ADAMS RURAL ELECTRIC COOPERATIVE LOCAL PAGES

2022 Annual Report

We have audited the accompanying financial statements of Adams Rural Electric Cooperative (the Cooperative), which comprise the balance sheets as of December 31, 2022 and 2021, and the related statement of revenues and expenses, member equities and cash flows for the year then ended and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Adams Rural Electric Cooperative (the Cooperative) as of December 31, 2022 and 2021, and the results of its operations, the changes in members’ equities, and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Adams Rural Electric Cooperative, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence is sufficient and appropriate to provide a basis for our audit opinions.

Caudill & Associates, CPA, PLLC

March 1, 2023