTABLISHED A RURAL SCHOLARSHIP FUND WITH AMOUNTS DETERMINED 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 HAS ADOPTED 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 ITS TAX POSITION 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 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 0 0 0 STEVE JONES GENERAL MANAGER 158394 0 0 0 2192 0 31458 0 20355 0 212399 0 0 0 JACK HANCOCK LINE SUPERVISOR 121705 0 0 0 2450 0 49237 0 20355 0 193747 0 0 0 RUSSELL CARROLL LINEMAN 110392 0 0 0 1049 0 37395 0 20099 0 168935 0 0 0 FERNANDO JACKSON LINEMAN 122059 0 0 0 1023 0 20778 0 7979 0 151839 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 CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER 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. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. STEVE JONES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,673 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,785 TOTAL REPORTED IN COLUMN C $ 31,458 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,673) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,205 EXPENSE TO THE COOPERATIVE $ 46,990 JACK HANCOCK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,615 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,622 TOTAL REPORTED IN COLUMN C $ 49,237 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,615) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,944 EXPENSE TO THE COOPERATIVE $ 35,566 RUSSELL CARROLL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 34,886 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,509 TOTAL REPORTED IN COLUMN C $ 37,395 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,886) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,679 EXPENSE TO THE COOPERATIVE $ 24,188 FERNANDO JACKSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 18,258 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,520 TOTAL REPORTED IN COLUMN C $ 20,778 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (18,258) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,956 EXPENSE TO THE COOPERATIVE $ 24,476 FORM 990, PART VI, SECTION A, LINE 4 DURING THE YEAR, THE COOPERATIVE'S BYLAWS WERE AMENDED. A COPY OF THE COOPERATIVE'S BYLAWS CAN BE FOUND ON THE COOPERATIVE'S WEBSITE: HTTPS://WWW.NAVASOTAVALLEY.COM/BYLAWS-0 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 COMPLETE 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. LEGAL COUNSEL WILL REVIEW THE POLICY WITH THE DIRECTORS BEFORE SIGNING. 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 15A THE BOARD OF DIRECTORS PERFORM AN ANNUAL REVIEW AND UTILIZE INTERNAL RESOURCES WHEN DETERMINING THE COMPENSATION OF THE GENERAL MANAGER. OTHER THAN THE GENERAL MANAGER, THE COOPERATIVE DID NOT HAVE ANY EMPLOYEES MEETING THE DEFINITION OF OFFICER OR KEY EMPLOYEE. THEREFORE, AND PURSUANT TO FORM 990 INSTRUCTIONS, LINE 15B HAS BEEN ANSWERED "NO". 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. FORM 990, PARTS VI & VII THE COOPERATIVE ANNUALLY PROVIDES EACH DIRECTOR WHO SERVED ON THE BOARD DURING THE YEAR A QUESTIONNAIRE AND TIME LOG. THE COMPLETED QUESTIONNAIRES AND TIME LOGS 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 AND/OR TIME LOG, THE COOPERATIVE RELIED UPON THE COMPLETED INFORMATION FOR THE PRIOR YEAR. KEN ELLIOTT, JEFF GONZALES, AND BENNIE KIRVEN RETIRED DURING 2024; THEREFORE, THEIR PRIOR YEAR QUESTIONNAIRES WERE RELIED UPON WHILE PREPARING THE RETURN. THERE WERE NO KNOWN CHANGES. FORM 990, PART VII, COLUMN F: IN ORDER TO PROVIDE RETIREMENT BENEFITS TO 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 MULTI-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 AND HIGHLY COMPENSATED EMPLOYEES, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLANS. THE COOPERATIVE ALSO PROVIDES HEALTH AND LIFE INSURANCE TO ALL ELIGIBLE EMPLOYEES THROUGH A QUALIFIED PLAN. AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR THE OFFICER AND HIGHLY COMPENSATED EMPLOYEES IS COMPRISED OF ACTUARIAL INCREASE IN THE DEFINED BENEFIT PLAN, THE TOTAL AMOUNT CONTRIBUTED BY THE COOPERATIVE TO THE DEFINED CONTRIBUTION PLAN, AND INSURANCE PAID ON BEHALF OF AND FOR THEIR BENEFIT. IN ADDITION TO THE ABOVE PENSION PLANS, THE COOPERATIVE ALSO PROVIDES POST-RETIREMENT HEALTH INSURANCE BENEFITS THROUGH AN UNFUNDED WELFARE BENEFIT PLAN. THE VALUE OF THESE BENEFITS HAS NOT BEEN ESTIMATED. FORM 990, PART VII, SECTION A: THE BOARD OF DIRECTORS CONSIDER THE GENERAL MANAGER TO BE BOTH THE TOP MANAGEMENT OFFICIAL AND THE TOP FINANCIAL OFFICIAL. THEREFORE, ONLY THE GENERAL MANAGER IS LISTED AS AN EMPLOYEE OFFICER. FORM 990, PART VIII, LINE 2B: 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: ALTHOUGH THE COOPERATIVE IS NO LONGER A RURAL UTILITY SERVICE (RUS) BORROWER, ITS ACCOUNTING RECORDS ARE MAINTAINED IN ACCORDANCE WITH THE RUS UNIFORM SYSTEM OF ACCOUNTS (USOA) 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 24: ADMINISTRATIVE & GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 769,946 OFFICE SUPPLIES 504,568 OUTSIDE SERVICES 488,431 DIRECTORS 33,267 ASSOCIATED DUES 70,442 MISCELLANEOUS GENERAL 418,896 UTILITY COMMISSION 101,981 INJURIES & DAMAGES INSURANCE 201,713 EMPLOYEE MEDICAL, WELFARE & BENEFIT 2,402,269 MAINTENANCE OF GENERAL PLANT 119,960 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 5,111,473 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (115,631) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (1,162,574) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (1,822,033) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 2,011,235 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 THE TOTAL WAGES ACCRUED AND/OR PAID: TOTAL PER LINES 5-7 $ 4,298,756 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (115,631) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (51,813) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 1,040,294 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING & OTHER ACCOUNTS 178,038 TOTAL WAGES ACCRUED AND/OR PAID $ 5,349,644 FORM 990, PART IX, LINE 4: 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 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 BYLAWS. FORM 990, PART IX, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CUSTOMER ACCOUNTS $ 352,307 CUSTOMER SERVICE & INFORMATION $ 2,290 TOTAL OTHER EXPENSES PER FORM 990, PART IX $ 354,597 FORM 990, PART XI, LINE 9: PATRONAGE CAPITAL RETIRED -4,670. NET CHANGE IN MEMBERSHIPS 8,120. OTHER COMPREHENSIVE INCOME - PROVISION FOR PENSIONS AND BENEFITS -83,419. FORM 990, PART XII, LINE 2C: THE BOARD AS A WHOLE IS RESPONSIBLE FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT AND SELECTING THE INDEPENDENT AUDITOR. PROCEDURAL CHANGES DID NOT OCCUR DURING THE YEAR.