2025-11-12T08:47:27-06:00 2024-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-01-01 740754103 BLUEBONNET ELECTRIC COOPERATIVE INC BLUE 8886222583 PO BOX 729 BASTROP TX 786020729 GRANT GUTIERREZ CFO 8886222583 2025-11-10 1 0 WILLIAM M MILLER P00439459 8067473806 2025-11-10 X 2024 2025-03-06 01:10:19Z MATT BENTKE PO BOX 729 BASTROP TX 786020729 366992818 0 X WWW.BLUEBONNET.COOP X 1939 TX TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE. 9 9 411 0 0 0 0 0 309062472 362822760 750740 1229968 1140638 1199019 310953850 365251747 445279 515489 36077260 33111288 26042218 27425329 0 0 0 247510176 302781006 310074933 363833112 878917 1418635 803686235 876058516 467555967 514481265 336130268 361577251 TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE. 0 0 PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 136,778 ACTIVE SERVICES AT YEAR END. 0 0 0 0 0 0 0 1 0 1 0 0 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 0 0 1 133 0 411 1 0 0 0 0 0 417948143 4230879 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X GRANT GUTIERREZ CFO 8886222583 155 ELECTRIC AVENUE BASTROP TX 78602 X BYRON BALKE ASST SECRETARY/TREASURER 8.70 1.00 X X 45003 0 0 BRYAN BRACEWELL DIRECTOR 8.00 1.00 X 44995 0 0 RODERICK EMANUEL VICE CHAIRMAN 8.40 1.00 X X 46055 0 0 ERVIN B FLENCHER JR CHAIRMAN 9.90 1.00 X X 49443 0 0 DEBORAH GOERTZ DIRECTOR 7.60 1.00 X 45475 0 0 RUSSELL JURK DIRECTOR 8.30 1.00 X 45257 0 0 ROBERT MIKESKA SECRETARY/TREASURER 8.60 1.00 X X 45881 0 0 MILTON SHAW DIRECTOR 9.00 1.00 X 44619 0 0 CARRISSA WHITELEY DIRECTOR 6.80 1.00 X 45469 0 0 MATTHEW BENTKE GENERAL MANAGER 60.00 X 970799 0 318864 SARAH NEWMAN-ALTAMIRANO GENERAL COUNSEL 50.00 X 524499 0 48847 ERIC KOCIAN CHIEF ENGINEER/SYSTEM OPS OFFICER 50.00 X 489261 0 161486 GRANT GUTIERREZ CHIEF FINANCIAL OFFICER 50.00 X 485339 0 151268 RACHEL ELLIS CHIEF ADMINISTRATIVE OFFIC 50.00 X 358960 0 171344 WESLEY BRINKMEYER MGR COMMUNITY/DEVELOPMENTAL SERVICES 50.00 X 321662 0 63605 WILLIAM HOLFORD MGR OF PUBLIC AFFAIRS 50.00 X 308761 0 40778 DANIEL FOWLER MGR OF TECH PROGRAMS 50.00 X 302161 0 65954 THOMAS ELLIS MGR OF ENGINEERING 50.00 X 300396 0 128911 PHILLIP ELLIS MGR OF TECHNICAL SERVICES 50.00 X 298546 0 92979 4772581 0 1244036 183 0 1 0 THE DAVEY TREE SURGERY COMPANY PO BOX 846604 LOS ANGELES CA 90084 ROW CONTRACTOR 6789352 BURLIN POWER LINE LLC 9225 N HWY 77 LEXINGTON TX 78947 CONSTRUCTION CONTRACTOR 5991081 LINETEC SERVICES LLC PO BOX 13650 ALEXANDRIA LA 71315 CONSTRUCTION CONTRACTOR 5644033 PIKE CORPORATION PO BOX 746308 ATLANTA GA 30374 CONSTRUCTION CONTRACTOR 5364654 OVER & UNDER LLC 15483 CR 424 SOMERVILLE TX 77879 ROW/CONSTRUCTION CONTRACTOR 5033174 50 X SALES OF ELECTRICITY 221000 353048419 353048419 SERVICE FEES 221000 4385299 4385299 TRANSMISSION ACCESS 221000 3907592 3907592 PATRONAGE DIVIDENDS 221000 765151 765151 TRANSMISSION LINE LEASE 221000 716299 716299 362822760 964530 964530 13518 13518 24601 0 24601 24601 24601 269097 3659 265438 265438 265438 1758857 1737412 21445 21445 POLE ATTACHMENT INCOME 221000 848036 848036 MISCELLANEOUS REVENUE 221000 191019 191019 MUTUAL AID 221000 100400 100400 1139455 365251747 363300662 0 1951085 X 515489 33111288 4092864 17088556 2031001 2826123 1386785 17156207 27078949 PURCHASED POWER 226941953 DISTRIBUTION EXPENSE 22246059 CONSUMER EXPENSE 4810026 ADMIN & GENERAL EXPENSE 3943108 604704 363833112 1982668 997330 16314453 17749428 25358473 29550855 9124129 16712329 43055460 41990220 878674889 126059038 691136679 752615851 16469574 16280196 244799 162307 803686235 876058516 42387306 41981014 468223 375042 663609 1096409 364143401 394805841 59893428 76222959 467555967 514481265 X 623300 602370 0 0 335506968 360974881 336130268 361577251 803686235 876058516 X 1418635 24028348 X X 0 1 X 1 1 1 0 1 X 5305218 5305218 41858630 14842816 27015814 795101716 111216222 683885494 36409325 36409325 752615851 DEFERRED CREDITS - ADVANCES FOR CONSTRUCTION 19048608 DEFERRED CREDITS - MEMBER PREPAYMENT 2655578 ACCUMULATED PROVISION FOR PENSION AND BENEFITS 8234198 ACCRUED OPERATING TAXES 1557187 CONSUMER DEPOSITS 18544293 PATRONAGE CAPITAL PAYABLE 7864996 POWER COST OVER COLLECTED 18318099 76222959 X PART IV, LINE 2B: PURSUANT TO SECTION 74.3013 OF THE TEXAS PROPERTY CODE, THE COOPERATIVE HAS ESTABLISHED A RURAL SCHOLARSHIP FUND WITH AMOUNTS DESIGNATED UNCLAIMED PER STATE LAW. THE AMOUNTS DEPOSITED INTO THE RURAL SCHOLARSHIP FUND ARE REPORTED TO THE STATE OF TEXAS AND CAN ONLY BE USED FOR SCHOLARSHIPS TO ENABLE STUDENTS FROM RURAL AREAS TO ATTEND COLLEGE, TECHNICAL SCHOOL OR OTHER POST SECONDARY EDUCATION INSTITUTION. ANY AMOUNTS SO DEPOSITED INTO THE RURAL SCHOLARSHIP FUND ARE STILL PAYABLE TO THE PERSON TO WHOM THE ORIGINAL PAYMENT WAS MADE BUT UNCLAIMED. ALSO PURSUANT TO SECTION 74.3013 OF THE TEXAS PROPERTY CODE, THE COOPERATIVE HAS ESTABLISHED AN ECONOMIC DEVELOPMENT FUND WITH AMOUNTS DESIGNATED UNCLAIMED PER STATE LAW. THE AMOUNTS DEPOSITED INTO THE ECONOMIC DEVELOPMENT FUND ARE REPORTED TO THE STATE OF TEXAS AND CAN ONLY BE USED FOR THE STIMULATION AND IMPROVEMENT OF BUSINESS AND COMMERCIAL ACTIVITY FOR ECONOMIC DEVELOPMENT IN RURAL COMMUNITIES. ANY AMOUNTS SO DEPOSITED INTO THE ECONOMIC DEVELOPMENT FUND ARE STILL PAYABLE TO THE PERSON TO WHOM THE ORIGINAL PAYMENT WAS MADE BUT UNCLAIMED. ALSO PURSUANT TO SECTION 74.3013 OF THE TEXAS PROPERTY CODE, THE COOPERATIVE HAS ESTABLISHED AN ENERGY EFFICIENCY ASSISTANCE FUND WITH AMOUNTS DESIGNATED UNCLAIMED PER STATE LAW. THE AMOUNTS DEPOSITED INTO THE ENERGY EFFICIENCY ASSISTANCE FUND ARE REPORTED TO THE STATE OF TEXAS AND CAN ONLY BE USED TO ASSIST MEMBERS OF AN ELECTRIC COOPERATIVE IN REDUCING THEIR ENERGY CONSUMPTION AND ELECTRICITY BILLS. ANY AMOUNTS SO DEPOSITED INTO THE ENERGY EFFICIENCY ASSISTANCE FUND ARE STILL PAYABLE TO THE PERSON TO WHOM THE ORIGINAL PAYMENT WAS MADE BUT UNCLAIMED. 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, OR OTHER STATE TAXING AUTHORITY, AND THAT ALL TAX BENEFITS ARE LIKELY TO BE REALIZED UPON SETTLEMENT WITH 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% 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% 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 BASTROP CHAMBER OF COMMERCE 927 MAIN ST BASTROP TX 78602 740501825 501(C)(6) 9619 182 COST OF ITEMS DONATED 2024 CONTRIBUTIONS, STATE OF THE CITY TABLE, 2024 MAN OF THE YEAR AWARD SPONSOR, FULL HITCH RESERVED TABLE, FIRST RESPONDERS LUNCHEON SPONSOR, MINGLE N JINGLE HOLIDAY MIXER, CHAMBER LUNCHEON, AND CHAMBER BANQUET SPONSOR BRAZOS VALLEY COMMUNITY ACTION PROGRAM 4001 E 29TH SUITE 175 BRYAN TX 77802 813036685 501(C)(3) 8466 0 PROVIDE HOME ENERGY ASSISTANCE TO LOW-INCOME HOUSEHOLDS CHILDREN'S ADVOCACY CENTER 59 TX LOOP 150 BASTROP TX 78602 742633011 501(C)(3) 7800 0 RECOGNITION DAY 2024 CHARITY DONATION, 2024 CONTRIBUTION AND HEROES FOR HOPE SPONSORSHIP, AND ADOPT-A-FAMILY DONATION COMBINED COMMUNITY ACTION INCORPORATED 165 W AUSTIN STREET GIDDINGS TX 78942 741548511 501(C)(3) 12000 0 PROVIDE HOME ENERGY ASSISTANCE TO LOW-INCOME HOUSEHOLDS COMMUNITY ACTION INC OF CENTRAL TEXAS 215 S REIMER AVENUE 130 SAN MARCOS TX 78666 741541726 501(C)(3) 12000 370 COST OF ITEMS DONATED PROVIDE HOME ENERGY ASSISTANCE TO LOW-INCOME HOUSEHOLDS LOCKHART CHAMBER OF COMMERCE PO BOX 840 LOCKHART TX 78644 740750055 501(C)(6) 5035 0 SUPPLY PURCHASE FOR CHAMBER BANQUET AND CORPORTATE LEVEL MEMBERSHIP SAN MARCOS AREA CHAMBER OF COMMERCE 202 N CMALLEN PARKWAY SAN MARCOS TX 78666 740880672 501(C)(6) 5965 380 COST OF ITEMS DONATED 2024 CONTRIBUTION/ANNUAL DUES, 2024 CHAMBER CORNHOLE TOURNAMENT SPONSOR, STATE OF THE CITY LUNCHEON, 2024 BUSINESS ON THE GREEN GOLF TOURNAMENT, STATE OF WORKFORCE & EDUCATION SUMMIT, 2024 CHAMBER DINNER & AWARDS GALA, SILENT AUCTION ITEMS. THE SETON HAYS FOUNDATION 6001 KYLE PARKWAY KYLE TX 78640 262842608 501(C)(3) 25000 0 CAPITAL PROJECT GRANT FOR ASCENSION SETON EDGAR B. DAVIS CHILDREN'S CARE-A-VAN TRAVIS COUNTY HEALTH & HUMAN SERVICES 100 N INTERSTATE 35 FRONTAGE RD 2000 AUSTIN TX 78701 746000192 GOVERNMENT 12000 0 PROVIDE HOME ENERGY ASSISTANCE TO LOW-INCOME HOUSEHOLDS WASHINGTON COUNTY FAIR ASSOCIATION 1305 E BLUE BELL ROAD BRENHAM TX 77833 746060448 501(C)(3) 8640 0 FUNDRAISER SPONSORSHIPS FOR COUNTY FAIR 7 3 PART II: GRANT RECIPIENTS ARE NON-PROFIT, CIVIC, AND GOVERNMENTAL ORGANIZATIONS THAT ARE LOCATED IN THE COOPERATIVE'S SERVICE AREA. ALL DONATIONS ARE INTENDED TO IMPROVE THE COMMUNITIES IN WHICH OUR MEMBERS RESIDE. GRANTS ARE MONITORED TO INSURE THAT DONATIONS ARE USED FOR THEIR INTENDED PURPOSES. X X X X 0 1 0 MATTHEW BENTKE GENERAL MANAGER 667023 0 300000 0 3776 0 275239 0 43625 0 1289663 0 0 0 ERIC KOCIAN CHIEF ENGINEER/SYSTEM OPS OFFICER 380489 0 105000 0 3772 0 123555 0 37931 0 650747 0 0 0 GRANT GUTIERREZ CHIEF FINANCIAL OFFICER 379049 0 105000 0 1290 0 112179 0 39089 0 636607 0 0 0 SARAH NEWMAN-ALTAMIRANO GENERAL COUNSEL 395659 0 125000 0 3840 0 31050 0 17797 0 573346 0 0 0 RACHEL ELLIS CHIEF ADMINISTRATIVE OFFIC 282100 0 75000 0 1860 0 144161 0 27183 0 530304 0 0 0 THOMAS ELLIS MGR OF ENGINEERING 261208 0 32886 0 6302 0 113799 0 15112 0 429307 0 0 0 PHILLIP ELLIS MGR OF TECHNICAL SERVICES 258792 0 37644 0 2110 0 80635 0 12344 0 391525 0 0 0 WESLEY BRINKMEYER MGR COMMUNITY/DEVELOPMENTAL SERVICES 276994 0 43128 0 1540 0 29545 0 34060 0 385267 0 0 0 DANIEL FOWLER MGR OF TECH PROGRAMS 262985 0 37886 0 1290 0 28173 0 37781 0 368115 0 0 0 WILLIAM HOLFORD MGR OF PUBLIC AFFAIRS 263709 0 40000 0 5052 0 27464 0 13314 0 349539 0 0 0 PART I, LINE 4B MATT BENTKE PARTICIPATES IN A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN. THE ACTUARIAL INCREASE ASSOCIATED WITH PARTICIPATION IN THE PLAN WAS $132,748 FOR 2024. 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 AND YEARS OF SERVICE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS AND THE LONGER THEY HAVE BEEN EMPLOYED, 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 CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. MATT BENTKE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 128,691 ACTUARIAL INCREASE IN NQDC PLAN 132,748 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,800 TOTAL REPORTED IN COLUMN C $ 275,239 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT & NQDC PLANS (261,439) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT & NQDC PLANS 173,937 EXPENSE TO THE COOPERATIVE $ 187,737 ERIC KOCIAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 109,755 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,800 TOTAL REPORTED IN COLUMN C $ 123,555 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (109,755) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 96,014 EXPENSE TO THE COOPERATIVE $ 109,814 GRANT GUTIERREZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 98,379 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,800 TOTAL REPORTED IN COLUMN C $ 112,179 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (98,379) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 96,014 EXPENSE TO THE COOPERATIVE $ 109,814 SARAH NEWMAN-ALTAMIRANO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 31,050 TOTAL COLUMN C AND EXPENSE TO COOPERATIVE $ 31,050 RACHEL ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 130,361 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,800 TOTAL REPORTED IN COLUMN C $ 144,161 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (130,361) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 77,924 EXPENSE TO THE COOPERATIVE $ 91,724 THOMAS ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 101,838 EMPLOYER CONTRIBUTION TO 401(K) PLAN 11,961 TOTAL REPORTED IN COLUMN C $ 113,799 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (101,838) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 65,400 EXPENSE TO THE COOPERATIVE $ 77,361 PHILLIP ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 68,723 EMPLOYER CONTRIBUTION TO 401(K) PLAN 11,912 TOTAL COLUMN C AND EXPENSE TO COOPERATIVE $ 80,635 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (68,723) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 62,618 EXPENSE TO THE COOPERATIVE $ 74,530 WESLEY BRINKMEYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 29,545 TOTAL REPORTED IN COLUMN C $ 29,545 DANIEL FOWLER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 28,173 TOTAL REPORTED IN COLUMN C $ 28,173 WILLIAM HOLFORD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 27,464 TOTAL COLUMN C AND EXPENSE TO COOPERATIVE $ 27,464 GARRETT GUTIERREZ FAMILY - OFFICER (G. GUTIERREZ) 161430 EMPLOYMENT 0 PHILLIP ELLIS FAMILY - OFFICER (R. ELLIS) 298546 EMPLOYMENT 0 DAVID TOBOLA FAMILY - OFFICER (R. ELLIS) 251607 EMPLOYMENT 0 JOEY TOBOLA FAMILY - OFFICER (R. ELLIS) 277959 EMPLOYMENT 0 KIRSTEN TYLER FAMILY - OFFICER (R. ELLIS) 42732 EMPLOYMENT 0 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 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 COMPLETE COPY OF THE FORM 990 TO ALL BOARD MEMBERS FOR DISCUSSION AND REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS, OFFICERS, AND EMPLOYEES OF THE COOPERATIVE ARE REQUIRED TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE COOPERATIVE'S CONFLICT OF INTEREST POLICY. OFFICERS, BOARD MEMBERS AND EMPLOYEES ARE REQUIRED TO DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY AS SOON AS POSSIBLE. OFFICERS AND BOARD MEMBERS ARE REQUIRED TO REPORT ANY ACTION OR SITUATION TO THE ENTIRE BOARD OF DIRECTORS; EMPLOYEES ARE REQUIRED TO REPORT ANY ACTION OR SITUATION TO MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS USE A COMPENSATION SURVEY AND INDEPENDENT COMPENSATION CONSULTANT TO COMPARE COMPENSATION REPORTED ON IRS FORMS 990 FOR OTHER ELECTRIC COOPERATIVES WHEN DETERMINING THE COMPENSATION OF THE CEO. THE SURVEY SHOWS COMPARATIVE SALARIES FOR CEO/GENERAL MANAGERS FROM COOPERATIVES LOCATED IN TEXAS AND THE NATION. INTERNAL RESOURCES ARE ALSO USED TO COMPARE COMPENSATION WITHIN THE INDUSTRY ANNUALLY. WHEN DETERMINING SALARIES FOR OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER AND HIGHLY COMPENSATED EMPLOYEE, THE CEO USES A WEB-BASED SOFTWARE THAT COLLECTS INFORMATION FROM VARIOUS INDUSTRIES, INCLUDING THE UTILITY INDUSTRY, IN DIFFERENT PARTS OF THE COUNTRY. THE AVAILABLE DATA FOR UTILITIES OF SIMILAR SIZE TO AND IN THE REGION OF THE COOPERATIVE, ALONG WITH COMPENSATION DATA OBTAINED FROM FORMS 990 OF OTHER ELECTRIC COOPERATIVES, IS USED TO SET APPROPRIATE MARKET BASED SALARIES. THIS PROCESS IS ADMINISTERED BY THE CEO AND THE HUMAN RESOURCES DEPARTMENT. 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, CONFLICT OF INTEREST POLICY, OR GOVERNING DOCUMENTS TO ANY MEMBER WHO REQUESTS A COPY. ADDITIONALLY, BYLAWS AND SUMMARIZED FINANCIAL STATEMENTS MAY ALSO BE OBTAINED THROUGH THE COOPERATIVE'S ONLINE DOCUMENT CENTER VIA ITS WEBSITE - WWW.BLUEBONNET.COOP/DOCUMENT-CENTER. FORM 990, PART VII, COLUMN D: THE COMPENSATION REPORTED FOR THE BOARD OF DIRECTORS INCLUDES HEALTH INSURANCE PREMIUMS PAID BY THE COOPERATIVE ON THEIR BEHALF. 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 AND HIGHLY COMPENSATED EMPLOYEES, 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 OFFICERS AND HIGHLY COMPENSATED EMPLOYEES ARE 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. 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 COOPERATIVE 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 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 $21,181,420 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (412,197) LESS: OFFICER & KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (851,809) PLUS: SALARIES AND WAGES ALLOCATED TO NONOPERATING MARGIN 155,517 PLUS: SALARIES AND WAGES REPORTED IN POWER SUPPLY 486,385 PLUS: SALARIES AND WAGES ALLOCATED TO ASSET ACCOUNTS 21,348,864 TOTAL WAGES ACCRUED AND/OR PAID $41,908,180 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: OUTSIDE SERVICES EMPLOYED $ 468,480 OUTSIDE SERVICES EMPLOYED - IT 401,622 TECHNOLOGY 491,114 DUES AND SUBSCRIPTIONS 239,488 GENERAL MAINTENANCE 403,266 INSURANCE 205,575 DIRECTORS 554,873 PROPERTY TAX 226,404 PUC GROSS RECEIPTS ASSESSMENT 605,645 TRAVEL & TRANSPORTATION 171,087 EMPLOYEE PROGRAMS 168,017 TRAINING 153,063 OTHER ADMINISTRATIVE & GENERAL 162,058 SALARIES & BENEFITS 7,481,039 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $11,731,731 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (412,197) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (1,937,615) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (5,438,811) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 3,943,108 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 2024 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 XI, LINE 9: PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 33,111,288. PATRONAGE CAPITAL RETIRED - TOTAL -8,935,504. NET DECREASE IN MEMBERSHIPS -20,930. OTHER COMPREHENSIVE INCOME(LOSS) PROVISION FOR PENSIONS AND BENEFITS -177,120. EQUITY METHOD INCOME(LOSS) FROM INVESTMENT IN SUBSIDIARY -1,436. RECLASS ESCHEAT EXEMPT FUNDS 52,050. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAVE ASSIGNED MEMBERS TO AN AUDIT COMMITTEE TO OVERSEE THE FINANCIAL STATEMENT AUDIT AND SELECT THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. PROCEDURAL CHANGES DID NOT OCCUR DURING THE YEAR. BLUEBONNET RURAL DEVELOPMENT CORPORATION PO BOX 729 BASTROP TX 78602 742532344 RURAL DEVELOPMENT TX BLUEBONNET ELECTRIC COOPERATIVE INC C 9617 32211 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 BLUEBONNET RURAL DEVELOPMENT CORPORATION Q N/A - LESS THAN $50,000