2023-11-15T15:30:45-06:00 2022-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2022-01-01 880089964 VALLEY ELECTRIC ASSOCIATION INC VALL 7757275312 PO BOX 237 PAHRUMP NV 89041 TERRI GEORGE CFO 7757275312 2023-11-04 1 TERRI GEORGE 999009999 0 WILLIAM M MILLER P00439459 8067473806 2023-11-04 X 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MARK STALLONS PO BOX 237 PAHRUMP NV 89041 99863965 0 X WWW.VEA.COOP X 1965 NV TO PROVIDE QUALITY AND RELIABLE ELECTRIC AND INTERNET SERVICE TO MEMBERS OF THE COOPERATIVE. 7 7 169 0 1034961 0 0 0 91739173 99092131 21027 126903 314498 637834 92074698 99856868 43425 83448 0 0 18440651 14811055 0 0 0 86807616 80835327 105291692 95729830 -13216994 4127038 316968401 326082663 248432848 253718620 68535553 72364043 IMPROVING THE LIVES OF THE PEOPLE AND COMMUNITIES WE SERVE. 0 0 PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 24,502 ACTIVE SERVICES AT YEAR END. PRIOR TO THE MEMBERSHIP APPROVED BYLAW AMENDMENTS IN 2018, THE COOPERATIVE PROVIDED INTERNET/BROADBAND SERVICES TO ALL SUBSCRIBERS ON A NON-PATRONAGE AND UNRELATED BUSINESS INCOME BASIS. ONE OF THE MEMBERSHIP APPROVED BYLAW AMENDMENTS IS TO PROVIDE INTERNET/BROADBAND SERVICES TO MEMBERS ON A PATRONAGE, NONPROFIT BASIS. THEREFORE, THE COOPERATIVE HAS EXPANDED ITS EXEMPT PURPOSES TO INCLUDE THE PROVISION OF INTERNET/BROADBAND SERVICES TO MEMBERS ON A PATRONAGE BASIS. SUCH SERVICES CONTINUE TO BE PROVIDED TO NON-MEMBERS ON A NON-PATRONAGE BASIS. THERE WERE 11,891 ACTIVE SERVICES AT YEAR END. SOLPOWER AND SOLPOWER CAPITAL (SOLPOWER) ARE WHOLLY OWNED SUBSIDIARIES OF VEA; SOLPOWER WAS FORMED IN 2020 TO PROVIDE SOLAR POWER SERVICES TO MEMBERS OF VEA. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 51 0 169 1 1 1 0 0 0 0 92121450 7215236 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 0 1 1 1 0 X TERRI GEORGE CFO 7757275312 800 E HWY 372 PAHRUMP NV 89048 X MICHELLE CAIRD VICE PRESIDENT 11.30 1.00 X X 20200 0 0 KATHLEEN KEYES PRESIDENT 14.70 1.00 X X 18900 0 0 TERRIE D'ANTONIO DIRECTOR 8.40 1.00 X 15150 0 0 PAUL HEALEY TREASURER 6.30 X X 15950 0 0 FRANK JARVIS SECRETARY 10.30 X X 18300 0 0 BRUCE HOLDEN DIRECTOR (JULY-DEC) 4.30 X 8700 0 0 BONNIE GROENERT DIRECTOR (JAN-JUNE) 8.80 1.00 X 8300 0 0 MIKE COTTINGIM DIRECTOR (JULY-DEC) 9.50 1.00 X 9300 0 0 MARK STALLONS CEO 40.00 X 379194 0 137346 STEVE MORRISON CFO 40.00 1.00 X 280961 0 146855 LOGAN GERNET VP ENGINEERING & POWER SUPPLY 48.00 X 235583 0 70289 JOE FIELDSTED MGR OF SAFETY 45.00 X 178570 0 94972 MICHAEL GEOFFROY MGR OF SYSTEM OPERATIONS 55.00 X 166365 0 155063 EMILY SCHNEIDER MGR OF REGULATORY COMPLIANCE 42.00 X 154492 0 55612 JACK VENEZIO MGR OF NETWORK INFRASTRUCTURE 50.00 X 152362 0 88563 TIMOTHY DUNLAP LINE CREW SUPERINTENDENT 50.00 X 191704 0 24627 JUSTIN BOYER AREA FOREMAN 53.00 X 222700 0 76764 RYAN FARNSWORTH AREA FOREMAN 49.00 X 184999 0 61471 AARON FRITZ JOURNEYMAN LINEMAN 52.00 X 183289 0 63918 BENJAMIN VELOZ JOURNEYMAN LINEMAN 51.00 X 181527 0 70122 BART THURGOOD FORMER EVP HUMAN RESOURCES 0.00 X 187417 0 0 NATHAN JOHNSON FORMER EVP BROADBAND 0.00 X 169010 0 0 MINDY MORROW FORMER DIR ADMIN & ACCOUNTING 0.00 X 122186 0 0 JAMES CAPLE FORMER DIR SUPPORT SERV/EMP DEVELOP 0.00 X 129197 0 0 3234356 0 1045602 76 1 1 0 NATIONAL INFORMATION SOLUTIONS COOPERATI PO BOX 1147 MANDAN ND 58554 SOFTWARE PROVIDER 456707 CHRIS TOMCHUK 3548 SMOKETREE AVE CARSON CITY NV 89705 CONSULTING & TRAINING 332400 LAYTON TREE SERVICE LLC 2601 GOLDEN STAR PAHRUMP NV 89060 TREE TRIMMERS 327573 ST MORITZ SECURITY PO BOX 5017 GREENSBURG PA 15601 SECURITY SERVICES 310727 PAR WESTERN LINE CONTRACTORS PO BOX 846045 DALLAS TX 75284 LINE CONSTRUCTION 262657 15 X SALES OF ELECTRICITY 221000 77850978 77850978 BROADBAND REVENUE 517000 10615043 9580082 1034961 WHEELING & TRANSMISSION REVENUE 221000 9341356 9341356 PATRONAGE DIVIDENDS 221000 1162622 1162622 SERVICE FEES 221000 122132 122132 99092131 86757 86757 97410 0 97410 97410 97410 40146 0 40146 40146 40146 2623 7097 -4474 -4474 POLE ATTACHMENT INCOME 221000 544898 544898 544898 99856868 98092842 1034961 729065 X 65448 18000 2411027 7378235 2221319 2097758 702716 9122760 10417496 PURCHASED POWER 35920188 TRANSMISSION EXPENSE 11598167 DISTRIBUTION EXPENSE 9557034 ADMINISTRATIVE & GENERA 2547233 1672449 95729830 6842076 11681858 3228876 4767856 1373873 2484515 5359891 5740503 53710562 59099593 359446917 128937504 235157943 230509413 8278722 8736522 3016458 3062403 316968401 326082663 13388746 16322955 225652767 228920205 9391335 8475460 248432848 253718620 X 168290 153810 0 0 68367263 72210233 68535553 72364043 316968401 326082663 X 4127038 -298548 X X 0 1 X 0 0 50000 50000 0 50000 1 ASSEMBLY REPUBLICAN CAUCUS 7322 S RAINBOW BLVD 51 LAS VEGAS NV 89139 880468267 5000 COMMITTEE TO ELECT DALLAS HARRIS 8020 S RAINBOW BLVD STE 100 271 LAS VEGAS NV 89139 832730935 2500 COMMITTEE TO ELECT HEIDI GANSERT 316 CALIFORNIA AVE 519 RENO NV 89509 475012428 1500 COMMITTEE TO ELECT HOWARD WATTS 1701 S 14TH ST LAS VEGAS NV 89104 824683201 1500 COMMITTEE TO ELECT NICOLE CANNIZZARO 361 SOUBRETTE COURT LAS VEGAS NV 89145 474860402 2500 COMMITTEE TO ELECT PETE GOICOECHEA PO BOX 97 EUREKA NV 89316 262097556 2000 COMMITTEE TO ELECT SANDRA JAURGUI 7582 LAS VEGAS BLVD SOUTH 118 LAS VEGAS NV 89123 475675506 1500 COMMITTEE TO ELECT STEVE SISOLAK PO BOX 850 LAS VEGAS NV 89125 263267406 2500 COMMITTEE TO ELECT STEVEN YEAGER 10120 W FLAMINGO RD STE 4162 LAS VEGAS NV 89147 464680743 2500 DANIELE MONROE-MORENO 5575 SIMMONS STREET 153 NORTH LAS VEGAS NV 89031 824875689 2500 FRIENDS FOR CAMERON CH MILLER 3053 W CRAIG RD STE E-183 NORTH LAS VEGAS NV 89032 843630572 1000 FRIENDS OF GREGORY T HAFEN II 5250 HAFEN RANCH RD PAHRUMP NV 89061 832852831 2000 FRIENDS OF SCOTT HAMMOND PO BOX 751271 LAS VEGAS NV 89136 452924552 1500 LOMBARDO FOR GOVERNOR 50 S JUNES BLVD 201 LAS VEGAS NV 89107 863989054 1000 LOMBARDO FOR GOVERNOR 50 S JONES BLVD 201 LAS VEGAS NV 89107 863989054 2000 MARILYN DONDERO LOOP CAMPAIGN 9811 W CHARLESTON BLVD STE 2-420 LAS VEGAS NV 89117 262420903 1500 NEVADA ASSEMBLY DEMOCRATIC CAUCUS 6675 S TENAYA WAY UNIT 200 LAS VEGAS NV 89113 880205213 5000 NEVADA SENATE DEMOCRATS 3540 W SAHARA AVE BOX 263 LAS VEGAS NV 89102 880316606 5000 ROBIN TITUS FOR NEVADA PO BOX 377 WELLINGTON NV 89444 471544216 2000 SENATE REPUBLICAN LEADERSHIP CONFERENCE PO BOX 370051 LAS VEGAS NV 89137 880468043 5000 PART I-A, LINE 1: CONTRIBUTIONS TO CANDIDATES RUNNING FOR STATE OFFICES WHO ARE SUPPORTERS OF ELECTRIC COOPERATIVES. 7384262 7384262 25872018 8480074 17391944 321408797 120457430 200951367 4781840 4781840 230509413 CONSUMER DEPOSITS 887689 ACCUMULATED PROVISION FOR POST-RETIREMENT HEALTH BENEFITS 2278693 DEFERRED CREDITS 5130372 OTHER LIABILITIES 147042 FEES AND TAXES 31664 8475460 X 99856868 0 99856868 0 99856868 95729830 0 95729830 0 95729830 PART X, LINE 2: THE ASSOCIATION FOLLOWS THE "UNCERTAIN TAX POSITIONS" PROVISIONS OF ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. THE PRIMARY TAX POSITION OF THE ASSOCIATION IS ITS FILING STATUS AS A TAX EXEMPT COOPERATIVE IN THE YEARS IT QUALIFIES FOR EXEMPTION. IN THE YEARS IT DOES NOT QUALIFY FOR EXEMPTION, THE PRIMARY TAX POSITION OF THE ASSOCIATION IS THE EXCLUSION FROM TAXABLE INCOME FOR THE AMOUNT OF PATRONAGE CAPITAL ALLOCATED TO THE PATRONS. THE ASSOCIATION HAS DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT ITS TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE AND THAT ALL TAX BENEFITS ARE LIKELY TO BE REALIZED UPON SETTLEMENT WITH FEDERAL TAXING AUTHORITIES. PART VIII: THE AMOUNT OF INVESTMENTS - PROGRAM RELATED ON FORM 990, PAGE 11, PART X, LINE 13 DOES NOT EQUAL OR EXCEED 5 PERCENT OF THE TOTAL ASSETS ON FORM 990, PAGE 11, PART X, LINE 16, COLUMN B. CONSEQUENTLY, IN ACCORDANCE WITH IRS INSTRUCTIONS, SCHEDULE D, PART VIII HAS BEEN LEFT BLANK. PART IX: THE AMOUNT OF OTHER ASSETS ON FORM 990, PAGE 11, PART X, LINE 15 DOES NOT EQUAL OR EXCEED 5 PERCENT 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. 1 SECONDARY EDUCATION SCHOLARSHIPS FOR COOPERATIVE MEMBERS AND/OR THEIR DEPENDENTS 16 18000 PART I, LINE 2: CONTINUING EDUCATION SCHOLARSHIPS WILL BE AWARDED ANNUALLY TO ASSIST QUALIFIED INDIVIDUALS IN FURTHERING THEIR EDUCATION. TO BE ELIGIBLE A CANDIDATE OR CANDIDATE'S PARENTS OR LEGAL GUARDIAN MUST BE AN ACTIVE MEMBER OF VALLEY ELECTRIC ASSOCIATION. APPLICANT MUST ENROLL OR BE ENROLLED AT AN ACCREDITED EDUCATIONAL OR TRAINING INSTITUTION. SCHOLARSHIPS WILL BE AWARDED BY THE VOLUNTEER SCHOLARSHIP COMMITTEE AND WILL BE BASED ON GRADE POINT AVERAGE, SCHOOL/COMMUNITY INVOLVEMENT, SUBMITTED 500 WORD ESSAY AND OTHER MISCELLANEOUS CRITERIA. FOR MORE INFORMATION REGARDING THE SCHOLARSHIPS VISIT WWW.VEA.COOP. PART III: 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. 1 X X X 0 0 0 MARK STALLONS CEO 360562 0 0 0 18632 0 113698 0 23648 0 516540 0 0 0 STEVE MORRISON CFO 265338 0 0 0 15623 0 117119 0 29736 0 427816 0 0 0 MICHAEL GEOFFROY MGR OF SYSTEM OPERATIONS 141789 0 10000 0 14576 0 132597 0 22466 0 321428 0 0 0 LOGAN GERNET VP ENGINEERING & POWER SUPPLY 234880 0 0 0 703 0 40553 0 29736 0 305872 0 0 0 JUSTIN BOYER AREA FOREMAN 213658 0 0 0 9042 0 42056 0 34708 0 299464 0 0 0 JOE FIELDSTED MGR OF SAFETY 156936 0 7847 0 13787 0 60264 0 34708 0 273542 0 0 0 BENJAMIN VELOZ JOURNEYMAN LINEMAN 174340 0 0 0 7187 0 42339 0 27783 0 251649 0 0 0 AARON FRITZ JOURNEYMAN LINEMAN 182086 0 0 0 1203 0 29210 0 34708 0 247207 0 0 0 RYAN FARNSWORTH AREA FOREMAN 183062 0 0 0 1937 0 38221 0 23250 0 246470 0 0 0 JACK VENEZIO MGR OF NETWORK INFRASTRUCTURE 143834 0 0 0 8528 0 53855 0 34708 0 240925 0 0 0 TIMOTHY DUNLAP LINE CREW SUPERINTENDENT 128346 0 0 0 63358 0 2500 0 22127 0 216331 0 0 0 EMILY SCHNEIDER MGR OF REGULATORY COMPLIANCE 149587 0 0 0 4905 0 44430 0 11182 0 210104 0 0 0 BART THURGOOD FORMER EVP HUMAN RESOURCES 187417 0 0 0 0 0 0 0 0 0 187417 0 0 0 NATHAN JOHNSON FORMER EVP BROADBAND 169010 0 0 0 0 0 0 0 0 0 169010 0 0 0 JAMES CAPLE FORMER DIR SUPPORT SERV/EMP DEVELOP 129197 0 0 0 0 0 0 0 0 0 129197 0 0 0 MINDY MORROW FORMER DIR ADMIN & ACCOUNTING 122186 0 0 0 0 0 0 0 0 0 122186 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. MARK STALLONS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 111,198 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 113,698 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (111,198) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 129,777 EXPENSE TO THE COOPERATIVE $ 132,277 STEVE MORRISON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 114,619 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 117,119 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (114,619) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 112,413 EXPENSE TO THE COOPERATIVE $ 114,913 MICHAEL GEOFFROY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 130,097 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 132,597 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (130,097) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 60,151 EXPENSE TO THE COOPERATIVE $ 62,651 LOGAN GERNET: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 38,053 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 40,553 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (38,053) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 98,801 EXPENSE TO THE COOPERATIVE $ 101,301 JUSTIN BOYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,556 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 42,056 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,556) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 54,271 EXPENSE TO THE COOPERATIVE $ 56,771 JOE FIELDSTED: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,764 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 60,264 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,764) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 66,776 EXPENSE TO THE COOPERATIVE $ 69,276 BENJAMIN VELOZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,839 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 42,339 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,839) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,650 EXPENSE TO THE COOPERATIVE $ 50,150 AARON FRITZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,710 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 29,210 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,710) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,650 EXPENSE TO THE COOPERATIVE $ 50,150 RYAN FARNSWORTH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,721 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 38,221 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,721) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,650 EXPENSE TO THE COOPERATIVE $ 50,150 JACK VENEZIO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 51,355 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 53,855 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (51,355) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 60,503 EXPENSE TO THE COOPERATIVE $ 63,003 TIMOTHY DUNLAP: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ (0) EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 2,500 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 58,896 EXPENSE TO THE COOPERATIVE $ 61,396 EMILY SCHNEIDER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 41,930 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 44,430 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (41,930) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 62,923 EXPENSE TO THE COOPERATIVE $ 65,423 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. THE 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 PROVIDED A COPY OF THE FORM 990 TO THE BOARD FOR DISCUSSION AND REVIEW SUBSEQUENT TO FILING. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS AND OFFICERS ARE REQUIRED TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE COOPERATIVE'S CONFLICT OF INTEREST POLICY. THE CONFLICT OF INTEREST POLICY IS EXPLAINED TO ALL NEW DIRECTORS COMING ON THE BOARD. 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. BOARD MINUTES ARE NOTED WHEN A DIRECTOR HAS A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS USE A COMPENSATION SURVEY AND AN INDEPENDENT CONSULTANT WHEN DETERMINING THE COMPENSATION OF THE CEO. THE SURVEY SHOWS COMPARATIVE SALARIES FOR CEO'S FROM COOPERATIVES LOCATED IN NEVADA AND THE NATION. THE BOARD AND CEO USE A COMPENSATION SURVEY AND AN INDEPENDENT CONSULTANT WHEN DETERMINING THE COMPENSATION OF THE COOPERATIVE'S OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER AND KEY EMPLOYEES. THE SURVEY INCLUDES SALARIES FROM SIMILAR COOPERATIVES THROUGHOUT NEVADA AND THE NATION. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE PROVIDES A SUMMARIZED COPY OF THE AUDITED FINANCIAL STATEMENTS TO MEMBERS OF THE COOPERATIVE AT THE ANNUAL MEETING. THE COOPERATIVE'S BYLAWS, ARTICLES OF INCORPORATION, ANNUAL REPORT, AND AUDITED FINANCIAL STATEMENTS FOR MOST RECENT YEAR ARE ALSO AVAILABLE ON THE COOPERATIVE'S WEBSITE. THE COOPERATIVE WILL PROVIDE A COMPLETE COPY OF THE CONFLICT OF INTEREST POLICY OR GOVERNING DOCUMENTS TO ANY MEMBER WHO REQUESTS A COPY. FORM 990, PARTS VI & VII: THE COOPERATIVE ANNUALLY PROVIDES EACH DIRECTOR WHO SERVED ON THE BOARD DURING THE YEAR A QUESTIONNAIRE. THE COMPLETED QUESTIONNAIRES 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, THE COOPERATIVE RELIED UPON THE COMPLETED INFORMATION FOR THE PRIOR YEAR. THE COOPERATIVE WAS UNABLE TO OBTAIN A QUESTIONNAIRE FROM DIRECTOR BONNIE GROENERT AS WELL AS OFFICER STEVE MORRISON; THEREFORE, THEIR PRIOR QUESTIONNAIRES WERE RELIED UPON WHILE PREPARING THE RETURN. THERE WERE NO KNOWN CHANGES FROM 2021 TO 2022. FORM 990, PART VII, COLUMN F: IN ORDER TO PROVIDE RETIREMENT BENEFITS TO ITS 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, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES, MEETING ELIGIBILITY REQUIREMENTS OF SUCH PLANS. THE COOPERATIVE ALSO PROVIDES HEALTH, DENTAL, VISION 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 THE 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 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 SERVICE PROVIDED BY THE COOPERATIVE TO ITS MEMBERS. FORM 990, PART IX: ALTHOUGH THE ASSOCIATION IS NO LONGER A RURAL UTILITIES 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 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 $ 9,789,262 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (114,800) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (284,201) LESS: KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (464,499) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 3,363,131 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING & OTHER ACCOUNTS 3,789,339 TOTAL WAGES ACCRUED AND/OR PAID $16,078,232 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 5,147,126 OFFICE SUPPLIES 60,468 OUTSIDE SERVICES 404,381 INJURIES & DAMAGES 73,493 EMPLOYEE PENSION & BENEFITS 58,146 MEETINGS 355,087 MISCELLANEOUS GENERAL EXP 709,581 DIRECTORS 155,166 DUES 54,512 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 7,017,960 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (114,800) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (2,645,568) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (1,710,359) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 2,547,233 FORM 990, PART IX, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CUSTOMER ACCOUNTS $ 926,453 CUSTOMER SERVICE & SALES 453,523 OTHER DEDUCTIONS 292,473 TOTAL OTHER EXPENSES PER FORM 990, LINE 24E $ 1,672,449 FORM 990, PART XI, LINE 9: PATRONAGE CAPITAL RETIRED - TOTAL -1,606,974. PATRONAGE CAPITAL RETIRED - DISCOUNT 124,655. DONATED CAPITAL 480,712. NET CHANGE IN MEMBERSHIPS -14,480. OTHER EQUITY ADJUSTMENTS 13,880. OTHER COMPREHENSIVE INCOME ADJUSTMENT FOR POST-RETIREMENT BENEFITS 339,732. TRANSFER OF MARGINS 363,927. FORM 990, PART XII, LINE 2C: THE BOARD AS A WHOLE IS RESPONSIBLE FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT AND SELECTING THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. PROCEDURAL CHANGES DID NOT OCCUR DURING THE YEAR. VALLEY ELECTRIC TRANSMISSION ASSOCIATION LLC 800 E HIGHWAY 372 PAHRUMP NV 89041 274844226 TRANSMISSION OF ELECTRICITY. NV 8970256 49489242 VALLEY ELECTRIC ASSOCIATION INC VALLEY ELECTRIC ENERGY SERVICES LLC 800 E HIGHWAY 372 PAHRUMP NV 89041 471001205 INACTIVE NV 0 0 VALLEY ELECTRIC ASSOCIATION INC VALLEY ELECTRIC UTILITY SERVICES LLC 800 E HIGHWAY 372 PAHRUMP NV 89041 471012241 INACTIVE NV 0 0 VALLEY ELECTRIC ASSOCIATION INC VALLEY COMMUNICATIONS ASSOCIATION LLC 800 E HIGHWAY 372 PAHRUMP NV 89041 474018997 TO PROVIDE BROADBAND SERVICES NV 10615043 28142259 VALLEY ELECTRIC ASSOCIATION INC SOLPOWER 800 E HIGHWAY 372 PAHRUMP NV 89041 SOLAR POWER SERVICES NV 2300188 3399479 VALLEY ELECTRIC ASSOCIATION INC VALLEY ELECTRIC CHARITABLE FOUNDATION 800 E HIGHWAY 372 PAHRUMP NV 89041 263157116 TO PROVIDE SCHOLARSHIPS AND GRANTS TO MEMBERS OF THE COOPERATIVE'S AREA. NV 501(C)(3) LINE 7 VALLEY ELECTRIC ASSOCIATION INC 1 VEA PAC PO BOX 237 PAHRUMP NV 89041 274721243 LOBBYING AT STATE AND FEDERAL LEVELS FOR RURAL ELECTRIC COOPERATIVES. NV 527 VALLEY ELECTRIC ASSOCIATION INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 VALLEY ELECTRIC CHARITABLE FOUNDATION N N/A - LESS THAN $50,000 VALLEY ELECTRIC CHARITABLE FOUNDATION O N/A - LESS THAN $50,000