Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRICITY SALES

  total $111,315,595 · related or exempt $111,315,595

• 2b · Program service revenue: ELECTRICITY WHEELING

  total $1,801,147 · related or exempt $1,801,147

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $755,527 · related or exempt $755,527

• 2d · Program service revenue: SERVICE FEES

  total $314,583 · related or exempt $314,583

• 2e · Program service revenue: OTHER

  total $125 · related or exempt $125

• 3 · Investment income

  total $92,536 · excluded $92,536

• 6a · Gross rents

  real property $128,671 · personal property $776,937

• 6b · Less rental expenses

  real property $16,688 · personal property $0

• 6c · Rental income or loss

  real property $111,983 · personal property $776,937

• 6d · Net rental income or loss

  total $888,920 · unrelated business $111,983 · excluded $776,937

• 10a · Gross sales of inventory

  $75,329

• 10b · Cost of goods sold

  $53,134

• 10c · Net income from sales of inventory

  total $22,195 · related or exempt $22,195

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $46,654

• 4 · Benefits paid to or for members

  total $3,154,331

• 5 · Compensation of officers, directors and key employees

  total $1,548,766

• 7 · Other salaries and wages

  total $7,799,073

• 8 · Pension plan contributions

  total $1,412,183

• 9 · Other employee benefits

  total $1,244,631

• 10 · Payroll taxes

  total $637,873

• 20 · Interest

  total $5,079,992

• 22 · Depreciation, depletion and amortization

  total $6,977,351

• 24a · Other expenses: PURCHASED POWER

  total $73,582,750

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $3,968,244

• 24c · Other expenses: ADMINISTRATIVE & GENERA

  total $3,769,065

• 24d · Other expenses: TRANSMISSION EXPENSE

  total $2,345,725

• 24e · All other expenses

  total $3,623,990

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,032,855 · end of year $3,290,950

• 4 · Accounts receivable

  beginning of year $10,077,453 · end of year $13,349,546

• 8 · Inventories for sale or use

  beginning of year $4,521,565 · end of year $5,019,122

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,357,030 · end of year $1,724,277

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

  $236,810,985

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

  $55,088,415

• 10c · Land, buildings and equipment, net

  beginning of year $172,865,913 · end of year $181,722,570

• 13 · Investments: program-related

  beginning of year $7,609,395 · end of year $7,782,256

• 15 · Other assets

  beginning of year $1,978,860 · end of year $572,732

• 17 · Accounts payable and accrued expenses

  beginning of year $7,254,486 · end of year $10,732,827

• 23 · Secured mortgages and notes payable

  beginning of year $109,653,558 · end of year $117,695,654

• 25 · Other liabilities

  beginning of year $10,622,137 · end of year $10,232,287

• 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 $2,586,278 · end of year $2,654,304

• 31 · Retained earnings, endowment or other funds

  beginning of year $70,326,612 · end of year $72,146,381

The filer's explanations (Part III)

FORM 990, SCHEDULE J, 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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS.