MCREA 2022 ANNUAL REPORT

BY DAVID FRICK GENERAL MANAGER

On behalf of the board of directors, management staff and employees of Morgan County Rural Electric Association, Inc., we are pleased to bring you the 2022 Annual Report.

Morgan County Rural Electric Association is a not-for-profit electric cooperative and is dedicated to serving members by providing safe, reliable energy with a strong tradition and vision for the future. Under the cooperative business model, we are proud to be owned by those we serve. A member-elected board of directors guides the MCREA staff on the administration of assets and financial responsibilities of the cooperative.

Because we are a member-owned electric cooperative, it is the responsibility of Morgan County REA’s board and management staff to provide our members with an annual report detailing the Association’s economic and operational condition. We encourage our membership to review the following pages, which contain comprehensive information about the state of your electric cooperative.

I want to personally extend an invitation to our members to attend Morgan County REA’s 86th Annual Meeting on Tuesday, March 21, 2023, at 6 p.m. via Telephone Town Hall. You can register for this year’s meeting by clicking the banner on our website at mcrea.org.

MCREA STATISTICAL INFORMATION*

The MCREA Board of Directors and management staff look forward to reviewing the past year with you, discussing the future plans for our cooperative, and answering any questions you may have.

On behalf of the board of directors, staff and employees at Morgan County REA, we express our thanks to our members for your continued support of our electric cooperative and we look forward to our annual meeting later this month.

REGISTERING FOR THIS YEAR'S MEETING WILL ENTER YOU TO WIN GIFT CARDS!

Morgan County REA Board of Directors

FROM TERRY LINKER TREASURER, DISTRICT III

All consumer-members of the Association are encouraged to carefully examine this annual report. Included are the balance sheet as of December 31, 2022, and the statements of revenue and expense for the same year. Also shown are the trends of the previous year.

In my opinion, the financial report fairly presents the financial position of Morgan County Rural Electric Association for the year ending December 31, 2022, and is in conformity with accepted accounting principles applied on a basis consistent with that of the preceding year.

BALANCE SHEET*

* 2022 preliminary unaudited numbers