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1 2015 Annual Report
2 P O Box West Tyler Street Gilmer, TX Main: Fax: A Message from the President, Welcome to the 79th annual membership meeting of Upshur Rural Electric Cooperative Corporation. The information contained in this Annual Report covers the Cooperative s operations for the year of The mission of Upshur Rural from its humble beginnings has been to make reliable electric energy available to its Members at the lowest cost consistent with sound economy and good management. Today, 79 years later, our mission remains the same. It is with a great deal of pleasure your Board of Directors can report Upshur Rural remains a very strong co-op when measured by growth, equity, cost of service, the return of capital credits to our Members, and the very competitive rates charged to our Members. During the past 79 years Upshur has seen a lot of changes. Beginning in 1938 with less than 500 members, only a few miles of energized lines, relying on the Federal Government for its capital needs, and depending entirely on the investor-owned utilities as a source of purchased power for its Members, Upshur Rural presently has over 45,000 meters, sells almost 1,000,000,000 kw annually, has over 6,500 miles of energized lines, no longer owes or borrows any money from the federal government. Going forward, change will continue to be part of Upshur's culture as we seek to comply with federal mandates, environmental concerns, and renewable sources of energy. Each of these will have the event of increasing your power cost. These changes will challenge the Board as well as the Staff of your Cooperative as we seek solutions to keep our power reliable and affordable and your Cooperative financially healthy. Upshur Rural continues to invest in the future as we build new substations and upgrade others. We have just completed several miles of new transmission line and will upgrade others. We have also embarked on an entire system pole inspection and replacement effort and of course we continue to trim and mow right of ways. All this effort and expense is done in the name of reliable energy. Your Board would like to thank the Members of Upshur Rural for your continued support and the Staff of Upshur Rural for their hard work. As your Board we are dedicated to the continued success of your Cooperative and to our Mission Statement. I encourage you to study the Annual Report in the important information contained therein. As always, if you have a question, please call or come by the office. Yours very truly, Frankie B. King President A Locally Owned Locally Controlled Tax Paying Business
3 URECC ANNUAL MEETING PROGRAM April 7, :00 Noon Registration Entertainment - Featuring The Southern Plainsmen 1:00 p.m. Video Presentation 1:30 p.m. Business Session Annual Meeting Welcome Frankie B. King, President Invocation David Venters, Former URECC Employee Determine Quorum Rex Nichols Jr., Attorney Notice of Meeting Rex Nichols Jr., Attorney President s Report Frankie B. King, President General Manager s Report Robert A. Walker, Jr., General Mgr. Secretary / Treasurer s Report Sherry Morgan, Secretary / Treasurer Report on Cooperative Audit Bob Duvall, CPA Knuckols, Duvall, Hallum & Company Election of Directors Rex Nichols Jr., Attorney Other Business Frankie B. King, President Adjournment of Business Session Drawing for Door Prizes
4 2015 kwh Sales This graph indicates the month-to-month kwh Energy Sales for Upshur Rural Electric spanning the past ten (10) years. As indicated above, the month of March 2015 was the highest in sales for that month respectively over the past ten (10) years. Just as important to note, the kwh energy sales for the April and May of 2015 were the lowest sales for those months respectively. The spring of 2015 proved to be very uncharacteristic throughout the state of Texas.
5 Cost of Power Wholesale power costs typically increase due to new power plants, fuel costs and government regulations.
6 2015 Expenses
7 ASSETS - WHAT WE OWN Secretary - Treasurer's Financial Report December 31, 2015 NET UTILITY PLANT $ 133,073,882 CURRENT & ACCRUED ASSETS Cash in Banks $ 834,339 Accounts Receivable $ 6,997,886 Materials & Supplies $ 2,349,294 Prepayments $ 123,911 Other Property & Investments $ 32,350,843 Other Current & Accrued Assets $ 17,459 TOTAL CURRENT AND ACCRUED ASSETS $ 42,673,732 TOTAL ASSETS $ 175,747,614 LIABILITIES - WHAT WE OWE LONG-TERM OBLIGATION TO RUS $ - LONG-TERM OBLIGATION TO NRUCFC $ 31,811,542 TOTAL LONG-TERM DEBT $ 31,811,542 ACCUMULATED PROVISIONS FOR Post-Retirement Benefits Other Than Pensions $ 9,488,800 CURRENT LIABILITIES & DEFERRED CREDITS Notes & Accounts Payable $ 10,967,296 Consumer Deposits $ 2,870,467 Other Accrued Liabilities $ 9,187,763 Deferred Credits $ 358,618 TOTAL CURRENT LIABILITIES AND DEFERRED CREDITS $ 23,384,144 TOTAL LIABILIITES $ 64,684,486 EQUITIES Patronage Capital $ 108,961,337 Non-Operating Margins $ 2,383,091 Other Margins and Equities $ (281,300) TOTAL EQUITIES $ 111,063,128 TOTAL LIABILITIES AND EQUITIES $ 175,747,614
8 UPSHUR RURAL ELECTRIC COOPERATIVE CORPORATION BOARD OF DIRECTORS Frankie B. King President R. Alan Branham Vice - President Sherry Morgan Secretary / Treasurer S. Rex Youngblood Assistant Secretary / Treasurer J. Don Beard Henry Jackson J.C. Sonny McKnight R. Cody Newman Charles H. Whiteside Robert A. Walker, Jr. General Manager Knuckols, Duvall, Hallum & Company Certified Public Accountants Nichols & Nichols, P.C. Attorney Upshur Rural Electric Cooperative Corporation P O Box West Tyler Street Gilmer, TX
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