2026-07-15T10:09:34-05:00 2025-09-30 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-10-01 910323430 MODERN ELECTRIC WATER COMPANY MODE 5099284540 PO BOX 14008 SPOKANE WA 99214 JOE MORGAN CEO 5099284540 2026-07-14 1 0 PATRICK COOPER P00856177 8067473806 2026-07-14 2024 2025-03-06 01:10:19Z JOE MORGAN PO BOX 14008 SPOKANE WA 99214 23931524 0 X WWW.MODERNELECTRICWATER.COM X 1905 WA TO PROVIDE AFFORDABLE ELECTRICITY AND WATER SERVICES TO CUSTOMER-OWNERS ON A MUTUAL BASIS. 5 5 38 0 0 0 0 0 19243236 20815319 2893463 2785080 260821 234297 22397520 23834696 1687505 348666 0 0 3421962 3630993 0 0 0 14215822 15345864 19325289 19325523 3072231 4509173 80149153 88603456 1906103 2422977 78243050 86180479 MODERN ELECTRIC WATER COMPANY, A CUSTOMER-OWNED UTILITY, STRIVES TO PROVIDE SAFE, RELIABLE, AND AFFORDABLE ELECTRIC AND WATER SERVICES AS WELL AS ENHANCE AND ENRICH THE LIVES OF THE COMMUNITY WE SERVE. 0 0 PROVIDING ELECTRIC ENERGY TO OUR CUSTOMER-OWNERS. THERE WERE 11,149 ACTIVE SERVICES AT YEAR END. PROVIDING WATER SERVICES TO OUR CUSTOMER-OWNERS. THERE WERE 5,601 ACTIVE SERVICES AT YEAR END. 0 0 1 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 19 0 38 1 0 0 0 0 0 20792215 2861419 0 0 0 X 5 5 0 0 0 0 1 1 0 1 0 0 0 0 1 1 1 1 1 1 1 0 X YELENA LAZANIS CFO 5099284540 PO BOX 14008 SPOKANE WA 99214 X BARRY BAKER VICE PRESIDENT 2.00 X X 9200 0 0 CHARLES TAES DIRECTOR 3.00 X 12150 0 0 DAVE THOMPSON PRESIDENT 2.50 X X 11700 0 0 SAM WALDRON SECRETARY/TREASURER 2.00 X X 9150 0 0 SCOTT HISLOP DIRECTOR 1.50 X 6900 0 0 JOE MORGAN CEO 50.00 X 333343 0 56109 YELENA LAZANIS CFO 50.00 X 176059 0 13076 JOHN MCFEELY DIRECTOR OF ENGINEERING 42.00 X 218099 0 30447 WARD FREDERICKSON LINE FOREMAN 42.00 X 174230 0 33282 ROBERT MCDANIEL LINEMAN 42.00 X 163818 0 11015 JOSHUA MATHEWS ELECTRIC SUPERINTENDENT 46.00 X 154001 0 11360 LANCE YOPPINI EQUIPMENT OPERATOR/INSTALLER 41.00 X 124864 0 25609 ERIC HARRIS ELECTRIC METER TESTER & ELECTRICIAN 40.00 X 122665 0 9755 1516179 0 190653 14 0 1 0 MERIDIAN 3 RAVINA DR NE SUITE P007 ATLANTA GA 30346 SOFTWARE SUPPORT 112011 1 X SALES OF ELECTRICITY 221000 16747093 16747093 SALES OF WATER 221000 2679455 2679455 CONSUMER CONTRIBUTIONS 221000 725547 725547 SERVICE FEES 221000 596380 596380 PATRONAGE DIVIDENDS 221000 23104 23104 43740 43740 20815319 1376574 1376574 76339 0 76339 76339 76339 718834 786500 0 96828 718834 689672 1408506 1408506 POLE ATTACHMENT 221000 124656 124656 MISCELLANEOUS NON-OPERATING REVEN 221000 33302 33302 157958 23834696 22223825 0 1610871 X 348666 876233 1920023 48109 603918 182710 1953980 PURCHASED POWER & WATER 10148604 ADMIN & GENERAL 1472402 DISTRIBUTION EXPENSE 968369 TAXES 802509 19325523 2639896 4343077 957218 1099206 629435 1645320 195359 201102 62674977 39933799 22270596 22741178 51262293 56344376 257255 266063 1937101 1963134 80149153 88603456 1445798 2390096 460305 32881 1906103 2422977 X 2773 2773 2158327 2158329 76081950 84019377 78243050 86180479 80149153 88603456 X 4509173 3444103 -15847 X 0 1 X 0 0 15000 15000 0 15000 1 WECPAC PO BOX 7219 OLYMPIA WA 98507 911236389 15000 PART I-A, LINE 1: THE COOPERATIVE'S SOLE DIRECT POLITICAL ACTIVITY WAS A $15,000 DONATION OF ITS OWN FUNDS TO WASHINGTON ELECTRIC COOPERATIVES POLITICAL ACTION COMMITTEE (WECPAC). 1030019 1030019 6854875 3333327 3521548 51906363 36600472 15305891 2883720 2883720 22741178 X 26930133 3444103 3444103 23486030 348666 348666 23834696 18976857 0 18976857 348666 348666 19325523 PART X, LINE 2: THE COMPANY FOLLOWS THE PROVISIONS OF UNCERTAIN TAX POSITIONS AS ADDRESSED IN FASB ACCOUNTING STANDARDS CODIFICATION 740-10-65-1. THE PRIMARY TAX POSITION OF THE COMPANY IS ITS FILING STATUS AS A TAX EXEMPT ENTITY. THE COMPANY DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT ITS TAX POSITION WILL BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS), AND THAT ALL TAX BENEFITS ARE LIKELY TO BE REALIZED UPON SETTLEMENT WITH TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: COMMUNITY ENRICHMENT FUND RECLASSIFIED TO PART IX, LINE 1 348,666. PART XII, LINE 4B - OTHER ADJUSTMENTS: COMMUNITY ENRICHMENT FUND RECLASSIFIED TO PART IX, LINE 1 348,666. 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. 0 BOYS & GIRLS CLUBS OF SPOKANE COUNTY 544 E PROVIDENCE SPOKANE WA 99207 911983357 501(C)(3) 10025 0 2025 SUPPORT FAMILY PROMISE OF SPOKANE 2322 E SPRAGUE AVE SPOKANE WA 99202 911707988 501(C)(3) 36000 0 2025 SUPPORT GREATER SPOKANE VALLEY CHAMBER OF COMMERCE 10808 E SPRAGUE AVE SPOKANE VALLEY WA 99206 910511813 501(C)(6) 11384 0 2025 SUPPORT SPOKANE VALLEY HUB PO BOX 604 GREENACRES WA 99016 260173199 501(C)(3) 55842 0 2025 SUPPORT PARTNERS INLAND NORTHWEST PO BOX 141360 SPOKANE VALLEY WA 99214 911478830 501(C)(3) 20000 0 2025 SUPPORT VALLEYFEST PO BOX 368 SPOKANE VALLEY WA 99037 943152294 501(C)(3) 25000 0 2025 SUPPORT SPOKANE CONSERVATION DISTRICT 4422 E 8TH AVE SPOKANE VALLEY WA 99212 910911235 GOVERNMENT 15000 0 2025 SUPPORT SPOKANE VALLEY CHRISTIAN SCHOOL 10212 E 9TH SPOKANE VALLEY WA 99206 912107119 501(C)(3) 10000 0 2025 SUPPORT 8 PART II: 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. X X 0 0 0 JOE MORGAN CEO 298083 0 30000 0 5260 0 53340 0 2769 0 389452 0 0 0 JOHN MCFEELY DIRECTOR OF ENGINEERING 214239 0 3000 0 860 0 26558 0 3889 0 248546 0 0 0 WARD FREDERICKSON LINE FOREMAN 173054 0 0 0 1176 0 29394 0 3888 0 207512 0 0 0 YELENA LAZANIS CFO 163802 0 12000 0 257 0 10307 0 2769 0 189135 0 0 0 ROBERT MCDANIEL LINEMAN 163604 0 0 0 214 0 7139 0 3876 0 174833 0 0 0 JOSHUA MATHEWS ELECTRIC SUPERINTENDENT 150692 0 3000 0 309 0 8810 0 2550 0 165361 0 0 0 LANCE YOPPINI EQUIPMENT OPERATOR/INSTALLER 123763 0 0 0 1101 0 22878 0 2731 0 150473 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE COMPANY WAS FORMED BY THE CUSTOMER-OWNERS TO PROVIDE ELECTRIC AND WATER SERVICE ON A MUTUAL BASIS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED TO THREE-YEAR TERMS. THE TERMS ARE STAGGERED SUCH THAT EACH YEAR EITHER ONE OR TWO MEMBERS OF THE BOARD ARE UP FOR ELECTION. THE ELECTION OCCURS AT THE ANNUAL SHAREHOLDER'S MEETING. FORM 990, PART VI, SECTION A, LINE 8B THE COMPANY 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 REVIEWED THE FORM 990 BEFORE FILING. THE BOARD MEMBERS WERE PROVIDED A COPY OF THE FORM 990 FOR REVIEW SUBSEQUENTLY TO THE FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE COMPANY 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 EACH YEAR THE BOARD REVIEWS THE NORTHWEST UTILITIES SALARY, WAGE & BENEFIT SURVEY TO DETERMINE THE SALARY OF THE CEO. EACH YEAR, THE BOARD REVIEWS AND APPROVES THE SALARIES OF OTHER OFFICERS AND KEY EMPLOYEES. WHILE THOSE WHOSE SALARIES ARE BEING DISCUSSED, OFFICERS AND KEY EMPLOYEES ARE EXCUSED FROM THE BOARD MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE COMPANY WILL PROVIDE A COMPLETE COPY OF ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO ANY CUSTOMER-OWNER WHO REQUESTS A COPY OF ANY SUCH DOCUMENT. A COMPLETE COPY OF THE AUDITED FINANCIAL STATEMENTS WAS PROVIDED TO THE CUSTOMER-OWNERS FOR THE ANNUAL MEETING. FORM 990, PART VII, COLUMN F: IN ORDER TO PROVIDE RETIREMENT BENEFITS TO ITS EMPLOYEES, THE COMPANY HAS ESTABLISHED A DEFINED CONTRIBUTION PLAN AND DEFINED BENEFIT PLAN FOR THE RESPECTED GROUPS OF EMPLOYEES. EMPLOYER CONTRIBUTIONS TO THE PLAN ARE MADE PURSUANT TO THE PLAN DOCUMENT. THE COMPANY ALSO PROVIDES HEALTH, DENTAL AND LIFE INSURANCE TO ALL ELIGIBLE EMPLOYEES THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR THE OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES IS COMPRISED OF ACTUARIAL INCREASE IN THE DEFINED BENEFIT PLAN, THE TOTAL AMOUNT CONTRIBUTED BY THE COMPANY 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 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 AND WATER SERVICES PROVIDED BY THE COMPANY TO ITS CONSUMER-OWNERS. FORM 990, PART IX: THE ACCOUNTING RECORDS OF THE COMPANY ARE MAINTAINED IN ACCORDANCE WITH THE UNIFORM SYSTEM OF ACCOUNTS (USOA) AS PRESCRIBED BY THE FEDERAL ENERGY REGULATORY COMMISSION FOR CLASS A AND B ELECTRIC UTILITIES. THE USOA DOES NOT RECORD EXPENSES IN THE GENERAL EXPENSE CATEGORIES PROVIDED ON PART IX LINES 1-23. THE COMPANY 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, 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 TO TOTAL WAGES ACCRUED AND/OR PAID: TOTAL PER LINES 5-7 $ 2,796,256 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (49,100) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (99,632) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 718,301 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 87,384 TOTAL WAGES ACCRUED AND/OR PAID $ 3,453,209 FORM 990, PART IX, LINE 24: ADMINISTRATIVE & GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS & OTHER $ 1,799,435 OFFICE SUPPLIES 323,094 OUTSIDE SERVICES 363,755 INSURANCES AND DAMAGES 258,636 CUSTOMER COLLECTION 33,219 DUES AND SUBSCRIPTIONS 112,830 MAINTENANCE OF GENERAL PLANT 151,788 REAL ESTATE TAXES 107,499 BANK FEES 112,769 MISCELLANEOUS GENERAL 277,919 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 3,540,944 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (49,100) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (1,492,652) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (526,790) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 1,472,402 FORM 990, PART XI, LINE 9: ACTUARIAL GAIN 85,833. POST RETIREMENT BENEFIT AMORTIZATION 53,771. VALUATION ADJUSTMENT ON INVESTMENTS -155,451.