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← FEDERATED RURAL ELECTRIC ASSOCIATION

Form 990 for tax year 2022

Filed by FEDERATED RURAL ELECTRIC ASSOCIATION.

Totals

Total revenue
$40,566,669
Total expenses
$40,252,521
Contributions and grants received
$0
Grants paid
$17,859
Program service revenue
$39,596,269
Investment income
$127,382
Other revenue
$843,018
Total assets, end of year
$81,081,160
Total liabilities, end of year
$35,807,587
Net assets or fund balances, end of year
$45,273,573
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: SALE OF ELECTRICITY

    total $37,240,052 · related or exempt $37,240,052

  • 2b · Program service revenue: G&T CAPITAL CREDITS

    total $1,765,564 · related or exempt $1,765,564

  • 2c · Program service revenue: EQUITY EARNINGS

    total $114,851 · related or exempt $84,268 · unrelated business $30,583

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $110,203 · related or exempt $110,203

  • 2f · All other program service revenue

    total $365,599 · related or exempt $365,599

  • 3 · Investment income

    total $99,049 · excluded $99,049

  • 7a · Gross sales of assets other than inventory

    other assets $28,400

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

    other assets $67

  • 7c · Gain or loss

    other assets $28,333

  • 7d · Net gain or loss

    total $28,333 · excluded $28,333

  • 10a · Gross sales of inventory

    $172,766

  • 10b · Cost of goods sold

    $433,972

  • 10c · Net income from sales of inventory

    total -$261,206 · related or exempt -$261,206

  • 11a · Other revenue: BROADBAND REVENUE

    total $1,095,463 · related or exempt $576,427 · unrelated business $519,036

  • 11b · Other revenue: CTV REVENUE

    total $4,033 · related or exempt $3,738 · unrelated business $295

  • 11c · Other revenue: CONTRACT LABOR

    total $2,430 · related or exempt $2,430

  • 11d · All other revenue

    total $2,298 · related or exempt $1,787 · unrelated business $511

  • 11e · Other revenue, total

    $1,104,224

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $17,859

  • 4 · Benefits paid to or for members

    total $2,321,232

  • 5 · Compensation of officers, directors and key employees

    total $519,849

  • 7 · Other salaries and wages

    total $1,979,911

  • 8 · Pension plan contributions

    total $280,051

  • 10 · Payroll taxes

    total $172,198

  • 20 · Interest

    total $604,364

  • 22 · Depreciation, depletion and amortization

    total $2,081,971

  • 24a · Other expenses: FEDERAL INCOME TAX

    total $1,202

  • 24b · Other expenses: COST OF POWER

    total $30,089,462

  • 24c · Other expenses: DISTRIBUTION-MAINTENANC

    total $1,087,978

  • 24d · Other expenses: DISTRIBUTION-OPERATIONS

    total $1,079,915

  • 24e · All other expenses

    total $16,529

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $4,443,652 · end of year $2,856,275

  • 4 · Accounts receivable

    beginning of year $3,099,992 · end of year $3,078,514

  • 8 · Inventories for sale or use

    beginning of year $1,196,397 · end of year $1,939,282

  • 9 · Prepaid expenses and deferred charges

    beginning of year $895,626 · end of year $1,180,818

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

    $73,611,908

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

    $26,677,765

  • 10c · Land, buildings and equipment, net

    beginning of year $42,371,577 · end of year $46,934,143

  • 12 · Investments: other securities

    beginning of year $3,100,573 · end of year $3,873,689

  • 13 · Investments: program-related

    beginning of year $18,133,883 · end of year $19,472,035

  • 15 · Other assets

    beginning of year $1,632,288 · end of year $1,746,404

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,283,902 · end of year $4,890,232

  • 23 · Secured mortgages and notes payable

    beginning of year $24,407,233 · end of year $27,652,158

  • 24 · Unsecured notes and loans payable

    beginning of year $600,000 · end of year $600,000

  • 25 · Other liabilities

    beginning of year $1,489,508 · end of year $2,665,197

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

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

    beginning of year $5,471,599 · end of year $6,121,270

  • 31 · Retained earnings, endowment or other funds

    beginning of year $38,621,746 · end of year $39,152,303

Mission and programs · 2022

Mission

FEDERATED RURAL ELECTRIC ASSOCIATION IS COMMITTED TO PROVIDING SAFE, RELIABLE AND AFFORDABLE ENERGY AND OTHER ESSENTIAL SERVICES TO OUR MEMBER-OWNERS, WHILE ENHANCING THE LIVES OF THOSE WE SERVE.

Activities or mission (Part I)

TO DISTRIBUTE ENERGY AND SERVICES IN A COST EFFECTIVE, RELIABLE, AND EFFICIENT MANNER.

  • TO PROVIDE RELIABLE ELECTRIC SERVICE TO OVER 5,292 MEMBERS. WITHOUT THE FORMATION OF THIS COOPERATIVE, THESE MEMBERS WOULD NOT HAVE RECEIVED ELECTRIC SERVICE IN 1935. SINCE THAT TIME WE HAVE CONSISTENTLY PROVIDED SERVICE TO ALL RURAL CUSTOMERS IN JACKSON AND MARTIN COUNTIES IN MINNESOTA AS WELL AS SOME SMALLER TOWNS. IN ADDITION, WE PROVIDE ELECTRIC SERVICE TO BOUNDARY CUSTOMERS OF 11 ADDITIONAL COUNTIES INCLUDING APPROXIMATELY 60 MEMBERS IN IOWA.

  • THE COOPERATIVE'S ACQUISITION OF A FIXED INTERNET COMPANY WITH 1,100 CUSTOMERS IN 2021 WAS THE START OF THE BROADBAND DIVISION "FEDERATED BROADBAND." INTERNET SERVICES WERE PROVIDED TO APPROXIMATELY 1,300 CUSTOMERS BY THE END OF 2022. THE COOPERATIVE IS APPLYING FOR BROADBAND GRANTS TO HELP SERVICE AREAS WITHIN AND OVERLAPPING THE ELECTRIC SERVICE TERRITORY.

As filed on the 2022 return.

Listed in Part VII

  • David A Hansen

    PRESIDENT

    Total calculated
    $16,650
    From this org
    $16,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.9

  • David E Meschke

    VICE PRESIDENT

    Total calculated
    $10,200
    From this org
    $10,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.2

  • Darv Voss

    SECRETARY-TREASURER

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

  • Bruce Brockmann

    DIRECTOR

    Total calculated
    $14,250
    From this org
    $14,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.3

  • Glenn Dicks

    DIRECTOR

    Total calculated
    $12,900
    From this org
    $12,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

  • Scott J Thiesse

    DIRECTOR

    Total calculated
    $13,050
    From this org
    $13,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.1

  • Jon Saxen

    DIRECTOR

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.7

  • Scott Reimer

    GENERAL MANAGER

    Total calculated
    $277,005
    From this org
    $212,656
    From related orgs
    $0
    Other
    $64,349
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,365
    Bonus
    $0
    Other
    $9,291
    Deferred
    $34,160
    Nontaxable benefits
    $32,477
    Filer's total
    $279,293

  • Julie Resch

    CFO

    Total calculated
    $146,229
    From this org
    $100,362
    From related orgs
    $0
    Other
    $45,867
    Hours/week
    40

  • Matt Madden

    OPERATIONS MANAGER

    Total calculated
    $153,628
    From this org
    $108,959
    From related orgs
    $0
    Other
    $44,669
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $107,915
    Bonus
    $0
    Other
    $1,044
    Deferred
    $17,864
    Nontaxable benefits
    $28,047
    Filer's total
    $154,870

  • Christopher Borchardt

    LINEMAN

    Total calculated
    $151,022
    From this org
    $103,991
    From related orgs
    $0
    Other
    $47,031
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $103,597
    Bonus
    $0
    Other
    $394
    Deferred
    $17,495
    Nontaxable benefits
    $30,618
    Filer's total
    $152,104

  • Kollin Vandevere

    JACKSON FOREMAN

    Total calculated
    $146,115
    From this org
    $103,428
    From related orgs
    $0
    Other
    $42,687
    Hours/week
    40

  • Michael Kleinschmidt

    LINEMAN

    Total calculated
    $144,405
    From this org
    $102,638
    From related orgs
    $0
    Other
    $41,767
    Hours/week
    40

  • Casey Schoellerman

    LINEMAN

    Total calculated
    $144,402
    From this org
    $100,930
    From related orgs
    $0
    Other
    $43,472
    Hours/week
    40

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

  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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 I, LINE 1A
GROSS UPS: PERSONAL USE FRINGE AUTO BENEFIT FOR THE GENERAL MANAGER. BENEFIT WAS INCLUDED IN TAXABLE INCOME.
PART I, LINE 1B
THE BOARD APPROVES THAT A VEHICLE IS PROVIDED TO THE GENERAL MANAGER FOR BUSINESS TRAVEL.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
1 August 2023
IRS schema version
2022v5.0
Source object
202302159349301455

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