2024-11-13T15:48:11-06:00 2023-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2023-01-01 850084487 MORA-SAN MIGUEL ELECTRIC COOPERATIVE INC MORA 5753834270 PO BOX 240 MORA NM 87732 LESLIE MONTOYA GENERAL MANAGER 5753834270 2024-11-13 1 0 WILLIAM M MILLER P00439459 8067473806 2024-11-08 X 2023 2024-10-15 13:58:12Z LESLIE MONTOYA PO BOX 240 MORA NM 87732 13330751 0 X WWW.MORASANMIGUEL.COOP X 1940 NM TO PROVIDE THE HIGHEST LEVEL OF ELECTRICAL SERVICE CONSISTENT WITH EFFICIENT AND SOUND PRINCIPLES. 5 5 30 0 0 0 0 0 13032758 13247683 5642 21989 38272 61079 13076672 13330751 7700 10450 773226 218140 1967600 2170853 0 0 0 10307813 10872830 13056339 13272273 20333 58478 37576968 38090213 26522413 26755865 11054555 11334348 TO IMPROVE THE LIVES OF ITS MEMBER OWNERS, WHILE INVESTING IN OUR COMMUNITIES, WE DELIVER SAFE, RELIABLE AND AFFORDABLE ELECTRICITY WITH A FOCUS ON EXCELLENT MEMBER SERVICE, AND CLEAN RENEWABLE ENERGY. 0 0 PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 11,359 ACTIVE SERVICES AT YEAR END. 0 0 0 0 0 0 0 0 0 1 0 1 0 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 1 1 0 0 1 27 0 30 1 0 0 0 0 0 19685503 1854278 0 0 0 X 5 5 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 0 1 0 0 X LESLIE MONTOYA GENERAL MANAGER 5753834270 518 MAIN STREET MORA NM 87732 X ROBERT BACA PRESIDENT 4.10 X X 2850 0 0 JOSEPH C DE BACA TRUSTEE 5.30 X 5139 0 0 VIRGINIA MONDRAGON SECRETARY/TREASURER 2.50 X X 4300 0 0 JAMES ORTIZ VICE PRESIDENT 8.20 X X 8250 0 0 SAMUEL A RAMIREZ TRUSTEE 6.30 X 6950 0 0 LESLIE MONTOYA CEO/GENERAL MANAGER 40.00 X 148486 0 36237 MARTIN TERRAN ZUBIA WORKING FOREMAN 40.00 X 115581 0 30793 291556 0 67030 2 0 1 0 WSI SOUTHWEST INC 8682 HIGHWAY 180 W CLIFF NM 88028 ELECTRICAL CONTRACTOR 3127034 TRANSMISSION & DISTRIBUTION SERVICES LL 9550 SAN MATEO BLVD NE STE G ALBUQUERQUE NM 87113 CONSTRUCTION ENGINEERING SERVICES 1762607 FOUR STATES ELECTRIC INC PO BOX 2013 FARMINGTON NM 87499 ELECTRICAL CONTRACTOR 647517 EXPANSE ELECTRIC 1155 DAIRY ASHFORD RD STE 620 HOUSTON TX 77079 ELECTRICAL CONTRACTOR 601652 STELLA-JONES CORPORATION DEPT CH 19535 PALATINE IL 60055 ELECTRICAL CONTRACTOR 387128 7 X SALES OF ELECTRICITY 221000 12950019 12950019 PATRONAGE DIVIDENDS 221000 231242 231242 SERVICE FEES 221000 48446 48446 RENEWABLE ENERGY CERTIFICATES 221000 17976 17976 13247683 21989 21989 36489 0 36489 36489 POLE ATTACHMENT INCOME 221000 24590 24590 24590 13330751 13284172 0 46579 X 10450 218140 212212 1432397 111074 301103 114067 997753 1310293 PURCHASED POWER 6947756 DISTRIBUTION EXPENSE 628097 ADMIN & GENERAL EXPENSE 613547 CONSUMER EXPENSES 370806 4578 13272273 3622122 5523707 481995 492987 1443354 1295945 1375775 1391563 68333 66026 46915648 23756531 24590702 23159117 5263922 5420277 730765 740591 37576968 38090213 2944623 2534218 21993208 22545904 1584582 1675743 26522413 26755865 X 71830 73520 0 0 10982725 11260828 11054555 11334348 37576968 38090213 X 58478 221315 X X 0 1 X 0 1 1 40793 250849 291642 856474 422515 433959 37898509 23334016 14564493 7869023 7869023 23159117 PATRONAGE CAPITAL-TSG&T 4627304 C PATRONAGE CAPITAL-COBANK 332073 C PATRONAGE CAPITAL-CFC 24398 C PATRONAGE CAPITAL-FEDERATED 189102 C PATRONAGE CAPITAL-LJRTC 26015 C PATRONAGE CAPITAL-WUESC 196430 C PATRONAGE CAPITAL-NMRECA 5665 C CAPITAL TERM CERTIFICATES 16259 C MEMBERSHIPS 3031 C 5420277 CONSUMER DEPOSITS 175783 ACCRUED OPERATING TAXES 80825 DEFERRED CREDITS - REFUNDABLE AID TO CONSTRUCTION 329329 DEFERRED CREDITS - UNCLAIMED PROPERTY 859453 RENEWABLE ENERGY AND CONSERVATION FEE 230353 1675743 X 13330751 0 13330751 0 13330751 13054133 0 13054133 218140 218140 13272273 PART X, LINE 2: THE COOPERATIVE FOLLOWS 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 XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 218,140. 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 DIVIDENDS 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 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 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 A PRE-EXISTING OBLIGATION AS PROVIDED FOR IN THE "NON-PROFIT OPERATION" ARTICLE OF THE COOPERATIVE'S BYLAWS. X 0 0 0 LESLIE MONTOYA CEO/GENERAL MANAGER 139766 0 7600 0 1120 0 17538 0 18699 0 184723 0 0 0 FORM 990, PART I: 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 $58,478, DUE TO THE RETENTION OF NON-OPERATING MARGINS. THE FOLLOWING SCHEDULE IS PROVIDED TO FURTHER EXPLAIN THE IMPACT OF THIS TRANSACTION: NON-OPERATING MARGINS RETAINED $ 58,478 (A) - NET INCOME ON PAGE 1, PART I, LINE 19 $ 58,478 (B) - BENEFITS PAID TO MEMBERS (I.E. PATRONAGE DIVIDENDS), PART I, LINE 14 $ 218,140 TOTAL 2023 NET MARGINS PER FINANCIAL STATEMENTS (A + B) $ 276,618 FORM 990, PART VI, SECTION A, LINE 1A THE COOPERATIVE HAS 5 BOARD MEMBERS; ALL 5 ARE ALLOWED TO VOTE, HOWEVER, THE BOARD CHAIRMAN VOTES ONLY IN THE CASE OF A TIE. 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 TRUSTEES THROUGH VOTING DISTRICTS. BASED ON GEOGRAPHICAL LOCATION, THE MEMBERS ARE ASSIGNED TO A DISTRICT AND REPRESENTED BY A TRUSTEE VOTED ON AND LIVING IN THE RESPECTIVE DISTRICT. AT THE END OF THE RESPECTIVE TRUSTEE'S TERM, ELECTIONS ARE DONE ON A ONE MEMBER ONE VOTE BASIS WITHIN THE ASSIGNED DISTRICT. PURSUANT TO THE REQUIREMENTS OF ARTICLE IV OF THE BYLAWS, MEMBERS ALSO HAVE THE ABILITY TO PETITION AND VOTE FOR THE REMOVAL OF A TRUSTEE. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING ACTS REQUIRE APPROVAL OF THE MEMBERS OF THE COOPERATIVE: 1. AMENDMENT TO THE ARTICLES OF INCORPORATION 2. AMENDMENT TO THE BYLAWS 3. DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S ASSETS 4. DISSOLUTION/LIQUIDATION OF THE COOPERATIVE 5. MERGER OF CONSOLIDATION OF THE COOPERATIVE WITH ANOTHER ORGANIZATION 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. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF TRUSTEES AND OFFICERS ARE RESPONSIBLE TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE COOPERATIVE'S CONFLICT OF INTEREST POLICY. THE BOARD OF TRUSTEES AND OFFICERS ARE REQUIRED TO ANNUALLY COMPLETE A DISCLOSURE OF ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY TO THE FULL BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF TRUSTEES PERFORM AN ANNUAL REVIEW AND UTILIZE INTERNAL RESOURCES WHEN DETERMINING THE COMPENSATION FOR THE GENERAL MANAGER. OTHER THAN THE GENERAL MANAGER, THE COOPERATIVE DID NOT HAVE ANY EMPLOYEES MEETING THE DEFINITION OF OFFICER OR KEY EMPLOYEE. THEREFORE, AND PURSUANT TO FORM 990 INSTRUCTIONS, LINE 15B HAS BEEN ANSWERED "NO". FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE PROVIDES A SUMMARIZED COPY OF THE AUDITED FINANCIAL STATEMENTS TO THE MEMBERS OF THE COOPERATIVE AT THE ANNUAL MEETING. THE COOPERATIVE WILL PROVIDE A COMPLETE COPY OF THE AUDITED FINANCIAL STATEMENTS, TO ANY MEMBER WHO REQUESTS A COPY. ADDITIONALLY, THE COOPERATIVE POSTS A COPY OF THE BYLAWS, BOARD OPERATING POLICIES, AND MINUTES OF THE BOARD OF TRUSTEES MEETINGS ON ITS WEBSITE AT WWW.MORASANMIGUEL.COOP/CONTENT/BOARD-DIRECTORS. 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 FOR THE PLAN IS AVAILABLE TO PARTICIPATING EMPLOYEES, INCLUDING OFFICERS, MEETING THE 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 OFFICER, IS COMPRISED OF 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 VII, SECTION A: THE BOARD OF TRUSTEES CONSIDER THE GENERAL MANAGER TO BE BOTH THE TOP MANAGEMENT OFFICIAL AND THE TOP FINANCIAL OFFICIAL. THEREFORE, ONLY THE GENERAL MANAGER IS LISTED AS AN EMPLOYEE OFFICER. FORM 990, PART VIII, LINE 2: 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 RURAL UTILITIES SERVICE (RUS) UNIFORM SYSTEM OF ACCOUNTS (USOA) AS 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 REPORTS SALARIES AND WAGES, EMPLOYEE BENEFITS AND PAYROLL TAXES THAT ARE ALLOCATED IN ACCORDANCE WITH ITS 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 $ 1,644,609 LESS: TRUSTEE FEES REPORTED ON FORMS 1099-NEC (27,489) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (36,237) PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 268,083 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 279,167 TOTAL WAGES ACCRUED AND/OR PAID $ 2,128,133 FORM 990, PART IX, LINE 24B: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 577,291 OFFICE SUPPLIES AND POSTAGE 168,451 OUTSIDE SERVICES EMPLOYED 70,893 INJURIES & DAMAGES 50,618 EMPLOYEE BENEFITS 113,127 DUES AND SUBSCRIPTIONS 104,492 REGULATORY COMMISSION 224 TRUSTEES 68,145 ANNUAL AND DISTRICT MEETINGS 32,507 MAINTENANCE OF GENERAL PLANT 73,238 CAPITAL CREDIT ALLOCATION 5,533 MISCELLANEOUS GENERAL 32,058 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 1,296,577 LESS: RECLASS OF TRUSTEES FEES TO PART IX, LINE 5 (27,489) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (483,508) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (172,033) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 613,547 FORM 990, PART IX, LINE 4: PURSUANT TO THE FORM 990 INSTRUCTIONS, THE AMOUNT OF PATRONAGE DIVIDENDS PAID TO THE 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 2023 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 1: 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. EACH GRANT, SPONSORSHIP, AND/OR DONATION MADE DURING THE YEAR WAS BELOW THE REPORTING THRESHOLD OF SCHEDULE I, PART II. FORM 990, PART XI, LINE 9: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 218,140. NET CHANGE IN MEMBERSHIP 1,690. DONATED CAPITAL 1,485. 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. MORA-SAN MIGUEL ELECTRIC FOUNDATION INC 501 STATE HWY 518 MORA NM 87732 850470497 TO PROVIDE COLLEGE SCHOLARSHIPS TO ACTIVE MEMBERS AND THEIR FAMILY. NM 501(C)(3) LINE 1 MORA-SAN MIGUEL ELECTRIC COOPERATIVE INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MORA-SAN MIGUEL ELECTRIC FOUNDATION INC N 0 N/A - LESS THAN $50,000 MORA-SAN MIGUEL ELECTRIC FOUNDATION INC O 0 N/A - LESS THAN $50,000