2026-09-02T11:24:07-07:00 2025-12-31 990 2025-01-01 010056837 EASTERN MAINE ELECTRIC COOPERATIVE INC EAST 2074547555 PO Box 425 Calais ME 04619 Warren Moholland CFO 2074547555 2026-07-31 2025 Warren Moholland 21 Union St Calais ME 04619 20265948 0 X www.emec.com X 1940 ME EMEC is a non-profit consumer owned electric utility serving parts of Aroostook, Penobscot & Washington Counties on Maine's eastern border with Canada. 11 11 36 0 0 0 0 0 17962764 19862783 417024 403165 0 0 18379788 20265948 0 0 542695 557862 2760242 2875227 0 0 0 15076851 16832859 18379788 20265948 0 0 54786062 56330249 39448084 40514652 15337978 15815597 Eastern Maine Electric Cooperative, Inc. (EMEC) is Maine's premiere consumer-owned utility providing low cost energy solutions and adding value to our member's quality of life through creative application of technology, capital and a dedicated workforce. 0 0 20265948 18785330 Utility System Programs, General/Others" Delivery of Electric Power (13,194 Consumers) 0 0 0 20265948 0 0 0 0 0 0 0 0 0 1 0 0 1 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 45 0 1 36 1 0 0 0 0 0 19459890 477674 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X Tom Moholland 2074547555 PO Box 405 Calais ME 04619 Scott M Halowell Chief Executive Officer 50 0 X 298889 0 266674 Michael Carrier Manager of Operations 45 0 X X 151386 0 142521 Charles E McAlpin Manager of Member Services 45 0 X 147730 0 101328 Elery Beale Manager of Information Technology 45 0 X 140822 0 54459 Warren Moholland Chief Financial Officer 45 0 X 128650 0 43192 John L Gallant Secretary 5 0 X X 14525 0 0 Timothy R Peters Treasurer 5 0 X X 14500 0 0 John Leighton Board Member 5 0 X 14200 0 0 R Scott Skinner President 4 0 X X 11350 0 0 David A Harbison Board Member 3 0 X 9400 0 0 Dwayne Young Board Member 4 0 X 9000 0 0 David A Johnson Board Member 3 0 X 8550 0 0 Lawrence E Clark Board Member 1 0 X 5125 0 0 Earl Hill Jr Vice President 1 0 X 5125 0 0 Dana R Hatton Board Member 1 0 X 4450 0 0 Bart Chandler Board Member 2 0 X 1750 0 0 965452 0 608174 6 0 1 0 Lucas Tree Experts PO Box 958 Portland ME 04104 Line Trimming 272933 Bull Trucking 82 SCHOOLHOUSE RD UNIT 28 Orient ME 04471 Line work 184055 2 0 Electric Supply & Delivery 221000 19862783 19862783 0 0 0 0 0 0 19862783 387636 387636 0 0 0 0 0 0 0 0 0 0 0 0 0 15529 0 0 0 15529 15529 15529 0 0 0 20265948 20265948 0 0 X 0 0 0 0 0 0 557862 557862 702082 702082 0 0 2173145 2173145 0 0 0 0 0 0 0 0 116262 116262 46522 46522 24141 24141 130330 130330 74967 74967 70322 70322 36114 36114 0 0 108350 108350 971969 971969 0 0 2785518 2785518 155084 155084 Purchase Power & Energy Supply 7415256 7415256 0 0 Distribution & Transmission 2460037 2460037 0 0 Consumer Account, General Adm & Membership 1488113 1488113 0 0 Reg Fees, Energy Con, LIAP 949874 949874 0 0 20265948 20265948 0 0 847083 1770529 5808818 5677588 0 0 2521634 2465396 0 0 0 0 0 0 1427785 1449123 519619 555982 83199125 46094289 35982470 37104836 0 0 1049377 1054610 0 6629276 6252185 54786062 56330249 1062530 1473361 5674500 5674500 27624738 28235121 5086316 5131670 39448084 40514652 X 0 0 0 0 15337978 15815597 15337978 15815597 54786062 56330249 X 0 0 0 0 0 477619 X X 0 1 X 1 0 0 351 351 0 3559269 588933 2970336 0 0 0 0 0 4961979 3560909 1401070 0 74677526 41944447 32733079 37104836 Regulatory Asset 2142768 Deferred Debits 108762 Accumulated Operating Provision 4000655 6252185 0 Accrued State Taxes Interest & Other 510439 Defer Credits, Customer Advance for Construction 1045307 Consumer Deposits 173163 Regulatory Liability 3402761 5131670 X 20265948 0 0 0 0 0 20265948 0 0 0 20265948 19708086 0 0 0 0 0 19708086 0 557862 557862 20265948 Schedule D, Part X, Line 2 Footnote to Financial Statements Eastern Maine Electric Cooperative, Inc. (EMEC). The Cooperative is a nonprofit organization and is exempt from federal income tax under Internal Revenue Code Section 501(c)(12) as long as 85% or more of its gross income consists of amounts applicable to members for the sole purpose of meeting operating costs and expenses, and the Cooperative does not engage in business not related to its exemption. The Cooperative follows accounting guidance for uncertainty in income taxes which is part of ASC740, Income Taxes. The guidance prescribes a recognition threshold and measurement attributes for financial state recognition of a tax position taken or expected to be taken on a tax return. Schedule D, Part XII, Line 4b Payments to Patronage Capital Allocation. For the audited financial statement, the amount of patronage dividends paid or allocated to the members is reported as an increase in equity and not as an expense. Therefore, net income per the audited financial statements is reported gross of the amount of patronage dividends that are either allocated or to be allocated at the time the audited financial statements are prepared. However, because the allocation of patronage dividends is one aspect of how the Cooperative fulfills its tax-exempt purpose of operating on a cooperative basis, the amount of the patronage dividends either allocated or to be allocated to the members is reported on Form 990, Part IX, line 4 as "benefits paid to members." Patronage dividends are allocated on a patronage basis and done so pursuant to the Cooperative's bylaws. X X X 0 0 0 Scott M Halowell Chief Executive Officer 294042 0 0 0 4847 0 250844 0 15830 0 565563 0 0 0 Warren Moholland Chief Financial Officer 128037 0 0 0 613 0 26428 0 16764 0 171842 0 0 0 Michael Carrier Manager of Operations 150044 0 0 0 1342 0 125037 0 17484 0 293907 0 0 0 Charles E McAlpin Manager of Member Services 145766 0 0 0 1964 0 90496 0 10832 0 249058 0 0 0 Elery Beale Manager of Information Technology 140132 0 0 0 690 0 36325 0 18133 0 195280 0 0 0 Form 990, Part VI, Section A, Line 6 Eastern Maine Cooperative, Inc. (EMEC) has members. EMEC is owned by its members. EMEC is a non-profit consumer-owned electric utility serving parts of Aroostook, Penobscot, and Washington Counties. Form 990, Part VI, Section A, Line 7a Eastern Maine Electric Cooperative, Inc. (EMEC) members own the cooperative. To conduct the affairs of the cooperative, they elect a Board of Directors, who are themselves, members. In the election of Directors, each member has one vote. Form 990, Part VI, Section A, Line 7b Membership approval for the disposition and acquisition of certain assets and bylaw changes. Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Chief Executive Officer. The Finance Manger reviews the Form 990. The form 900 is presented, reviewed, and discussed with the Board of Directors prior to the return being filed. Form 990, Part VI, Section B, Line 12c Each board member signs a Conflict of Interest Statement at the monthly board meeting in which they state whether they have a conflict and that they will not participate in any vote in which there may be a potential conflict of interest. Form 990, Part VI, Section B, Line 15 Comparative salary information from the 800 electric cooperatives is reviewed and used in developing a wage plan for non-bargaining unit employees, as approved by the board. At least once every three years, the wage plan is thoroughly reviewed and updated as necessary, as approved by the board. Annually, the board reviews the performance of the CEO and makes a salary change as applicable. Annually, the CEO reviews the performance of the non-bargaining unit employees and makes a salary change as applicable. Form 990, Part VI, Section C, Line 19 Eastern Maine Electric Cooperative, Inc. (EMEC) provides its governing documents, the By-Laws, to each new member; plus they are available upon request. The Conflict of Interest policy is available upon request. The financial statements are mailed annually to each member and are presented at the annual meeting. Form 990, Part IX, Line 4 The Cooperative's tax-exempt purpose is to provide electricity to its members and to do so, on a cooperative basis. Tax law defines "Operating on a cooperative basis" as the 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 the allocation of patronage capital) to its members. Patronage dividends are considered paid if the allocation is made (1) pursuant to pre-existing obligation, (2) from margins produced from the transaction done with or for members, and (3) in a fair and equitable basis 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. The amount reported on this line represents the amount of patronage capital that is either allocated or to be allocated to the members resulting from their purchase of electric service from the Cooperative for the 2025 calendar year. Such amounts are allocated subsequent to the year-end in a fair and equitable manner on the basis of patronage (i.e. purchases). The amounts allocated are representative of the margins from the provision of electric service to members and are done pursuant to the obligation that exists in the bylaws of the Cooperative. Therefore, these amounts meet the definition of the term "Patronage dividends paid." Patronage Dividends to be allocated are reported on line 4. Please note; however, that because patronage dividends is the process by which the Cooperative operates at cost with its members and thereby a key component to accomplishing its exempt purpose, the cooperative has reported the amount it's 2025 margin that has been or is to be allocated to the members subsequent to year-end. Such amounts are an expense for Form 990 reporting and not an expense for financial statements prepared in accordance with the Generally Accepted Accounting Principles (GAAP). As a result, the difference between the Cooperative's GAAP basis financial statement and the revenue less expense reported on Part 1, line 19 is the amount of the patronage dividends reported as benefits paid to members. Form 990, Part IX, Line 7 Total Other Salaries and Wages were $3,686,793 of which $1,086,109 were charged to the balance sheet accounts. The remaining amount of $2,600,684 was charged to expense accounts. Form 990, Part IX, Line 8 Total Pension Plan Contributions were $803,710 of which $214,115 was charged to balance sheet accounts. The remaining amount of $589,595 was charged to expense accounts. Form 990, Part IX, Line 9 Total medical life and long-term disability insurance contributions were $641,427 of which $163,814 was charged to the balance sheet accounts. The remaining amount of $477,613 was charged to expense accounts. Form 990, Part IX, Line 10 Total Payroll Taxes were $258,527 of which $64,476 was charged to balance sheet accounts. The remaining amount of $194,051 was charged to expense accounts. Form 990, Part XI, Line 9 The amount reported on this line represents the amount of the current year's patronage capital credit assignable, if patronage is a positive figure and once the prior year's negative amounts have been offset by current year positive amounts, and the sum of changes in patronage capital retirements and memberships. The amount of patronage capital that is either allocated or to be allocated to the members resulting from their purchase of electricity from the Cooperative for the 2025 calendar year. Such amounts are allocated subsequent to year-end in a fair and equitable manner on the basis of patronage (i.e. purchases). The amounts allocated are representative of the margins from the provision of electric energy to the members and are done pursuant to the obligation that existed in the bylaws prior to the cooperative providing electricity to members. Therefore, these amounts meet the definition of the term "Patronage dividends paid." Form 990, Part XII, Line 2c No changes