2026-08-31T14:03:23-05:00 2025-12-31 423603499 EIDE BAILLY ADVISORY LLC 345 N REID PL STE 400 SIOUX FALLS SD 571037077 990 2025-01-01 850081882 KIT CARSON ELECTRIC COOPERATIVE INC KITC 5757582258 PO BOX 578 TAOS NM 87571 LUIS A REYES JR CEO 5757582258 2026-08-25 1 LAURIE HANSON P00851848 6053391999 2026-08-25 2025 LUIS A REYES JR PO BOX 578 TAOS NM 87571 58185291 0 X WWW.KITCARSON.COM X 1944 NM TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE. 11 11 107 0 300169 0 1810208 1780038 59450767 56093308 76184 41960 327858 269985 61665017 58185291 0 0 6949001 457564 8581988 9331735 0 0 0 46974889 48494473 62505878 58283772 -840861 -98481 166275215 182342774 111804885 127672273 54470330 54670501 TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE. 0 0 PROVIDING ELECTRIC ENERGY TO OUR MEMBERS - 31,125 ACTIVE SERVICES AT YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. PROVIDING INTERNET SERVICES TO OUR MEMBERS - 15,438 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 64 0 1 107 1 1 1 0 0 0 0 55916206 449182 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 26800 0 0 ROBERT ORTEGA SR PRESIDENT 7.00 1.00 X X 30150 0 0 DAVID TORRES TRUSTEE 3.00 0.00 X 7050 0 0 ARTHUR RODARTE TRUSTEE 3.00 0.00 X 25500 0 0 RUSS A COYLE TRUSTEE 3.00 0.00 X 20400 0 0 MANUEL MEDINA SECRETARY 5.00 1.00 X X 22672 0 0 LUISA VALERIO MYLET TRUSTEE 3.00 0.00 X 21300 0 0 BERNIE TORRES TRUSTEE 3.00 0.00 X 20100 0 0 CHRISTOBAL DURAN VICE PRESIDENT 7.00 1.00 X X 1800 0 0 MARTIN DIMAS TRUSTEE 3.00 0.00 X 16450 0 0 SYLVIA VIGIL TRUSTEE 3.00 0.00 X 16172 0 0 LUIS A REYES JR CEO 66.00 4.00 X 473206 0 65607 CLETUS STOFLET CFO FROM 04/2025 50.00 4.00 X 157516 0 36327 JOHN SHAFTO CFO UNTIL 05/2025 50.00 0.00 X 96926 0 22329 RICHARD MARTINEZ COO 57.00 3.00 X 208589 0 62006 CARMELLA SUAZO ASSISTANT MANAGER 48.00 2.00 X 167505 0 47481 FIDEL LOPEZ LEAD LINEMAN 47.00 0.00 X 141016 0 24825 AUSTIN MARTINEZ LEAD LINEMAN 47.00 0.00 X 154905 0 37682 CARLOS RIVERA LEAD LINEMAN 47.00 0.00 X 139765 0 25011 JOSE LOVATO INTERNET MANAGER 50.00 0.00 X 135294 0 39950 1883116 0 361218 20 0 1 0 T & D SERVICES 9550 SAN MATEO BLVD NE ALBUQUERQUE NM 87113 ENGINEERING 1766500 TRIPLE R EXCAVATION 102 ROMAN CT TAOS NM 87571 FIBER LABOR 939280 J & D ELECTRICAL CONTRACTORS PO BOX 2522 TAOS NM 87571 FIBER LABOR 803837 EN ENGINEERING LLC PO BOX 735681 CHICAGO IL 60673 ENGINEERING 700004 NATIONAL RURAL TELECOMMUNICATIONS 1201 EDWARDS MILL ROAD SUITE 102 RALEIGH NC 27607 CONSULTING 332029 15 1780038 1780038 SALE OF POWER 221000 42537830 42537830 TELECOM AND INTERNET REVENUE 221000 13151270 13006606 144664 CAPITAL CREDITS 221000 386370 386370 OTHER OPERATING REVENUE 221000 17838 17838 56093308 37159 37159 114480 0 114480 114480 114480 4801 0 4801 4801 4801 MANAGEMENT FEE 517000 155505 155505 155505 58185291 55948644 300169 156440 457564 1330900 6568674 874518 557643 3312550 5942381 COST OF POWER 26173139 ADMIN & GENERAL 6046730 DISTRIBUTION-OPERATIONS 2971660 DISTRIBUTION-MAINTENANC 2707314 1340699 58283772 877878 5526067 19606183 13604720 5231 5231 3592888 4208817 5094411 5848398 188952742 85519767 91536196 103432975 1415137 984805 3639752 3919069 40507539 44812692 166275215 182342774 7722461 8373715 41269 41269 12537 12913 97658623 104184556 1316886 10474693 5053109 4585127 111804885 127672273 X 0 0 0 0 54470330 54670501 54470330 54670501 166275215 182342774 X -98481 298652 X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 3993745 3993745 10839378 3237609 7601769 163045336 82282158 80763178 11074283 11074283 103432975 NON-UTILITY PROPERTY, NET 38103082 RIGHT OF USE ASSET 3891021 INTERCOMPANY RECEIVABLE 2818589 44812692 CUSTOMER DEPOSITS 237157 DEFERRED CREDITS 20700 FINANCE LEASE LIABILITIES AND OPERATING LEASE LIABILITIES 4327270 4585127 X 58185291 0 58185291 0 58185291 57826208 0 57826208 457564 457564 58283772 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 2026 FOR 2025 457,564. X X X X X 0 0 0 LUIS A REYES JR CEO 472706 0 500 0 0 0 52009 0 13598 0 538813 0 0 0 RICHARD MARTINEZ COO 208089 0 500 0 0 0 33454 0 28552 0 270595 0 0 0 CARMELLA SUAZO ASSISTANT MANAGER 167005 0 500 0 0 0 28149 0 19332 0 214986 0 0 0 CLETUS STOFLET CFO FROM 04/2025 157016 0 500 0 0 0 26728 0 9599 0 193843 0 0 0 AUSTIN MARTINEZ LEAD LINEMAN 154405 0 500 0 0 0 9130 0 28552 0 192587 0 0 0 JOSE LOVATO INTERNET MANAGER 134794 0 500 0 0 0 11398 0 28552 0 175244 0 0 0 FIDEL LOPEZ LEAD LINEMAN 140516 0 500 0 0 0 15225 0 9599 0 165840 0 0 0 CARLOS RIVERA LEAD LINEMAN 139265 0 500 0 0 0 14669 0 10342 0 164776 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 -158,908. PATRONAGE ALLOCATED IN 2026 FOR 2025 457,564. OTHER ADJUSTMENT -4. 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 2212208 3234629 1.00000 1 TAOS MESA ENERGY FACILITY LLC PO BOX 578 TAOS NM 87571 862366159 SOLAR ARRAY NM KIT CARSON ELECTRIC COOPERATIVE INC C 4606623 35104242 1.00000 1 ANGEL FIRE ENERGY FACILITY LLC PO BOX 578 TAOS NM 87571 862379669 SOLAR ARRAY NM KIT CARSON ELECTRIC COOPERATIVE INC C 1484919 13016739 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 KIT CARSON ENERGY INC L 180000 FAIR VALUE KIT CARSON ENERGY INC Q 56968 COST TAOS MESA ENERGY FACILITY LLC P 7062555 FAIR VALUE ANGEL FIRE ENERGY FACILITY LLC P 786348 FAIR VALUE