2026-04-01T08:22:08-05:00 2025-06-30 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-07-01 640211938 NATCHEZ TRACE ELECTRIC POWER ASSOCIATION NATC 6624563037 PO BOX 609 HOUSTON MS 38851 SHAWN EDMONDSON GENERAL MANAGER 6624563037 2026-03-27 1 0 PAT COOPER P00856177 8067473806 2026-03-27 2024 2025-03-06 01:10:19Z SHAWN EDMONDSON PO BOX 609 HOUSTON MS 38851 45668815 0 X WWW.NTEPA.COM X 1939 MS TO PROVIDE ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS. 9 9 83 0 2572435 0 0 0 40616484 43318071 528323 460078 1769129 1890666 42913936 45668815 0 0 0 916978 5241459 5532892 0 0 0 35878546 36990297 41120005 43440167 1793931 2228648 115745416 117979640 46956655 46044179 68788761 71935461 THE MISSION OF NATCHEZ TRACE ELECTRIC POWER ASSOCIATION SHALL BE TO PROVIDE HIGHLY RELIABLE ENERGY SERVICE TO ITS MEMBER-OWNERS AT THE LOWEST COST POSSIBLE, CONSISTENT WITH SOUND BUSINESS PRACTICES. 0 0 SALE OF ELECTRIC POWER TO OUR MEMBERS AT COST ON COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 16,196 CONNECTED MEMBERS AT YEAR END. 0 0 0 0 0 0 0 0 0 1 0 0 0 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 0 0 1 21 0 83 0 1 1 0 0 0 0 40842547 2952894 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X MILLER DENDY CFO 6624563037 PO BOX 609 HOUSTON MS 38851 X MIKE WADE PRESIDENT 2.00 X X 11600 0 0 JIMMY BALL VICE PRESIDENT 2.00 X X 9900 0 0 TERRY WILLS DIRECTOR 2.00 X 9900 0 0 DANNY ELLISON DIRECTOR 2.00 X 9900 0 0 SHEILA FREELY DIRECTOR 2.00 X 10650 0 0 JACQUELINE STRONG DIRECTOR 2.00 X 10650 0 0 ROBERT HARRINGTON DIRECTOR 2.00 X 9900 0 0 JOE HAYS SECRETARY 2.00 X X 11000 0 0 JAMIE EARP DIRECTOR (JUN-DEC) 2.00 X 5775 0 0 KENNETH LINTON DIRECTOR (OCT-DEC) 2.00 X 2475 0 0 SHAWN EDMONDSON CHIEF EXECUTIVE OFFICER 55.00 X 211658 0 47118 MILLER DENDY CHIEF FINANCIAL OFFICER 50.00 X 151950 0 36500 JAMES M HODGES SYSTEM ENGINEER 55.00 X 127684 0 27874 DARYL B LOVE DISTRICT MANAGER 50.00 X 121386 0 29541 ALEX BRAY LINEMAN 52.00 X 116218 0 22358 KEITH MORGAN FOREMAN 50.00 X 115652 0 26063 BRIAN CRUMP SAFETY COORDINATOR 50.00 X 115248 0 27712 1051546 0 217166 1 0 1 0 DANAE HORTON 2898 HWY 346 PONTOTOC MS 38863 ACCOUNTING SERVICES 128376 1 X SALES OF ELECTRICITY 221000 40255233 40255233 LEASE AGREEMENT 221000 2492816 2492816 SERVICE FEES 221000 235886 235886 OTHER PROGRAM REVENUE 221000 234752 234752 PATRONAGE DIVIDENDS 221000 99384 99384 43318071 460078 79619 380459 POLE ATTACHMENT 221000 1890666 1890666 1890666 45668815 40825255 2572435 2271125 X 916978 538976 3387513 513747 797954 294702 1582388 4675906 PUCHASED POWER 28646178 DISTRIBUTION EXPENSE 1660397 TAXES 258742 ADMIN & GENERAL EXPENSE 135651 31035 43440167 707922 1109738 6888339 6850074 1074289 974839 6701640 7400641 151079375 51009280 98871822 100070095 1202844 1280257 298560 293996 115745416 117979640 4106591 5610481 55204 38883 39200383 36809371 3594477 3585444 46956655 46044179 X 125020 126095 0 0 68663741 71809366 68788761 71935461 115745416 117979640 X 2228648 918052 X X 0 1 X 1 0 1227647 1227647 1370004 747280 622724 143229545 50262000 92967545 5252179 5252179 100070095 CUSTOMER DEPOSITS 2060183 POST RETIREMENT BENEFITS 1525261 3585444 X 45662035 0 45662035 6780 6780 45668815 42516409 0 42516409 923758 923758 43440167 PART X, LINE 2: THE ASSOCIATION BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE ASSOCIATION'S FORMS 990 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFY NON-OPERATING EXPENSES TO PART IX 6,780. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL ASSIGNED OR TO BE ASSIGNED 916,978. RECLASSIFY NON-OPERATING EXPENSES TO PART IX 6,780. X X 0 0 0 SHAWN EDMONDSON CHIEF EXECUTIVE OFFICER 210533 0 0 0 1125 0 40649 0 6469 0 258776 0 0 0 MILLER DENDY CHIEF FINANCIAL OFFICER 151950 0 0 0 0 0 30031 0 6469 0 188450 0 0 0 JAMES M HODGES SYSTEM ENGINEER 126559 0 0 0 1125 0 21420 0 6454 0 155558 0 0 0 DARYL B LOVE DISTRICT MANAGER 120261 0 0 0 1125 0 23072 0 6469 0 150927 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A THE COOPERATIVE HAS 9 BOARD MEMBERS; ALL 9 ARE ALLOWED TO VOTE, HOWEVER THE BOARD PRESIDENT 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 DIRECTORS SERVE A THREE YEAR TERM. EACH YEAR THREE DIRECTORS ARE ELECTED BY THE MEMBERS OF THE ASSOCIATION. 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 5. AMENDMENT TO THE BYLAWS 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 ON AN ANNUAL BASIS, THE COOPERATIVE WILL REQUIRE THE BOARD OF DIRECTORS AND OFFICERS TO DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY AND CAUSE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS USE A COMPENSATION SURVEY WHEN DETERMINING THE COMPENSATION OF THE GENERAL MANAGER. THE SURVEY SHOWS COMPARATIVE SALARIES FOR GENERAL MANAGERS FROM SIMILARLY SITUATED COOPERATIVES LOCATED THROUGHOUT THE NATION. INTERNAL AND/OR EXTERNAL RESOURCES ARE ALSO USED TO COMPARE ANNUAL COMPENSATION WITHIN THE INDUSTRY. THE BOARD AND THE GENERAL MANAGER USE A COMPENSATION SURVEY WHEN DETERMINING THE COMPENSATION OF THE COOPERATIVE'S OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER. THE SURVEY INCLUDES SALARIES FROM SIMILARLY SITUATED COOPERATIVES THROUGHOUT THE NATION. FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE WILL PROVIDE A COMPLETE COPY OF ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS TO ANY MEMBER WHO REQUESTS A COPY OF ANY SUCH DOCUMENT. THE BYLAWS CAN ALSO BE FOUND ON THE COOPERATIVE'S WEBSITE. FORM 990, PART VII, COLUMN F: IN ORDER TO PROVIDE RETIREMENT BENEFITS TO ITS EMPLOYEES, THE COMPANY HAS ESTABLISHED A DEFINED CONTRIBUTION PLAN AND DEFINED BENEFIT PLAN FOR THE RESPECTED GROUPS OF EMPLOYEES. EMPLOYER CONTRIBUTIONS TO THE PLAN ARE MADE PURSUANT TO THE PLAN DOCUMENT. THE COMPANY ALSO PROVIDES HEALTH, DENTAL 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 IS COMPRISED OF ACTUARIAL INCREASE IN THE DEFINED BENEFIT PLAN, THE TOTAL AMOUNT CONTRIBUTED BY THE COMPANY TO THE DEFINED CONTRIBUTION PLAN AND INSURANCE PAID ON BEHALF OF AND FOR THEIR BENEFIT. 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 ASSOCIATION ARE MAINTAINED IN ACCORDANCE WITH THE UNIFORM SYSTEM OF ACCOUNTS (USOA) AS PRESCRIBED BY THE FEDERAL ENERGY REGULATORY COMMISSION FOR CLASS A AND B ELECTRIC UTILITIES. 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 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 $ 3,926,489 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (91,750) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (83,618) PLUS: SALARIES AND WAGES ALLOCATED TO NONOPERATING MARGINS 4,765 PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 1,730,075 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING AND OTHER ACCOUNTS 379,883 TOTAL WAGES ACCRUED AND/OR PAID $ 5,865,844 FORM 990, PART IX, LINE 24: ADMINISTRATIVE & GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS & OTHER $ 472,911 OFFICE SUPPLIES 175,428 OUTSIDE SERVICES 124,031 INSURANCES AND DAMAGES 379,998 REGULATORY COMMISSION 800 MISCELLANEOUS GENERAL 158,053 PROPERTY INSURANCE 21,418 DUPLICATE CHARGES (35,776) DIRECTORS 65,504 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 1,362,367 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (91,750) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (782,445) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (352,521) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 135,651 FORM 990, PART IX, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CONSUMER EXPENSES $1,061,630 MERCHANDISING EXPENSES 6,780 SALES AND OTHER EXPENSES 40,021 TOTAL OTHER EXPENSES PER FINANCIAL STATEMENTS $1,101,651 LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (742,756) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (334,640) TOTAL OTHER EXPENSES PER FORM 990, PART IX $ 31,035 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 FISCAL TAX YEAR-END OF JUNE 30. 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 2025 FISCAL 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 ASSIGNABLE 916,978. NET CHANGE IN MEMBERSHIPS 1,074. NT SPARK LLC PO BOX 609 HOUSTON MS 38851 852452115 ELECTRIC POWER DISTRIBUTOR MS NATCHEZ TRACE ELECTRIC POWER ASSOCIATION C 7156416 1520929 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 NT SPARK LLC A 2572435 CASH DISBURSEMENTS NT SPARK LLC N 552575 JOINT COST ALLOCATION NT SPARK LLC O 368383 TIME ALLOCATION