ANNUAL MEETING OF MEMBERS

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1 Co-op News GRAYSON-COLLIN ELECTRIC COOPERATIVE OFFICIAL NOTICE GRAYSON-COLLIN ELECTRIC COOPERATIVE ANNUAL MEETING OF MEMBERS Monday, July 18, P.M. Panther Stadium Van Alstyne High School Van Alstyne, Texas THE ANNUAL MEETING OF THE MEMBERS of Grayson-Collin Electric Cooperative will be held at Panther Stadium on the campus of Van Alstyne High School at 1722 N. Waco St. in the city of Van Alstyne, state of Texas, at 8 p.m., July 18, 2016, to take action on the following matters: 1. The reports of officers, directors and committees; 2. The election of one (1) director for a three-year term; and 3. All other business which may come before the meeting or any adjournment or adjournments thereof. Pursuant to the authority delegated to the Committee on Nominations by the board of directors of Grayson-Collin Electric Cooperative, Inc., the committee shall nominate one or more (as the judgment of the committee may direct) members as nominees for director of the districts to be elected at the annual meeting, and after such selection or nomination, shall post a list of said nominees in the principal office of the cooperative at least thirty (30) days before the meeting at which time the directors are to be elected. Any fifteen (15) or more members may make other or additional nominations in writing over their signature no less than twenty-five (25) days prior to said meeting which nominations shall be placed where the committee nominations are posted. The director seat to be voted upon at the annual meeting of members July 18, 2016, is: DISTRICT 1: Ray Houston, incumbent The enclosed ticket represents your authority as a member of the cooperative, and should be presented at the entrance to serve as your registration and for the drawing of door prizes. Should you be unable to attend and would like for a member friend or neighbor to represent you at the meeting, the enclosed proxy may be executed. Steve L. Robinson SECRETARY-TREASURER 18 Texas Co-op Power GRAYSON-COLLIN EC July 2016 grayson-collin.coop

2 (903) GRAYSON-COLLIN.COOP PRESIDENT S INVITATION AS PRESIDENT OF GRAYSON-COLLIN Electric Cooperative, I invite you and your family to attend your annual meeting. These meetings are an important part of the operation of your cooperative because they provide you the opportunity to be active in the direction of your company. The annual meeting consists of reports on the operations, activities and financial condition of Grayson- Collin Electric Cooperative through the end of fiscal year You will have the opportunity to decide who will represent you in the boardroom, as the director position for District 1 is to be elected. Before the business meeting that begins at 8 p.m., we will award a few prizes while you register. As has been the custom for many years, we will have cold drinks and popcorn available. In more recent history, we have been providing a more substantial snack; therefore, we also will be serving barbecue sandwiches. And your trip to the annual meeting would not be complete without a serving of homemade ice cream provided by the Order of the Eastern Star. You can enjoy all of this while walking through a variety of information booths concerning energy efficiency, the cooperative s safety program, Texas Co-op Power and others. After the business meeting, the evening will end with the awarding of door prizes as a small token of appreciation for your attendance. In the past, we have given away a variety of items such as circular saws, slow cookers, blenders, weed trimmers, gift cards and bill credits. You never know what you might win. The grand prize is a $1,000 credit on your electric account with the cooperative. As the annual meeting has always been a family affair, please make plans for the entire family to attend. We will have activities to entertain children. While we encourage your attendance, we don t want busy schedules to eliminate your input at your electric cooperative. Therefore, if you cannot attend the meeting in person, please return the Proxy Voting Form attached to this annual report. All Proxy Voting Forms received by July 15 will be eligible for a drawing for one of two $250 credits on your account for electric service from the cooperative. On behalf of the board of directors and the employees of Grayson-Collin Electric Cooperative, I can truly say we are looking forward to seeing you July 18. Charles M. Rice PRESIDENT grayson-collin.coop July 2016 GRAYSON-COLLIN EC Texas Co-op Power 19

3 (903) GRAYSON-COLLIN.COOP BOARD OF DIRECTORS CHARLES RICE President District 3 RAY HOUSTON Vice President District 1 STEVE ROBINSON Secretary-Treasurer District 4 JIM COPELAND District 2 PAUL KIRKLAND District 5 grayson-collin.coop July 2016 GRAYSON-COLLIN EC Texas Co-op Power 21

4 GRAYSON-COLLIN ELECTRIC COOPERATIVE BOARD DISTRICT MAP 22 Texas Co-op Power GRAYSON-COLLIN EC July 2016 grayson-collin.coop

5 (903) GRAYSON-COLLIN.COOP ANNUAL MEETING BOOTHS Grayson-Collin Electric Cooperative 1096 N. Waco P.O. Box 548 Van Alstyne, Texas Be sure to stop by these information booths at the GCEC annual meeting at Panther Stadium on the campus of Van Alstyne High School on July 18, DIRECTORS Charles Rice, President, Gunter Ray Houston, Vice President, Bells Steve Robinson, Secretary-Treasurer, Celina Jim Copeland, Director, Pottsboro Paul Kirkland, Director, Lucas SmartHub Grayson-Collin Communications Texas Co-op Power Contact Us For information during office hours and outages after hours CALL US (903) local or toll-free Kids Corner SAFETY TOWN Safety Town Touchstone Energy AND MORE! CALENDAR: TAPHOUSE_STUDIOS ISTOCK.COM OFFICE HOURS Monday through Friday, 8 a.m. to 5 p.m. PAYMENT LOCATIONS GCEC Office 1096 N. Waco, Van Alstyne Night deposit available Independent Bank Anna Highway 5, Anna First National Bank Highway 82 East, Bells Independent Bank Celina 290 Preston Road, Celina Independent Bank Howe 100 S. Denny, Howe Texas Star Bank 2800 Virginia Pkwy., McKinney American Bank of Texas 2011 Texoma Pkwy., Sherman First National Bank 109 S. Britton St., Tom Bean Landmark Bank 139 E. Main St., Whitesboro grayson-collin.coop July 2016 GRAYSON-COLLIN EC Texas Co-op Power 23

6 GRAYSON-COLLIN ELECTRIC COOPERATIVE FINANCIAL REPORTS OPERATING STATISTICS What We Took In Revenues Sales of Electric Power $109,774,066 $101,910,187 Misc. Electric Revenue ,026,718 3,055,151 Other Revenue ,328,149 2,064,930 Total Revenues $115,128,933 $107,030,268 What We Paid Out Expenses Purchased Power $ 74,942,654 $ 75,539,573 Operations and Maintenance ,387,069 3,878,294 Consumer Accounting ,646,601 2,289,901 Other Administrative and General Expense. 7,118,841 6,296,087 Depreciation Expense ,461,105 8,510,505 Other Taxes , ,962 Interest ,566,878 5,466,150 Total Expenses $105,231,768 $102,125,472 Other Operating Margins $ 9,897,165 $ 4,904,796 Nonoperating Revenue Interest , ,367 Other Capital Credits ,670,767 4,737,204 Nonoperating Other , ,820 Total Margins Assigned $ 14,253,447 $ 10,300,187 Due to changes in reporting issued by the Federal Energy Regulatory Commission effective January 1, 1998, on Orders 888 and 889, the cooperative will no longer show property taxes as a separate line item on its Operating Statistics Statement, above. The cooperative, however, made property tax payments in the amounts of $867,732 and $821,534 in the years 2015 and 2014, respectively. BALANCE SHEET What We Own Assets Net Utility Plant $249,196, ,522,174 Investments ,009,849 30,746,944 Current and Accrued Assets ,571,939 12,913,099 Deferred Debits , ,508 Total Assets $295,239,499 $276,684,725 What We Owe Liabilities Patronage Capital and Other Equities $114,314,790 $103,399,146 Long-Term Debt ,237, ,873,247 Accumulated Provision for Pension and Benefits ,432,500 3,813,900 Current and Accrued Liabilities ,080,087 14,376,757 Deferred Credits , ,675 Total Liabilities $295,239,499 $276,684,725 REPORT OF INDEPENDENT AUDITOR Due to recent changes in auditing standards, our auditors are no longer able to issue an opinion on the condensed financial statements presented in this report. Our 2015 financial statements were audited by Bolinger, Segars, Gilbert & Moss of Lubbock. We were issued a clean or unqualified opinion as a result of this audit. Mike Rolandt, CPA, CFO, Grayson-Collin Electric Cooperative HOW YOUR 2015 DOLLAR WAS SPENT Purchased Power 71% Depreciation 9% Other Administrative and General 7% Interest 5% Consumer Accounting 3% Operations and Maintenance 5% 24 Texas Co-op Power GRAYSON-COLLIN EC July 2016 grayson-collin.coop

7 2015 ANNUAL REPORT & NOTICE OF ANNUAL MEETING When : July 18, 2016 at 8:00 p.m. Where : Van Alstyne High School Panther Stadium 1722 North Waco Van Alstyne, Texas GATES OPEN AT 6:00 P.M.

8 PROXY As a member of the Grayson-Collin Electric Cooperative, a Texas corporation, I, the undersigned, hereby appoint: my proxy to vote in my stead at the meeting of the members to be held in Van Alstyne, Texas on July 18, I realize that it is my duty as a member of this cooperative to take an active interest in its affairs and to exercise my voting privilege in person; however, as I find it impossible to attend the meeting in person, I have carefully considered the business which to my knowledge is to be acted upon, and have decided to give my proxy to the person named above, who is a member in his own right and who has agreed to vote this proxy on all matters as he honestly believes I would vote if I were present. I hereby ratify and confirm my proxy s vote in my stead. Name of Member (Please Print) Signature of Member Date If you will not be able to attend your Cooperative s Annual Meeting on July 21st, please complete and return the above proxy by July 18, Enjoy an evening of fun, food and entertainment with caricature artists, photo booths, prizes and lots more! Mark your calendar to attend this year s Annual Meeting on July 18th at 8:00 p.m. at Van Alstyne High School, 1722 North Waco, Van Alstyne.

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