This annual report summarizes Boone Electric Cooperative's operations and finances for 2014. It discusses the cooperative's focus on providing reliable, affordable power to its members through investments in infrastructure like new power lines and safety programs. It also highlights benefits provided to members, including rebates, energy efficiency programs, and tools to monitor energy use and make payments. Financially, the cooperative's revenues increased in 2014 and it continues to have a strong net investment in plant and growing total power purchases to meet member needs.

1. annual report
20
A Touchstone Energy® Cooperative
POWEROF CO-OP
MEMBERSHIP
THE
Serving our members for 79 years.

2. 2
Message to Our Members
Responsive. Dependable.
Safely, reliably and affordably carrying our mission steadily forward.
Three key phrases are often used when describ-
ing an electric cooperative: locally owned and
operated, members first, and responsive to
local needs.
Boone Electric Cooperative is locally owned
by the members we serve – you. The needs of our
members and the communities we serve always
come first. Our employees live in these communities
and many are also co-op members.
Providing safe, reliable and affordable electric-
ity helps improve the quality of life for the commu-
nities we serve. An effective right-of-way manage-
ment program is key to achieving these three goals
by helping reduce the frequency, size and duration
of outages, overtime costs, fleet maintenance, storm
damage and blinking lights. Employee overtime
costs have dropped by nearly $300,000 since 2009.
Meanwhile, the level of safety for our crews and the
general public is ever increasing.
On average, our members saw fewer outages
in 2014, with shorter durations. Less frequent and
shorter power outages over the past several years
have been a direct result of crews keep-
ing trees trimmed back from power
lines. Co-op and contracted right-
of-way crews cleared 320 miles of
the Co-op’s nearly 1,970 miles of
overheard line in 2014. Crews
that include Certified Arborists keep the health of
these trees top priority as well.
Also contributing to the increased reliability
is the design and construction of an even more ef-
ficient distribution system. Our engineers and line
crews have implemented a number of upgrades and
improvements that include the replacement of older
copper wires with aluminum-conductor steel-rein-
forced cable. This gradual process adds strength and
durability to the distribution system.
While these upgrades improve the reliability of
our distribution system, they also help keep electric
service affordable. A safe work environment with
continuous training and education contributes to
keeping costs down as well. Boone Electric crews
worked close to 200,000 hours in 2014 without a
single lost-time incident recorded.
Boone Electric continues to help members be-
come more energy efficient by offering a variety of
rebates and incentives. The Co-op returned nearly
a half million dollars in rebates to members in 2014
for implementing qualified efficiency upgrades. The
rebates include the Home Performance with Energy
Star® program, which has helped return more than
$1.2 million to members over the past five years.
Looking to take the next step with our Renew-
able Choice program, which allows members to
purchase renewable wind en-
ergy, the Co-op polled partici-
pants in the program to gauge
the interest in a community
solar farm. Members would have
the option to sign a contract to
purchase output at a fixed rate from one or multiple
solar photovoltaic panels located at the Co-op.
Remaining responsive to the needs of our
members first, Boone Electric will continue to pro-
vide safe, reliable service at an affordable cost.
Our Mission
Todd Culley
CEO and General Manager
Joel Bullard
President
Cover: Historic burr oak tree in
McBaine, Missouri
The mission of Boone
Electric Cooperative is
to be responsive to our
members’ needs by
providing a dependable
supply of electric energy
and other services at
the lowest possible cost
consistent with sound
business practices and
cooperative principles.
Boone Electric
crews maintain
nearly 1,970 miles
of overhead line
and close to
980 miles of
underground line.

3. 7
1 4
5
6
7
2
3
Cooperative
Principles
Your board of directors
3
Core Values
Front from left: Jay Turner, Kim Ponder, Karen Kinkead and Glen Beckmeyer. Back from left: Frank Glenn,
Keith Schnarre, Wayne Wilcox, Joel Bullard and Nathan Martin.
Four values are the
foundation of every
Touchstone Energy
electric cooperative’s
service to its members:
Innovation
Accountability
Integrity
Commitment to
Community
Voluntary and Open Membership
Cooperatives are voluntary organizations open
to all persons able to use their services and
willing to accept the responsibilities of
membership, without gender, social, racial,
political or religious discrimination.
Autonomy and Independence
Cooperatives are autonomous, self-help orga-
nizations controlled by their members. If they
enter into agreements with other organizations,
including governments, or raise capital from
external sources, they do so on terms that ensure
democratic control by their members and main-
tain their cooperative autonomy.
Education, Training & Information
Cooperatives provide education and training for
their members, elected representatives, managers
and employees so they can contribute effectively
to the development of their cooperatives. They
inform the general public, particularly young
people and opinion leaders, about the nature and
benefits of cooperation.
Cooperation among Cooperatives
Cooperatives serve their members most effec-
tively and strengthen the cooperative movement
by working together through local, regional,
national and international structures.
Concern for Community
While focusing on member needs, cooperatives
work for the sustainable development of their
communities through policies accepted by their
members.
Democratic Member Control
Cooperatives are democratic organizations
controlled by their members, who actively
participate in setting policies and making
decisions. The elected representatives are
accountable to the membership. In primary
cooperatives, members have equal voting rights
(one member, one vote) and cooperatives at
other levels are organized in democratic manner.
Members’ Economic Participation
Members contribute equitably to, and demo-
cratically control, the capital of their coopera-
tive. At least part of that capital remains the
common property of the cooperative. Members
allocate surpluses for any or all of the following
purposes: developing the cooperative; setting
up reserves; benefiting members in proportion
to their transactions with the cooperative; and
supporting other activities approved by the
membership.
Cooperatives operate according to a core set of principles.
These principles, along with the cooperative purpose of
improving the quality of life for members, make electric
cooperatives different from other electric utilities.

4. The Power of Co-op
Membership
4
EVERY MEMBER HAS A
VOICE. As an electric
co-op member, your
household has a say in
how the co-op is run.
This helps you care for an
even bigger family – your
community. Learn more
about the power of your
co-op membership at
TogetherWeSave.com.
As your trusted energy partner, Boone
Electric Cooperative is always looking out
for you. We are more than just a utility
provider. We have much more to offer. You are not
our customer; you are a member and have a voice
regarding how we serve you. In fact, every home
and business receiving electric service from Boone
Electric Cooperative also owns a portion of the Co-
op. The power is in the hands of the members we
serve — you.
Power of Community
Electric cooperatives share a common mission to
provide safe, reliable and affordable electric service
to the members we serve. In doing so, we help im-
prove the quality of life within our communities.
Safety is a top priority at Boone Electric
Cooperative. Many measures are taken to ensure
the safety of our employees and the general public.
Each year, more than 3,500 elementary students
within the Boone Electric service area are educated
on how to live safely around electricity. In addition,
other civic groups, first responders and organiza-
tions also benefit from a similar safety presentation
by co-op education specialists.
Boone Electric is part of a regional group
of distribution co-ops known as the Mid-State 8
Electric Cooperatives. These co-ops serve the cen-
tral part of Missouri and are all served by Central
Electric Power Cooperative, a Generation and
Transmission co-op in Jefferson City.
As a group,
the Mid-State 8
Electric Coopera-
tives have launched
various initiatives
aimed at better
meeting the needs
of the members we
serve. Topics have included energy efficiency,
electrical safety, right-of-way awareness and,
most recently, Be Storm Smart, a storm prepared-
ness program. Introduced in late 2014, Be Storm
Smart helps co-op members, and others, prepare
for the possibility of an extended power outage.
Helpful information is also provided regarding
safety around damaged electrical equipment,
power lines and generators. Learn more and visit
the kids area at www.BeStormSmart.coop.
Another priority of Boone Electric and
electric co-ops throughout Missouri and across
the U.S. is centered around member awareness.
Missouri’s electric cooperatives recently launched
their “Members First”
initiative, which
includes a website:
membersfirst.coop.
Our goal is to help you – our member – better
understand that we’re more than just a utility
provider that you pay each month for electricity.
We have more to offer as a cooperative.
Members First is designed to help inform
you of your benefits as an electric co-op member.
You’re more than a member; you’re also an owner
of your co-op. You have a voice and a say in how
your electric co-op is run.
Power of Connections
As members of a Touchstone Energy® cooperative,
Boone Electric members have access to many tools
and benefits. The Co-op
Connections Card has been
saving members money
for more than seven years.
With more than 200 local
businesses, plus many
more nationwide, members are able to save on
products and services they use every day. With no
cost for members to use the card, and no cost for
businesses to participate, everyone benefits.
The Co-op Connections Card
also comes with a discount on prescrip-
tions from participating pharmacies. It
is a member benefit, not insurance, and
provides immediate discounts with no
paperwork and no limit to the number
of times you use the card. Your card is
accepted at more than 100,000 pharma-
cies nationwide. BEC members have saved more
than $115,000 to date.
Power of Efficiency
Unlike most businesses, cooperatives like Boone
Electric invest a great amount of time and effort
into educating our members how to use less of our
product. Energy efficiency has been a focus of our
member communications for several years. Articles
in member publications, interactive websites and
Electric co-ops put the power in the hands of the members we serve.
8Mid-State
Electric Cooperatives

5. 5
WE ARE ALL UP TO THE
CHALLENGE. Using
technology to better serve
every member helps your
electric co-op achieve
energy efficiency. And when
we work together to use
energy wisely, we all save
money together.
rebates have helped provide advice and incentives
for members to improve the energy efficiency of
their homes and businesses.
Introduced to electric
co-op members in Missouri
nearly eight years ago, the
Take Control & Save program is responsible for a
savings of more than 1.25 billion kilowatt hours.
That savings not only helps reduce our members’
electric bills, it also helps postpone the building of
costly new power plants.
As your Touchstone Energy cooperative,
we strive to provide depend-
able electricity at a competitive
cost to every member. But as a
member, you have the power to
save money through responsible
energy use and a community of
connections. The power is all
yours. It’s up to you to turn it on.
Take advantage of the resources
made available to you, such as www.TakeContro-
landSave.coop and TogetherWeSave.com and start
saving today.
Using energy wisely helps you lower your en-
ergy costs, and helps Boone Electric provide stable
rates and reliable energy now and into the future.
Power of Technology
The recent explosion of advancements in technology
has changed the lives of our members in every age
group. Many of these changes come with
added convenience.
Boone Electric members are now
able to view daily electric usage data
and manage their accounts right from a
mobile device. SmartHub is a mobile and Web
app that delivers accurate, timely account information
and allows members to make payments and update
account information in a secure environment.
With a mobile version of the Boone Electric
website now available, members have more conve-
nient access to account informa-
tion, online bill payments, digital
issues of Rural Missouri magazine,
Co-op Connections Card dis-
counts and a live outage map. Members are also
able to conveniently make payments, check account
information and report outages with our integrated
voice response (IVR) system. Often with the addi-
tion of technology comes a lack of personal com-
munication and interaction. Fortunately, we value
that personal connection with our
members. Speaking directly with
a member services representa-
tive over the phone or in person
continues to be a popular option.
The addition of a payment
kiosk in the Co-op’s drive-thru lanes
has also added convenience. Mem-
bers are able to make payments by
cash, check or credit/debit card any time, day or night.
Power of Membership
Finally, as a member of an electric cooperative,
you also own part of the business. That ownership
comes with some responsibility. Each year, you
have the opportunity to vote for who will represent
your cooperative on the Board of Directors. Every
member, including you, has the opportunity to run
for the Board.
You also have ownership of
your cooperative’s Generation and
Transmission cooperative and power
supplier. This means you have own-
ership in generating assets and the
transmission lines that bring power to
Boone Electric and, ultimately, to you. The
cooperative difference is that we put the power in
your hands.
Touchstone Energy®
Cooperatives
TOGETHERWESAVE.COM
We focus on the needs of our members first.

6. Financial information
How your dollar was spent
Independent auditor’s report
Cost of Power
54.8%
10.5%
Depreciation
2.2%
Taxes & Other
11.0%
Operations &
Maintenance
7.5%
Interest Expense
6.5%
Administrative &
General Expenses
5.3%
Consumer Account
Expense
2.2%
Operating Margins
6
19941994 20042004 20142014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
$50,894,983$50,894,983
$34,324,346
344,084,200
456,903,000
596,579,684
$67,164,069
$99,227,042
21,503
9.04
2,377.94
2,795.04
2,939.26
9.61
10.54
26,851
30,970
87
104
94
$89,329,089$89,329,089
$139,372,194$139,372,194
Net Investment
in Plant
Meters per Mile of Line
Total kWh
Purchased
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
$34,324,346
344,084,200
456,903,000
596,579,684
$67,164,069
$99,227,042
9.04
2,377.94
2,795.04
2,939.26
9.61
10.54
87
104
94
Net Investment
in Plant
Meters per Mile of Line
Total kWh
Purchased
19941994 20042004 20142014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
$50,894,983$50,894,983
$34,324,346
344,084,200
456,903,000
596,579,684
$67,164,069
$99,227,042
21,503
9.04
2,377.94
2,795.04
2,939.26
9.61
10.54
26,851
30,970
87
104
94
$89,329,089$89,329,089
$139,372,194$139,372,194
Net Investment
in Plant
Meters per Mile of Line
Total kWh
Purchased
Report on the Financial Statements
I have audited the accompanying consolidated financial statements of Boone Electric Cooperative and
subsidiaries, which comprise of the consolidated balance sheet as of December 31, 2014 and 2013, and the
related consolidated statements of revenue, expense, patronage capital and cash flows for the years then
ended and the related notes to the financial statements.
Opinion
In my opinion, consolidated financial statements referred to above present fairly, in all material respects,
the financial position of Boone Electric Cooperative as of December 31, 2014 and 2013, and the results of
its operations and its cash flows for the years then ended in accordance with accounting principles gener-
ally accepted in the United States of America.
Dennis G. Koch
Certified Public Accountant
March 25, 2015
Total Assets
Meters Billed
Net Investment
in Plant

7. Consolidated operating statement & balance sheet
7
19941994 20042004 20142014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
$50,894,983$50,894,983
21,503
9.04
9.61
10.54
26,851
30,970
87
104
94
$89,329,089$89,329,089
$139,372,194$139,372,194
Meters Billed
Meters per Mile of Line
19941994 20042004 20142014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
$50,894,983$50,894,983
$34,324,346
344,084,200
456,903,000
596,579,684
$67,164,069
$99,227,042
21,503
9.04
2,377.94
2,795.04
2,939.26
9.61
10.54
26,851
30,970
87
104
94
$89,329,089$89,329,089
$139,372,194$139,372,194
Meters Billed
Net Investment
in Plant
Meters per Mile of Line
Total kWh
Purchased
19941994 20042004 20142014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
$50,894,983$50,894,983
$34,324,346
344,084,200
456,903,000
596,579,684
$67,164,069
$99,227,042
21,503
9.04
2,377.94
2,795.04
2,939.26
9.61
10.54
26,851
30,970
87
104
94
$89,329,089$89,329,089
$139,372,194$139,372,194
Meters Billed
Net Investment
in Plant
Meters per Mile of Line
Total kWh
Purchased
19941994 20042004 20142014
1994 2004 2014
1994 2004 2014
1994 2004 2014
1994 2004 2014
$50,894,983$50,894,983
$34,324,346
$67,164,069
$99,227,042
21,503
9.04
9.61
10.54
26,851
30,970
87
104
94
$89,329,089$89,329,089
$139,372,194$139,372,194
Meters Billed
Net Investment
in Plant
Meters per Mile of Line
Assets 2014 2013
Current Assets
Cash $ 7,980,460 $ 5,289,824
Accounts receivable 1,148,828 1,684,450
Materials and supplies 1,273,091 1,165,834
Other current and accrued assets 177,093 247,759
Total Current Assets $ 10,579,472 $ 8,387,867
Other Assets
Total utility plant in service $ 99,234,297 $ 98,328,019
Investments in associated companies 26,148,292 26,170,482
Notes receivable 288,000 324,000
Other investments – 200,000
Deferred charges 3,122,481 3,512,791
Total Assets $ 139,372,542 $ 136,923,159
Capital Equities
Patronage and other equities $ 59,506,809 $ 58,496,582
Total Equities $ 59,506,809 $ 58,496,582
Liabilities
Current Liabilities
Accounts payable $ 689,967 $ 1,167,557
Current maturities of long-term debt 2,710,582 2,467,290
Customer deposits 1,113,698 1,120,375
Accrued taxes 42,715 156,444
Other current and accrued liabilities 3,263,043 3,257,624
Total Current Liabilities $ 7,820,005 $ 8,169,29
Other Liabilities
Long-term debt, net $ 71,849,705 $ 70,046,024
Deferred credits 196,023 211,263
Total Liabilities $ 79,865,733 $ 78,426,577
Total Equities and Liabilites $ 139,372,542 $ 136,923,159
Operating Revenue
Sales of energy $ 55,334,821 $ 53,862,986
Other electric revenues 581,674 570,352
Total Operating Revenues $ 55,916,495 $ 54,433,338
Operating Expenses
Cost of purchased power $ 30,605,637 $ 30,069,501
Distribution expense - Operation 3,026,677 2,719,252
Distribution expenses - Maintenance 4,161,982 4,668,119
Customer accounts 1,491,818 1,315,992
Customer service and information 1,437,696 1,352,642
Administrative and general 3,852,059 3,736,091
Total Operating Expenses $ 44,575,869 $ 43,861,597
Depreciation and amoritization $ 5,861,514 $ 3,696,698
Interest on long-term debt 4,159,563 3,948,264
Other deductions 83,614 86,805
Total Cost of Electric Service $ 54,680,560 $ 51,593,364
Operating Margins $ 1,235,935 $ 2,839,974
Non-Operating Margins
Interest income $ 68,548 $ 124,811
Merchandising (net) 17,496 27,754
Non-operating margins - Other (61,908) 45,753
Gain/(Loss) on disposition of assets 37,552 (2,296)
G&T capital credits 1,602,567 1,824,563
Other capital credits and patronage 385,136 384,708
Patronage Capital and Margins $ 3,285,326 $ 5,245,267
Net Margin $ 3,285,326 $ 5,245,267
Allocated to other margins 368,997 –
Patronage capital - Beginning of year 58,496,582 54,754,047
Subtotal 62,150,905 59,999,314
Retirement of capital credits (2,644,096) (1,802,732)
Donated capital – 300,000
Patronage Capital - End of Year $ 59,506,809 $ 58,496,582
Full-Time
Employees
Miles of Line
Total kWh
Purchased
Meters per
Mile of Line

8. A Touchstone Energy® Cooperative
THEP
OWER IS IN YOUR
HANDS.
Learn more about the power of your co-op membership at
TOGETHERWESAVE.COM