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The Secretary/Treasurer


As Secretary-Treasurer of your Board of Trustees it is my pleasure to present the an- nual statement on behalf of your Board of Trustees. We urge each of you to study the reports and statements contained in this notice and take a genuine interest in the business of the organization of which you are a member. The records of the Association have been modifi ed as of December 31, 2011 by


Bolinger, Segars, Gilbert & Moss, Certifi ed Public Accountants of Lubbock, Texas. Make it a point to be at your annual membership meeting in Hollis, Oklahoma, Friday, April 6, 2012.


Billy R. Nowell SECRETARY-TREASURER


STATEMENT OF CONDITIONS Statement of Revenue and Expenses (Electric)


INCOME:


Sale of Electricity: ..............................................$ 8,023,112 Interest Income ...........................................................21,995 Assoc. Organizations Capital Credits ......................134,786 Other Operating & Nonoperating Revenue .............169,919 TOTAL INCOME ............................................$ 8,349,812


EXPENSES:


Cost of Purchased Power ...................................$ 4,133,933 Operations, Maintenance & Taxes ........................2,153,253 Depreciation .............................................................709,524 Interest ......................................................................783,927 Other Deductions .......................................................16,029 TOTAL EXPENSES: ........................................$7,796,666 Margins: .............................................................. $ 553,146


Statement of Revenue and Expenses (Water)


INCOME: Sales Income ...........................................................$ 97,330 Interest Income ..................................................................91 Total Income ..........................................................$ 97,421


EXPENSES: Cost of Water ..........................................................$ 26,748 Operations & Maintenance ........................................48,655 Depreciation ................................................................. 7,411 Interest ..........................................................................6,895 Total Expenses: ......................................................$ 89,709 Margins: ...................................................................$ 7,712


Balance Sheet as of December 31, 2011


ASSETS: Total Plant ........................................................$ 28,675,463 Less: Accum, Provision for Depreciation .............5,657,097 Net Value of Plant ...............................................23,018,366 Investments in Associated Organizations .............2,561,484 Cash..........................................................................323,035 Temporary Cash Investments .....................................40,180 Accounts and Notes Receivable ...............................782,874 Materials and Supplies .............................................359,264 Other Current and Accrued Assets .............................17,107 Deferred Charges .......................................................42,636 TOTAL ASSETS ............................................$ 27,144,946


LIABILITIES & EQUITIES: Memberships .............................................................$ 8,130 Patronage Capital ..................................................5,141,729 Other Equities ..........................................................557,558 Long-Term Debt ..................................................14,755,127 Accounts Payable ..................................................4,448,203 Consumer Deposits and Prepayments ......................102,400 Current and Accrued Liabilities .................................38,135 Deferred Credits ....................................................2,093,664


TOTAL LIABILITIES AND MEMBER EQUITY ......................................$ 27,144,946


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