Delivering the Cooperative Difference — March 31, 2022
Hello everyone. It’s my privilege to invite you to the 83rd Annual Membership Meeting of Yellowstone Valley Electric Cooperative (YVEC). This meeting will be structured much the same as last year. The meeting will be held on Thursday, March 31, at MetraPark in the Pavilion. Doors open at 12:30 p.m. and the meeting begins at 1 p.m. In lieu of lunch, a $25 gift card will be given to everyone in attendance. Your comments and input are appreciated on the new format of the Annual Meeting.
It has been another busy year for the employees of YVEC. The workload, new services, and sales have been unprecedented. New services exceeded 600 for the year. The crew put in 70 new services in November alone, and we are at 22,000 meters. When I joined the Board of Trustees, members connected was under 10,000. Guess that ages me a little bit!
Due to the amount of growth, we have added six new employees. The Board of Trustees would like to thank the employees at this time for their dedication, hard work and give a warm welcome to the new employees. It has been another successful year at the Co-op. Our Total Utility Plant has surpassed $103 million, with $8 million being added this year alone. A large percentage of this is our new substation at the corner of Shiloh and Central Avenue. It is due to be energized in March and will help YVEC provide excellent power quality in the area. Coming online soon is essential, as we are experiencing much of our growth on the west end of Billings. There has been $32 million added to the plant since 2011, and remarkably, YVEC has not had a rate increase in that same time. The Board of Trustees would like to take credit for that, but it belongs to the employees and management.
We have recently purchased the land on the east side of the Service Center in Huntley to accommodate the growth that we are experiencing. This area will allow for additional space for material, vehicles, and employees. You can expect to see activity in the coming months.
Two programs that have been very popular and successful at the Co-op are the Community Solar projects and Operation Round Up. The three Community Solar phases are located at the office headquarters. The fourth Community Solar phase will be built and generating in the coming months at our Oxbow substation. There is currently a waiting list for phase four. Please contact Member Services for more information.
Operation Round Up, our non-profit charitable giving program, allows members to round up their bill to the nearest whole dollar. Applications are submitted quarterly and reviewed by a committee comprised of one Board Member, three employees, and four Co-op members. In total, over 34 non-profit organizations have received $95,147 this year. Each year this program continues to make a tremendous and positive impact in our community and service territory. Thank you for your generosity and participation! Once again, the meeting is on Thursday, March 31, beginning at 1 p.m. We look forward to seeing you.
Daniel R. Swartz
Income, Revenue, Expenses
YVEC is a non-profit organization. The electric rates are priced to cover operating expenses and loan repayments. If there is any revenue left over after expenses are paid, it is classified as margins. Margins are divided among the members of the cooperative and allocated as patronage capital (capital credits) based upon how much power each member is billed during the year.
The Board of Trustees voted to retire capital credits for half of 2002 and all of 2003. Please take a close look at your March or April billing statement to see the capital credits that have been credited to your account.
If the capital credit retirement for inactive accounts is greater than $50.00, a check will be issued and mailed out after the annual meeting. Active members’ capital credits will be applied to their electric account. Some capital credit funds have been set aside for payment of estates to be processed during the year 2021.
|Year||Connected Meters||Miles of Line||Gross Revenue|
|1937||17||Not applicable||Not applicable|
In the 84 years that this Cooperative has been in operation, our members have earned $39,100,917 in Capital Credits: of that amount $14,162,063 has been repaid in cash during the last 64 years.
Comparative Statement of Revenue & Expenses
|Operating Revenue and Patronage Revenue||2021 Amount||2021 Percentage||2020 Amount||2020 Percentage|
|Electric Energy Sales||$37,274,462||99.39%||$36,062,960||99.41%|
|Other Electric Revenue||$228,839||0.61%||$214,352||0.59%|
|Total Operating Revenue||$37,503,301||100.00%||$36,277,312||100.00%|
|Operating Expenses||2021 Amount||2021 Percentage||2020 Amount||2020 Percentage|
|Cost of Power||$20,690,333||55.17%||$20,261,602||55.85%|
|Transmission & Distribution Expense||$4,461,246||11.90%||$3,953,690||10.90%|
|Administrative and General Expense||$2,480,924||6.62%||$2,156,845||5.95%|
|Total Operating Expense and Interest||$35,980,872||$95.94%||$34,602,247||$95.38%|
|Margins||2021 Amount||2021 Percentage||2020 Amount||2020 Percentage|
|Net Operating Margins||$1,522,426||4.06%||$1,675,065||4.62%|
|Net Non-Operating Margins||$357,076||0.95%||$529,219||1.46%|
|Total Patronage Capital||$1,879,502||5.01%||$2,204,284||6.08%|
|Generation and Transmission Capital Credits||$1,519,139||4.05%||$1,865,042||5.14%|
|Net Margins for Period||$3,398,641||9.06||$4,069,327||11.22%|
*Due to accounting changes recommended by RUS, $1,511,250 of payroll and $1,323,372 of property taxes are no longer a line item, but are spread into operations, maintenance, and general administrative expense accounts.
December 31, 2021
- Electric Plant in Service: $98,005,335
- Construction Work in Progress: $5,325,285
- Total Utility Plant: $103,330,620
- Less Accumulated Provisions for Depreciation: $38,127,072
- Net Utility Plant: $65,203,548
Other Property & Investment
- Non-Utility Property: $126,771
- Investments in Associated Organizations: $9,481,171
- Total Other Property and Investments: $9,607,942
Current & Accrued Assets
- Cash-General: $256,020
- Cash-RUS Loan Fund: $1,393
- Cash-Operation Roundup: $12,622
- Temporary Investments: $1,353,916
- Accounts Receivable-Sales of Energy: $2,400,762
- Accounts Receivable-Other: $226,184
- Materials and Supplies: $1,031,914
- Prepaid Benefits: $42,691
- Total Current and Accrued Assets: $5,325,502
- Regulatory Assets: $435,282
- Other Special Funds: $309,077
- Total Deferred Debits: $744,359
Total Assets & Other Debits
Liabilities & Credits
Equities & Margins
- Memberships: $0
- Patronage Capital: $23,300,187
- G&T Capital Credits: $5,031,585
- Total Equities and Margins: $28,331,772
- RUS-FFB Notes Payable: $21,759,575
- NRUCFC Notes Payable: $4,570,777
- CoBank Notes Payable: $18,283,108
- Total Long-Term Debt: $44,613,460
Current & Accrued Liabilities
- Accounts Payable: $4,666,122
- Consumers' Deposits: $181,530
- Taxes and Interest Accrued: $1,741,387
- Leases: $0
- Accrued Vacations, Sick Pay, Insurance: $920,385
- Short Term CoBank, CFC: $201,480
- Total Current & Accrued Liabilities: $7,710,904
- Consumer Energy Prepayments: $0
- Other Deferred Credits: $225,215
- Total Deferred Credits: $225,215
Total Liabilities & Other Credits
Operation Round Up — Your Generosity Impacts Our Community
$95,147 to 34 Non-Profit Organizations in 2021
Angel Horses - animal therapy for senior citizens, at-risk youth, special needs children and individuals, and families affected by cancer. Funding for the parking lot area road mix, leveling and rolling.
Ballantine United Lunch and Food Box Program - community support program in the ballantine area. Funding for one picnic table and the remaining balance towards project merc food account.
Berean Equine Youth and Family Center - helps youths and families through horse therapy. Funding for helmets, riding pads, wave drum.
Better Billings Foundation - provides healthy activities, programs, services, and facilities. Funding for picnic enclosure with Operation Round Up logo.
Billings Catholic Schools-St Francis Early Child Ed. - dedicated to fostering the continued success of billings catholic schools. Funding to increase the electrical capacity in each classroom.
Billings Education Foundation - Reading Rocks - provides support to educators and students through philanthropy, connection, and collaboration. Funding to purchase 500 books.
Chinook Horses - provides personal growth and healing through equine-facilitated psychotherapy and learning. Funding for their august camp for low-income children.
Cole’s Pantry - provides food to feed hungry children on weekends in 14 Montana communities including Huntley, Shepherd, and Laurel. Funding towards continued growth.
Community Hope - serving the community by assisting with basic needs during times of need. Funding for repairs to their community hope building.
Dog Tag Buddies - partners disabled veterans with rescue dogs. Funding for 25 grooming kits with Operation Round Up logo.
Dress for Success - provide a network of support, professional attire, and development tools to help women achieve economic independence. Funding for non-slip shoes.
Family Promise of Yellowstone Valley - support for families experiencing homelessness. Funding for childcare, parenting classes, health care, education.
Family Support Network - provides programs to promote the development of healthy parent-child interactions. Funding for a used 4-wheel drive minivan.
Fuego Volunteer Fire Company - funding to purchase thermal imaging camera.
Girl Scouts of Montana & Wyoming - Provides opportunities and education to help young girls learn life skills. Funding to support their virtual stem program.
Horses Spirits Healing - helps veterans and their families connect through horse therapy. Funding for eas sessions for veterans and their family members.
Huntley Community Club - local park assisting the community with playground equipment and facilities for events. Funding to renovate the park restroom.
Landon’s Legacy Foundation - a non-profit organization whose mission is to create our communities first special needs baseball park. Funding for park benches with Operation Round Up logo.
Laurel Senior Citizen Center - serving the seniors in the laurel area. Funding to purchase a new AED.
Laurel Shooting Education Program - promotes youth conservation and marksmanship by providing a safe environment for children to learn shooting sports, teamwork, safety, and commitment. Funding to purchase bb guns, rental fees, targets, trophies.
Molt Volunteer Fire Department - funding to purchase replacement ceiling tiles.
Park City MT Schools PTA - dedicated to providing programs, activites, and support to our kids, teachers, and school. Funding for classroom needs.
Project Linus - provide handmade blankets to ill and traumatized children in hospitals. Funding for supplies of fleece for blankets.
Rapelje School - a teacher-founded non-profit. Funding for new playground equipment.
Ronald McDonald House Charities E. Montana - provides children access to quality health care, and helps families better comfort and support them. Funding for ring doorbells and security cameras.
Senior Non-Alcohol Party - Shepherd School- provides a safe environment for senior students to celebrate after graduation. Funding for prizes and other gifts for their year-end party.
Shepherd Area Food Pantry - provides food and basic need items for families from Billings Heights to Pompey's Pillar. Funding to purchase items to stock the pantry shelves.
Shepherd Volunteer Fire Department - funding for a siren, radio, grill, headache rack, and lights for their command vehicle.
Tumbleweed Runaway Program - provides safety and assistance to the homeless and at-risk youth in the community. Funding to help purchase air purifiers, cleaning supplies, shields.
Warrior Wishes of Montana - provides programs for Montana veterans and active service members. Funding for an enclosed trailer.
Worden Seniors - serves those 60 years of age and older in the Worden community. Funding for a new AED.
Yellowstone Boys and Girls Ranch Foundation - provides residential and community-based care and treatment for emotionally troubled youth. Funding for a fully enclosed trailer.
Yellowstone Casa - court-appointed special advocates for children in foster care. Funding towards the costs for online classrooms and materials for training.
Yellowstone Rifle Club - provides encouragement of organized rifle and pistol shooting among citizens in the united states. Funding for shooting coats, pants, and gloves.
Total Allocation to Date: $295,642
Note: Some non-profit organizations have received funding more than once.
2021 Scholarship & Essay Winners
$1,000 YVEC Academic Scholarships
- Andee Baker: MSU Bozeman
- Haley Droogsma: MSU Bozeman
- Jasen Denowh: MSU Bozeman
- Logan Donnaly: MSU Bozeman
- Marie Stott: Brigham Young University
- Tanner Smith: MSU Bozeman
- Morgan Mason: MSU Northern
- Connor Ulschak: MSU Bozeman
- Nathan Sasich: MSU Bozeman
- Madison Rohrer: MSU Bozeman
- Taylor Crockford: MSU Bozeman
- Hailey Smith: MSU Bozeman
$1,000 Ray Michaels Memorial Scholarships
- Max Lane: MSU Northern
- Emma Hanson: Northwest College
$1,000 Marlene Amen Memorial Scholarship
- Josee Krum: Miles Community College
$500 Luck of the Draw Scholarships
- Addison Hultgren: University of Montana
- Clare Pankratz: University of Mary
- Sarah Pankratz: University of Mary
- Connor Ulschak: MSU Bozeman
- Hannah Anderson: MSU Bozeman
- Hayden Hegg: MSU BIllings
- Isabelle Carroll: MSU BIllings
- Kylee Hoke: Carroll College
- Mckenna Goettlich: MSU BIllings
- Rachael Hahn: Great Falls College MSU
- Tanner Geiss: Carroll College
- Taycee Van Hemelryck: MSU Bozeman
$1,000 Students of Employees Scholarship
- Reese Johnson: MSU BIllings
- Eli Rouane: Montana Tech
- Faith Sayler: MSU Bozeman
- Marcus Wittman: Carroll College
$1,000 Basin Electric Power Cooperative Scholarship
- Josephine Teegarden: MSU Bozeman
For more information on applications and deadlines, go to our Scholarships page.
Employees & Years of Service
- Ty Albert — 1 year
- Kyle Bomar — 4 years
- Houston Bradbury — 2 years
- Chris Buttram — 3 years
- Sarah Carroll — 1 year
- John Chatwood — 16 years
- Bridger Coffman — 5 years
- Benjamin Degel — 1 year
- Braden DeVries — 11 years
- Cameron Erb — 7 years
- Steve M Erb — 36 years
- Donovan Ferrin — 3 years
- John Hardenbrook — 1 year
- Jared Haworth — 18 years
- Heath Heigis — 23 years
- Jake Hould — 10 years
- Jordan Hould — 7 years
- Cody Houska — 16 years
- Cody Inabnit — 1 year
- Eva Jones — 7 years
- Lia Keller — 4 years
- Charles Knight — 1 year
- Brent Koch — 18 years
- Ronda R Laurie — 30 years
- Stuart W Lawson — 24 years
- Kyle Lonsbery — 5 years
- Andy Macks — 16 years
- McKye McCarthy — 3 years
- Nick Ostrem — 17 years
- Tyler Reichert — 2 years
- Christopher Reynolds — 8 years
- Kelly Richard — 28 years
- Erik Richardson — 4 years
- Annette Rohrer — 1 year
- Gary Saling — 6 years
- Jennifer Sayler — 4 years
- Penny Seader — 18 years
- Zane Seader — 5 years
- Dan Shaules — 22 years
- Rhonda Shaules — 40 years
- Shelly Smith — 5 years
- Kristi Snively — 3 years
- Mike Stookey — 31 years
- Keera Stookey — 1 year
- Micheal Teter — 24 years
- Robert Trost — 4 years
- Jerry Wandler — 18 years
- James J Webber — 19 years
- Monti J Wetsch — 21 years
- Colter Wigley — 1 year
- Brandon J Wittman — 28 years
- Mariah Wittman — 2 years
- Marcus Wittman — 1 year