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Nonprofiteer
← TRINITY VALLEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by TRINITY VALLEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$236,177,875
Total expenses
$234,659,350
Contributions and grants received
$0
Grants paid
$7,448
Program service revenue
$234,206,423
Investment income
$450,504
Other revenue
$1,520,948
Total assets, end of year
$421,037,619
Total liabilities, end of year
$232,631,218
Net assets or fund balances, end of year
$188,406,401
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $224,459,363 · related or exempt $224,459,363

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $7,605,850 · related or exempt $7,605,850

  • 2c · Program service revenue: SERVICE FEES

    total $1,349,098 · related or exempt $1,349,098

  • 2d · Program service revenue: TRANSMISSION WHEELING

    total $792,112 · related or exempt $792,112

  • 3 · Investment income

    total $332,383 · excluded $332,383

  • 7a · Gross sales of assets other than inventory

    other assets $127,086

  • 7b · Less cost or other basis and sales expenses

    other assets $8,965

  • 7c · Gain or loss

    other assets $118,121

  • 7d · Net gain or loss

    total $118,121 · related or exempt $118,121

  • 10a · Gross sales of inventory

    $2,534

  • 10b · Cost of goods sold

    $3,195

  • 10c · Net income from sales of inventory

    total -$661 · related or exempt -$661

  • 11a · Other revenue: BOND SECURITIZATION P'SHIP INCOME

    total $1,068,682 · related or exempt $1,068,682

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $452,927 · excluded $452,927

  • 11e · Other revenue, total

    $1,521,609

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $7,448

  • 4 · Benefits paid to or for members

    total $12,818,976

  • 5 · Compensation of officers, directors and key employees

    total $3,148,833

  • 7 · Other salaries and wages

    total $8,749,995

  • 8 · Pension plan contributions

    total $1,019,932

  • 9 · Other employee benefits

    total $3,819,818

  • 10 · Payroll taxes

    total $784,656

  • 20 · Interest

    total $7,078,897

  • 22 · Depreciation, depletion and amortization

    total $14,921,457

  • 24a · Other expenses: PURCHASED POWER

    total $166,947,951

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $8,899,328

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $3,687,830

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $2,031,776

  • 24e · All other expenses

    total $742,453

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,647,850 · end of year $4,388,364

  • 2 · Savings and temporary cash investments

    beginning of year $750,031 · end of year $750,031

  • 4 · Accounts receivable

    beginning of year $6,260,592 · end of year $8,040,366

  • 8 · Inventories for sale or use

    beginning of year $1,240,815 · end of year $1,410,496

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,097,712 · end of year $854,295

  • 10a · Land, buildings and equipment: cost or other basis

    $474,448,432

  • 10b · Land, buildings and equipment: accumulated depreciation

    $137,748,353

  • 10c · Land, buildings and equipment, net

    beginning of year $313,680,407 · end of year $336,700,079

  • 13 · Investments: program-related

    beginning of year $54,870,858 · end of year $64,554,907

  • 15 · Other assets

    beginning of year $3,473,491 · end of year $4,339,081

  • 17 · Accounts payable and accrued expenses

    beginning of year $20,856,082 · end of year $32,085,880

  • 21 · Escrow or custodial account liability

    beginning of year $779,317 · end of year $786,818

  • 23 · Secured mortgages and notes payable

    beginning of year $157,272,369 · end of year $158,329,976

  • 25 · Other liabilities

    beginning of year $38,368,487 · end of year $41,428,544

  • 29 · Capital stock, trust principal or current funds

    beginning of year $657,290 · end of year $682,620

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $167,088,211 · end of year $187,723,781

Mission and programs · 2022

Mission

TRINITY VALLEY ELECTRIC COOPERATIVE, INC. IS COMMITTED TO DELIVER SAFE AND RELIABLE ELECTRIC POWER AT A COMPETITIVE PRICE.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 83,220 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • Howard Tillison

    CHAIRMAN

    Total calculated
    $12,900
    From this org
    $12,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.8

  • Carolyn Minor

    VICE CHAIRMAN

    Total calculated
    $12,750
    From this org
    $12,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Jo Ann Hanstrom

    SECRETARY

    Total calculated
    $11,250
    From this org
    $11,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.8

  • Jerry Priest

    DIRECTOR (JAN-JUNE)

    Total calculated
    $13,895
    From this org
    $13,895
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.1

  • Jeff Priest

    DIRECTOR (JULY-DEC)

    Total calculated
    $6,900
    From this org
    $6,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.5

  • Edward Reeve

    DIRECTOR

    Total calculated
    $10,650
    From this org
    $10,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.5

  • Paul Weatherford

    DIRECTOR

    Total calculated
    $28,840
    From this org
    $28,840
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.5

  • Jack Endres

    DIRECTOR

    Total calculated
    $10,450
    From this org
    $10,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.5

  • Jeffrey Lane

    CEO/GENERAL MANAGER

    Total calculated
    $546,621
    From this org
    $315,385
    From related orgs
    $0
    Other
    $231,236
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $293,799
    Bonus
    $2,397
    Other
    $19,189
    Deferred
    $195,497
    Nontaxable benefits
    $35,739
    Filer's total
    $546,621

  • Thomas Watson

    COO/ASST. GENERAL MANAGER

    Total calculated
    $424,237
    From this org
    $234,902
    From related orgs
    $0
    Other
    $189,335
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $220,905
    Bonus
    $1,395
    Other
    $12,602
    Deferred
    $153,266
    Nontaxable benefits
    $36,069
    Filer's total
    $424,237

  • Robert White

    CFO

    Total calculated
    $224,788
    From this org
    $165,924
    From related orgs
    $0
    Other
    $58,864
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $162,878
    Bonus
    $2,392
    Other
    $654
    Deferred
    $25,613
    Nontaxable benefits
    $33,251
    Filer's total
    $224,788

  • Rodney Wesley

    DIRECTOR OF ENGINEERING/OPERATIONS

    Total calculated
    $337,558
    From this org
    $183,890
    From related orgs
    $0
    Other
    $153,668
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $173,062
    Bonus
    $392
    Other
    $10,436
    Deferred
    $140,486
    Nontaxable benefits
    $13,182
    Filer's total
    $337,558

  • Gary Sherrard

    MANAGER OF SUB/TRANS

    Total calculated
    $293,023
    From this org
    $158,572
    From related orgs
    $0
    Other
    $134,451
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,838
    Bonus
    $4,426
    Other
    $9,308
    Deferred
    $111,087
    Nontaxable benefits
    $23,364
    Filer's total
    $293,023

  • Donna Hindman

    DIRECTOR OF CORP SERVICES

    Total calculated
    $234,956
    From this org
    $156,611
    From related orgs
    $0
    Other
    $78,345
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $152,811
    Bonus
    $1,426
    Other
    $2,374
    Deferred
    $65,454
    Nontaxable benefits
    $12,891
    Filer's total
    $234,956

  • Thomas Durden

    MANAGER OF OPERATIONS

    Total calculated
    $278,058
    From this org
    $156,601
    From related orgs
    $0
    Other
    $121,457
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $143,435
    Bonus
    $3,926
    Other
    $9,240
    Deferred
    $87,928
    Nontaxable benefits
    $33,529
    Filer's total
    $278,058

  • Timothy Craig

    MANAGER OF ENGINEERING

    Total calculated
    $229,285
    From this org
    $152,907
    From related orgs
    $0
    Other
    $76,378
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $150,137
    Bonus
    $1,426
    Other
    $1,344
    Deferred
    $63,553
    Nontaxable benefits
    $12,825
    Filer's total
    $229,285

  • Phillip Harrison

    MANAGER OF OPERATIONS

    Total calculated
    $250,387
    From this org
    $152,676
    From related orgs
    $0
    Other
    $97,711
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $142,295
    Bonus
    $2,426
    Other
    $7,955
    Deferred
    $63,674
    Nontaxable benefits
    $34,037
    Filer's total
    $250,387

  • Bobbi Byford

    DIRECTOR OF CORP RELATIONS

    Total calculated
    $222,285
    From this org
    $152,202
    From related orgs
    $0
    Other
    $70,083
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $141,885
    Bonus
    $2,426
    Other
    $7,891
    Deferred
    $43,605
    Nontaxable benefits
    $26,478
    Filer's total
    $222,285

  • Raymond Choyce

    JOURNEYMAN

    Total calculated
    $231,307
    From this org
    $173,590
    From related orgs
    $0
    Other
    $57,717
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $171,461
    Bonus
    $392
    Other
    $1,737
    Deferred
    $37,886
    Nontaxable benefits
    $19,831
    Filer's total
    $231,307

  • Hector Zarate

    1ST CLASS LINEMAN

    Total calculated
    $208,243
    From this org
    $162,464
    From related orgs
    $0
    Other
    $45,779
    Hours/week
    63

    Schedule J breakdown matched by us

    Base
    $159,688
    Bonus
    $2,392
    Other
    $384
    Deferred
    $13,678
    Nontaxable benefits
    $32,101
    Filer's total
    $208,243

  • Andrew Smith

    CREW FOREMAN

    Total calculated
    $226,550
    From this org
    $154,651
    From related orgs
    $0
    Other
    $71,899
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $146,540
    Bonus
    $2,426
    Other
    $5,685
    Deferred
    $39,047
    Nontaxable benefits
    $32,852
    Filer's total
    $226,550

  • Scott Stewart

    CREW FOREMAN

    Total calculated
    $235,790
    From this org
    $154,511
    From related orgs
    $0
    Other
    $81,279
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $151,494
    Bonus
    $2,426
    Other
    $591
    Deferred
    $47,280
    Nontaxable benefits
    $33,999
    Filer's total
    $235,790

  • John Jackson

    OPERATIONS SUPERVISOR

    Total calculated
    $215,207
    From this org
    $152,853
    From related orgs
    $0
    Other
    $62,354
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,118
    Bonus
    $2,426
    Other
    $12,309
    Deferred
    $39,623
    Nontaxable benefits
    $22,731
    Filer's total
    $215,207

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. JEFFREY L. LANE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 189,700 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,797 TOTAL REPORTED IN COLUMN C $ 195,497 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (189,700) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 66,691 EXPENSE TO THE COOPERATIVE $ 72,488 THOMAS A. WATSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 148,706 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,560 TOTAL REPORTED IN COLUMN C $ 153,266 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (148,706) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 50,649 EXPENSE TO THE COOPERATIVE $ 55,209 RODNEY WESLEY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 137,027 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,459 TOTAL REPORTED IN COLUMN C $ 140,486 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (137,027) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,479 EXPENSE TO THE COOPERATIVE $ 41,938 GARY SHERRARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 108,196 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,891 TOTAL REPORTED IN COLUMN C $ 111,087 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (108,196) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,109 EXPENSE TO THE COOPERATIVE $ 35,000 THOMAS DURDEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 85,046 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,882 TOTAL REPORTED IN COLUMN C $ 87,928 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (85,046) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,072 EXPENSE TO THE COOPERATIVE $ 34,954 PHILLIP HARRISON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 60,818 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,856 TOTAL REPORTED IN COLUMN C $ 63,674 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (60,818) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,072 EXPENSE TO THE COOPERATIVE $ 34,928 SCOTT STEWART: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 44,331 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,949 TOTAL REPORTED IN COLUMN C $ 47,280 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (44,331) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,078 EXPENSE TO THE COOPERATIVE $ 28,027 DONNA HINDMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 62,340 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,114 TOTAL REPORTED IN COLUMN C $ 65,454 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (62,340) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,679 EXPENSE TO THE COOPERATIVE $ 37,793 RAYMOND CHOYCE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 37,886 EMPLOYER CONTRIBUTION TO 401(K) PLAN -0- TOTAL REPORTED IN COLUMN C $ 37,886 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (37,886) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,494 EXPENSE TO THE COOPERATIVE $ 22,494 TIMOTHY W. CRAIG: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 60,557 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,996 TOTAL REPORTED IN COLUMN C $ 63,553 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (60,557) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,600 EXPENSE TO THE COOPERATIVE $ 36,596 BOBBI BYFORD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,537 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,068 TOTAL REPORTED IN COLUMN C $ 43,605 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,537) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,834 EXPENSE TO THE COOPERATIVE $ 35,902 ANDREW SMITH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,083 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,964 TOTAL REPORTED IN COLUMN C $ 39,047 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,083) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,078 EXPENSE TO THE COOPERATIVE $ 28,042 ROBERT WHITE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 22,336 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,277 TOTAL REPORTED IN COLUMN C $ 25,613 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (22,336) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 36,845 EXPENSE TO THE COOPERATIVE $ 40,122 JOHN JACKSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,797 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,826 TOTAL REPORTED IN COLUMN C $ 39,623 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,797) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,612 EXPENSE TO THE COOPERATIVE $ 33,438 HECTOR ZARATE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,469 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,209 TOTAL REPORTED IN COLUMN C $ 13,678 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,469) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,908 EXPENSE TO THE COOPERATIVE $ 23,117

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • TVEC CHARITABLE FOUNDATION

    501(C)(3) · CHARITABLE GRANTS · TX · controlled entity

    Directly controlled by TRINITY VALLEY ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2022
Filed
26 October 2023
IRS schema version
2022v5.0
Source object
202323199349329667

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