2026-07-30T08:10:54-05:00 2025-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2025-01-01 860082366 TRICO ELECTRIC COOPERATIVE INC TRIC 5207442944 PO BOX 930 MARANA AZ 85653 BRIAN HEITHOFF GM/CEO 5207442944 2026-07-14 1 PATRICK COOPER P00856177 8067473806 2026-07-14 2025 2025-03-06 01:10:19Z BRIAN HEITHOFF PO BOX 930 MARANA AZ 85653 143140464 0 X WWW.TRICO.COOP X 1945 AZ TO PROVIDE ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS. 7 7 180 0 0 0 0 0 123234927 140815650 297630 758230 497601 1566584 124030158 143140464 50855 50031 6274700 4941039 15652523 16699047 0 0 0 100739179 120531527 122717257 142221644 1312901 918820 309324183 350445306 157956465 196495649 151367718 153949657 DEDICATED TO MAKING A DIFFERENCE IN THE COMMUNITIES WE SERVE BY PROVIDING OUR MEMBERS COST-EFFECTIVE AND SUSTAINABLE ENERGY SOLUTIONS. 0 0 SALE OF ELECTRIC POWER TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 56,149 ACTIVE SERVICES AT YEAR END. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 1 1 1 0 1 68 0 180 1 0 0 0 0 0 145811983 2493369 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 AZ X CHAD RUPE CFO 5207442944 8600 W TANGERINE RD MARANA AZ 85658 X LARRY HINCHLIFFE PRESIDENT 11.00 2.00 X X 31950 0 0 MARSHA THOMPSON VICE PRESIDENT (JAN-APR) 2.00 2.00 X X 8100 0 0 JOE KING DIRECTOR 6.00 2.00 X 10050 0 0 KEVIN MCCARTHY SECRETARY 5.00 2.00 X X 27450 0 0 DARRELL BIRKHIMER ASST. SECRETARY/TREASURER 11.00 2.00 X X 34500 0 0 JERRY RUTHERFORD TREASURER 7.00 2.00 X X 17750 0 0 DAVID PROCTOR VICE PRESIDENT 10.00 2.00 X X 32400 0 0 JAMES KING DIRECTOR (MAY-DEC) 9.00 2.00 X 13200 0 0 TOREY BELL VP ENGINEERING 54.00 1.00 X 201113 0 29123 BRIAN HEITHOFF CHIEF EXECUTIVE OFFICER/GM 55.00 1.00 X 452786 0 113663 JAMES FREEMAN CHIEF DATA & AI OFFICER 50.00 1.00 X 229895 0 108530 CHAD RUPE CHIEF FINANCIAL OFFICER 50.00 1.00 X 64858 0 9545 APRIL PARK VP HUMAN RESOURCES AND SAF 60.00 1.00 X 185878 0 50971 CHARLES GOURDIN VP UTILITY SERVICES 50.00 1.00 X 160470 0 68704 ERIC HAWKINS CHIEF OPERATING OFFICER/GC 52.00 1.00 X 287074 0 60875 JUSTIN BANALES VP GRID TECHNOLOGY & COMMUNICATIONS 51.00 1.00 X 180669 0 71366 MATTHEW FREDERICKSON VP ELECTRIC OPERATIONS 50.00 1.00 X 178346 0 70176 LAREE ST ONGE VP MEMBER SERVICES/ENERGY SOLUTIONS 45.00 1.00 X 176191 0 54316 NICOLE WILSON VP NETWORK & SYSTEM SERVICES 50.00 1.00 X 139018 0 87098 ROBERT QUIHUIS MANAGER DISTRIBUTION ENGINEERING 45.00 1.00 X 159552 0 78659 COLBY BROWN JOURNEYMAN/LINEMAN 50.10 X 176608 0 37531 BRIAN JACKSON CREWLEADER OUTPOST 44.80 X 158042 0 60406 JEREMY KONSKI CREWLEADER 50.30 X 182988 0 46494 DIEGO MARTINEZ CREWLEADER 47.80 X 172141 0 47633 BLAKE REIS CREWLEADER 49.20 X 178701 0 42253 3459730 0 1037343 72 0 1 0 EMPIRE SOUTHWEST LLC PO BOX 842381 LOS ANGELES CA 90084 EQUIPMENT RENTAL 283542 DATA CENTER WAREHOUSE 23041 AVENIDA DE LA CARLOTA SUITE 3 LAGUNA HILLS CA 92653 SOFTWARE 274072 RURAL AMERICA STRATEGIES LLC 55 ESTERBROCK RD DOUGLAS WY 82633 FIBER CONSULTANT 204783 ELLETT AND GAYNOR LLC 5706 SW 45TH AVE AMARILLO TX 79109 ENGINEERING SERVICES 199751 GORDLEY DESIGN GROUP 2540 N TUCSON BLVD TUCSON AZ 85716 MARKETING CONSULTANT 191744 8 X SALES OF ELECTRICITY 221000 138636010 138636010 PATRONAGE DIVIDENDS 221000 1012788 1012788 SERVICE FEES 221000 873213 873213 ELECTRICITY WHEELING 221000 293639 293639 140815650 687390 687390 70840 0 70840 70840 70840 EMPLOYEE RETENTION CREDIT 221000 1061390 1061390 POLE ATTACHMENT INCOME 221000 505194 505194 1566584 143140464 140886490 0 2253974 X 50031 4941039 3394276 9541960 1681407 1214376 867028 5238710 10952352 PURCHASED POWER 90520770 DISTRIBUTION EXPENSE 5821489 ADMIN & GENERAL EXPENSE 5524101 CONSUMER EXPENSE 1800734 673371 142221644 2629108 28391406 5780324 6228406 11617581 12146231 1587113 2475157 382986622 142148095 227876695 240838527 57715484 58231164 2117878 2134415 309324183 350445306 11264276 13398674 130009924 174925570 16682265 8171405 157956465 196495649 X 0 0 8197645 10068527 143170073 143881130 151367718 153949657 309324183 350445306 X 918820 1663119 X X 0 1 X 0 0 1526695 1526695 13282757 5437024 7845733 352925020 136711071 216213949 15252150 15252150 240838527 PATRONAGE CAPITAL - CFC 961748 C PATRONAGE CAPITAL - AEPCO 50463449 C PATRONAGE CAPITAL - NISC 330411 C PATRONAGE CAPITAL - COBANK 728960 C PATRONAGE CAPITAL - NRTC 24210 C PATRONAGE CAPITAL - FEDERATED 509653 C MEMBERSHIPS IN ASSOC. ORGS. 3235 C INVESTMENT IN SUBSIDIARY COMPANIES 4292891 C CAPITAL TERM CERTIFICATES 909271 C OTHER INVESTMENTS 7336 C 58231164 CONSUMER DEPOSITS 1976985 ACCRUED OPERATING TAXES 2178488 DEFERRED CREDITS - ADVANCES FOR CONSTRUCTION 190037 DEFERRED CREDITS - UNCLAIMED ACCOUNTS 2455769 POWER COST ADJUSTMENT - OVERBILLED 838034 OTHER LIABILITIES 532092 8171405 X PART X, LINE 2: THE COOPERATIVE 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. PART XII, LINE 4B: FOR THE AUDITED FINANCIAL STATEMENTS, THE AMOUNT OF PATRONAGE CAPITAL ALLOCATED OR TO BE 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 CAPITAL THAT ARE EITHER ALLOCATED OR TO BE ALLOCATED AT THE TIME THE AUDITED FINANCIAL STATEMENTS ARE PREPARED. HOWEVER, BECAUSE THE ALLOCATION OF PATRONAGE CAPITAL IS ONE ASPECT OF HOW THE COOPERATIVE FULFILLS ITS TAX EXEMPT PURPOSE OF OPERATING ON A COOPERATIVE BASIS, THE AMOUNT OF PATRONAGE CAPITAL EITHER ALLOCATED OR TO BE ALLOCATED TO THE MEMBERS IS REPORTED ON FORM 990, PART IX, LINE 4 AS "BENEFITS PAID TO MEMBERS". 0 MARANA FOOD BANK 11734 W GRIER RD MARANA AZ 85653 510192519 501(C)(3) 6200 0 $5,000 POWER GRANT; $1,200 BUILDING FUND ARIVACA ACTION CENTER PO BOX 457 ARIVACA AZ 85601 454383146 501(C)(3) 8000 0 POWER GRANT BOYS & GIRLS CLUB OF TUCSON PO BOX 40217 TUCSON AZ 85717 860172257 501(C)(3) 10000 0 POWER GRANT WILDFIRE 340 E PALM LANE PHOENIX AZ 85004 860311619 501(C)(3) 10000 0 POWER GRANT 4 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 BRIAN HEITHOFF CHIEF EXECUTIVE OFFICER/GM 438271 0 500 0 14015 0 91965 0 21698 0 566449 0 0 0 ERIC HAWKINS CHIEF OPERATING OFFICER/GC 259096 0 26835 0 1143 0 39093 0 21782 0 347949 0 0 0 JAMES FREEMAN CHIEF DATA & AI OFFICER 208621 0 18180 0 3094 0 80356 0 28174 0 338425 0 0 0 JUSTIN BANALES VP GRID TECHNOLOGY & COMMUNICATIONS 159088 0 14252 0 7329 0 39122 0 32244 0 252035 0 0 0 MATTHEW FREDERICKSON VP ELECTRIC OPERATIONS 163417 0 14398 0 531 0 37698 0 32478 0 248522 0 0 0 ROBERT QUIHUIS MANAGER DISTRIBUTION ENGINEERING 149105 0 500 0 9947 0 65417 0 13242 0 238211 0 0 0 APRIL PARK VP HUMAN RESOURCES AND SAF 167477 0 17786 0 615 0 31027 0 19944 0 236849 0 0 0 LAREE ST ONGE VP MEMBER SERVICES/ENERGY SOLUTIONS 157240 0 16808 0 2143 0 32243 0 22073 0 230507 0 0 0 TOREY BELL VP ENGINEERING 192819 0 1000 0 7294 0 8151 0 20972 0 230236 0 0 0 JEREMY KONSKI CREWLEADER 182075 0 500 0 413 0 16923 0 29571 0 229482 0 0 0 CHARLES GOURDIN VP UTILITY SERVICES 146384 0 12764 0 1322 0 46706 0 21998 0 229174 0 0 0 NICOLE WILSON VP NETWORK & SYSTEM SERVICES 130368 0 8000 0 650 0 54566 0 32532 0 226116 0 0 0 BLAKE REIS CREWLEADER 177981 0 500 0 220 0 15312 0 26941 0 220954 0 0 0 DIEGO MARTINEZ CREWLEADER 171396 0 500 0 245 0 18160 0 29473 0 219774 0 0 0 BRIAN JACKSON CREWLEADER OUTPOST 156975 0 500 0 567 0 33467 0 26939 0 218448 0 0 0 COLBY BROWN JOURNEYMAN/LINEMAN 175906 0 500 0 202 0 18677 0 18854 0 214139 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. 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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. BRIAN HEITHOFF: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 77,965 EMPLOYER CONTRIBUTION TO 401(K) PLAN 14,000 TOTAL REPORTED IN COLUMN C $ 91,965 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (77,965) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 80,255 EXPENSE TO COOPERATIVE $ 94,255 ERIC HAWKINS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,504 EMPLOYER CONTRIBUTION TO 401(K) PLAN 11,589 TOTAL REPORTED IN COLUMN C $ 39,093 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,504) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 58,063 EXPENSE TO COOPERATIVE $ 69,652 JAMES FREEMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 70,805 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,551 TOTAL REPORTED IN COLUMN C $ 80,356 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (70,805) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 48,725 EXPENSE TO COOPERATIVE $ 58,276 JUSTIN BANALES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,723 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,399 TOTAL REPORTED IN COLUMN C $ 39,122 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,723) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,492 EXPENSE TO COOPERATIVE $ 40,891 MATTHEW FREDERICKSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,208 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,490 TOTAL REPORTED IN COLUMN C $ 37,698 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,208) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,507 EXPENSE TO COOPERATIVE $ 42,997 ROBERT QUIHUIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 59,305 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,112 TOTAL REPORTED IN COLUMN C $ 65,417 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (59,305) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,953 EXPENSE TO COOPERATIVE $ 38,065 APRIL PARK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 23,456 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,571 TOTAL REPORTED IN COLUMN C $ 31,027 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (23,456) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,820 EXPENSE TO COOPERATIVE $ 40,391 LAREE ST. ONGE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 25,088 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,155 TOTAL REPORTED IN COLUMN C $ 32,243 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (25,088) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,428 EXPENSE TO COOPERATIVE $ 39,583 TOREY BELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,151 TOTAL REPORTED IN COLUMN C $ 8,151 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,321 EXPENSE TO COOPERATIVE $ 36,472 JEREMY KONSKI: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 11,681 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,242 TOTAL REPORTED IN COLUMN C $ 16,923 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (11,681) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,794 EXPENSE TO COOPERATIVE $ 29,036 CHARLES GOURDIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,083 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,623 TOTAL REPORTED IN COLUMN C $ 46,706 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,083) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,698 EXPENSE TO COOPERATIVE $ 39,321 NICOLE WILSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 48,535 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,031 TOTAL REPORTED IN COLUMN C $ 54,566 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (48,535) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,094 EXPENSE TO COOPERATIVE $ 35,125 BLAKE REIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 9,917 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,395 TOTAL REPORTED IN COLUMN C $ 15,395 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (9,917) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,923 EXPENSE TO COOPERATIVE $ 27,318 DIEGO MARTINEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 12,758 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,402 TOTAL REPORTED IN COLUMN C $ 18,160 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (12,758) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,923 EXPENSE TO COOPERATIVE $ 27,325 BRIAN JACKSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,911 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,556 TOTAL REPORTED IN COLUMN C $ 33,467 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,911) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,310 EXPENSE TO COOPERATIVE $ 29,866 COLBY BROWN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,611 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,066 TOTAL REPORTED IN COLUMN C $ 18,677 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,611) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,923 EXPENSE TO COOPERATIVE $ 29,989 STEVE WILSON FAMILY RELATIONSHIP - OFFICER (N. WILSON) 31252 EMPLOYMENT AND CONTRACT SERVICES 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 $918,820, WHICH IS THE INCOME STATEMENT EFFECT OF ACCRUED UNBILLED REVENUE, EQUITY METHOD INCOME, AND THE RETENTION OF NON-OPERATING INCOME. THE GAAP BASIS FINANCIAL STATEMENTS INCLUDE AN ACCRUAL FOR UNBILLED REVENUE BECAUSE THE COOPERATIVE'S BILLING CYCLE DOES NOT END ON THE LAST DAY OF THE MONTH. THEREFORE, IT HAS REVENUE IN DECEMBER OF EACH YEAR THAT IT HAS EARNED BUT WILL NOT BILL UNTIL THE FIRST BILLING CYCLE OF THE FOLLOWING YEAR. THE COOPERATIVE ESTIMATES THIS REVENUE AND RECORDS IT AS ACCRUED UNBILLED REVENUE IN ORDER TO MATCH THE REVENUE WITH THE YEAR EARNED. HOWEVER, THE COOPERATIVE ALLOCATES THE REVENUE TO MEMBERS IN THE YEAR IT IS BILLED RATHER THAN WHEN ACCRUED. THIS TIMING DIFFERENCE IS FAIR AND EQUITABLE BECAUSE IT MATCHES THE PATRONAGE DIVIDEND ALLOCATED WITH THE BILLING RECORDS USED TO ALLOCATE THE MARGINS. EQUITY METHOD INCOME IS RECORDED ON THE COOPERATIVE'S BOOKS AND INCLUDED IN NET MARGINS. U.S. GAAP REQUIRES THE COOPERATIVE TO RECORD ON ITS BOOKS EQUITY METHOD INCOME FROM ITS WHOLLY OWNED SUBSIDIARY. EQUITY METHOD INCOME IS NOT INCOME FOR IRS FORM 990 PURPOSES AND AS SUCH HAS BEEN REPORTED AS AN OTHER CHANGE IN NET ASSETS. THE FOLLOWING SCHEDULE IS PROVIDED TO FURTHER EXPLAIN THE IMPACT OF THIS TRANSACTION: ADD: UNBILLED REVENUE 12/31/25 $ 1,593,000 LESS: UNBILLED REVENUE 12/31/24 (1,614,000) (A) - NET DECREASE IN UNBILLED REVENUE $ (21,000) (B) - ADD: EQUITY METHOD LOSS FROM SUBSIDIARY $ 231,430 (C) - ADD: RETENTION OF NON-OPERATING INCOME $ 708,390 NET INCOME ON PAGE 1, PART I, LINE 19 (A + B + C) $ 918,820 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 5. AMENDMENT TO THE BYLAWS 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 PRESENTED A COPY OF THE FORM 990 TO THE BOARD FOR DISCUSSION AND REVIEW PRIOR TO FILING. THE DISCUSSION AND REVIEW WAS PERFORMED AT THE BOARD MEETING IMMEDIATELY BEFORE FILING THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED AND UPDATED, AS NEEDED, BASED ON A SCHEDULE OF POLICY REVIEW OF UP TO 3 PER MONTH AT THE MONTHLY REGULAR BOARD MEETING, AND ANY TIME THAT A POTENTIAL OR ACTUAL CONFLICT OF INTEREST COMES TO THE ATTENTION OF ANY BOARD MEMBER OR THE CEO/GENERAL MANAGER. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS USE THE FORM 990 FROM OTHER COOPERATIVES WITHIN THE STATE WHEN DETERMINING THE COMPENSATION OF THE CEO/GENERAL MANAGER. THE CEO/GENERAL MANAGER UTILIZES INTERNAL RESOURCES WHEN DETERMINING THE COMPENSATION OF THE COOPERATIVE'S OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER AND KEY EMPLOYEES, IF ANY. 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 BY APPOINTMENT AT THE COOPERATIVE'S OFFICE. ANNUALLY THE COOPERATIVE PROVIDES A CONDENSED SUMMARY OF THE BALANCE SHEET AND INCOME STATEMENT TO THE MEMBERS OF THE COOPERATIVE WITH THE ANNUAL REPORT. ADDITIONALLY THE BYLAWS OF THE COOPERATIVE ARE MADE AVAILABLE VIA ITS WEBSITE. FORM 990, PART VII, COLUMN F: IN ORDER TO PROVIDE RETIREMENT BENEFITS TO ITS KEY 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 ALL PARTICIPATING EMPLOYEES, INCLUDING OFFICERS, KEY EMPLOYEES, AND HIGHLY COMPENSATED EMPLOYEES, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLANS. THE COOPERATIVE ALSO PROVIDES HEALTH INSURANCE TO ELIGIBLE KEY EMPLOYEES THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR EMPLOYEE OFFICERS, KEY EMPLOYEES, 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. 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: THE ACCOUNTING RECORDS OF THE COOPERATIVE 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 MODIFIED FOR ELECTRIC BORROWERS OF THE RURAL UTILITIES SERVICE. 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, 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 $ 12,936,236 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (175,400) LESS: EMPLOYEE OFFICER AND KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (803,026) PLUS: SALARIES AND WAGES ALLOCATED TO NONOPERATING MARGINS 6,093 PLUS: SALARIES AND WAGES ALLOCATED TO POWER SUPPLY 2,962 PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 3,683,593 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING & OTHER ACCOUNTS 2,038,313 TOTAL WAGES ACCRUED AND OR PAID $17,688,771 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 3,977,375 OFFICE SUPPLIES 1,896,140 OUTSIDE SERVICES 640,366 INJURIES & DAMAGES 532,393 EMPLOYEE PENSIONS & BENEFITS 39,309 ANNUAL MEETING 86,707 MISCELLANEOUS GENERAL 1,778,993 REGULATORY COMMISSION 274,200 MAINTENANCE OF GENERAL PLANT 1,930,660 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $11,156,143 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (175,400) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (3,948,855) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (1,507,787) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 5,524,101 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 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 CURRENT 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 IX, LINE 24E: ALL OTHER EXPENSES ARE COMPRISED OF THE FOLLOWING: OTHER DEDUCTIONS $ 461,356 INTERNET EXPENSES 8,922 TRANSMISSION 197,938 TAXES 5,155 TOTAL ALL OTHER EXPENSES PER FORM 990, LINE 24E $ 673,371 FORM 990, PART XI, LINE 9: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 4,941,039. PATRONAGE CAPITAL RETIRED - TOTAL -3,106,674. PATRONAGE CAPITAL RETIRED - DISCOUNT 60,184. EQUITY METHOD INCOME(LOSS) FROM SUBSIDIARY -231,430. FORM 990, PART XII, LINE 2C: THE BOARD AS A WHOLE IS RESPONSIBLE FOR REVIEWING, OVERSEEING THE FINANCIAL STATEMENT AUDIT AND SELECTING THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. TRICO FOUNDATION PO BOX 930 MARANA AZ 85653 942941045 TO PROVIDE COLLEGE SCHOLARSHIPS TO MEMEBERS OF THE COOPERATIVE. AZ 501(C)3 PF TRICO ELECTRIC COOPERATIVE 1 TRICO ELECTRIC CHARITABLE TRUST PO BOX 930 MARANA AZ 85653 860794164 TO PROVIDE CHARITABLE GRANTS TO RESIDENTS OF THE COOPERATIVE'S SERVICE AREA. AZ 501(C)3 LINE 7 TRICO ELECTRIC COOPERATIVE 1 AVION SOLAR LLC PO BOX 930 MARANA AZ 85653 832453793 SOLAR ENERGY AZ TRICO ELECTRIC COOPERATIVE INC C 4061951 18911659 1.00000 1 CHIRREON ENERGY LLC PO BOX 930 MARANA AZ 85653 843857627 SOLAR ENERGY AZ TRICO ELECTRIC COOPERATIVE INC C 3205239 23639463 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 AVION SOLAR LLC N N/A - LESS THAN $50,000 CHIRREON ENERGY LLC N N/A - LESS THAN $50,000 AVION SOLAR LLC O N/A - LESS THAN $50,000 CHIRREON ENERGY LLC O N/A - LESS THAN $50,000 TRICO FOUNDATION O N/A - LESS THAN $50,000 TRICO ELECTRIC CHARITABLE TRUST O N/A - LESS THAN $50,000 TRICO FOUNDATION Q N/A - LESS THAN $50,000 TRICO ELECTRIC CHARITABLE TRUST Q N/A - LESS THAN $50,000 AVION SOLAR LLC Q N/A - LESS THAN $50,000 AVION SOLAR LLC R 4061951 PURCHASED POWER CHIRREON ENERGY LLC R 3205239 PURCHASED POWER