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← BRAZOS ELECTRIC POWER COOPERATIVE INC

Form 990 for tax year 2024

Filed by BRAZOS ELECTRIC POWER COOPERATIVE INC.

Totals

Total revenue
$312,124,623
Total expenses
$295,608,811
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$302,244,796
Investment income
$4,730,648
Other revenue
$5,149,179
Total assets, end of year
$1,802,974,037
Total liabilities, end of year
$1,594,004,607
Net assets or fund balances, end of year
$208,969,430
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: ELECTRIC ENERGY REVENUE

    total $300,789,786 · related or exempt $300,789,786 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: CAPITAL CREDITS

    total $840,206 · related or exempt $840,206 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: TRANSMISSION EXPORT REVENUE

    total $324,812 · related or exempt $324,812 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: OTHER MEMBER REVENUES

    total $185,664 · related or exempt $185,664 · unrelated business $0 · excluded $0

  • 2e · Program service revenue: ACES K-1 INCOME

    total $104,328 · related or exempt $104,328 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $3,790,305 · related or exempt $0 · unrelated business $0 · excluded $3,790,305

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $1,471,437 · related or exempt $0 · unrelated business $0 · excluded $1,471,437

  • 6a · Gross rents

    real property $0 · personal property $174,978

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $174,978

  • 6d · Net rental income or loss

    total $174,978 · related or exempt $0 · unrelated business $0 · excluded $174,978

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $1,751,636

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $811,293

  • 7c · Gain or loss

    securities $0 · other assets $940,343

  • 7d · Net gain or loss

    total $940,343 · related or exempt $0 · unrelated business $0 · excluded $940,343

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: GAIN ON DEFEASANCE

    total $3,484,997 · related or exempt $0 · unrelated business $0 · excluded $3,484,997

  • 11b · Other revenue: FORFEITED DISCOUNTS/PENALTIES

    total $17,767 · related or exempt $0 · unrelated business $0 · excluded $17,767

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $3,502,764

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $3,130,605

  • 5 · Compensation of officers, directors and key employees

    total $4,440,891

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $17,524,326

  • 8 · Pension plan contributions

    total $1,044,809

  • 9 · Other employee benefits

    total $2,756,162

  • 10 · Payroll taxes

    total $1,521,902

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $1,939,722

  • 11c · Fees: accounting

    total $331,272

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $1,561,073

  • 12 · Advertising and promotion

    total $1,100

  • 13 · Office expenses

    total $292,209

  • 14 · Information technology

    total $973,474

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $160,053

  • 17 · Travel

    total $2,677,252

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $223,813

  • 20 · Interest

    total $45,727,690

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $53,901,323

  • 23 · Insurance

    total $2,725,887

  • 24a · Other expenses: OPERATING EXPENSE

    total $134,394,438

  • 24b · Other expenses: TAXES

    total $6,645,437

  • 24c · Other expenses: MAINTENANCE EXPENSE

    total $6,193,354

  • 24d · Other expenses: BANK CHARGES

    total $4,103,935

  • 24e · All other expenses

    total $3,338,084

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $63,782,146 · end of year $142,044,995

  • 2 · Savings and temporary cash investments

    beginning of year $2,357,028 · end of year $2,363,993

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $35,552,630 · end of year $35,469,396

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $70,095,583 · end of year $70,664,321

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,267,348 · end of year $16,837,883

  • 10a · Land, buildings and equipment: cost or other basis

    $2,192,248,951

  • 10b · Land, buildings and equipment: accumulated depreciation

    $677,185,292

  • 10c · Land, buildings and equipment, net

    beginning of year $1,472,711,438 · end of year $1,515,063,659

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $20,226,089 · end of year $20,529,790

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $145,064,828 · end of year $134,837,119

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $52,480,314 · end of year $90,157,198

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $1,290,019,779 · end of year $1,369,010,290

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $95 · end of year $95

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $189,427,246 · end of year $208,969,335

Mission and programs · 2024

Mission

BRAZOS ELECTRIC provides safe, reliable, and cost-effective transmission and distribution service to RURAL ELECTRIC DISTRIBUTION COOPERATIVES. BRAZOS SERVES SIXTEEN MEMBER COOPERATIVES.

Activities or mission (Part I)

Brazos Electric provides safe, reliable, and cost-effective transmission and distribution service to members and wholesale transmission customers while supporting the reliability of the bulk power system.

  • BRAZOS ELECTRIC provides safe, reliable, and cost-effective transmission and distribution service to RURAL ELECTRIC DISTRIBUTION COOPERATIVES. BRAZOS SERVES SIXTEEN MEMBER COOPERATIVES.

As filed on the 2024 return.

Listed in Part VII

  • Audie Morris

    VICE PRESIDENT

    Total calculated
    $43,573
    From this org
    $43,573
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Dennis McWhorter

    PRESIDENT

    Total calculated
    $43,139
    From this org
    $43,139
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Rick Ickert

    SECRETARY/TREASURER

    Total calculated
    $44,007
    From this org
    $44,007
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Billy Jones

    DIRECTOR THROUGH 01/31/2024

    Total calculated
    $3,087
    From this org
    $3,087
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Brandon Young

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Cameron Smallwood

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Cody Lasater

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Donnie Clary

    DIRECTOR 03/01/2024 THROUGH 03/31/2024

    Total calculated
    $0
    Hours/week
    6

  • Frankie Martin

    DIRECTOR

    Total calculated
    $42,862
    From this org
    $42,862
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Henry Bradford

    DIRECTOR

    Total calculated
    $38,158
    From this org
    $38,158
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Jill Sadberry

    DIRECTOR

    Total calculated
    $34,958
    From this org
    $34,958
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kenneth Alexander

    DIRECTOR THROUGH 07/31/2024

    Total calculated
    $19,992
    From this org
    $19,992
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Melissa Watts

    DIRECTOR THROUGH 03/31/2024

    Total calculated
    $0
    Hours/week
    6

  • Monty Carlisle

    DIRECTOR

    Total calculated
    $38,785
    From this org
    $38,785
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Neil J Hesse

    DIRECTOR

    Total calculated
    $0
    Hours/week
    6

  • Scott Martin

    DIRECTOR

    Total calculated
    $41,824
    From this org
    $41,824
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Steve Jones

    DIRECTOR

    Total calculated
    $38,110
    From this org
    $38,110
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Steven Vann Harris

    DIRECTOR

    Total calculated
    $29,327
    From this org
    $29,327
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • William Allen

    DIRECTOR

    Total calculated
    $38,013
    From this org
    $38,013
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • William Ragsdale

    DIRECTOR

    Total calculated
    $37,843
    From this org
    $37,843
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Khaki Bordovsky

    CFO - VP OF CORPORATE SERVICES

    Total calculated
    $497,016
    From this org
    $431,838
    From related orgs
    $0
    Other
    $65,178
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $407,967
    Bonus
    $12,410
    Other
    $11,461
    Deferred
    $29,547
    Nontaxable benefits
    $35,631
    Filer's total
    $497,016

  • Mark Fagan

    EXECUTIVE VP & GM

    Total calculated
    $837,791
    From this org
    $758,684
    From related orgs
    $0
    Other
    $79,107
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $717,636
    Bonus
    $24,281
    Other
    $16,767
    Deferred
    $34,500
    Nontaxable benefits
    $44,607
    Filer's total
    $837,791

  • David Albers

    VICE PRESIDENT - ENGINEERING & SYSTEM PLANNING

    Total calculated
    $291,272
    From this org
    $216,146
    From related orgs
    $0
    Other
    $75,126
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $201,045
    Bonus
    $8,704
    Other
    $6,397
    Deferred
    $37,060
    Nontaxable benefits
    $38,066
    Filer's total
    $291,272

  • David Webb

    COO - VP OF OPS & MAINT

    Total calculated
    $272,445
    From this org
    $210,454
    From related orgs
    $0
    Other
    $61,991
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $190,786
    Bonus
    $18,317
    Other
    $1,351
    Deferred
    $26,069
    Nontaxable benefits
    $35,922
    Filer's total
    $272,445

  • Johnny York

    VICE PRESIDENT - TRANSMISSION THROUGH 10/31/2024

    Total calculated
    $785,798
    From this org
    $472,994
    From related orgs
    $0
    Other
    $312,804
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $339,966
    Bonus
    $120,000
    Other
    $13,028
    Deferred
    $286,554
    Nontaxable benefits
    $26,250
    Filer's total
    $785,798

  • Kyle Minnix

    DIRECTOR OF MEMBER SERVICES

    Total calculated
    $349,433
    From this org
    $255,976
    From related orgs
    $0
    Other
    $93,457
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $239,423
    Bonus
    $8,704
    Other
    $7,849
    Deferred
    $59,169
    Nontaxable benefits
    $34,288
    Filer's total
    $349,433

  • Mark Pavelka

    DIRECTOR OF PROJECT MGMT & BUS DEV

    Total calculated
    $285,888
    From this org
    $224,957
    From related orgs
    $0
    Other
    $60,931
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $208,437
    Bonus
    $7,262
    Other
    $9,258
    Deferred
    $22,963
    Nontaxable benefits
    $37,968
    Filer's total
    $285,888

  • Rodney Little

    CHIEF TECHNOLOGY OFFICER - VP OF IS

    Total calculated
    $289,643
    From this org
    $249,036
    From related orgs
    $0
    Other
    $40,607
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $243,210
    Bonus
    $50
    Other
    $5,776
    Deferred
    $23,216
    Nontaxable benefits
    $17,391
    Filer's total
    $289,643

  • Shari Heino

    CHIEF RISK & COMPLIANCE OFFICER

    Total calculated
    $337,932
    From this org
    $278,119
    From related orgs
    $0
    Other
    $59,813
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $276,976
    Bonus
    $50
    Other
    $1,093
    Deferred
    $26,454
    Nontaxable benefits
    $33,359
    Filer's total
    $337,932

  • Anthony Kroskey

    MANAGER TRANSMISSION SYSTEM OPERATIONS

    Total calculated
    $300,469
    From this org
    $215,746
    From related orgs
    $0
    Other
    $84,723
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $199,717
    Bonus
    $7,246
    Other
    $8,783
    Deferred
    $48,565
    Nontaxable benefits
    $36,158
    Filer's total
    $300,469

  • David Fox

    MANAGER FISCAL SERVICES & CONTROLLER

    Total calculated
    $282,871
    From this org
    $226,426
    From related orgs
    $0
    Other
    $56,445
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $215,854
    Bonus
    $7,721
    Other
    $2,851
    Deferred
    $22,313
    Nontaxable benefits
    $34,132
    Filer's total
    $282,871

  • Debra Wendrock

    MANAGER HUMAN RESOURCES

    Total calculated
    $256,095
    From this org
    $197,858
    From related orgs
    $0
    Other
    $58,237
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $195,242
    Bonus
    $50
    Other
    $2,566
    Deferred
    $20,562
    Nontaxable benefits
    $37,675
    Filer's total
    $256,095

  • Jeffrey Stebbins

    MANAGER TRANSMISSION MAINTENANCE

    Total calculated
    $249,193
    From this org
    $197,884
    From related orgs
    $0
    Other
    $51,309
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $192,973
    Bonus
    $65
    Other
    $4,846
    Deferred
    $20,180
    Nontaxable benefits
    $31,129
    Filer's total
    $249,193

  • Timothy Hartz

    MANAGER TRANSMISSION ENGINEERING

    Total calculated
    $247,038
    From this org
    $193,446
    From related orgs
    $0
    Other
    $53,592
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $184,960
    Bonus
    $6,969
    Other
    $1,517
    Deferred
    $19,872
    Nontaxable benefits
    $33,720
    Filer's total
    $247,038

  • Clifton Karnei

    FORMER EXECUTIVE VP & GM

    Total calculated
    $642,624
    From this org
    $683,048
    From related orgs
    $0
    Other
    -$40,424
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $683,048
    Deferred
    -$40,424
    Nontaxable benefits
    $0
    Filer's total
    $642,624

  • Joshua Clevenger

    FORMER VICE PRESIDENT - POWER SUPPLY

    Total calculated
    $224,799
    From this org
    $223,615
    From related orgs
    $0
    Other
    $1,184
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $223,615
    Deferred
    $1,184
    Nontaxable benefits
    $0
    Filer's total
    $224,799

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 4a Severance or change-of-control payment
CLIFTON KARNEI AND JOSHUA CLEVENGER RECEIVED SEVERANCE PAYMENTS DURING 2024. CLIFTON KARNEI = $683,048 JOSHUA CLEVENGER = $223,615

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.1
Source object
202503179349310865

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