2023-06-20T14:20:37-07:00 2022-12-31 990 2022-01-01 314112933 ADAMS RURAL ELECTRIC COOPERATIVE INC ADAM 9375442305 PO Box 247 West Union OH 45693 Erika Ackley Manager of Finance and Admin 9375442305 2023-05-31 1 1 11 0 AAL2 2022 2023-04-26 12:10:37Z X Erika J Ackley PO Box 247 4800 State Route 125 West Union OH 45693 18174264 0 X www.adamsrec.com X 1940 OH The cooperative's mission is to provide electric service to our members at the lowest possible cost. 9 6 27 0 0 0 0 0 17151368 18156416 211910 17848 0 0 17363278 18174264 0 0 1336030 1775027 2046803 2062639 0 0 0 12684510 13295619 16067343 17133285 1295935 1040979 40089293 40215712 17957235 17906881 22132058 22308831 The cooperative's mission is to provide electric service to our members at the lowest possible cost. 0 0 Sale of electric to the rural area in five counties in southern Ohio. 0 0 0 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 63 0 27 1 0 0 0 0 0 17360698 660551 0 0 0 X 9 6 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X Erika Ackley 9375442305 PO Box 247 West Union OH 45693 Erika Ackley General Manager 45 X X 153353 0 74899 William Swango Former General Manager 43 X 191132 0 20937 Steven Hoop Manager of Operations 44 X 101607 0 66404 David Henry Line Foreman 46 X 101902 0 60002 Michael Whitley Line Foreman 46 X 104261 0 54167 Blanchard Campbell Trustee 4 X 7400 0 3 Stephen Huff Trustee 4 X 7290 0 6 William Seaman Trustee 3 X 6900 0 4 Kenneth McCann Secretary Treasurer 4 X X 6505 0 6 Charles Newman Vice President 4 X X 6400 0 6 Donald McCarty President 4 X X 6210 0 6 M Dale Grooms Trustee 1.5 X 3850 0 2 William Wylie Trustee 1 X 3100 0 6 David Abbott Trustee 2 X 1600 0 2 701510 0 276450 5 1 1 0 A-1 Tree Care Inc 5559 State Route 73 Hillsboro OH 45133 right of way clearing 239590 Pack Power Services 53 Dawn Lane Peebles OH 45660 line contractor 103692 2 0 Electric Sales 221000 17360699 17360699 0 0 Pole Rental 221000 197125 197125 0 0 Patronage Capital Credits 221000 598592 598592 0 0 0 0 0 0 18156416 17848 0 0 17848 0 0 0 0 0 0 0 0 0 0 0 0 0 18174264 18156416 0 17848 1775027 977960 607203 477476 4740 13000 37933 657389 1436020 Cost of Purchased Power 10518359 Kilowatt Hour Consumption Tax 522462 Operations, Maintenance, and Billing 105716 17133285 0 0 0 198008 154322 291000 291001 1479321 1636797 377540 464172 123241 56307 45634803 16815487 28926858 28819316 8356667 8287201 336658 506596 40089293 40215712 2246872 2184456 15710363 15722425 17957235 17906881 X 90090 90665 0 0 22041968 22218166 22132058 22308831 40089293 40215712 X 1040979 0 0 0 0 -864206 X 0 1 1 0 0 43638 43638 0 816960 781931 35029 0 0 0 0 0 44664393 15983377 28681016 0 109812 50179 59633 28819316 Buckeye Power Inc. Membership Patronage 6841877 C Buckeye Power Inc. Capital Contribution 263706 C NRUCFC Capital Term Certificates 370946 C NRUCFC Membership Patronage 356536 C Federated Insurance Membership Patronage 127728 C CoBank Membership Patronage 158649 C UUS Membership Patronage 84076 C Heartland Emergency Equipment Investment 31194 C NISC & CRC Membership Patronage & Farm Bureau Stok 52489 C 8287201 X 0 0 0 Erika Ackley General Manager 153353 0 0 0 0 0 0 0 0 0 153353 0 0 0 David Henry Line Foreman 101902 0 0 0 0 0 0 0 0 0 101902 0 0 0 Steven Hoop Manager of Operations 101607 0 0 0 0 0 0 0 0 0 101607 0 0 0 William Swango Former General Manager 191132 0 0 0 0 0 0 0 0 0 191132 0 0 0 Michael Whitley Line Foreman 104261 0 0 0 0 0 0 0 0 0 104261 0 0 0 Schedule J, Part I, Line 3 The cooperative used the National Rural Electric Cooperative Association's National Compensation Survey to review and approve the salary of the General Manager. The board of trustees approves the General Manager salary. Form 990, Part VI, Section A, Line 6 Adams Rural Electric Cooperative, Inc. is an electric cooperative that is owned by its membership. Every consumers pays a membership fee to join the cooperative and to obtain electric service. The fee is returned when service is disconnected. Members have voting rights to elect the board of trustees and to make changes to the bylaws. At the end of 2022, Adams Rural Electric Cooperative, Inc. had 6,083 members. Form 990, Part VI, Section A, Line 7a Adams Rural Electric Cooperative, Inc. has a nine member board of trustees which each represent a district within the cooperative's service territory. Board members serve a three year term. Annually, a nominating committee of members nominate at least two members to run for the current board seats up for re-election in each district. Members receive a mail-in ballot to vote to determine who will fill the board seat. The election is held by an accounting firm prior to the annual meeting of membership and the results are announced at the meeting. Form 990, Part VI, Section A, Line 7b The annual meeting of membership is held annually to approve changes to the bylaws which require a vote of the membership. Members receive a mail-in ballot to vote on any proposed changes. The election is held by an accounting firm prior to the annual meeting of membership and the results are announced at the meeting. The board of trustees has full authority to approve any other matter during a monthly board meeting. Form 990, Part VI, Section B, Line 11b The 2022 Form 990 was prepared and reviewed by the General Manager. who is also currently continuing her duties as Manager of Finance. The board of trustees received a copy of the Form 990 at the June 1, 2023 board meeting. The General Manager reviewed the Form 990 with the board at the meeting and answered all questions that were asked. Form 990, Part VI, Section B, Line 12c Annually, all employees and board of trustee members are required to fill out the Conflict of Interest Disclosure Form as to any possible conflicts of interest that may exist. These forms are reviewed by the General Manager. If a potential conflict exists, the General Manager will provide the form to the President of the board of trustees who will distribute to the remaining board of trustee members. If it is determined that a conflict does exist, the employee or board of trustee is given thirty days to comply with the policy to avoid being sanctioned, terminated, or removed. Form 990, Part VI, Section B, Line 15 The cooperative used the National Rural Electric Cooperative Association's National Compensation Survey to review and approve the salaries of all officers. The survey provides data by job classification based on state, regional, and national averages. The review is conducted on an annual basis. The board of trustees approves the General Manager's salary. Form 990, Part VI, Section C, Line 19 A copy of the bylaws is given to each member at the time of joining the cooperative. The financial statements are presented in the Ohio Cooperative Living magazine prior to the annual meeting of memberships which is circulated to all members. The financial statements are also presented in the annual report at the annual meeting of membership. Form 990, Part XI, Line 9 The change represents the retirement of patronage capital to the estate of deceased members and a general retirement of patronage capital to members. It also includes a net loss on the Heartland investment. Extension was granted by the IRS on May 11. Reason for late filing was due to benefit information not being sent to the cooperative until May.